0000088121-23-000020.txt : 20230214 0000088121-23-000020.hdr.sgml : 20230214 20230214162234 ACCESSION NUMBER: 0000088121-23-000020 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230214 DATE AS OF CHANGE: 20230214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEABOARD CORP /DE/ CENTRAL INDEX KEY: 0000088121 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-FARM PRODUCT RAW MATERIALS [5150] IRS NUMBER: 042260388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03390 FILM NUMBER: 23629843 BUSINESS ADDRESS: STREET 1: 9000 W. 67TH STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66202 BUSINESS PHONE: 9136768800 MAIL ADDRESS: STREET 1: 9000 W. 67TH STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66202 FORMER COMPANY: FORMER CONFORMED NAME: SEABOARD ALLIED MILLING CORP DATE OF NAME CHANGE: 19820328 FORMER COMPANY: FORMER CONFORMED NAME: HATHAWAY BAKERIES INC DATE OF NAME CHANGE: 19710315 10-K 1 seb-20221231x10k.htm SEABOARD CORPORATION 10-K DATED DECEMBER 31, 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ____________________

Commission file number: 1-3390

SEABOARD CORPORATION

(Exact Name of Registrant as Specified in Its Charter)



Delaware		04-2260388
(State or Other Jurisdiction of		(I.R.S. Employer Identification No.)
Incorporation or Organization)
9000 West 67th Street, Merriam, Kansas		66202
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (913) 676-8928

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $1.00 Par Value

SEB

NYSE American

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No ◻

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ◻ No ⌧

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ⌧	Accelerated filer ◻

Non-accelerated filer ◻	Smaller reporting company ☐

	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the 253,186 shares of Seaboard common stock held by nonaffiliates was approximately $975,629,464, based on the closing price of $3,853.41 per share on July 2, 2022, the end of Seaboard’s most recently completed second fiscal quarter. As of January 31, 2023, the number of shares of common stock outstanding was 1,160,779.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates information by reference to the registrant’s definitive proxy statement, to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year ended December 31, 2022.

SEABOARD CORPORATION

FORM 10-K

YEAR ENDED DECEMBER 31, 2022

TABLE OF CONTENTS



Part I		Page
Item 1	Business	2
Item 1A	Risk Factors	8
Item 1B	Unresolved Staff Comments	15
Item 2	Properties	15
Item 3	Legal Proceedings	16
Item 4	Mine Safety Disclosures	16

Part II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	17
Item 6	[Reserved]	18
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	25
Item 8	Financial Statements and Supplementary Data	27
	Report of Independent Registered Public Accounting Firm	27
	Consolidated Statements of Comprehensive Income	29
	Consolidated Balance Sheets	30
	Consolidated Statements of Changes in Equity	31
	Consolidated Statements of Cash Flows	32
	Notes to Consolidated Financial Statements	33
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	57
Item 9A	Controls and Procedures	57
Item 9B	Other Information	58
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent inspections	58

Part III
Item 10	Directors, Executive Officers and Corporate Governance	58
Item 11	Executive Compensation	58
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	58
Item 13	Certain Relationships and Related Transactions, and Director Independence	58
Item 14	Principal Accountant Fees and Services	58

Part IV
Item 15	Exhibit and Financial Statement Schedules	59
Item 16	Form 10-K Summary	61
	Signatures	62

PART I

Forward-looking Statements

This report, including information included or incorporated by reference in this report, contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including with respect to the financial condition, results of operations, plans, objectives, future performance and business of Seaboard Corporation and its subsidiaries (“Seaboard”). Forward-looking statements generally may be identified as statements that are not historical in nature and statements preceded by, followed by or that include the words “believes,” “expects,” “plans,” “may,” “will,” “should,” “could,” “anticipates,” “estimates,” “intends” or similar expressions.

In more specific terms, forward-looking statements include, without limitation:

●	statements concerning the projection of revenues, income or loss, capital expenditures, capital structure or other financial items;

●	statements regarding the plans and objectives of management for future operations;

●	statements of future economic performance;

●	statements regarding the intent, belief or current expectations of Seaboard and its management with respect to:

(i)

Seaboard’s ability to obtain adequate financing and liquidity;

(ii)

the price of feed stocks and other materials used by Seaboard;

(iii)

the sale price or market conditions for pork, agricultural commodities, renewable and biodiesel, sugar, alcohol, turkey and other products and services;

(iv)

the recorded tax effects under certain circumstances and changes in tax laws;

(v)

the volume of business and working capital requirements associated with the competitive trading environment for the Commodity Trading and Milling (“CT&M”) segment;

(vi)

the charter hire rates and fuel prices for vessels;

(vii)

the fuel costs and related spot market prices for electricity in the Dominican Republic;

(viii)

the effect of the fluctuation in foreign currency exchange rates;

(ix)

the profitability or sales volume of any of Seaboard’s segments;

(x)

the anticipated costs and completion timetables for Seaboard’s capital improvements, acquisitions and dispositions;

(xi)

the productive capacity of facilities that are planned or under construction, and the timing of the commencement of operations at such facilities;

(xii)

potential future impact on Seaboard’s business of new legislation, rules or policies;

(xiii)

adverse results in pending litigation matters; or

(xiv)

other trends affecting Seaboard’s financial condition or results of operations, and statements of the assumptions underlying or relating to any of the foregoing statements.

This list of forward-looking statements is not exclusive. Forward-looking statements are based only on Seaboard’s current beliefs, expectations and assumptions regarding its future financial condition, results of operations, plans, objectives, performance and business. Seaboard undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions. Actual results may differ materially from those contemplated by the forward-looking statements due to a variety of factors. The information contained in this Form 10-K and in other filings Seaboard makes with the Securities and Exchange Commission (the “SEC”), including without limitation, the information under the items “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K, identifies important factors which could cause such differences.

Item 1. Business

General Development of Business

Seaboard Corporation and its subsidiaries (collectively, “Seaboard”) together comprise a diversified group of companies that operate worldwide in agricultural and ocean transport businesses. Seaboard is primarily engaged in hog production and pork processing in the United States (“U.S.”); commodity trading and grain processing in Africa and South America; cargo shipping services in the U.S., Caribbean and Central and South America; sugar and alcohol production in Argentina; and electric power generation in the Dominican Republic. Seaboard also has an equity method investment in Butterball, LLC (“Butterball”), a producer and processor of turkey products.

Approximately 77% of the outstanding common stock of Seaboard is collectively owned by Seaboard Flour LLC and SFC Preferred, LLC, which are Delaware limited liability companies. Ellen Bresky, the Chairwoman of the Board of Directors, and other members of the Bresky family, including trusts created for their benefit, own the equity interests of Seaboard Flour LLC and SFC Preferred, LLC.

Seaboard’s diverse operations are relatively decentralized, with each segment having a management team that operates independently of the others. At certain segments, Seaboard uses vertical integration to increase its supply chain reliability. To achieve vertical integration, Seaboard has made acquisitions and invested in strategic joint ventures. All of Seaboard’s segments provide basic essential goods or services, including food, energy and transportation. Accordingly, most of Seaboard’s operations are heavily commodity-driven, resulting in high volatility to market prices and a cyclical nature of financial performance.

Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey. Each segment’s contribution to net sales and operating income (loss), and its respective assets and capital expenditures are included in Note 13 to the consolidated financial statements. Seaboard operates in over 45 countries, with a concentration in the U.S. and countries in Central and South America and Africa. Additional information regarding sales and property, plant and equipment located in foreign locations is also included in Note 13 to the consolidated financial statements.

Description of Segments

Pork Segment - Seaboard, through its subsidiary Seaboard Foods LLC, is a vertically integrated pork producer that primarily produces and sells pork products to further processors, foodservice operators, distributors and grocery stores. This segment sells to U.S. customers and exports to Japan, Mexico, China and numerous other foreign markets. Seaboard’s hog production facilities consist of genetic and commercial breeding, farrowing, nursery and finishing buildings.

Seaboard has a 50% noncontrolling interest in Seaboard Triumph Foods, LLC (“STF”), which operates a pork processing plant located in Iowa, with a capacity to process approximately six million market hogs annually. Seaboard and Triumph Foods, LLC (“Triumph”), an independent pork processor, supply a portion of the hogs processed at the STF plant. The Pork segment also has a 50% noncontrolling interest in Daily’s Premium Meats, LLC (“Daily’s”), which produces and markets raw and pre-cooked bacon using pork bellies primarily sourced from Seaboard, Triumph and STF, at its locations in Utah, Montana and Missouri. Seaboard has marketing agreements with STF, Daily’s and Triumph to market their products and has a margin-sharing arrangement with Triumph that considers the average sales price, standard costs and the mix of products sold from the Seaboard and Triumph pork processing plants. In 2022, Seaboard’s Pork segment sold to Triumph a 50% interest in Seaboard de Mexico USA LLC, its ham-boning and processing plant in Mexico.

The Pork segment produces biodiesel at facilities in Oklahoma and Missouri and renewable diesel at a facility in Kansas, which began operations during the third quarter of 2022. These products are produced from pork fat supplied by the Oklahoma pork processing plant and other animal fats and vegetable oils purchased from third parties and sold to fuel blenders for distribution.

CT&M Segment - Seaboard’s CT&M segment, which is managed under the name of Seaboard Overseas and Trading Group, is an integrated agricultural commodity trading, processing and logistics company. Seaboard’s CT&M segment has ownership interests in several non-consolidated affiliates to further its business strategies. Overall, the CT&M segment, including its affiliates, has facilities in 27 countries, primarily in Africa and South America. The majority of the trading business is transacted with chartered ships or vessels this segment owns.

Marine Segment - Seaboard, through its subsidiary, Seaboard Marine Ltd., and various foreign-affiliated companies and third-party agents, provides cargo shipping services in the U.S. and 26 countries in the Caribbean and Central and South America. This segment’s primary operations are in Miami, Florida, and include a marine terminal and an off-port warehouse for cargo consolidation and temporary storage. Scheduled port calls are made in Brooklyn, New York; Houston, Texas; New Orleans, Louisiana; Philadelphia, Pennsylvania; Savannah, Georgia; and various foreign ports in the

Caribbean and Central and South America. A network of offices and agents are used to sell freight services and this segment’s capabilities allow transport by truck or rail of import and export cargo to and from various U.S. and foreign ports. This segment’s fleet consists of 17 chartered and six owned vessels as of December 31, 2022, as well as dry, refrigerated and specialized containers.

Sugar and Alcohol Segment - Seaboard, through its subsidiary, Seaboard Energías Renovables y Alimentos S.R.L., operates a vertically integrated sugar and alcohol production facility in Argentina. Seaboard supplies most of the raw material processed in this facility with sugarcane grown on land that it owns. The sugar is primarily marketed locally, with some exports to other countries. The alcohol is marketed to industrial users and sold as dehydrated alcohol to certain oil companies under the Argentine governmental bioethanol program, which requires alcohol to be blended with gasoline. This segment also owns a 51-megawatt cogeneration power plant, which is fueled by the burning of sugarcane by-products, natural gas and other biomass, like woodchips.

Power Segment - Seaboard, through its subsidiary, Transcontinental Capital Corp. (Bermuda) Ltd., is an independent power producer generating electricity for the Dominican Republic power grid. It is not directly involved in the transmission or distribution of electricity and is exempt from regulations under the Public Utility Holding Company Act of 1938, as amended. Seaboard’s Power segment uses two power-generating barges for its current operations. The barge that began operations in 2012, named Estrella Del Mar II (“EDM II”), is capable of using natural gas or heavy fuel oil to produce up to 108 megawatts of electricity. The barge that began operations in 2022, named Estrella Del Mar III (“EDM III”), can generate approximately 148 megawatts of electricity using natural gas. While EDM II remains in operation in the Dominican Republic, Seaboard continues to explore strategic alternatives for this barge, including a sale or relocation.

Turkey Segment - Seaboard has a 52.5% noncontrolling interest in Butterball, a producer and processor of conventional and antibiotic-free turkey products. Butterball is a national supplier to retail stores, foodservice outlets and industrial entities, and to a lesser extent, exports products to Mexico and other foreign markets.

Other Businesses

Seaboard, through its subsidiary, Mount Dora Farms, Inc., processes jalapeño peppers at its plant in Honduras which are primarily shipped to and sold in the U.S.

Customers

Seaboard does not have sales to any one customer equal to 10% or more of consolidated revenues. The Sugar and Alcohol segment had two bioethanol customers that collectively represented 35%-46% of its total sales in each of the last three years. The Power segment sells power in the Dominican Republic to wholly government-owned distribution companies and other spot-market customers. The Turkey segment had two retail customers that collectively represented approximately 27% of its total sales in each of the last three years.

Competitive Conditions

Competition in Seaboard’s Pork segment comes from a variety of regional, national and international producers and processors and is based primarily on product quality, customer service and price. According to S&P Global in 2022, Seaboard Foods LLC was ranked number three in hog production in the U.S. based on only this segment’s sows in production and number four in pork processing in the U.S. based on daily processing capacity, including Triumph’s and STF’s capacity.

Seaboard’s CT&M segment faces competition from numerous traders around the world and imported grain-processed products or other local producers in the same industries.

Seaboard’s Marine segment faces competition based on price, reliable sailing frequencies and customer service.

Seaboard’s Sugar and Alcohol segment owns one of the largest sugar mills in Argentina and faces significant competition for sugar and alcohol sales in the local Argentine market. Sugar and alcohol prices in Argentina can fluctuate compared to world markets due to foreign currency, Argentine government price controls and protection policies.

For Seaboard’s Power segment, the Dominican government sets a cap on the electricity spot market prices and establishes the dispatch order of who sells into the power grid based on a merit list. To sell to the power grid, Seaboard competes with producers utilizing various types of fuel and generation technologies, including hydro, solar, wind, natural gas, heavy fuel oil, diesel or coal. Renewable energy producers and producers who have lower variable operating costs to operate may receive dispatch preference from the Dominican government. EDM III, which was completed in 2022, uses gas turbines instead of engines and is more efficient than Seaboard’s dual-fueled barge, EDM II.

Competition within specific product categories and sales channels for the Turkey segment comes from a variety of regional and national producers and processors and is based primarily on brand, product quality, customer service and price.

Seasonal Business

The Turkey business is seasonal for whole birds and related products, with the holiday season driving the majority of those sales. Seaboard’s other segments are not seasonally dependent to any material extent.

Research and Development

The majority of Seaboard’s research and development occurs in the Pork segment. Within hog production operations, activities are directed at improving the genetics, health and feed efficiency of hogs. The plant processing operations focuses on increasing meat quality, as well as other manufacturing process improvements. Seaboard has also invested research and development resources in the development of biodiesel plants and a renewable diesel facility.

Raw Materials and Sources of Supply

During 2022, Seaboard raised approximately 90% of the hogs processed at its processing plant in Oklahoma, with the remaining hog requirements purchased primarily under contracts from independent producers. The CT&M segment sources, transports and markets approximately 14 million metric tons per year of wheat, corn, soybeans, soybean meal and other commodities, generally purchased from farmers, grain elevators and wholesale merchants. Changes in origination sources, weather patterns, planting forecasts and consumption patterns may impact supply and demand and related commodity prices in this segment. The Sugar segment supplied approximately 80% of the sugar cane processed in its facility.

Fuel is a significant raw material for the Power segment. EDM III only operates on natural gas and there is only one supplier in the Dominican Republic. The dispatch of EDM II is dependent on the effective sourcing of heavy fuel oil or natural gas at competitive prices. The Power segment has entered into a long-term fuel supply agreement to ensure natural gas is available for EDM III’s expected operations. The Turkey segment purchases a significant portion of its grain used in the manufacturing of feed for its turkeys in North Carolina from Seaboard’s partner in Butterball. Also, Butterball purchases poults for its operations from one supplier that has multiple locations.

Intellectual Property

Seaboard believes there is recognition of the registered trademarks identified below in the various industries Seaboard serves. While Seaboard considers all of its intellectual and proprietary rights important, Seaboard believes its business as a whole is not materially dependent on any particular patent, trademark, license or other intellectual property right. The Pork segment uses trademarks, including Seaboard Foods®, Seaboard Farms®, Seaboard Energy^TM, Prairie Fresh®, Prairie Fresh USA Prime®, Our Farms, Our Commitment®, St. Joe Pork® and Cook-in Bag®. The CT&M segment uses trademarks, including Mothers Pride® and Zambia’s Pride® in Zambia, Thunderbolt Flour®and Maid Marian® in Guyana, GMA® and Top Pain® in Ivory Coast, GMD® and Jarga® in Senegal and Wayne® in Ecuador. The Marine segment uses trademarks, including Seaboard Marine® and Seaboard Solutions®. The Sugar and Alcohol segment uses trademarks, including Chango®, Chango Premium® and Tabacal®. The Turkey segment uses trademarks, including, Butterball®, Carolina Turkey® and Farm to Family Butterball®.

Human Capital Resources

Generally, Seaboard’s segments operate autonomously to implement the human capital strategies that best meet the diverse needs of the workforce, industry, competitive environment and legal requirements of the countries it operates in. This often includes developing location-specific employee benefits, policies, programs and practices. Although individual programs and benefits vary by location, all segments align with Seaboard’s core principles which emphasize health and safety, financial wellness, learning and development, and global diversity and acceptance.

As of December 31, 2022, Seaboard had approximately 13,000 total employees, of whom approximately 52% were in the U.S., 31% were in the Caribbean, Latin and South America and 17% were in Africa.

The following is an approximate employee breakdown by segment as of December 31, 2022:



	United States	Caribbean, Latin America, South America	Africa	Other	Total
Pork
Total Employees	5,590	—	—	—	5,590
% Union	36%	—	—	—	36%
CTM
Total Employees	30	651	2,100	58	2,839
% Union	0%	9%	49%	0%	38%
Marine
Total Employees	915	1,527	—	—	2,442
% Union	0%	0%	—	—	0%
Sugar & Alcohol
Total Employees	—	1,159	—	—	1,159
% Union	—	75%	—	—	75%
Power
Total Employees	—	230	—	—	230
% Union	—	0%	—	—	0%
Corporate & All Other
Total Employees	75	279	—	—	354
% Union	0%	0%	—	—	0%
Total Employees	6,610	3,846	2,100	58	12,614
Total % Union	30%	24%	49%	0%	32%

Substantially all of the Pork segment’s hourly employees at its processing plant are covered by a collective bargaining agreement that expires in 2026. In the CT&M segment, approximately 38% of employees at mills, primarily in Africa and South America, are subject to collective bargaining agreements with various unions under agreements that expire between 2023 and 2025. In the Sugar and Alcohol segment, substantially all of its hourly mill employees in Argentina are covered by a collective bargaining agreement that renews in April of each year. Seaboard believes it has good relationships with its employees and their representative labor organizations and experienced no work stoppages at any of its locations during 2022.

Seaboard’s employees are critical to operational success and their health and safety is a top priority. All full-time domestic employees are eligible to receive medical and dental benefits and participate in wellness programs. The Power segment subsidizes 85% of the employee’s and families’ medical coverage. Almost all Marine and CT&M foreign locations have either company-subsidized private health coverage or public health coverage as mandated by their local governments. All employees of the Sugar and Alcohol segment are eligible for subsidized health coverage either through the company or under a union medical program. The Pork, Sugar and Alcohol and Power segments have health clinics onsite at their respective principal locations.

At times, recruitment and retention can be a challenge for certain locations in the Pork and CT&M segments. In 2022, the Pork segment had a retention rate of approximately 75% primarily due to its nature of work and rural locations, and approximately 25% of the Pork segment’s workforce is dependent upon employment visas in different production areas. In the CT&M segment, which has operations in developing countries, challenges associated with safety and political instability exist from time to time, which may create challenges in identifying and retaining qualified local and expatriate personnel.

Flexible compensation and benefit strategies are developed by Seaboard’s segments to attract and retain employees and reduce turnover and associated costs. Seaboard provides competitive pay, paid time off, holidays and other benefits depending on location. All domestic employees that work over a certain number of hours are eligible to participate in the company-sponsored 401K retirement savings plan. At many of the foreign locations, Seaboard participates in government-required pension funds on behalf of its employees. Additional benefits are determined by the segment, but often include

employee discounts on products produced such as meat and sugar in the Pork and Sugar and Alcohol segments, respectively, and back-to-school supply donations in the Power Segment.

Seaboard’s segments also provide on-the-job training and various professional development opportunities. For example, full time employees with at least one year of service in the Pork segment are eligible for tuition reimbursement, and the segment has developed a comprehensive training program to promote internal employees to management positions. In the Marine segment, employees are provided training courses through an online platform, including industry-specific, job-specific and general skills courses, and heavy equipment operators have a formal training program with a certain number of hours that must be met before promotion.

Because Seaboard operates around the world, global diversity and acceptance are critical for continued success, including at the highest levels, where 40% of Seaboard’s board of directors are female, including the chairwoman.

Governmental Regulations

Environmental Matters

Seaboard’s Pork segment and Turkey segment are subject to numerous federal, state and local laws and regulations relating to the environment, such as treatment of wastewater and air emissions, that require the expenditure of funds in the ordinary course of business. Seaboard’s Pork and Turkey segments do not anticipate making expenditures for these purposes that, in the aggregate, would have a material effect on Seaboard’s financial condition or results of operations. Seaboard’s Marine and CT&M segments’ vessels are subject to environment regulations related to fuel efficiency, which may cause certain vessels to reduce their speed, potentially impacting voyage routes. Seaboard’s Power segment must receive permits from local authorities to operate, including environmental licenses, among others, and these permits may be canceled or not renewed. The environmental permits for both EDM II and EDM III run through September 2023. The renewal process has been initiated and it is expected that each barge will have its corresponding permit valid for a minimum of 2 years.

Other Regulations

As a company with global operations, Seaboard is subject to complex foreign and U.S. laws and regulations, including food safety, labor laws, trade regulations, tariffs, import and export regulations, foreign exchange regulations and anti-bribery and corruption laws. Seaboard has policies and procedures in place to require compliance with these laws and regulations. To date, Seaboard’s compliance actions and costs relating to these laws, rules and regulations have not resulted in a material effect on Seaboard’s financial condition or results of operations. Governmental regulations are subject to change, and accordingly, Seaboard is unable to assess the possible effect of compliance with future requirements or whether compliance with such regulations will materially impact Seaboard’s business in the future.

Available Information

Access to all Securities and Exchange Commission (“SEC”) filings, including Seaboard’s annual reports on Form 10-K, quarterly reports on 10-Q, current reports on 8-K and all amendments to those reports are available, free of charge, on its website at www.seaboardcorp.com/investors as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Seaboard does not intend for information contained in its website to be part of this Form 10-K. The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.

Information About Seaboard’s Executive Officers

The following table lists the executive officers of Seaboard. Generally, executive officers are elected at the annual meeting of the Board of Directors following the Annual Meeting of Stockholders and hold office until the next such annual meeting or until their respective successors are duly chosen and qualified. There are no arrangements or understandings pursuant to which any executive officer was elected.


Name (Age)		Positions and Offices
Robert L. Steer (63)		President and Chief Executive Officer
David M. Becker (61)		Executive Vice President, General Counsel and Secretary
David H. Rankin (51)		Executive Vice President, Chief Financial Officer
Michael D. Trollinger (54)		Senior Vice President, Corporate Controller and Chief Accounting Officer
Ty A. Tywater (53)		Senior Vice President, Audit Services
Jacob A. Bresky (35)		Vice President, International
Benjamin R. Hodes (37)		Vice President, Finance
Adriana N. Hoskins (53)		Vice President and Treasurer
Elizabeth A. Loudon (58)		Vice President, Tax
James T. Hubler (44)		Assistant Secretary
Zachery J. Holden (55)		Assistant Secretary
Emma A. Beltz-Vacas (45)		Assistant Treasurer
Peter B. Brown (60)		President, Seaboard Foods LLC
David M. Dannov (61)		President, Seaboard Overseas and Trading Group
Edward A. Gonzalez (57)		President, Seaboard Marine Ltd.

Mr. Steer has served as President and Chief Executive Officer since July 2020. Prior to that, he served as Executive Vice President, Chief Financial Officer from April 2011 to December 2020.

Mr. Becker has served as Executive Vice President, General Counsel and Secretary since December 2020 and previously as Senior Vice President, General Counsel and Secretary since April 2011.

Mr. Rankin has served as Executive Vice President, Chief Financial Officer since December 2020. Prior to that, he served as Senior Vice President, Taxation and Business Development since April 2015.

Mr. Trollinger has served as Senior Vice President, Corporate Controller and Chief Accounting Officer since December 2020 and previously as Vice President, Corporate Controller and Chief Accounting Officer since March 2015.

Mr. Tywater has served as Senior Vice President, Audit Services since December 2020 and previously as Vice President, Audit Services since November 2008.

Mr. Bresky has served as Vice President, International since July 2020, concurrently while also serving as Vice President of Industrial Operations with the Seaboard Overseas and Trading Group (“SOTG”). Prior to that, he served in various roles with SOTG for more than seven years. On January 9, 2023, Mr. Bresky was appointed as President and Chief Executive Officer of SOTG.

Mr. Hodes has served as Vice President, Finance since December 2020 and previously as Finance Director since December 2019. Prior to that, he served as Finance Manager since 2015.

Ms. Hoskins has served as Vice President and Treasurer since December 2020 and previously as Assistant Treasurer since 2006.

Ms. Loudon has served as Vice President, Tax since December 2020 and previously as Tax Director since January 2017. Prior to that, she served as Tax Manager since 2006.

Mr. Hubler has served as Assistant Secretary since April 2019, and also serves as Vice President and General Counsel with Seaboard Foods LLC. He was the Associate General Counsel at Seaboard Corporation from October 2018 until January 2022 when he was named General Counsel of Seaboard Foods LLC. Prior to joining Seaboard Corporation, Mr. Hubler was Assistant Vice President, Legal at Dairy Farmers of America, Inc.

Mr. Holden has served as Assistant Secretary since June 2010, and also serves as Vice President and General Counsel with SOTG.

Ms. Beltz-Vacas has served as Assistant Treasurer since January 2021 and previously as Treasury Director since July 2014.

Mr. Brown has served as President of Seaboard Foods LLC since January 2021. Prior to joining Seaboard Foods LLC, Mr. Brown was the Chief Operating Officer of Butterball, LLC for almost two years and President and Chief Operating Officer at High Liner Foods from 2014 to 2018.

Mr. Dannov served as President of SOTG since August 2006. On January 9, 2023, Mr. Dannov resigned from this position, but will continue with SOTG and assist as needed.

Mr. Gonzalez has served as President of Seaboard Marine Ltd. since January 2005.

Item 1A. Risk Factors

Business and Operational Risks

(1)

International Operations May Present Certain Risks. Seaboard’s international activities, some of which are in lesser-developed countries, pose risks not faced by companies that limit themselves to U.S. markets. These risks include:

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changes in foreign currency exchange rates, currency inconvertibility and devaluation;

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foreign currency exchange or retail price controls;

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hyperinflation;

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heightened customer credit and execution risk;

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border restrictions, tariffs, bilateral trade disputes, quotas, trade barriers, import or export licensing requirements and other trade protection measures;

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border closings by foreign countries to the import of products or other limitations on Seaboard’s ability to access materials or ports, including due to animal disease or other perceived health or safety issues;

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changes in tax laws, including rules on a global minimum tax from the Organisation for Economic Co-operation and Development (“OECD”) or country-specific laws that resemble the OECD rules;

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legal and regulatory structures and unexpected changes in legal and regulatory requirements and any additional compliance costs that may arise;

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negative perception within a foreign country of a U.S. company doing business in that foreign country;

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compliance with domestic and foreign laws and regulations for conducting international business such as Foreign Account Tax Compliance Act, Foreign Corrupt Practices Act and Office of Foreign Assets Control regulations and United Kingdom Bribery Act;

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government instability, expropriation, confiscation, war, civil unrest, and corruption; and

●

enforcement and compliance of local laws and remedies in foreign jurisdictions, including inconsistent application or enforcement, including tax laws, and related uncertainties affecting legal proceedings and lawsuits.

Accordingly, revenues, operating income and cash flows from international operations could fluctuate significantly from year to year. In addition, border restrictions and foreign government policies and regulations could restrict the purchase of various commodities, reducing Seaboard’s ability to access materials or ports, or limiting sales prices for products sold in local markets.

(2)

Russia’s Invasion of Ukraine Could Directly or Indirectly Affect the Business. In February 2022, the Russian government commenced a war against Ukraine, resulting in significant disruption to financial and commodity markets. The Black Sea region is a major exporter of wheat, corn and other commodity products to the world, and the disruption of supply has caused volatility in prices and margins of these commodities and related products. Although Seaboard has no operational footprint in either country, the conflict may continue to impact global commodity, energy and input costs. Additionally, in response to the war, the U.S., other North Atlantic Treaty Organization (“NATO”) member states, as well as non-member states, have announced enhanced export controls and targeted economic sanctions on Russia, certain Russian citizens, and Russian enterprises. Any continuation or escalation of the war may trigger a series of additional export controls and economic and other sanctions. Seaboard or its affiliates may trade in commodities originating from Russia and/or Ukraine as allowable by law. However, any future commodity trades involving Russian originated commodities could be directly or indirectly impacted by export controls, economic sanctions and the ability to collect on contracts, any of which, along with the volatility in commodities prices and margins could negatively impact Seaboard’s financial condition, results of operations and the market price of its common stock. Seaboard complies with all sanctions, domestic and foreign laws and regulations applicable to its business activities.

(3)

Deterioration of Economic Conditions Could Adversely Affect the Business. Seaboard’s business may be adversely affected by changes in national or global economic conditions, including recessions, inflation, interest

rates (including the LIBOR phase-out in June 2023), availability of capital markets, consumer spending rates, energy availability and costs, supply chain and labor market disruptions, impacts caused by highly pathogenic disease outbreaks and other public health emergencies, and the effects of governmental initiatives to manage economic conditions. Any such changes could adversely affect the demand for and production of Seaboard’s meat products, grains, shipping services and other products, or the cost and availability of needed raw materials and packaging materials, or workforce availability, thereby negatively affecting Seaboard’s business, financial condition and results of operations. The national and global economic conditions, could, among other things:

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impair the financial condition of some of Seaboard’s customers and suppliers, thereby increasing customer bad debts or non-performance by customers and suppliers;

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negatively impact global demand for protein and grain-based products, which could result in a reduction of revenues, operating income and cash flows;

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decrease the value of Seaboard’s investments in equity and debt securities, including short-term investments used for liquidity and pension plan assets, causing losses that would adversely impact Seaboard’s net earnings; and

●

impair the financial viability of Seaboard’s insurers.

(4)

Seaboard’s Common Stock Is Thinly Traded and Subject to Daily Price Fluctuations. The common stock of Seaboard is closely held and thinly traded on a daily basis on the NYSE American. Seaboard Flour LLC and SFC Preferred, LLC, which are beneficially owned by the Bresky family, hold approximately 77% of Seaboard’s outstanding common stock. Accordingly, the price of a share of Seaboard common stock could fluctuate more significantly from day-to-day than that of a share of more widely held stock that is actively traded on a daily basis.

(5)

Decentralization May Present Certain Risks. Seaboard’s operations are relatively decentralized in comparison with its peers. While Seaboard’s executive management believes this practice enables it to remain responsive to risks, opportunities and to customers’ needs, it necessarily places significant control and decision-making powers in the hands of local management. This presents various risks, including the risk that executive management may be slower or less able to identify or react to problems affecting a key business than in a more centralized environment. In addition, it means that Seaboard may be slower to detect compliance-related problems (e.g., a rogue employee undertaking activities that are prohibited by applicable law or Seaboard’s internal policies) and that “company-wide” business initiatives, such as the integration of disparate information technology systems, are often more challenging and costly to implement, and their risk of failure higher, than they would be in a more centralized environment. Depending on the nature of the problem or initiative in question, such failure could materially adversely affect Seaboard’s business, financial condition or results of operations.

(6)

Investments in Non-Consolidated Affiliates May Present Certain Risks. Seaboard has several equity method investments in which it generally owns 50% or less, with various third-party business partners owning the remaining equity. Due to the ownership structure of these affiliates, Seaboard participates in board of director’s or comparable governing body’s decisions but does not control the decision-making processes. Seaboard could be exposed to various business risks if the business partners’ business decisions do not align with Seaboard’s best interests, which could adversely impact the results for Seaboard’s income (loss) from affiliates.

(7)

Cyber-Attacks or Cybersecurity Breaches Could Adversely Affect the Business. Seaboard may be adversely impacted if it is unable to protect its information technology systems against, or effectively respond to, cyber-attacks or cybersecurity breaches. Seaboard may also be adversely impacted if third parties on whom Seaboard relies are unable to similarly protect their information technology systems. Attempted cyber-attacks and other cyber incidents are occurring more frequently and are being made by groups and individuals with a wide range of motives and expertise. Any significant penetration, invasion, destruction, or interruption of these systems could negatively impact operations. Additionally, there is a risk of business interruption and reputational damage from the unauthorized disclosure of confidential information and a risk of loss to financial assets related to manipulated electronic communications, including additional costs for increased security, system remediation and breach detection. If Seaboard is unable to prevent such breaches or failures or if a third party on whom Seaboard relies is unable to prevent such breaches or failures, Seaboard’s operations could be disrupted or it could negatively impact Seaboard’s financial condition, results of operations and the market price of its common stock.

Industry Risks

(1)

The Food Industry May Present Certain Risks. The food products manufacturing industry is subject to the risks posed by:

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food spoilage;

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food contamination, including contamination caused by disease-producing organisms or pathogens, such as Listeria monocytogenes, Salmonella, E coli and aflatoxin;

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food allergens;

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adverse weather and climate change risks;

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evolving consumer preferences and nutritional and health-related concerns, including plant-based proteins;

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international, federal, state and local food processing regulations;

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the possible unavailability and/or expense of liability insurance;

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consumer product liability claims;

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product recall;

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product tampering; and

●

public perception of food production practices, including handling of production and live animals.

Pathogens that may cause food contamination are found generally in livestock and in the environment and therefore may be present in Seaboard’s products. These pathogens also can be introduced to Seaboard’s products as a result of improper handling by customers or consumers. Seaboard does not have control over handling procedures once products have been shipped for distribution. If one or more of these risks were to materialize, Seaboard’s brand reputation could be harmed, revenues could decrease, costs of doing business could increase, and Seaboard’s operating results could be adversely affected.

(2)

Health Risks to Animals Could Adversely Affect Production and the Supply of Raw Materials. Seaboard is subject to risks relating to its ability to maintain animal health and control diseases. If the Pork segment’s hogs or if Butterball’s turkeys are affected by disease, Seaboard could be required to destroy infected animals, which could adversely affect this segment’s production or ability to sell or export its products. The general health of the hogs and turkeys and their respective reproductive performance could have an adverse impact on production and production costs, the supply of raw material to their processing operations and consumer confidence. Moreover, the herd or flock health of third-party suppliers could adversely affect the supply and cost of hogs or turkeys available for purchase. Adverse publicity concerning any disease or health concern could also cause customers to lose confidence in the safety and quality of these segments’ food products.

(3)

Fluctuations in Commodity Prices May Present Certain Risks. Sales prices for many of Seaboard’s products are directly affected by both domestic and worldwide supply and demand for commodities for products which it sells and competing products, all of which are determined by constantly changing market forces, as well as other factors, over which Seaboard has little to no control, including inflationary risks.

●

In the Pork and Turkey segments, commodity pork and turkey prices demonstrate a cyclical nature over periods of years, reflecting changes in the supply of fresh meat and competing proteins on the market.

●

In the CT&M segment, fluctuating worldwide prices for wheat, corn, soybeans, soybean meal and, to a lesser degree, various other agricultural commodity products could also be caused by European flour exports, donated food aid, flour dumping practices and worldwide and local crop production.

These fluctuating market conditions could have a significant impact on Seaboard’s sales, value of commodities held in inventory and operating income.

(4)

Increases in Costs of Feed Components and Third-Party Purchases Could Adversely Affect Costs and Operating Margins. Feed costs are the most significant single component of the cost of raising hogs and turkeys and could be materially affected by commodity price fluctuations for corn and soybean meal. The costs may also be impacted by inflation. The results of the Pork and Turkey segments could be negatively affected by increased costs of its feed components. The cost and supply of feed components and the third-party purchases are determined by constantly changing market forces of supply and demand, which are driven by matters over which these segments have no control, including inflation, weather, current and projected worldwide grain stocks and prices, grain export prices, subsidies and tariffs, and governmental agricultural policies. These segments attempt to manage certain of these risks through the use of commodity derivatives; however, this may also limit the ability to participate in gains from favorable commodity fluctuations. Unless wholesale pork and turkey prices correspondingly increase, increases in the prices of feed components and costs of third-party purchases would adversely affect the segments’ operating margins and the value of Seaboard’s investment in Butterball. In the Pork segment, approximately 10% of this segment’s slaughtered hogs were purchased from third parties in 2022.

(5)

Difficulties Obtaining and Retaining Appropriate Personnel. Seaboard is dependent on having a sufficient number of properly trained operations personnel.

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In the Pork and Turkey segments, the nature of the work and rural locations at some processing plants and production operations, along with restrictive national policy on immigration, have affected and could continue to negatively affect the availability and cost of labor.

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In the CT&M segment, the loss of a key employee such as a commodity trader could have a negative impact resulting from the loss of revenues as personal customer relationships can be vital to obtaining and retaining business with various foreign customers. Also, employing and retaining qualified expatriate personnel at the mills and other operating facilities are key elements to success given the difficult living conditions, the unique operating environments and the reliance on a relatively small number of executives to manage individual locations.

The geographic areas in which Seaboard operates have also experienced labor shortages resulting in higher labor costs. The inability to acquire and retain the services of such personnel, or increased costs associated with the acquisition and retention of such personnel, could have a material adverse effect on Seaboard’s operations.

(6)

The Loss or Closure of the Segments’ Principal Properties Could Adversely Affect the Business. The closure, even temporarily, loss of or damage to any of the segments’ plants for any reason, including highly pathogenic disease outbreaks, fire, weather, such as tornado, hurricane or earthquake, or the occurrence of adverse governmental action or labor unrest resulting in labor strikes could adversely affect the business of the affected segment and have a material adverse effect on Seaboard’s business, financial condition and results of operations.

●

The Pork segment is largely dependent on the continued operation at full capacity of its Oklahoma pork processing plant and the STF plant. This segment provided approximately one-third of STF’s hogs for processing during 2022 and also markets substantially all pork products produced.

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In the Marine segment, port operations can be subject to disruption due to hurricanes or other adverse weather conditions, and any associated damage could take significant time to repair while cargos would move to other ports of entry. Recovering those volumes could prove difficult.

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The Sugar and Alcohol segment is largely dependent on the continued operation of a single sugar mill.

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Although Butterball has three processing plants and three further processing plants, Butterball is disproportionately dependent on the continued operation of the processing plant in North Carolina, that handles a significant volume of the production of further processed turkey products.

(7)

Disruption of Operations at Co-packers or Other Suppliers Could Adversely Affect the Business. Disruption of operations at co‑packers or other suppliers may impact Seaboard’s product or raw material supply. Additionally, actions taken to mitigate the impact of any potential disruption, including increasing inventory in anticipation of a potential production or supply interruption, may also adversely affect Seaboard’s financial results.

(8)

Ocean Transportation May Present Certain Risks. Seaboard’s owned and chartered vessels along with related cargoes are at risk of being damaged, lost or incurring excess cost because of events such as:

●

inclement weather;

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mechanical failures;

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grounding, fire, explosions and collisions;

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human error;

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war, piracy and terrorism; and

●

port access and congestion.

Any of these hazards could result in death or injury to persons, loss of property, environmental damages, delays or rerouting. If one of Seaboard’s vessels were involved in an incident, the resulting negative public perception could have a material adverse effect on Seaboard’s business, financial condition and results of operations.

(9)

Fluctuations in Fuel Costs Could Adversely Affect the Business. Fuel is a large expense for the Marine and Power segments and also impacts the CT&M segment’s results. Fuel prices can vary greatly from year to year. While such fluctuations may be offset through fuel surcharges or other mechanisms, such mechanisms do not act with precision in terms of timing and amount and may not adjust revenues enough to offset the increase in costs.

Legal and Regulatory Risks

(1)

Operations Are Subject to General Risks of Litigation. Seaboard is involved on an ongoing basis in litigation arising in the ordinary course of business. Trends in litigation may include class actions involving employees, consumers, competitors, suppliers, shareholders, or injured persons, and claims relating to product liability, contract disputes, antitrust regulations, intellectual property, advertising, labeling, wage and hour laws, employment practices or environmental matters. Litigation in certain countries carries additional risk due to lack

of transparency in judiciaries. Neither litigation trends nor the outcomes of litigation can be predicted with certainty and adverse litigation trends and outcomes could negatively affect Seaboard’s financial results.

(2)

Operations Are Subject to Complex Laws and Regulations. Federal, state and local laws, and domestic and international regulations governing worker health and safety, food safety and animal health and welfare, port and terminal security and the operation of vessels, including fuel regulations, significantly affect revenues, costs and the manner or feasibility of doing business. Some requirements applicable to Seaboard may also be enforced by citizen groups.

●

In the Pork segment, select states have implemented varying standards related to the required living conditions for breeding sows. Some laws apply to animals grown in the state of enactment while, more recently, several states have enacted laws that prohibit the sale of meat from non-compliant animals grown in any of the fifty states or foreign countries. Diversity of standards for housing sows requires each producer to implement separate record-keeping to track compliant animals through the growing process to the processing plant, and finished products from the processing plant to third-party purchasers. Such laws can also impose civil and criminal penalties for failing to comply. Animal production assets have long expected useful lives. The enactment of more stringent standards can impair the value of existing assets, increase the cost of production and distribution, lower the value of non-compliant products and/or disrupt the market for pork which could result in a reduction in the sales prices of pork products. Incrementally, strict growing standards could cause the creation of regional markets of compliant products or require the industry to build compliant assets for each market. For example, the state of California enacted the Farm Animal Confinement Initiative (“Proposition 12”) which became fully effective January 1, 2022. Proposition 12 prohibits the sale within the state of certain uncooked pork produced from breeding sows or their offspring unless certain conditions are met. However, the ultimate impact of Proposition 12 is currently pending before the U.S. Supreme Court. A California Superior Court has also issued a judgment declaring that Proposition 12 is not enforceable until July 1, 2023. Similarly, Massachusetts Question 3 would prohibit the sale of certain pork products within the state of Massachusetts, as well as the shipment of certain pork products through the state. This initiative has also been challenged in court and enforcement of Massachusetts Question 3 is currently stayed until 30 days after a decision is reached by the Supreme Court case challenging the constitutionality of Proposition 12. The volume of such pork sold into California and Massachusetts accounted for approximately 5% of Seaboard’s direct sales for the year ended December 31, 2022, in addition to indirect sales through further processor customers.

●

In the Marine segment, many aspects of the shipping industry, including rate agreements and vessel cost sharing agreements, are subject to extensive governmental regulation by the Federal Maritime Commission, the U.S. Coast Guard, and U.S. Customs and Border Protection, as well as regulation by private industry organizations. Compliance with applicable laws, regulations and standards may require capital investments or operational changes. As an example, this segment may be adversely impacted by changes in vessel fuel consumption efficiency requirements. Certain ships, based on their capacity and other factors, may have to meet certain energy usage standards while sailing. The net effect could be that ships, particularly small ones which are less efficient on a twenty-foot equivalent unit basis, might need to reduce speed to consume less fuel. Failure to comply may result in administrative and civil penalties, criminal sanctions, the suspension or termination of Seaboard’s operations or detention of its vessels.

●

In the Sugar and Alcohol segment, Seaboard’s alcohol production facility is affected by Argentine government regulations regarding production quotas, fuel blends and sales prices in the bioethanol market.

Failure to comply with these laws and regulations and any future changes to them could result in significant consequences to Seaboard, including civil and criminal penalties, liability for damages, negative publicity and the inability to do business in certain locales. In addition, future changes in laws, regulations and standards may result in additional costs or a reduction in revenues.

(3)

Operations Are Subject to Stringent Environmental Regulation and Potentially Subject to Environmental Litigation, Proceedings, and Investigations. Seaboard operations and properties are subject to extensive and increasingly stringent laws and regulations pertaining to, among other things, odors, the discharge of materials into the environment and the handling and disposition of wastes (including solid and hazardous wastes) or

otherwise relating to the protection of the environment. Compliance with these laws and regulations, as well as any modifications, may be material to Seaboard’s business.

Specific Pork Segment Risks

(1)

The Operating Profit of the Biodiesel and Renewable Diesel Production Facilities Could Be Adversely Impacted by Various Factors. The profitability of this segment’s biodiesel and renewable diesel plants could be adversely affected by various factors, including the market price of pork fat, other animal fats and vegetable oils, all of which are utilized to produce biodiesel and renewable diesel, and the market price for biodiesel and renewable diesel, which is influenced by inflation, world oil prices and government mandates and incentives to use biofuels. Unfavorable changes in these prices over extended periods of time or adverse changes in government mandates and incentives to use biofuels could adversely affect this segment’s results of operations and could result in the potential impairment of the recorded value of the property, plant and equipment related to these facilities. In August 2022, the President of the U.S. signed the Inflation Reduction Act into law which extended the federal blender’s credits through 2024 and created a new clean fuel production credit. This new credit is based on the greenhouse gas emissions factor of fuel produced and sold during 2025 through 2027. This credit may not be renewed and could be less than the federal blender’s credit.

(2)

Further Difficulties Could Be Experienced in the Start-up of the New Renewable Diesel Production Facility. Commercial operations at this segment’s new renewable diesel production facility commenced in the third quarter of 2022, but it is taking longer than planned to reach consistent operations at full capacity. Difficulties encountered in the start-up of operations could have adverse effects on results of operations.

Specific Commodity Trading and Milling Segment Risks

(1)

This Segment Uses Derivative Products to Manage Certain Market Risks. This segment enters into various commodity derivative and foreign exchange derivative transactions to create what management believes are economic hedges for commodity trades it executes or intends to execute with its customers. Failure to execute or improper execution of a derivative position, or a firmly committed sale or purchase contract, or a speculative transaction that closes without the desired result or exposure to counter party risk could have an adverse impact on the results of operations and liquidity.

(2)

This Segment Faces Increasing Competition from Several Sources. This segment is experiencing increasing competition in certain foreign markets by well-capitalized originators, traders of commodities making sales directly to end-use customers, and industrial-asset owners that compete in the same markets as this segment. If various competing raw material originators refuse to sell commodities to Seaboard for sale in these foreign markets, it could be more challenging for this segment to purchase commodities for sale to its customers at competitive prices. Also, competition with imported products or other local producers impact this segment’s industrial operations. This segment’s sales volume and sale prices for commodities to customers, as well as results of operations, could be adversely impacted by such increased competition.

Specific Marine Segment Risks

(1)

This Segment’s Services Are Affected by International Trade and Fluctuating Freight Rates. This segment provides cargo shipping services in the U.S. and in many different countries in the Caribbean and Central and South America. In addition to the risks of overseas operations, fluctuations in economic conditions, inflation and unstable or hostile local political situations in the countries in which this segment operates could affect trade volumes and cargo freight rates, as well as adversely affect this segment’s results of operations.

(2)

Chartered Ships Are Subject to Fluctuating Rates and Availability. Time-charter expenses are one of this segment’s largest expenses. These costs, and availability of ships, can vary greatly due to a number of factors including the worldwide supply and demand for shipping. It is not possible to determine in advance whether a long-term charter contract will be favorable to this segment’s business. Accordingly, entering into either long-term charter hire contracts during periods of decreasing charter hire costs or short-term charter hire contracts during periods of increasing charter hire costs could have an adverse effect on this segment’s results of operations. This segment purchases space, also known as slots, on certain third-party operated vessels, and these ship providers may not be reliable and cause shipment delays or other challenges.

Specific Sugar and Alcohol Segment Risks

(1)

This Segment Depends on the Condition of the Argentine Economy, Currency and Political Climate. This segment operates a sugar mill, alcohol production and power generation facility in Argentina. Fluctuations in economic conditions or changes in the Argentine political climate could have an impact on the costs of operations, the sales prices of products, export opportunities and the exchange rate of the Argentine peso to the U.S. dollar.

Local sales prices for retail sugar and bioethanol are affected by government price controls, and domestic sugar prices are affected by import duties imposed by the Argentine government, impacting local volume sold, as well as imported and exported volumes to and from international markets. If import duties are changed, this could have a negative impact on the sales prices of this segment’s products. In addition, the majority of this segment’s sales are within Argentina, and any Argentine government attempts to control inflation through price controls on products, including sugar and alcohol, could adversely impact the local sales prices of this segment’s products and the results of operations for this segment.

(2)

This Segment Is Subject to Weather, Climate Change, Crop Disease and Pest Risks. This segment may be adversely affected by numerous factors over which it has little or no control, including adverse weather and growing conditions, climate change risks, pest and disease problems. Of these risks, weather and adverse climate change particularly could adversely affect the amount and quality of the sugarcane produced by this segment and/or its competitors located in other regions of Argentina.

(3)

Labor Relations Challenges Could Adversely Affect Operations. This segment is dependent on unionized labor at its sugar mill in Argentina. The political and economic environment in Argentina can make labor relations very challenging. Contributing to the situation are the historical policies of Argentina’s government and the failure of the Argentine courts to enforce contractual obligations with unions and basic property rights. Interruptions in production as a result of labor unrest could adversely affect operations, including the quantity of sugarcane harvested, the amount of sugar, alcohol and power produced and could interfere with the distribution of products stored at the facility.

Specific Power Segment Risks

(1)

This Segment’s Services Are Affected by Competition from More Efficient Energy Producers. This segment sells the power it generates primarily to government-owned distribution companies, and the government can decide which power units will be able to operate. Typically, dispatch is done based on a merit list with lower-cost power plants dispatched before those with higher costs. More efficient power producer competitors, such as from renewable energy, including hydro, solar, and wind, or other nonrenewable energy sources like coal, are less costly to operate and could cause the demand for this segment’s energy to decline and the spot market rates to decline as well, which will adversely affect this segment’s results of operations.

(2)

Supply of Natural Gas Is Limited in the Dominican Republic. Supply of natural gas in the Dominican Republic is limited to one primary supplier. EDM III only operates on natural gas, but EDM II can run on other types of fuel. Supply disruptions of natural gas could have an adverse impact on this segment’s operating income.

(3)

This Segment Depends on the Condition of the Dominican Republic Economy, Currency and Political Climate. Fluctuations in economic conditions or changes in the Dominican Republic political climate could have an impact on the costs of operations, the sales prices of products and the exchange rate of the Dominican peso to the U.S. dollar. In addition to significant currency fluctuations and the other risks of overseas operations, this segment could experience difficulty in obtaining timely collections of trade receivables from the government-owned distribution companies or other companies that must also collect from the government in order to make payments on their accounts. Currently, the Dominican Republic does not allow a free market to enable prices to rise with demand as the supply is restricted due to insufficient cash flow from electric distributors and the subsidy the government provides, which could limit this segment’s profitability.

(4)

This Segment May Be Unable to Renew Certain Permits. This segment’s barges are subject to various permitting requirements imposed by the Dominican government. A major risk inherent in this segment’s operations is the need to renew permits, and any delay or failure to obtain a renewal permit could have a significant impact on this segment’s operations.

Specific Turkey Segment Risks

(1)

Adverse Operating Results or Inability to Renew Financing Could Result in Need for Raising Additional Capital. Butterball has third-party bank loan facilities that are secured by substantially all of the assets of Butterball. Adverse operating results or economic conditions could cause Butterball to default on such loan facilities or cause lenders to not renew or extend existing financing, which could result in a significant adverse impact on Butterball’s financial position. As a result, Seaboard or other investors may need to make additional capital investment or provide financing to Butterball, which could adversely impact Butterball’s results of operations, liquidity position or negatively impact the value, or cause dilution, of Seaboard’s investment in Butterball.

(2)

Decreased Perception of Value in the Butterball Brand and Changes in Consumer Preferences Could Adversely Affect Sales Quantity and Price of Butterball Products. Butterball is a premium brand name, built on a long history of offering quality products that has been differentiated in the market. The value of the Butterball brand

allows for sales of a higher unit price for certain products compared to other turkey providers. In order to maintain this advantage, Butterball must continue to support the brand with successful marketing efforts and develop new products. Consumer product preferences continue to evolve as a result of, among other things, shifting consumer demographics; inflationary and recessionary risks; changes in consumer lifestyles; digital shopping patterns; and competitive product and pricing pressures. If Butterball’s products fail to meet consumer preferences, or Butterball fails to introduce new products or product extensions on a timely basis, the brand value could diminish significantly. In addition, negative news reports for any reason related to Butterball specifically or the turkey/poultry industry generally could negatively impact this brand perception, Butterball’s results of operations and the value of Seaboard’s investment in Butterball.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

Management believes that Seaboard’s present facilities are adequate and suitable for its current purposes. Seaboard’s principal properties by segment are described below:

(1) Pork - Seaboard’s Pork segment owns a pork processing plant in Oklahoma. It has a double-shift capacity to process approximately six million hogs annually and generally operates at capacity with additional weekend shifts depending on market conditions. Seaboard’s hog production operations can breed and raise approximately eight million hogs annually at facilities it primarily owns or at facilities owned and operated by third parties with whom it has grower contracts. This segment owns and operates eight centrally located feed mills, which have a combined capacity to produce approximately three million tons of formulated feed annually. These feed mills are used primarily to support existing hog production and have the capability of supporting additional hog production in the future. These facilities are located in Iowa, Oklahoma, Texas, Kansas and Colorado. The Pork segment owns biodiesel plants in Oklahoma and Missouri, with the capacity to produce 46 million gallons and 30 million gallons, respectively, of biodiesel annually, and a renewable diesel plant in Kansas with capacity to produce 85 million gallons of renewable diesel annually. The renewable diesel plant began operations in the third quarter of 2022 and it is expected operations will reach capacity later in 2023. The Pork segment uses a terminal facility in California with a maximum throughput capacity to store and distribute approximately 300 million gallons of fuel per year.

(2) Commodity Trading and Milling - Seaboard’s CT&M segment operates milling facilities at 13 locations in 9 countries and has 11 trading offices in 10 countries. The milling facilities located in Ecuador, Ghana, Guyana, Mozambique, Peru, Republic of Congo, and Zambia own the land and plants. There are additional milling facilities located in Ivory Coast, Republic of Congo, Senegal and Zambia where the land is leased under long-term agreements. These facilities produce approximately two million metric tons of wheat flour, maize meal, manufactured feed and oilseed crush commodities per year in addition to other related grain-based products. Certain foreign milling operations may operate at less than full capacity due to low demand, poor consumer purchasing power, excess milling capacity in their competitive environment or imported flour. Seaboard’s CT&M segment owns three 18,900 metric ton deadweight dry bulk vessels and charters between 26 to 55 bulk vessels with deadweights of up to 176,000 metric tons under short-term agreements.

(3) Marine - Seaboard’s Marine segment leases approximately 297,000 square feet of off-port warehouse space and 87 acres of port terminal land and facilities in Miami, Florida, which are used in its containerized cargo operations. Seaboard’s Marine segment also leases an approximate 77-acre cargo handling and marine terminal facility in Houston, Texas, which includes several warehouses totaling approximately 648,000 square feet for cargo storage. The Marine segment owns six ocean cargo vessels with deadweights of up to approximately 34,000 metric tons. Seaboard’s Marine segment has six new vessels under construction, with three vessels expected to be completed in 2024 and the other three vessels in 2025. Also, this segment charters 17 vessels under contracts with a remaining average term of 15 months with deadweights of up to approximately 34,700 metric tons. Seaboard’s Marine segment owns or leases dry, refrigerated and specialized containers and other related equipment.

(4) Sugar and Alcohol - Seaboard’s Sugar and Alcohol segment owns nearly 70,000 acres of cultivated land to grow sugarcane and a sugar mill with an annual capacity to crush approximately three million metric tons of sugar cane. The facility, including an alcohol distillery, has an annual production capacity of approximately 250,000 metric tons of sugar if maximizing sugar production, and approximately 33 million gallons of alcohol if maximizing alcohol production. Depending on the market conditions, this segment can produce more sugar and less alcohol, or vice versa. This capacity is sufficient to process all of the cane harvested by this segment and additional quantities purchased from third-party

farmers in the region. The sugarcane fields, processing mill, distillery and 51-megawatt cogeneration power plant are located in northern Argentina in the Salta Province. This area experiences seasonal rainfalls that may limit the harvest season, which then affects the duration of mill operations and quantities of sugar, alcohol and power produced.

(5) Power - Seaboard’s Power segment owns two power-generating barges that are secured on the Ozama River in Santo Domingo, Dominican Republic. EDM II and EDM III can generate approximately 108 megawatts and 148 megawatts, respectively, of electricity.

(6) Turkey - Seaboard’s Turkey segment has a total of three processing plants, three further processing plants and numerous company and third-party live production facilities and feed milling operations, located in North Carolina, Arkansas, Missouri and Kansas. These facilities produce approximately one billion pounds of turkey each year. Although capacity to meet core further processing demand is sufficient, Butterball uses third-party copacker arrangements to supplement portions of its portfolio where it either does not maintain competencies, or to meet demand beyond its internal production capacity.

Item 3. Legal Proceedings

The information required by this item is included in Note 8 to the consolidated financial statements.

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Seaboard’s common stock is traded on the NYSE American under the symbol SEB. Seaboard had 3,347 stockholders of record of its common stock as of January 31, 2023.

Stock Performance Graph

The SEC requires a five-year comparison of Seaboard’s stock performance with that of an appropriate broad equity market index and similar industry index. Since there is no single industry index to compare stock performance, the companies comprising the Dow Jones U.S. Food Products and Dow Jones U.S. Marine Transportation Industry indices (the “Peer Group”) were chosen as the second comparison.

The following line graph shows a five-year comparison of cumulative total return for Seaboard Corporation, the NYSE American Index and the companies comprising the Peer Group, weighted by market capitalization for the five fiscal years commencing December 31, 2017 and ending December 31, 2022.

The comparison of cumulative total returns presented in the above graph was plotted using the following index values and common stock price values:


	12/31/17		12/31/18		12/31/19		12/31/20		12/31/21		12/31/22

Seaboard Corporation	$	100.00	$	80.35	$	96.75	$	69.19	$	90.04	$	86.59
NYSE American	$	100.00	$	82.80	$	91.24	$	86.80	$	111.40	$	107.09
Peer Group	$	100.00	$	82.87	$	104.56	$	108.18	$	124.97	$	138.78

In each of the four quarters of 2022, 2021 and 2020, Seaboard declared and paid quarterly dividends of $2.25 per share of common stock. Seaboard’s Board of Directors intends that Seaboard will continue to pay quarterly dividends for the reasonably foreseeable future, with such future dividends and the amount of any such dividends being subject to the determination, declaration and discretion of Seaboard’s Board of Directors and dependent upon factors such as Seaboard’s financial condition, results of operations, and current and anticipated cash needs, including capital requirements. As

discussed in Note 7 to the consolidated financial statements, Seaboard’s ability to declare and pay dividends is subject to limitations imposed by debt agreements.

Seaboard has not established any equity compensation plans or individual agreements for its employees under which Seaboard common stock or options, rights or warrants with respect to Seaboard common stock, may be granted.

Item 6. Reserved

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, Seaboard’s consolidated financial statements and the accompanying notes in Item 8. Certain statements in this report contain forward-looking statements. See the introduction in Item 1 for more information on these forward-looking statements, including a discussion of the most significant factors that could cause actual results to differ materially from those in the forward-looking statements.

OVERVIEW

Sales and costs of Seaboard’s segments are significantly influenced by worldwide fluctuations in commodity prices and changes in foreign political and economic conditions. Accordingly, sales, operating income and cash flows can fluctuate significantly from year to year. As each segment operates in a distinct industry and a different geographic location, management evaluates their operations separately. Seaboard’s reporting segments are based on information used by Seaboard’s CEO to determine allocation of resources and assess performance, in his capacity as chief operating decision maker.

Pork Segment

The Pork segment primarily produces hogs to process and sells pork products throughout the U.S. and to foreign markets. Sales prices are directly affected by both domestic and worldwide supply and demand for pork products and other proteins. Feed accounts for the largest input cost in raising hogs and is materially affected by price changes for corn and soybean meal. Market prices for hogs purchased from third parties for processing at the plant also represent a major cost factor. This segment’s profitability is susceptible to commodity price fluctuations and its operating income and cash flows can materially fluctuate from year to year, significantly affecting Seaboard’s consolidated operating income and cash flows. This segment is Seaboard’s most capital-intensive segment, representing approximately 61% of Seaboard’s total fixed assets and approximately 50% of total inventories as of December 31, 2022. With the plant generally operating near capacity, Seaboard is continually looking for ways to enhance the plant’s operational efficiency, while also looking to increase margins by introducing new, higher margin value-added products. This segment also produces biodiesel and renewable diesel and related credits for sale to third parties. Sales prices are affected by the supply and demand of diesel and environmental credit initiatives.

CT&M Segment

The CT&M segment provides integrated agricultural commodity trading, processing and logistics services. The majority of its sales are derived from sourcing agricultural commodities from multiple origins which are delivered to third-party and affiliate customers in various international locations. This segment’s sales are also significantly affected by fluctuating prices of various commodities, such as wheat, corn and soybean meal. Exports from various countries can exacerbate volatile market conditions that may have a significant impact on this segment’s sales and operating income. Profit margins are sometimes protected through commodity derivatives and other risk management practices. The execution of these purchase and delivery transactions have long cycles of completion, which may extend for several months with a high degree of price volatility. As a result, these factors can significantly affect sales volumes, operating income, working capital and related cash flows from period to period. This segment represents approximately 44% of Seaboard’s total inventories as of December 31, 2022. Consolidated subsidiaries and non-consolidated affiliates operate the grain processing facilities in foreign countries that are, in most cases, lesser developed and can be significantly impacted by changes in local crop production, political instability and local government policies, as well as fluctuations in economic and industry conditions and foreign currency exchange rates. This segment has invested in several entities in recent years and continues to seek opportunities to expand its business.

Marine Segment

The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. Fluctuations in economic conditions and political instability in the regions or countries in which this segment operates may affect trade volumes and operating profits. In addition, freight rates can fluctuate depending on regional supply and demand for shipping services. Since this segment time-charters ocean cargo vessels, it is affected by fluctuations in charter

hire rates as well as fuel costs. This segment continues to explore ways to increase volumes on existing routes while seeking opportunities to broaden its route structure in the regions it serves.

Sugar and Alcohol Segment

The Sugar and Alcohol segment produces and processes sugar and alcohol in Argentina, primarily to be marketed locally. This segment’s sales and operating income are significantly affected by local sugar and alcohol prices, and domestic sugar production levels and government regulations affect these local prices. The currency exchange rate can have an impact on reported U.S. dollar sales, operating income and cash flows.

Power Segment

The Power segment is an independent power producer in the Dominican Republic. Spot market rates are impacted by fuel prices and the various producers supplying power to the grid. While fuel is this segment’s largest cost component and is subject to price fluctuations, higher fuel costs generally have been passed on to customers.

Turkey Segment

The Turkey segment, accounted for using the equity method, produces turkeys to process and sells turkey products. Sales prices are directly affected by both domestic and worldwide supply and demand for turkey products and other proteins. Feed accounts for the largest input cost in raising turkeys and is materially affected by price changes for corn and soybean meal. As a result, commodity price fluctuations can significantly affect profitability and cash flows.

LIQUIDITY AND CAPITAL RESOURCES

Management believes Seaboard’s combination of internally generated cash, liquidity, capital resources and borrowing capabilities will be adequate for its existing operations and any currently known potential plans for expansion of existing operations in both the short-term and long-term.

Summary of Sources and Uses of Cash

Seaboard’s principal funding source is cash from operating activities and its principal cash requirements primarily include operating expenses and capital expenditures. As of December 31, 2022, Seaboard had cash and short-term investments of nearly $1.3 billion and additional total working capital of $1.2 billion. The following table presents a summary of Seaboard’s available borrowing capacity under lines of credit.



	Total amount
(Millions of dollars)	available
Short-term uncommitted and committed lines	$	1,125
Amounts drawn against lines		(457)
Available borrowing capacity as of December 31, 2022	$	668

As of December 31, 2022, $183 million of the $1.3 billion of cash and short-term investments were held by Seaboard’s foreign subsidiaries. Historically, Seaboard has considered substantially all foreign profits as being permanently invested in its foreign operations, including all cash and short-term investments held by foreign subsidiaries. During the fourth quarter of 2022, Seaboard reversed its indefinite reinvestment assertion in connection with certain previously-taxed undistributed earnings of its Seaboard Marine subsidiary due to the tax effectiveness of repatriating. As a result, Seaboard recorded a deferred tax liability of $13 million for federal and state incremental tax costs associated with the future potential repatriation of Seaboard Marine’s previously-taxed foreign undistributed earnings. For all other foreign subsidiaries, Seaboard intends to continue permanently reinvesting their funds outside the U.S. as they continue to demonstrate no need to repatriate them to fund Seaboard’s U.S. operations for the foreseeable future. Seaboard has not recorded deferred taxes for state or foreign withholding taxes that would result upon repatriation of these funds to the U.S. Determination of the tax that might be paid on unremitted earnings if eventually remitted is not practical due to the complexity of the multi-jurisdictional tax environment in which Seaboard operates.

Cash and short-term investments as of December 31, 2022 decreased $206 million from December 31, 2021. The decrease was primarily the result of $474 million for capital expenditures, $117 million for purchases of long-term investments, $58 million for the acquisition of a business, debt payments of $105 million, unrealized losses on short-term investments of $150 million due to capital market volatility, partially offset by higher net cash from operations of $680 million. Cash from operating activities increased $588 million, primarily due to higher cash earnings and less working capital investment, primarily related to inventories due to trade timing.

Capital Expenditures, Acquisitions and Other Investing Activities

During 2022, Seaboard invested $474 million in property, plant and equipment, of which $315 million was in the Pork segment and $136 million was in the Marine segment. The Pork segment expenditures were primarily to fund biogas recovery projects, normal replacement of breeding herd and other investments. At certain hog farms, the Pork segment is constructing biogas recovery facilities to capture methane from its hog lagoons and inject it as renewable natural gas into the local pipeline infrastructure. The Marine segment expenditures primarily related to the purchase of two used vessels and installment payments on vessels under construction.

The total budget for 2023 capital expenditures is approximately $750 million, with $475 million planned in the Pork segment and $200 million in the Marine segment. The Pork segment’s budget primarily includes further investment in hog production assets, completion of certain biogas recovery projects, normal replacement of breeding herd and other investments. The Marine segment’s budget primarily includes continued installment payments on vessels under construction. During the third quarter of 2022, Seaboard’s Marine segment executed contracts to build three additional dual-fueled vessels that are estimated to cost $62 million each for a total cash outlay of approximately $186 million. The contracts executed in 2021 for the three initial vessels were estimated to cost $60 million each for a total cash outlay of approximately $180 million. The payments for all six vessels under construction are made in accordance with milestones achieved throughout construction. The three initial vessels are expected to be complete in 2024 and the three additional vessels are expected to be complete in 2025. As of December 31, 2022, long-term capital expenditure cash requirements included approximately $150 million in 2024 and $100 million in 2025 for these vessels under construction. Management anticipates paying for capital expenditures from a combination of available cash, the use of available short-term investments and Seaboard’s available borrowing capacity.

Seaboard acquired businesses in 2022, 2021 and 2020, and intends to continue to look for opportunities to further grow and diversify its operations, but there are no definitive plans for additional acquisitions at this time. Management intends to utilize existing liquidity, available borrowing capacity and other financing alternatives to fund these opportunities. The terms and availability of such financing may be impacted by economic and financial market conditions, as well as Seaboard's financial condition and results of operations at the time Seaboard seeks such financing, and there can be no assurances that Seaboard will be able to obtain such financing on terms that will be acceptable or advantageous. Seaboard may also fund capital calls and issue borrowings for its equity method investments based on specific facts and circumstances.

From time to time, proceeds from the sale of short-term investments may be used to fund capital expenditure purchases or working capital needs. Included in the $2 billion of gross cash flows related to both the sale and purchase of short-term investments in the consolidated statement of cash flows for the year ended December 31, 2021 was asset reallocation intended to reduce equity exposure. Seaboard continues to make long-term investments, with $117 million, $98 million and $47 million invested during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, Seaboard is committed to invest approximately $15 million in certain long-term investments in 2023, primarily real-estate related.

Financing Activities

Seaboard believes it has adequate available borrowings to meet short-term and long-term operating needs. During 2022, there was a high volume of draws and repayments activity under lines of credit compared to prior years with the draws used to fund working capital and greater investments in capital expenditures. Seaboard had long-term debt of $710 million as of December 31, 2022, which includes a term loan due 2028 of $670 million. Current maturities on long-term debt were $7 million as of December 31, 2022, with expected annual interest payments of approximately $41 million based on interest rates as of year-end. During 2021, Seaboard repaid foreign subsidiary debt related to a 2018 acquisition of $46 million upon its maturity. See Note 7 to the consolidated financial statements for further discussion of debt.

Future Contractual Obligations

Other than those obligations discussed above, future obligations mostly include normal operating expenses. For operating and finance leases, Seaboard had a current undiscounted obligation of $236 million and a long-term undiscounted obligation of $550 million as of December 31, 2022 per Note 5 to the consolidated financial statements. The majority of Seaboard’s purchase commitments for materials or supplies are related to hog, grain, feedstock and fuel procurement contracts with a current obligation of approximately $1.6 billion and a long-term obligation of approximately $1.1 billion as of December 31, 2022, per Note 8 to the consolidated financial statements. Also, Seaboard is subject to obligations under its existing defined benefit pension plans. As of December 31, 2022, the unfunded status of all plans was $94 million. Anticipated employer payments related to the unfunded nonqualified executive plans in 2023 are $36 million. For additional information about Seaboard’s pension plans, see Note 9 to the consolidated financial statements.

RESULTS OF OPERATIONS

Net sales for the years ended December 31, 2022, 2021 and 2020 were $11.2 billion, $9.2 billion and $7.1 billion, respectively. The increase for 2022 compared to 2021 primarily reflected higher sales prices of commodities sold in the CT&M segment, higher freight rates in the Marine segment, the commencement of operations of a second barge in the Power segment, and higher biodiesel sales, partially offset by lower volumes of pork products and market hogs sold in the Pork segment. The increase for 2021 compared to 2020 primarily reflected higher prices of commodities sold in the CT&M segment, higher prices for pork products, market hogs and biodiesel sold in the Pork segment and higher cargo volumes and rates in the Marine segment.

Operating income for the years ended December 31, 2022, 2021 and 2020 was $657 million, $458 million and $245 million, respectively. The increase for 2022 compared to 2021 primarily reflected higher voyage revenue in the Marine segment, higher margins on certain commodities in the CT&M segment and more power generation in the Power segment, partially offset by lower margins on pork product, market hog and biodiesel sales in the Pork segment. The increase for 2021 compared to 2020 primarily reflected higher voyage revenue in the Marine segment, increased margins on pork product and market hog sales in the Pork segment, and higher commodity prices, partially offset by derivative commodity contract losses and other operational costs in the CT&M segment.

Pork Segment



(Millions of dollars)	2022		2021		2020
Net sales	$	2,605	$	2,481	$	1,941
Operating income (loss)	$	(96)	$	227	$	131
Income (loss) from affiliates	$	24	$	3	$	(9)

Net sales for the Pork segment increased $124 million for the year ended December 31, 2022 compared to 2021. The increase was primarily the result of higher biodiesel prices and increased sales of biofuel credits, and to a lesser extent, higher volumes of biodiesel sold and higher prices of pork products sold, largely offset by a decrease in volumes of pork products sold and lower volumes and prices of market hogs sold.

Operating income for the Pork segment decreased $323 million for the year ended December 31, 2022 compared to 2021. The decrease was primarily due to lower margins on pork product and market hog sales due to higher costs of hogs, including inventory adjustments, and higher feed and plant processing costs, biodiesel-related mark-to-market derivative contract losses, higher feedstock costs for biofuel operations and higher start-up costs for renewable diesel operations. During 2022, the Pork segment recorded lower of cost or market inventory valuation adjustments associated with a combination of factors, including the decline in quoted market hog prices and higher grain costs during the period. The renewable diesel plant in Hugoton, Kansas, began operations during the third quarter of 2022. Management is unable to predict market prices for pork products or biodiesel or the costs of feed or third-party hogs for future periods. Based on current conditions, management anticipates this segment will not be profitable in 2023.

Income from affiliates increased $21 million for the year ended December 31, 2022 compared to 2021 primarily due to improved operations at STF.

Net sales for the Pork segment increased $540 million for the year ended December 31, 2021 compared to 2020. The increase was primarily the result of higher prices of pork products sold, and to a lesser extent, higher prices and volumes of market hogs and higher biodiesel prices, partially offset by lower volumes of pork products sold.

Operating income for the Pork segment increased $96 million for the year ended December 31, 2021 compared to 2020. The increase was primarily due to higher margins on pork product sales and market hogs due to higher sales prices, partially offset by higher hog costs related to feed and higher selling, general and administrative expenses.

Income from affiliates increased $12 million for the year ended December 31, 2021 compared to 2020 due to improved results at both STF and Daily’s primarily related to the commodity markets and return of sales volumes post COVID-19 disruptions.

CT&M Segment



(Millions of dollars)	2022		2021		2020
Net sales	$	6,290	$	5,154	$	3,994
Operating income as reported	$	151	$	61	$	118
Marked-to-market adjustments		(7)		7		(15)
Operating income excluding marked-to-market adjustments	$	144	$	68	$	103
Income (loss) from affiliates	$	21	$	18	$	(2)

Net sales for the CT&M segment increased $1.1 billion for the year ended December 31, 2022 compared to 2021. The increase primarily reflected higher sales prices of commodities, and to a lesser extent, higher volumes to third-party customers, partially offset by lower volumes to affiliates due to timing of shipments.

Operating income for the CT&M segment increased $90 million for the year ended December 31, 2022 compared to 2021. The increase primarily reflected higher margins on certain commodities, costs associated with operational changes recorded in 2021 not repeated in the current year, and derivative contract gains of $7 million related to the change in mark-to-market adjustments compared to losses of $7 million in 2021. Due to worldwide commodity price fluctuations, the uncertain political and economic conditions in the countries in which this segment operates and the volatility in the commodity markets, management is unable to predict sales and operating results for this segment for future periods. However, management anticipates positive operating income for this segment in 2023, excluding the effects of marking to market derivative contracts.

Had Seaboard not applied mark-to-market accounting to its derivative instruments, operating income for this segment would have been lower by $7 million and $15 million in 2022 and 2020, respectively, and higher by $7 million in 2021. While management believes its commodity futures, options and foreign exchange contracts are primarily economic hedges of its firm purchase and sales contracts or anticipated sales contracts, Seaboard does not perform the extensive record-keeping required to account for these transactions as hedges for accounting purposes. Accordingly, while the changes in fair value of the derivative instruments were marked to market, the changes in value of the firm purchase or sales contracts were not. As products are delivered to customers, these existing marked-to-market adjustments should be primarily offset by realized margins or losses as revenue is recognized over time and therefore, these marked-to-market adjustments could reverse in fiscal 2023. Management believes eliminating these marked-to-market adjustments provides a more reasonable presentation to compare and evaluate period-to-period financial results for this segment.

Net sales for the CT&M segment increased $1.2 billion for the year ended December 31, 2021 compared to 2020. The increase primarily reflected higher sales prices of most commodities, and to a lesser extent, higher volumes to third-party customers, partially offset by lower volumes to affiliates due to timing of shipments.

Operating income for the CT&M segment decreased $57 million for the year ended December 31, 2021 compared to 2020. The decrease primarily reflected derivative contract losses of $22 million related to the change in mark-to-market adjustments, $18 million of goodwill and property, plant and equipment impairment charges related to plans to dispose of immaterial businesses, and higher selling, general and administrative expenses.

Income from affiliates increased $20 million for year ended December 31, 2021 compared to 2020 primarily due to improved results from several of this segment’s affiliates related to a return of sales volumes post COVID-19 disruptions.

Marine Segment



(Millions of dollars)	2022		2021		2020
Net sales	$	2,043	$	1,396	$	1,005
Operating income	$	591	$	197	$	21

Net sales for the Marine segment increased $647 million for the year ended December 31, 2022 compared to 2021. The increase was primarily the result of higher freight rates, partially offset by lower cargo volumes.

Operating income for the Marine segment increased $394 million for the year ended December 31, 2022 compared to 2021. The increase was primarily the result of higher voyage revenue, partially offset by higher voyage-related costs, including charter-hire costs, fuel costs and other operational costs primarily due to increased prices. Management cannot predict changes in fuel costs or other voyage costs, cargo volumes or freight rates for future periods; however, management anticipates this segment will be profitable in 2023.

Net sales for the Marine segment increased $391 million for the year ended December 31, 2021 compared to 2020. The increase was primarily the result of an increase in average freight rates due to strong demand and the global shortage of vessels, and higher cargo volumes. In 2020, cargo volumes were lower due to many of Seaboard Marine’s customers temporarily shutting down due to government orders associated with the COVID-19 pandemic and the recovery of operations taking time.

Operating income for the Marine segment increased $176 million for the year ended December 31, 2021 compared to 2020. The increase was primarily the result of higher voyage revenue, partially offset by higher fuel costs due to the increase in both price and consumption, higher charter-hire costs due to increased rates, and higher terminal and intermodal trucking costs related to the increase in cargo volumes.

Sugar and Alcohol Segment



(Millions of dollars)	2022		2021		2020
Net sales	$	129	$	123	$	106
Operating income	$	11	$	2	$	2

Net sales for the Sugar and Alcohol segment increased $6 million for the year ended December 31, 2022 compared to 2021. The increase primarily reflected higher prices of sugar and alcohol sold, partially offset by lower volumes of alcohol, sugar and energy sold as a result of low inventory levels from recent harvests. Sugar and alcohol sales are denominated in Argentine pesos, and an increase in local sales prices may be offset by exchange rate changes in the Argentine peso against the U.S. dollar.

Operating income for the Sugar and Alcohol segment increased $9 million for the year ended December 31, 2022 compared to 2021. The increase primarily reflected higher margins on sugar and alcohol sales, partially offset by lower volumes sold. Management cannot predict local sugar and alcohol prices or the volatility in the currency exchange rate for future periods. Based on these conditions, management cannot predict if this segment will be profitable in 2023.

Net sales for the Sugar and Alcohol segment increased $17 million for the year ended December 31, 2021 compared to 2020. The increase primarily reflected higher prices and volumes of alcohol sold related to strong demand post the COVID-19 pandemic lockdown, partially offset by lower sugar sales.

Operating income for the Sugar and Alcohol segment remained the same for the year ended December 31, 2021 compared to 2020. Higher margins on alcohol sales were primarily offset by lower sugar sales and higher sugar production costs.

Power Segment



(Millions of dollars)	2022		2021		2020
Net sales	$	158	$	60	$	64
Operating income (loss)	$	14	$	(9)	$	3

Net sales for the Power segment increased $98 million for the year ended December 31, 2022 compared to 2021. The increase primarily reflected more power generation with EDM III also in operation, and to a lesser extent, higher spot market rates as a result of higher fuel prices. During the second quarter of 2022, EDM III was placed in service with capacity to generate 148 megawatts of electricity.

Operating income for the Power segment increased $23 million for the year ended December 31, 2022 compared to 2021, primarily due to higher revenues, partially offset by higher fuel and other operational costs. Management cannot predict fuel costs or the extent that spot market rates will fluctuate compared to fuel costs or other power producers for future periods; however, management anticipates this segment will be profitable in 2023. While EDM II remains in operation in the Dominican Republic, Seaboard continues to explore strategic alternatives for this barge, including a sale or relocation.

Net sales for the Power segment decreased $4 million for the year ended December 31, 2021 compared to 2020. The decrease primarily reflected lower production related to the installation of EDM III, temporary fuel constraints and more power generation from lower variable-cost producers, offset by an increase in spot market rates as a result of higher fuel prices. Typically, lower cost power plants are dispatched before those with higher costs.

Operating income for the Power segment decreased $12 million for the year ended December 31, 2021 compared to 2020 primarily due to lower revenues and higher operational costs related to increased fuel, maintenance and labor costs associated with the installation of EDM III.

Turkey Segment



(Millions of dollars)	2022		2021		2020
Income (loss) from affiliate	$	103	$	(20)	$	(10)

The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball. The increase in income from affiliate for 2022 compared to 2021 was primarily the result of higher selling prices, partially offset by lower volumes of turkey products sold and higher feed and plant production costs. The decrease in income from affiliate for 2021 compared to 2020 was primarily the result of lower sales volumes and higher live and plant production costs due to increased feed and labor prices, partially offset by higher sales due to increased prices. Management is unable to predict market prices for turkey products or the cost of feed for future periods; however, management anticipates this segment will be profitable in 2023.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2022 increased $13 million compared to 2021. The increase was primarily the result of higher consulting, travel and other office expenses, partially offset by lower costs associated with Seaboard’s deferred compensation program. Higher personnel costs related to wages and other benefits were offset with lower pension settlements. SG&A expenses for the year ended December 31, 2021 increased $31 million compared to 2020. The increase was primarily the result of higher personnel costs including annual raises and bonuses associated with improved financial performance, more consulting fees associated with legal and other advisory matters, an increase in travel costs as vaccinations became available and bad debt expense. The deferred compensation program costs are offset by the effect of the mark-to-market on investments recoded in other investment income (loss), net.

Interest Expense

Interest expense totaled $40 million, $13 million and $19 million for the years ended December 31, 2022, 2021 and 2020, respectively. The increase in interest expense for 2022 compared to 2021 primarily related to higher interest rates on outstanding debt and mark-to-market gains on interest rate swap agreements in the prior year. The decrease in interest expense for 2021 compared to 2020 primarily related to mark-to-market fluctuations on interest rate swap agreements and lower interest rates on outstanding debt, partially offset by less capitalized interest related to capital expenditure investments. During the third quarter of 2021, Seaboard terminated all of its interest rate swap agreements.

Interest Income

Interest income totaled $32 million, $22 million and $22 million for the years ended December 31, 2022, 2021 and 2020, respectively. Interest income primarily includes interest earned on debt securities.

Other Investment Income (Loss), Net

Other investment income (loss), net totaled ($239) million, $133 million and $84 million for the years ended December 31, 2022, 2021 and 2020, respectively. The decrease in other investment income for 2022 compared to 2021 primarily reflected mark-to-market losses on short-term investments and a $46 million charge recorded during 2022 related to a long-term solar energy investment discussed further in Note 12 to the consolidated financial statements. The charge on this long-term investment is offset with the benefit of the investment tax credits recorded in income tax benefit (expense). The increase in other investment income for 2021 compared to 2020 primarily reflected realized gains on short-term investments, partially offset by mark-to-market losses.

Foreign Currency Gains (Losses), Net

Foreign currency gains (losses), net totaled $5 million, $16 million and ($31) million for the years ended December 31, 2022, 2021 and 2020, respectively. The decrease in foreign currency gains for 2022 compared to 2021 primarily reflected fluctuations in the euro, among fluctuations of other currency exchange rates in several foreign countries. The increase in foreign currency gains for 2021 compared to 2020 primarily reflected gains in the euro, Zambian kwacha and South African rand, among fluctuations of other currency exchange rates in several foreign countries.

Income Tax Expense

The 2022 effective tax rate was lower than the 2021 effective tax rate primarily due to an increase in federal investment tax credits available in 2022 and a change in mix of foreign and domestic earnings, with foreign earnings generally taxed at lower rates. The 2021 effective tax rate was higher than the 2020 effective tax rate primarily due to increased earnings which decreased the proportional effect of tax credits available to offset the associated income tax. See Note 12 to the consolidated financial statements for further information on Seaboard’s income taxes.

CRITICAL ACCOUNTING ESTIMATES

The preparation of Seaboard’s consolidated financial statements requires Seaboard to make estimates, judgments, and assumptions. See Note 1 to the consolidated financial statements for a discussion of significant accounting policies. Management has identified the accounting estimates believed to be the most important to the portrayal of Seaboard’s financial condition and results of operations, and those that require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of inherently uncertain matters. Management has reviewed these critical accounting estimates with the Audit Committee of the Board of Directors.

Accrued Pension Liability – The measurement of Seaboard’s pension liability and related expense is dependent on a variety of assumptions and estimates regarding future events. These assumptions include discount rates, assumed rate of return on plan assets, compensation increases, mortality rates and retirement rates. The discount rate and return on plan assets are important elements of liability and expense measurement and are reviewed on an annual basis. The effect of decreasing both the discount rate and assumed rate of return on plan assets by 50 basis points would be an increase in pension expense of approximately $1 million per year. The effects of actual results differing from the assumptions (i.e. gains or losses) are primarily accumulated in accrued pension liability and amortized over future periods if it exceeds the 10% corridor and, therefore, could affect Seaboard’s recognized pension expense in such future periods, as permitted under GAAP. See Note 9 to the consolidated financial statements for discussion of the pension rates and assumptions.

Income Taxes – Income taxes are determined by management based on current tax regulations in the various worldwide taxing jurisdictions in which Seaboard conducts its business. In various situations, accruals have been made for estimates of the tax effects for certain transactions, business structures, the estimated reversal of timing differences and future projected profitability of Seaboard’s various business units based on management’s interpretation of existing facts, circumstances and tax regulations. Should new evidence come to management’s attention that could alter previous conclusions, if tax laws change or if taxing authorities disagree with the positions taken by Seaboard, the change in estimate could result in a material adverse or favorable impact on the financial statements. An increase in the future U.S. federal income tax rate of 5% would decrease tax expense on the reversal of timing differences by approximately $3 million as a one-time adjustment, which would be fully reflected in the period of enactment.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Seaboard is exposed to various types of market risks in its day-to-day operations. Primary market risk exposures result from changing commodity prices, foreign currency exchange rates, interest rates and equity prices. Occasionally derivatives are used to manage these overall market risks; however, Seaboard does not perform the extensive record-keeping required to account for derivative transactions as hedges. Since these derivatives are not accounted for as hedges, fluctuations in the related prices could have a material impact on earnings in any given year. From time to time, Seaboard also enters into speculative derivative transactions related to its market risks.

Commodity price changes affect the cost of necessary raw materials and other inventories, finished product sales and firm sales commitments. Seaboard uses various grain, hog, oilseed and other commodity futures and options purchase contracts to manage certain risks of increasing prices of raw materials and firm sales commitments or anticipated sales contracts. Short sales contracts are used to offset the open purchase derivatives when the related commodity inventory is purchased in advance of the derivative maturity, effectively offsetting the initial futures or option purchase contract.

The political and economic conditions of the countries in which Seaboard does business, along with fluctuations in the value of the U.S. dollar, cause volatility in currency exchange rates, which exposes Seaboard to fluctuating foreign currency gains and losses that cannot be predicted. Since changes in foreign currency exchange rates affect the cash paid or received on foreign currency-denominated receivables and payables, Seaboard manages certain of these risks through the use of foreign currency exchange agreements.

The following table presents the sensitivity of the fair value of Seaboard’s derivatives to a hypothetical 10% change in market prices and foreign exchange rates as of December 31, 2022 and 2021. The fair value is calculated for each item by valuing each net position at quoted market prices as of the applicable date.



(Millions of dollars)	December 31, 2022		December 31, 2021
Grains and oilseeds	$	9	$	4
Vegetable oils		1		1
Energy-related resources		—		4
Foreign currencies		22		18

Equity price risk is the risk that Seaboard may incur losses due to adverse changes in the market prices of the equity securities it holds in its short-term investment portfolio. Market prices for equity securities are subject to fluctuation and may result from perceived changes in the underlying economic characteristics of the investee, the relative price of alternative investments and general market conditions. As of December 31, 2022 and 2021, the fair value of Seaboard’s marketable equity securities was approximately $602 million and $665 million, respectively, and a hypothetical 10% change in market prices would impact the income statement by $60 million and $67 million, respectively.

As changes in interest rates affect the cash required to service variable-rate debt, Seaboard may use interest rate exchange agreements to manage risks of increasing interest rates. At December 31, 2022, Seaboard had variable-rate debt outstanding of $670 million with an interest rate of 6.01%. A hypothetical 10% change in interest rates effective at December 31, 2022, would have a minimal impact on interest expense. Long-term debt sensitive to changes in interest rates as of December 31, 2021 totaled $678 million with an interest rate of 1.73%

Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Seaboard Corporation:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Seaboard Corporation and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Sufficiency of audit evidence over net sales

As described in Note 13 to the consolidated financial statements, the Company earned $11.2 billion of net sales in 2022. Net sales were primarily generated by the Company’s Pork, Commodity, Trading and Milling, Marine, Sugar and Alcohol, and Power operations, which were dispersed over numerous countries. We identified the evaluation of the sufficiency of audit evidence over net sales as a critical audit matter. Evaluating the sufficiency of audit evidence obtained required auditor judgment due to the geographical dispersion of net sales. Furthermore, given the disaggregation of local management and language differences between locations, our audit team consisted of auditors located in multiple countries around the world. The following are the primary procedures we performed to address this critical audit matter. We evaluated the nature and amounts of the Company’s net sales at its various locations and applied auditor judgement to determine the locations at which procedures were to be performed. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s net sales process, including controls related to the recognition of global net sales amounts. We tested samples of individual net sales transactions by comparing the amounts recognized by the Company to relevant underlying documentation such as purchase orders, contractual arrangements, and delivery documents, as applicable. In addition, we evaluated the sufficiency of audit evidence obtained over net sales by assessing the results of procedures performed, including the appropriateness of the nature and extent of audit effort.

We have served as the Company’s auditor since 1959.

Kansas City, Missouri

February 14, 2023

SEABOARD CORPORATION

Consolidated Statements of Comprehensive Income


	Years ended December 31,
(Millions of dollars except share and per share amounts)	2022		2021		2020
Net sales:
Products (includes sales to affiliates of $1,463, $1,396 and $1,125)	$	8,979	$	7,714	$	5,993
Services revenues (includes sales to affiliates of $20, $20 and $21)		2,100		1,445		1,058
Other		164		70		75
Total net sales		11,243		9,229		7,126
Cost of sales and operating expenses:
Products		8,707		7,223		5,580
Services		1,369		1,124		915
Other		137		64		57
Total cost of sales and operating expenses		10,213		8,411		6,552
Gross income		1,030		818		574
Selling, general and administrative expenses		373		360		329
Operating income		657		458		245
Other income (expense):
Interest expense		(40)		(13)		(19)
Interest income		32		22		22
Income (loss) from affiliates		152		7		(18)
Other investment income (loss), net		(239)		133		84
Foreign currency gains (losses), net		5		16		(31)
Miscellaneous, net		12		13		3
Total other income, net		(78)		178		41
Earnings before income taxes		579		636		286
Income tax benefit (expense)		3		(65)		(3)
Net earnings	$	582	$	571	$	283
Less: Net earnings attributable to noncontrolling interests		(2)		(1)		—
Net earnings attributable to Seaboard	$	580	$	570	$	283

Earnings per common share	$	499.66	$	490.36	$	244.21
Average number of shares outstanding		1,160,779		1,160,779		1,161,526

Other comprehensive income (loss), net of income tax benefit (expense) of $(8), $(8) and $3:
Foreign currency translation adjustment		(33)		8		(7)
Unrecognized pension cost		43		31		(23)
Other comprehensive income (loss), net of tax	$	10	$	39	$	(30)
Comprehensive income		592		610		253
Less: Comprehensive income attributable to noncontrolling interests		(2)		(1)		(1)
Comprehensive income attributable to Seaboard	$	590	$	609	$	252
See accompanying notes to consolidated financial statements.

SEABOARD CORPORATION

Consolidated Balance Sheets


	December 31,
(Millions of dollars except share and per share amounts)	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	199	$	75
Short-term investments		1,086		1,416
Receivables, net		923		762
Inventories		1,670		1,663
Other current assets		139		131
Total current assets		4,017		4,047
Property, plant and equipment, net		2,246		1,892
Operating lease right of use assets, net		445		496
Investments in and advances to affiliates		753		651
Goodwill		154		163
Other intangible assets, net		31		45
Other non-current assets		256		209
Total assets	$	7,902	$	7,503
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	457	$	516
Accounts payable		429		404
Accrued compensation and benefits		158		143
Deferred revenue		70		108
Operating lease liabilities		156		171
Accrued voyage costs		61		60
Other current liabilities		198		150
Total current liabilities		1,529		1,552
Long-term debt, less current maturities		702		708
Long-term operating lease liabilities		318		360
Accrued pension liability		71		131
Deferred income taxes		—		99
Other non-current liabilities		268		219
Total liabilities		2,888		3,069
Commitments and contingent liabilities
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,160,779 shares in 2022 and in 2021		1		1
Accumulated other comprehensive loss		(422)		(432)
Retained earnings		5,417		4,847
Total Seaboard stockholders’ equity		4,996		4,416
Noncontrolling interests		18		18
Total equity		5,014		4,434
Total liabilities and equity	$	7,902	$	7,503
See accompanying notes to consolidated financial statements.

SEABOARD CORPORATION

Consolidated Statements of Changes in Equity


				Accumulated
				Other
	Common			Comprehensive	Retained		Noncontrolling
(Millions of dollars except per share amounts)	Stock			Loss	Earnings		Interests		Total
Balances, January 1, 2020	$	1	$	(440)	$	4,030	$	10	$	3,601
Adoption of new accounting standard (See Note 1)		—		—		(3)		—		(3)
Comprehensive income:
Net earnings		—		—		283		—		283
Other comprehensive income (loss), net of tax		—		(31)		—		1		(30)
Repurchase of common stock		—		—		(13)		—		(13)
Dividends on common stock, $9.00/share		—		—		(10)		—		(10)
Balances, December 31, 2020		1		(471)		4,287		11		3,828
Comprehensive income:
Net earnings		—		—		570		1		571
Other comprehensive income, net of tax		—		39		—		—		39
Acquisition of noncontrolling interests		—		—		—		6		6
Dividends on common stock, $9.00/share		—		—		(10)		—		(10)
Balances, December 31, 2021		1		(432)		4,847		18		4,434
Comprehensive income:
Net earnings		—		—		580		2		582
Other comprehensive income, net of tax		—		10		—		—		10
Distributions to noncontrolling interests		—		—		—		(2)		(2)
Dividends on common stock, $9.00/share		—		—		(10)		—		(10)
Balances, December 31, 2022	$	1	$	(422)	$	5,417	$	18	$	5,014
See accompanying notes to consolidated financial statements.

SEABOARD CORPORATION

Consolidated Statements of Cash Flows


	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Cash flows from operating activities:
Net earnings	$	582	$	571	$	283
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization		235		178		172
Deferred income taxes		(112)		(12)		11
Loss (income) from affiliates		(152)		(7)		18
Dividends received from affiliates		40		44		20
Other investment loss (income), net		239		(133)		(84)
Other, net		39		43		(22)
Changes in assets and liabilities, net of acquisitions and dispositions:
Receivables, net of allowance		(188)		(228)		104
Inventories		(20)		(462)		(99)
Other assets		(7)		(20)		(10)
Accounts payable		26		117		(99)
Other liabilities, exclusive of debt		(6)		1		(3)
Net cash from operating activities		676		92		291
Cash flows from investing activities:
Purchase of short-term investments		(567)		(2,031)		(739)
Proceeds from sale of short-term investments		717		2,202		791
Proceeds from maturity of short-term investments		15		26		47
Capital expenditures		(474)		(460)		(259)
Proceeds from sale of property, plant and equipment		29		39		4
Purchase of long-term investments		(117)		(98)		(47)
Proceeds from sale of non-consolidated affiliates		13		—		—
Acquisition of businesses		(58)		(7)		(27)
Proceeds from the sale of subsidiaries, net of cash sold		17		—		—
Notes receivable issued to affiliates		(13)		—		—
Principal payments received on third-party notes receivable		5		21		—
Other, net		(4)		6		(32)
Net cash from investing activities		(437)		(302)		(262)
Cash flows from financing activities:
Uncommitted lines of credit, net		(27)		135		(18)
Draws under committed lines of credit		1,215		672		290
Repayments of committed lines of credit		(1,241)		(515)		(290)
Proceeds from long-term debt		1		—		37
Principal payments of long-term debt		(8)		(55)		(69)
Finance lease payments		(44)		(14)		(7)
Repurchase of common stock		—		—		(13)
Dividends paid		(10)		(10)		(10)
Other, net		(2)		—		(2)
Net cash from financing activities		(116)		213		(82)
Effect of exchange rate changes on cash and cash equivalents		1		(4)		4
Net change in cash and cash equivalents		124		(1)		(49)
Cash and cash equivalents at beginning of year		75		76		125
Cash and cash equivalents at end of year	$	199	$	75	$	76
See accompanying notes to consolidated financial statements.

Note 1 − Summary of Significant Accounting Policies

Operations of Seaboard Corporation and its Subsidiaries

Principles of Consolidation

The consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Financial information from certain foreign subsidiaries is reported on a one- to three-month lag, depending on the specific entity.

Investments in Affiliates

Investments in non-consolidated affiliates, where Seaboard has significant influence but does not have a controlling interest, are accounted for by the equity method. Under the equity method of accounting, the initial investment is recorded at cost and the investment is subsequently adjusted for its proportionate share of earnings or losses and dividends, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. Seaboard reviews its investments in affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. For the Commodity Trading and Milling (“CT&M”) segment, investments in affiliates are primarily in foreign countries, which are less developed than the U.S., and therefore, expose Seaboard to greater financial risks. At certain times when there are ongoing losses, local economies are depressed, commodity-based markets are less stable or foreign governments cause challenging business conditions, the fair value of the equity method investments is evaluated by management. As the fair value of these investments is not readily determinable, management uses other methods to determine fair value such as estimated future cash flows, including assumptions on growth rates and consideration of other local business conditions as applicable.

Use of Estimates

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Transactions and Translation

Seaboard has operations in several foreign countries, and the currencies of the countries fluctuate in relation to the U.S. dollar, resulting in foreign currency gains and losses. Certain CT&M segment subsidiaries located in Guyana, Ivory Coast, Senegal, South Africa and Zambia use local currency as their functional currency. Assets and liabilities of these subsidiaries are translated to U.S. dollars at year-end exchange rates, and income and expenses are translated at average rates. Translation gains and losses are recorded as components of other comprehensive income (loss). Also, certain non-consolidated affiliates, primarily in the CT&M segment use local currency as their functional currency.

Seaboard applies highly inflationary accounting for countries whose cumulative inflation rate for a three-year period meets or exceeds 100%. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into Seaboard’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in net income, rather than accumulated other comprehensive income (loss) on the balance sheet, until the economy is no longer considered highly inflationary. Certain non-monetary assets and liabilities are recorded at the applicable historical exchange rates. Seaboard applies highly inflationary accounting for the Sugar and Alcohol segment, which operates in Argentina.

Cash and Cash Equivalents

Cash equivalents include all demand deposits, overnight investments and other highly liquid investments with original maturities of three months or less.

Supplemental Cash Flow Information

The amounts paid for interest and income taxes are as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Interest, net of interest capitalized	$	35	$	10	$	16
Income taxes, net of refunds		101		104		55

Non-cash activities related to capital expenditures of $15 million, $5 million and $7 million that were included in accounts payable as of December 31, 2022, 2021 and 2020, respectively.

Short-term Investments

Short-term investments are categorized as trading securities and carried at fair value. Changes in the fair value of short-term investments are recorded as unrealized gains and losses included in other investment income (loss), net in the consolidated statements of comprehensive income, with any purchases and sales recorded on a settlement date basis.

Accounts Receivable

The following table presents the components of Seaboard’s receivables as of December 31, 2022 and 2021:



		December 31,
(Millions of dollars)		2022		2021
Receivables:
Trade	$	588	$	553
Due from affiliates		195		128
Other		171		112
Total receivables		954		793
Allowance for credit losses		(31)		(31)
Net receivables	$	923	$	762

Accounts receivable are recorded at the invoiced amount and generally do not bear interest.

The allowance for credit losses is Seaboard’s best estimate of the amount of probable credit losses using the current expected credit loss model. This model estimates the lifetime of expected credit loss based on historical experience, current conditions and reasonable supportable forecasts. Changes in estimates, developing trends and other new information can have a material effect on future evaluations. As of December 31, 2022 and 2021, Seaboard had gross foreign receivables of approximately $659 million and $578 million, respectively, which generally represent more of a collection risk than the domestic receivables, although as of December 31, 2022 no individual material amounts were deemed to have a heightened risk of collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

The activity within the allowance for credit losses was as follows:



	Balance at		Transition			Balance at
(Millions of dollars)	beginning of year		Adjustment^(a)	Provision^(b)	Net deductions^(c)	end of year
Allowance for Credit Losses:
Year Ended December 31, 2022	$	31	—	7	(7)	$	31
Year Ended December 31, 2021	$	28	—	5	(2)	$	31
Year Ended December 31, 2020	$	28	3	—	(3)	$	28

^(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.

Notes Receivable

Notes receivable are included in other receivables, if current, and other non-current assets, if long-term. Seaboard’s non-current notes receivable balances, net of reserves, were $40 million and $30 million as of December 31, 2022 and 2021, respectively. Seaboard monitors the credit quality of notes receivable, using the current expected credit loss model.

The activity within the allowance for non-current notes receivable was as follows:



	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision	Net deductions	end of year
Allowance for Notes Receivable:
Year Ended December 31, 2022	$	18	—	(1)	$	17
Year Ended December 31, 2021	$	17	1	—	$	18
Year Ended December 31, 2020	$	17	—	—	$	17

Inventories

Grain, flour and feed inventories at the CT&M segment’s foreign milling operations are valued at the lower of weighted average cost and net realizable value (“NRV”). All other inventories are valued at the lower of first-in, first-out (“FIFO”) cost and NRV. In determining NRV, management makes assumptions regarding estimated sales prices, estimated costs to complete and estimated disposal costs. Changes in future market prices or facts and circumstances could result in a material write down in the value of inventory or decreased future margins on the sale of inventory.

Property, Plant and Equipment

Property, plant and equipment are carried at cost and, except for land, depreciated using the straight-line method over an estimated useful life, ranging from 3 to 30 years. Property, plant and equipment under finance leases are stated at the present value of minimum lease payments and subsequently amortized using the straight-line method over the earlier of the end of its useful life or the end of the lease term. Routine and planned major maintenance, repairs and minor renewals are expensed as incurred, while major renewals and improvements are capitalized. Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. Impairment is recognized if the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Right of Use Assets and Lease Liabilities

Right of Use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. For leases that do not have readily determinable implicit discount rates, Seaboard adjusts its incremental borrowing rate by the local risk-free interest rate on its Term Loan due 2028 with a credit risk premium corresponding to Seaboard’s unreported credit rating. Then Seaboard determines discount rates based on term, country and currency where the leased asset is located. Seaboard accounts for lease and non-lease maintenance components as a single lease component for all classes of underlying assets. Seaboard does not recognize ROU assets and lease liabilities for short-term leases with terms greater than 1 month, but less than 12 months.

Goodwill and Other Intangible Assets

Goodwill is assessed annually for impairment by each reporting unit at the quarter-end closest to the anniversary date of the initial acquisition, or more frequently if events or changes in circumstances indicate that impairment is likely. Seaboard first assesses qualitative factors to determine whether it is more likely than not the fair value of any reporting unit is less than its carrying amount. If qualitative factors indicate more likely than not that an impairment is possible, Seaboard performs a quantitative impairment test using discounted cash flow analysis by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairments were recorded during 2022 based on qualitative assessment and certain immaterial reporting units recorded a total of $4 million of impairment charges during 2021.

The changes in the carrying amount of goodwill were as follows:



		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
Balance as of December 31, 2020	$	18	$	149	$	167
Impairment		—		(4)		(4)
Balance as of December 31, 2021		18		145		163
Foreign currency translation		—		(13)		(13)
Acquisition		4		—		4
Balance as of December 31, 2022	$	22	$	132	$	154

Separable intangible assets with finite lives are amortized over their estimated useful lives and evaluated for impairment similar to property, plant and equipment discussed above. The gross carrying amount and accumulated amortization for finite-lived intangible were as follows:



		December 31, 2022						December 31, 2021
		Customer		Trade				Customer		Trade
(Millions of dollars)		relationships		names		Total		relationships		names		Total
Gross carrying amount	$	51	$	28	$	79	$	51	$	28	$	79
Accumulated amortization and currency translation		(31)		(17)		(48)		(22)		(12)		(34)
Net carrying amount	$	20	$	11	$	31	$	29	$	16	$	45

Amortization of intangible assets was $8 million, $9 million and $8 million for the years ended December 31, 2022, 2021 and 2020, respectively. Using the exchange rates in effect at year-end, estimated amortization of intangible assets as of December 31, 2022 is $8 million each year for the next three years and $7 million in year four.

Accrued Self-Insurance

Seaboard is self-insured for certain levels of workers’ compensation, health care coverage, property damage, vehicle, product recall and general liability. Liabilities associated with some of these risks is estimated based on actuarially-determined amounts and accrued in part by considering historical claims experience, demographic factors, severity factors and other actuarial assumptions. Changes in estimates to previously recorded reserves are reflected in current operating results.

Asset Retirement Obligation

Seaboard records a long-lived asset and a related liability for the asset retirement obligation costs associated with the closure of all hog lagoons. Based on detailed assessments and appraisals obtained to estimate the future asset retirement obligation costs, Seaboard recorded the present value of the projected costs in other non-current liabilities in the consolidated balance sheets. The retirement asset is depreciated over the economic life of the related asset. The following table shows the changes in the asset retirement obligation:



	Years ended December 31,
(Millions of dollars)	2022		2021
Beginning balance	$	29	$	27
Accretion expense		2		1
Liability for additional lagoons		1		1
Ending balance	$	32	$	29

Pension Plans

Seaboard records annual income and expense amounts relating to its pension plans based on calculations which include various actuarial assumptions, including discount rates, mortality, assumed rates of return, compensation increases, and turnover rates. Seaboard reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications on the value of plan obligations and assets is recognized immediately within other comprehensive income (loss) and amortized into operating earnings over future periods. The measurement date for all plans is December 31st. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. The service cost component of net periodic benefit cost is recorded in either cost of sales or selling, general and administrative expenses depending upon the employee, and the other components of net periodic benefit cost are recorded in miscellaneous, net in the consolidated statements of comprehensive income. Settlements are recognized when lump sum payments on a cumulative basis exceed the service cost plus interest cost for the respective plan.

Revenue Recognition

Almost all of Seaboard’s contracts with its customers are less than one year. Seaboard recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The majority of Seaboard’s revenue arrangements consist of a single performance obligation as the promise to transfer the individual product or service is not separately identifiable from other promises in the contracts, including shipping and handling and customary storage, and, therefore, not distinct. Revenue from goods and services transferred to customers at a single point in time account for approximately 85% of Seaboard’s net sales. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage, as the performance obligation to its customers is satisfied.

Seaboard’s transaction prices are mostly fixed, but occasionally include minimal variable consideration for early payment, volume and other similar discounts, which are highly probable based on the history with the respective customers. Taxes assessed by a governmental authority that are collected by Seaboard from a customer are excluded from sales. Seaboard recognizes a financing component only on obligations that extend longer than one year.

Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. Deferred revenue balances are reduced when revenue is recognized. The majority of the deferred revenue balance as of year-end is recognized as revenue during the following quarter.

Research and Development

Seaboard conducts research and development activities to develop new products and to improve existing products and processes. Seaboard incurred research and development expenses of $210 million, $191 million and $134 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Income Taxes

Effects of changes in tax laws, including retroactive changes, are recognized in the financial statements in the period that the changes are enacted. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Seaboard accounts for the global intangible low-taxed income (“GILTI”) provision and the base-erosion and anti-abuse tax (“BEAT”) provision taxes in the period incurred. For quarters, Seaboard computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period.

Earnings Per Common Share

Earnings per common share are based upon the weighted-average shares outstanding during the period. Basic and diluted earnings per share are the same for all periods presented.

Accounting Standards Recently Adopted

On January 1, 2020, Seaboard adopted guidance requiring the use of a new current expected credit loss model to determine the allowance for credit losses for receivables, among other financial instruments. This model estimates the lifetime of expected credit loss and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 that decreased retained earnings and increased the allowance for credit losses.

Note 2 − Investments

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



		December 31,
(Millions of dollars)	2022		2021
Domestic equity securities	$	433	$	472
Domestic debt securities		399		542
Foreign equity securities		169		193
Foreign debt securities		66		133
Money market funds held in trading accounts		12		59
Other trading securities		7		17
Total trading short-term investments	$	1,086	$	1,416

The unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was ($129) million, $12 million and $74 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Seaboard had $16 million and $46 million of short-term investments denominated in foreign currencies as of December 31, 2022 and 2021, respectively.

Seaboard had long-term investments of $185 million and $156 million as of December 31, 2022 and 2021, respectively, classified in other non-current assets on the consolidated balance sheets. These investments are in a business development company (“BDC”), real estate and renewable-energy facilities. The BDC investment is included in the fair value hierarchy table in Note 10 and the other investments are primarily accounted for under the equity method of accounting with any gains (losses) recorded in other investment income (loss).

Note 3 − Inventories

The following table is a summary of inventories:



	December 31,
(Millions of dollars)	2022		2021
At lower of FIFO cost and NRV:
Hogs and materials	$	538	$	489
Pork products and materials		75		64
Grains, oilseeds and other commodities		475		634
Biofuels and related credits		221		147
Other		104		92
Total inventories at lower of FIFO cost and NRV		1,413		1,426
Grain, flour and feed at lower of weighted average cost and NRV		257		237
Total inventories	$	1,670	$	1,663

Note 4 − Property, Plant and Equipment

The following table is a summary of property, plant and equipment:



	Useful				December 31,
(Millions of dollars)	Lives				2022		2021
Land and improvements	3	-	15	years	$	331	$	285
Buildings and improvements			30	years		779		739
Machinery and equipment	3	-	20	years		2,027		1,445
Vessels and vehicles	3	-	18	years		373		214
Office furniture and fixtures			5	years		43		45
Contract growers	5	-	15	years		151		118
Construction in progress						286		613
Total property, plant and equipment						3,990		3,459
Accumulated depreciation and amortization						(1,744)		(1,567)
Net property, plant and equipment					$	2,246	$	1,892

Seaboard’s capitalized interest on construction in progress was $4 million and $7 million for the years ended December 31, 2022 and 2021, respectively.

Note 5 − Leases

Seaboard leases ports, vessels, contract grower assets, and to a lesser extent, land, buildings and machinery and equipment. Seaboard’s non-lease components are primarily for services related to labor associated with crew services on vessel charter arrangements and caring for hogs in its contract grower agreements.

Seaboard’s operating lease assets and liabilities are reported separately in the consolidated balance sheets. The classifications of Seaboard’s finance leases in the consolidated balance sheets were as follows:



(Millions of dollars)			2022		2021
Finance lease right of use assets, net	Property, plant and equipment, net	$	198	$	128
Finance lease liabilities	Other current liabilities		56		23
Non-current finance lease liabilities	Other liabilities		143		104

Lease cost is included in various line items in the consolidated statements of comprehensive income or capitalized to inventory. Operating lease cost and short-term lease cost are recognized on a straight-line basis over the lease term. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset. Variable lease payments are recognized when the circumstance on which those payments are assessed occurs.

The components of lease cost were as follows for the years ended December 31:



(Millions of dollars)		2022		2021		2020
Operating lease cost	$	184	$	162	$	145
Finance lease cost:
Amortization of right of use assets		46		17		9
Interest on lease liabilities		6		5		4
Variable lease cost ^(a)		18		20		8
Short-term lease cost ^(b)		13		27		25
Sublease income		(6)		(8)		(6)
Total lease cost	$	261	$	223	$	185

(a)	Includes throughput of cargo containers in excess of minimums and changes in indexed charter-hire rates.

(b)	Short-term term leases are primarily for cargo containers and vessels.

Weighted-average lease terms and discount rates were as follows as of December 31, 2022 and 2021:



	Operating Leases		Finance Leases
	2022	2021	2022	2021
Weighted-average remaining term (in years)	5	4	5	7
Weighted-average discount rate	6.13%	5.37%	3.44%	4.16%

Maturities of lease liabilities as of December 31, 2022 were as follows:



		Operating		Finance
(Millions of dollars)		Leases		Leases
2023	$	175	$	61
2024		101		55
2025		69		32
2026		62		18
2027		48		12
Thereafter		108		45
Total undiscounted lease payments		563		223
Less imputed interest		(89)		(24)
Total lease liability	$	474	$	199

The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of ROU assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the consolidated statements of cash flows.



	December 31,
(Millions of dollars)		2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	194	$	166	$	142
Operating cash flows from finance leases		6		5		4
Financing cash flows from finance leases		44		14		7
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	118	$	244	$	62
Finance leases		116		54		50

Note 6 – Investments in Affiliates

Seaboard has investments in several non-consolidated affiliates to further its business strategies and partner with other entities that have expertise in certain industries and countries. These investments are all accounted for using the equity method of accounting.



	Investments in and				Income (Loss)
	Advances to Affiliates				from Affiliates
	December 31,				Years ended December 31,
(Millions of dollars)	2022		2021		2022		2021		2020
Pork	$	152	$	142	$	24	$	3	$	(9)
CT&M		210		224		21		18		(2)
Marine		36		33		4		6		2
Sugar and Alcohol		2		4		—		—		1
Power		3		3		—		—		—
Turkey		350		245		103		(20)		(10)
Segment/Consolidated Totals	$	753	$	651	$	152	$	7	$	(18)

Related-party transactions with these non-consolidated affiliates were as follows:



	December 31,
(Millions of dollars)	2022			2021		2020
Product sales to related parties	$	1,463	$	1,396	$	1,125
Service revenue to related parties	$	20	$	20	$	21

Purchases from related parties included in Cost of Sales^(a)	$	91	$	—	$	—

(a)

As Seaboard conducts its agricultural commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, cost of sales on affiliates cannot be distinguished without making numerous assumptions, primarily with respect to mark-to-market accounting for commodity derivatives.

Seaboard had $195 million and $128 million of receivables due from affiliates primarily related to product sales as of December 31, 2022 and 2021, respectively. Also, Seaboard had $2 million and $1 million of payables due to affiliates primarily related to purchases of inventory at December 31, 2022 and 2021, respectively. Deferred revenue from affiliates of $12 million and $24 million at December 31, 2022 and 2021, respectively, represents advance payments on future shipments of commodities in the CT&M segment. There were notes receivables due from affiliates outstanding of $2 million and $1 million as of December 31, 2022 and 2021, respectively.

The Pork segment has noncontrolling joint ventures in Seaboard Triumph Foods, LLC (“STF”) (50%), which operates a pork processing plant, Daily’s Premium Meats, LLC (“Daily’s”) (50%), which produces raw and pre-cooked bacon, and Seaboard de Mexico USA LLC (“Seaboard de Mexico”) (50%), which bones hams. Seaboard’s Pork segment supplies raw materials to Daily’s, STF and Seaboard de Mexico for processing and also provides marketing services to Daily’s and STF for its pork products. STF supplies feedstock for the Pork segment’s renewable diesel operations. On January 1, 2022, Seaboard sold a 50% interest in Seaboard de Mexico to Triumph Foods, LLC, a partner in the Pork segment’s other joint ventures, for cash proceeds of approximately $9 million, net of cash sold. As a result of this transaction, Seaboard de Mexico was deconsolidated and a $6 million gain on sale was recognized in Miscellaneous, net. Combined financial information for the Pork segment’s non-consolidated affiliates was as follows:



Pork Segment		December 31,
(Millions of dollars)		2022		2021		2020
Net sales	$	2,417	$	2,010	$	1,543
Net income (loss)	$	48	$	5	$	(18)
Total assets	$	615	$	584	$	586
Total liabilities	$	312	$	302	$	245
Total equity	$	303	$	282	$	341

The CT&M segment has noncontrolling interests in foreign businesses conducting flour, maize and feed milling, baking operations, poultry production and processing, and agricultural commodity trading. The CT&M segment supplies commodities to the majority of its milling affiliates. As of December 31, 2022, the location and percentage ownership of CT&M’s affiliates were as follows: Botswana (50%), Democratic Republic of Congo (50%), Gambia (50%), Kenya (18.47%-49%), Lesotho (50%), Mauritania (50%), Morocco (15.13%-17.71%), Nigeria (25%-48.33%), Senegal (49%),

South Africa (50%), Tanzania (11.76%-49%), Uganda (23.5%-49%) and Zambia (49%) in Africa; Colombia (40%-42%), Ecuador (25%-50%), Guyana (50%), and Peru (50%) in South America; Jamaica (50%) and Haiti (23.33%) in the Caribbean; Turkey (25%) in Europe; and Canada (45%) and the U.S. (20%) in North America. As of December 31, 2022, the CT&M segment’s carrying value of certain investments in affiliates was more than its share of the affiliates’ book value by $49 million. The excess is attributable primarily to the valuation of property, plant and equipment and intangible assets, with basis adjustments amortized to income (loss) from affiliates over the remaining life of the assets. During the second quarter of 2022, this segment sold a 20% interest in its North American protein and commodity trading company to the majority owner for cash proceeds of $12 million. Combined financial information for the CT&M segment’s non-consolidated affiliates was as follows:



CT&M Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	3,186	$	2,766	$	2,482
Net income (loss)	$	40	$	47	$	(2)
Total assets	$	1,848	$	1,798	$	1,745
Total liabilities	$	1,250	$	1,199	$	1,185
Total equity	$	598	$	599	$	560

The Marine segment has noncontrolling interests in foreign businesses that primarily own cargo terminal operations in the Caribbean (16.87%- 21.02%) which provide terminal and stevedoring services to the Marine segment. As of December 31, 2022, the Marine segment’s carrying value of certain investments in affiliates was less than its share of the affiliates’ book value by $40 million. The difference is attributable primarily to the valuation of property, plant and equipment and impairments taken by Seaboard, but not the respective entity, with basis adjustments amortized to income (loss) from affiliates over the remaining life of the assets. Combined financial information for the Marine segment’s non-consolidated affiliates was as follows:



Marine Segment		December 31,
(Millions of dollars)		2022		2021		2020
Net sales	$	82	$	74	$	66
Net income	$	21	$	27	$	8
Total assets	$	256	$	245	$	253
Total liabilities	$	61	$	88	$	98
Total equity	$	195	$	157	$	155

The Sugar and Alcohol segment has noncontrolling interests in two sugar-related businesses in Argentina (50%). Combined financial information for the Sugar and Alcohol segment’s non-consolidated affiliates was as follows:



Sugar and Alcohol Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	8	$	6	$	7
Net income	$	—	$	—	$	1
Total assets	$	6	$	8	$	14
Total liabilities	$	2	$	1	$	2
Total equity	$	4	$	7	$	12

The Power segment has noncontrolling interests in two energy-related businesses in the Dominican Republic (45% and 50%). Combined financial information for the Power segment’s non-consolidated affiliates was as follows:



Power Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	1	$	1	$	1
Net income	$	—	$	1	$	—
Total assets	$	9	$	12	$	12
Total liabilities	$	3	$	5	$	6
Total equity	$	6	$	7	$	6

The Turkey segment represents Seaboard’s noncontrolling interest in Butterball. Since 2010, Seaboard has held warrants, which upon exercise for a nominal price enabled Seaboard to acquire an additional 5% equity interest in Butterball. The warrants qualified for equity treatment under GAAP and were classified as investments in and advances to affiliates in the consolidated balance sheets. The warrant agreement essentially provided Seaboard with a 52.5% economic interest and

therefore Seaboard has historically recorded 52.5% of Butterball’s earnings as income (loss) from affiliates in the consolidated statements of comprehensive income. During 2022, Seaboard exercised the warrants resulting in no impact to the financial statements. All significant corporate governance matters upon exercise remained equally shared between Seaboard and its partner in Butterball and Seaboard did not acquire any new consequential rights upon exercise of the warrants. Within total assets, Butterball had trade name intangible assets of $111 million and goodwill of $61 million as of December 31, 2022. Butterball’s financial information was as follows:



Turkey Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	2,050	$	1,792	$	1,675
Operating income (loss)	$	202	$	(34)	$	(6)
Net income (loss)	$	196	$	(38)	$	(20)
Total assets	$	1,081	$	991	$	993
Total liabilities	$	406	$	517	$	481
Total equity	$	675	$	474	$	512

Note 7 − Debt

Lines of Credit

The outstanding balances under uncommitted lines of credit were $326 million and $359 million as of December 31, 2022 and 2021, respectively. Of the outstanding balance as of December 31, 2022, $194 million was denominated in foreign currencies, with $174 million denominated in the South African rand. Of the outstanding balance as of December 31, 2021, $218 million was denominated in foreign currencies, with $177 million denominated in the South African rand. The uncommitted lines of credit are unsecured and do not require compensating balances with the exception of $3 million as of December 31, 2022.

As of December 31, 2022, Seaboard had a committed $250 million line of credit secured by certain short-term investments maturing March 31, 2023. In 2022, Seaboard amended this committed line of credit agreement to extend the maturity date and change the interest reference rate from LIBOR to SOFR (Secured Overnight Financing Rate). Draws bear interest based on SOFR plus a spread. There was $131 million and $157 million outstanding under this committed line of credit as of December 31, 2022 and December 31, 2021, respectively.

The weighted average interest rate for outstanding lines of credit was 7.03% and 2.71% as of December 31, 2022 and 2021, respectively.

Long-term Debt

The following table is a summary of long-term debt:



		December 31,
(Millions of dollars)		2022		2021
Term Loan due 2028	$	670	$	677
Foreign subsidiary obligations		2		1
Other long-term debt		38		39
Total debt at face value		710		717
Current maturities and unamortized discount and costs		(8)		(9)
Long-term debt, less current maturities and unamortized discount and costs	$	702	$	708

In 2018, Seaboard Foods LLC entered into an Amended and Restated Term Loan Credit Agreement (“Credit Agreement”) with CoBank, ACB, Farm Credit Services of America, PCA, and the lenders party thereto for a $700 million unsecured term loan (“Term Loan”). The Term Loan provides for quarterly payments of the principal balance to the revised amortization schedule set forth in the Credit Agreement, with the balance due on the maturity date of September 25, 2028. The Term Loan bears interest at fluctuating rates based on various margins over a Base Rate, LIBOR or a Quoted Rate, at the option of the borrower. The interest rate was 6.01% and 1.73% as of December 31, 2022 and 2021, respectively. The Credit Agreement contains customary covenants for credit facilities of this type, including restrictions on the incurrence of indebtedness over a certain threshold, ability to make certain acquisitions, investments and asset dispositions and aggregate dividend payments.

In conjunction with the purchase of certain equipment during 2021, $9 million of secured, other long-term debt was assumed. The loan agreement incurs a fixed interest rate of 5.60% and matures in August 2037. In December 2020, Seaboard received a $30 million note that incurs a fixed interest rate of 1.28% and matures in 2027.

Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of December 31, 2022.

The aggregate minimum principal payments required on long-term debt as of December 31, 2022 were as follows: $7 million in 2023, $8 million in 2024, $8 million in 2025, $8 million in 2026, $38 million in 2027 and $641 million thereafter.

Note 8 − Commitments and Contingencies

Legal Proceedings

Helms-Burton Act Litigation

On July 21, 2021, a lawsuit was filed by an individual, Odette Blanco de Fernandez (“Ms. de Fernandez”), and the heirs (“Inheritors”) and estates (“Estates”) of four of her siblings (Ms. de Fernandez, together with the Inheritors and the Estates being referred to as the “Plaintiffs”) against Seaboard Corporation in the U.S. District Court for the District of Delaware (the “Delaware District Court”), making claims under Title III of the Cuban Liberty and Solidarity Act of 1996, also known as the Helms-Burton Act (the “Act”). The same Plaintiffs filed a separate lawsuit against Seaboard Marine Ltd. (“Seaboard Marine”) on December 20, 2020, in the U.S. District Court for the Southern District of Florida (the “Florida District Court”).

The Act provides that any person who knowingly and intentionally “traffics” in property which was confiscated by the Cuban government may be liable to any U.S. national who acquires an ownership interest in such property for money damages in an amount equal to the greater of the current fair market value of the property or the value of the property when confiscated, plus interest from the date of confiscation, reasonable attorneys’ fees and costs, and treble damages under certain circumstances. The complaint in each of the cases alleges that the Plaintiffs acquired ownership interests to a 70-year concession to develop port facilities at Mariel Bay, Cuba, and ownership of surrounding land, and that these and other property rights were confiscated by the Cuban government in 1960. The complaints further allege that Seaboard Corporation and Seaboard Marine knowingly and intentionally “trafficked” in the confiscated property within the meaning of the Act by carrying and/or directing cargo to the Port of Mariel.

The Florida District Court in the Seaboard Marine case dismissed the claims of the Inheritors and the Estates because they did not acquire the ownership claims prior to March 1996, as required by the Act. The remaining plaintiff, Ms. de Fernandez, contends she owns 20% of the companies that were granted the concession and owned land in or around Mariel Bay, Cuba. On August 19, 2022, the Florida District Court granted Seaboard Marine’s Motion for Summary Judgement and entered a Final Judgment in favor of Seaboard Marine. On September 1, 2022, the Plaintiffs appealed the Final Judgment to the United States Court of Appeals for the Eleventh Circuit. The Plaintiffs’ appeal is pending.

As to the suit against Seaboard Corporation, on October 21, 2021, the Plaintiffs filed an amended complaint which principally added allegations that there were other callings made by Seaboard Marine at the Port of Mariel and that Seaboard Corporation engaged in a pattern of doing business with individuals and entities in contravention of U.S. foreign policy. Seaboard Corporation filed a Motion to Dismiss which is pending. On September 28, 2022, the Delaware District Court stayed this lawsuit against Seaboard Corporation until 30 days after the outcome of the appeal in the Seaboard Marine case.

The operative complaints in each lawsuit seek unspecified damages (including treble damages) and pre-filing interest as provided in the Act; pre-judgment interest; attorneys’ fees, costs and expenses; and such other relief as is just and proper. Seaboard Corporation and Seaboard Marine have meritorious defenses to the claims alleged in these matters and intend to vigorously defend these matters. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from either of these suits, or to reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the suits. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties, and if unfavorable, could result in a material liability.

Pork Price-Fixing Antitrust Litigation

On June 28, 2018, twelve indirect purchasers of pork products filed a class action complaint in the U.S. District Court for the District of Minnesota (the “Minnesota District Court”) against several pork processors, including Seaboard Foods LLC and Agri Stats, Inc., a company described in the complaint as a data sharing service. The complaint also named Seaboard Corporation as a defendant. Additional class action complaints with similar claims on behalf of putative classes of direct and indirect purchasers were later filed in the Minnesota District Court, and three additional actions by standalone plaintiffs (including the Commonwealth of Puerto Rico) were filed in or transferred to the Minnesota District Court. The consolidated actions are styled In re Pork Antitrust Litigation. The operative complaints allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork products in violation of U.S. antitrust laws by coordinating output and limiting production, allegedly facilitated by the exchange of non-public information about prices, capacity, sales volume and demand through Agri Stats, Inc. The

complaints on behalf of the putative classes of indirect purchasers also assert claims under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and common law unjust enrichment. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees. On October 16, 2020, the Minnesota District Court denied defendants’ motions to dismiss the amended complaints, but the Minnesota District Court later dismissed all claims against Seaboard Corporation without prejudice.

In 2021 and 2022, additional standalone plaintiffs filed similar actions in other federal courts throughout the country, several of which name Seaboard Corporation as a defendant. These actions have been or are expected to be conditionally transferred to Minnesota for pretrial proceedings pursuant to an order by the Judicial Panel on Multidistrict Litigation. Also in 2021, the states of New Mexico and Alaska filed civil cases in state court against substantially the same defendants, including Seaboard Foods LLC and Seaboard Corporation, based on substantially similar allegations.

Seaboard believes that it has meritorious defenses to the claims alleged in these matters and intends to vigorously defend these matters. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from these suits, or to reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the suits.

Pork Compensation Antitrust Litigation

On November 11, 2022, three employees of pork or beef processing plants filed a class action complaint in the U.S. District Court for the District of Colorado, individually and on behalf of all other employees at such plants (the “Class”), against several pork and beef processors and their subsidiaries and related companies, including Seaboard Foods LLC (“Defendants”). The complaint alleges, among other things, that beginning in January 2014, the Defendants conspired in violation of anti-trust laws to fix and depress the compensation paid to the Class by, among other things, participating in third-party compensation surveys and exchanging wage-related information through a third-party benchmarking service. The relief sought includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees.

Seaboard believes that it has meritorious defenses to the claims and intends to vigorously defend them. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from the suit, or to reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the suit.

Cereoil and Nolston Litigation

On March 20, 2018, the bankruptcy trustee (the “Trustee”) for Cereoil Uruguay S.A. (“Cereoil”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard Corporation and its subsidiaries, Seaboard Overseas Limited (“SOL”) and Seaboard Uruguay Holdings Ltd. (“Seaboard Uruguay”). Seaboard Corporation has a 45% indirect ownership of Cereoil. The suit seeks an order requiring Seaboard Corporation, SOL and Seaboard Uruguay to reimburse Cereoil the amount of $22 million, contending that deliveries of soybeans to SOL pursuant to purchase agreements should be set aside as fraudulent conveyances. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and its two subsidiaries could be ordered to pay the amount of $22 million plus interest. Any award in this case would offset against any award in the additional case described below filed by the Trustee on April 27, 2018.

On April 27, 2018, the Trustee filed an additional suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard Corporation, SOL, Seaboard Uruguay, all directors of Cereoil, including two individuals employed by Seaboard who served as directors at the behest of Seaboard, and the Chief Financial Officer of Cereoil, an employee of Seaboard who also served at the behest of Seaboard (collectively, the “Cereoil Defendants”). The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Cereoil’s insolvency, and thus should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing lists total liabilities of $53 million and assets of $30 million. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard Corporation and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Cereoil, which based on the bankruptcy schedules would total $23 million. It is possible that the net indebtedness could be higher than this amount if Cereoil’s liabilities are greater than $53 million and/or Cereoil’s assets are worth less than $30 million.

In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. Any award in this case would offset against any award in the case described above filed on March 20, 2018.

On September 30, 2021, HSBC Bank (Uruguay) SA (“HSBC”), a creditor in the Cereoil bankruptcy proceeding pending in Uruguay, filed a suit in the U.S. District Court for the District of Kansas (the “Kansas District Court”) against Seaboard Corporation alleging claims for breach of contract, promissory estoppel, breach of the duty of good faith and fair dealing, unjust enrichment, fraud, negligent misrepresentation and fraud by concealment based upon a comfort letter, alleged statements by Cereoil personnel (including the Chief Financial Officer serving at the behest of Seaboard), and the same grain transactions that the Trustee challenges as fraudulent conveyances in the Cereoil bankruptcy in Uruguay discussed above. HSBC seeks $10 million plus interest and other relief in excess of $3 million. In March 2022, Seaboard filed a motion to dismiss HSBC’s claims on various grounds. On September 23, 2022, the Kansas District Court dismissed six of HSBC’s seven claims. Three of those claims, for fraud, negligent misrepresentation and fraud by concealment, can be re filed by HSBC in Uruguay. The other three claims, for breach of contract, breach of the duty of good faith and fair dealing and unjust enrichment, were dismissed with prejudice and cannot be re-filed unless HSBC successfully appeals the Kansas District Court order. The one claim not dismissed in this matter is for promissory estoppel. Seaboard believes that it has meritorious defenses to this claim and intends to vigorously defend it. Due to the early stage of the proceeding, it is impossible to determine the probability of a favorable or unfavorable outcome resulting from this remaining claim.

On May 15, 2018, the Trustee for Nolston S.A. (“Nolston”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard and the other Cereoil Defendants. Seaboard has a 45% indirect ownership of Nolston. The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Nolston’s insolvency, and thus should be ordered to pay all liabilities of Nolston, net of assets. The bankruptcy filing lists total liabilities of $29 million and assets of $15 million. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Nolston, which based on the bankruptcy schedules, asset sales and removal of duplicative claims, is estimated to be approximately $8 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses.

General

Seaboard is subject to various administrative and judicial proceedings and other legal matters related to the normal conduct of its business. The ultimate resolution of these items is not expected to have a material adverse effect on the consolidated financial statements of Seaboard. Costs for litigating claims are expensed as incurred.

Guarantees

Certain of Seaboard’s non-consolidated affiliates have debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of such debt in order to further Seaboard’s business objectives. As of December 31, 2022, guarantees outstanding were not material. Seaboard has not accrued a liability for any of the guarantees as management considers the likelihood of loss to be remote.

Commitments

As of December 31, 2022, Seaboard had various non-cancelable commitments under contractual agreements:



	Years ended December 31,
(Millions of dollars)	2023		2024		2025		2026		2027		Thereafter		Totals
Hog procurement contracts ^(a)	$	86	$	57	$	57	$	42	$	—	$	—	$	242
Grain and feedstock commitments ^(b)		581		152		4		3		—		—		740
Grain purchase contracts for resale ^(c)		842		1		—		—		—		—		843
Fuel supply contracts ^(d)		113		87		98		98		98		369		863
Capital expenditures ^(e)		127		152		98		—		—		—		377
Other commitments		130		1		1		1		1		9		143
Total unrecognized non-cancelable commitments	$	1,879	$	450	$	258	$	144	$	99	$	378	$	3,208

(a)

The Pork segment has contracted with third parties for the purchase of hogs to support its operations. The amounts are based on projected market prices as of December 31, 2022.

(b)

The Pork segment enters into grain purchase and feedstock contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2022.

(c)

The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. The amounts are fixed or based on projected commodity prices as of December 31, 2022.

(d)

The Power segment has a natural gas supply contract for a significant portion of the fuel required for EDM III. Also, the Marine segment has a fuel supply agreement to purchase natural gas for the initial three vessels under construction. The variable price components are based on market prices as of December 31, 2022.

(e)

The capital expenditures are primarily for the Marine segment’s construction of six vessels with expected delivery of three in 2024 and three in 2025 and the Pork segment’s biogas recovery projects and other investments that are expected to be completed in 2023. The amounts are based on milestones per respective contracts.

Note 9 − Employee Benefits

Seaboard has qualified defined benefit pension plans for its domestic salaried and clerical employees that were hired before January 1, 2014. Benefits are generally based upon the number of years of service and a percentage of final average pay. Seaboard did not make any contributions in 2022, 2021 and 2020 and currently does not plan on making any contributions in 2023 to qualified plans.

Seaboard also sponsors non-qualified, unfunded supplemental executive plans. Management has no plans to provide funding for these supplemental executive plans in advance of when the benefits are paid.

Pursuant to Seaboard’s investment policies for qualified pension plans, assets are invested to achieve a diversified target allocation of approximately 80% in equities and 20% in fixed-income securities. The investment strategy is periodically reviewed by management for adherence to policy and performance.

The following tables show the qualified plans’ assets measured at estimated fair value as of December 31, 2022 and 2021, respectively, and the level within the fair value hierarchy used to measure each category of assets:



	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Domestic equity securities	$	84	$	84	$	—	$	—
Foreign equity securities		60		60		—		—
Domestic fixed income mutual funds		26		26		—		—
Foreign fixed income mutual funds		11		11		—		—
Money market funds		1		1		—		—
Total assets	$	182	$	182	$	—	$	—



	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Domestic equity securities	$	113	$	113	$	—	$	—
Foreign equity securities		71		71		—		—
Domestic fixed income mutual funds		29		29		—		—
Foreign fixed income mutual funds		12		12		—		—
Money market funds		2		2		—		—
Total assets	$	227	$	227	$	—	$	—

Assumptions used in determining pension information for the qualified and nonqualified plans were:



	Years ended December 31,
	2022				2021				2020
Weighted average assumptions:
Discount rate used to determine obligations	5.30	-	5.40	%	1.20	-	2.90	%	0.70	-	2.60	%
Discount rate used to determine net periodic benefit cost	1.20	-	2.90	%	0.70	-	2.60	%	2.15	-	3.50	%
Expected return on plan assets			6.25	%			6.25	%			6.25	%
Long-term rate of increase in compensation levels			4.00	%			4.00	%			4.00	%

Management selected the discount rates based on a model-based result where the timing and amount of cash flows approximates the estimated payouts. The expected return on the qualified plans’ assets assumption is based on the weighted average of asset class expected returns that are consistent with the qualified plans’ asset allocation and related long-term projected returns.

The aggregate changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status were as follows:



	December 31,
		2022	2021
(Millions of dollars)		Accumulated benefits exceed assets		Accumulated benefits exceed assets
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	$	362	$	379
Service cost		9		10
Interest cost		10		9
Actuarial gains		(97)		(10)
Plan settlements		—		(19)
Benefits paid		(8)		(7)
Benefit obligation at end of year	$	276	$	362
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	$	227	$	206
Actual return on plan assets		(38)		27
Employer contributions		1		20
Plan settlements		—		(19)
Benefits paid		(8)		(7)
Fair value of plan assets at end of year	$	182	$	227
Funded status	$	(94)	$	(135)

The benefit obligation decreased primarily due to higher discount rates. The accumulated benefit obligation for the qualified and nonqualified plans was $247 million and $319 million as of December 31, 2022 and 2021, respectively. Expected future benefit payments for the qualified and nonqualified plans during each of the next five years and the next five years thereafter were as follows: $44 million, $17 million, $11 million, $15 million, $14 million and $78 million, respectively.

The net periodic benefit cost of these plans was as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Components of net periodic benefit cost:
Service cost	$	9	$	10	$	9
Interest cost		10		9		11
Expected return on plan assets		(14)		(12)		(11)
Amortization		6		9		7
Settlement loss recognized		—		6		11
Net periodic benefit cost	$	11	$	22	$	27

The amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss before taxes as of December 31, 2022 and 2021 were $21 million and $71 million, respectively. Such amounts primarily represent the cumulative unrecognized net actuarial gains and losses that are generally amortized over the average remaining working lifetime of the active participants for all of these plans.

Seaboard has defined contribution retirement programs for various groups of employees. Contribution expense for these programs was $9 million, $4 million and $4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The increase in costs in 2022 was primarily due to match changes for a production plan and an increase in the rate of matching contributions for another plan.

Seaboard has deferred compensation plans that allow certain employees to reduce their compensation in exchange for values in various investments. One plan requires certain individuals to defer compensation over a specific threshold and another plan, which no longer allows contributions, has options that are exercisable. In conjunction with these plans, Seaboard purchases investments that are classified as trading securities and included in other current assets, and recognizes the amount payable to employees in other current liabilities on the consolidated balance sheets. Investments for Seaboard’s deferred compensation plans were $26 million and $29 million as of December 31, 2022 and 2021, respectively. The

amount payable to employees was $23 million and $26 million as of December 31, 2022 and 2021, respectively. Deferred compensation plan costs recognized in selling, general and administrative expenses are offset by the effect of the marked-to-market adjustments on investments recorded in other investment income (loss).

Note 10 − Derivatives and Fair Value of Financial Instruments

Seaboard’s assets and liabilities recognized at fair value on a recurring basis have been categorized based on a fair value hierarchy determined as follows:

Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs other than quoted prices in active markets that are observable either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its assumptions.



	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	433	$	433	$	—	$	—
Domestic debt securities		399		162		237		—
Foreign equity securities		169		169		—		—
Foreign debt securities		66		—		66		—
Money market funds held in trading accounts		12		12		—		—
Other trading securities		7		—		7		—
Trading securities – other current assets		26		25		1		—
Long-term investment - BDC		63		—		63		—
Derivatives		26		26		—		—
Total assets	$	1,201	$	827	$	374	$	—
Liabilities:
Contingent consideration	$	19	$	—	$	—	$	19
Derivatives		12		2		10		—
Total liabilities	$	31	$	2	$	10	$	19



	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic debt securities	$	542	$	247	$	295	$	—
Domestic equity securities		472		472		—		—
Foreign equity securities		193		193		—		—
Foreign debt securities		133		2		131		—
Money market funds held in trading accounts		59		59		—		—
Other trading securities		17		—		17		—
Trading securities – other current assets		29		28		1		—
Long-term investment - BDC		81		—		—		81
Derivatives		11		6		5		—
Total assets	$	1,537	$	1,007	$	449	$	81
Liabilities:
Contingent consideration	$	18	$	—	$	—	$	18
Derivatives		10		5		5		—
Total liabilities	$	28	$	5	$	5	$	18

Financial instruments consisting of cash and cash equivalents, net receivables, lines of credit and accounts payable are carried at cost, which approximates fair value, as a result of the short-term nature of the instruments. The fair value of short-term investments is measured using multiple levels. Debt securities categorized as level 1 in the fair value hierarchy

include debt securities held in mutual funds and ETFs. Domestic debt securities categorized as level 2 include corporate bonds, mortgage-backed securities, asset-backed securities, U.S. Treasuries and high-yield securities. Foreign debt securities categorized as level 2 include foreign government or government-related securities, corporate bonds, asset-backed securities and high-yield securities with a country-of-origin concentration outside the U.S. The trading securities classified as other current assets above are assets held for Seaboard’s deferred compensation plans.

Seaboard has a long-term investment in a BDC that primarily lends to and invests in debt securities of privately held companies. This long-term investment is valued at net asset value (“NAV”) but is subject to contractual sale restrictions pursuant to shareholder arrangements. During the third quarter of 2022, Seaboard adopted recently issued GAAP that clarifies these contractual restrictions should not be considered when estimating fair value. As a result, the BDC investment’s liquidity discount of $1 million was removed and prospectively, the instrument was reclassified as level 2 rather than level 3.

The fair value of long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. As Seaboard’s long-term debt is mostly variable-rate, its carrying amount approximates fair value. If Seaboard’s long-term debt was measured at fair value on its consolidated balance sheets, it would have been classified as level 2 in the fair value hierarchy. See Note 7 for a discussion of Seaboard’s long-term debt.

Seaboard’s contingent consideration, classified in other non-current liabilities, is related to a 2018 acquisition. The fair value is dependent on the probability of the acquiree achieving certain financial performance targets using earnings before interest, taxes, depreciation and amortization (“EBITDA”) as a metric. The contingent consideration ranges between zero and $48 million payable between five and eight years following the closing, with timing at the discretion of the sellers. The fair value is classified as level 3 since the calculation is dependent upon projected company-specific inputs using a Monte Carlo simulation. Seaboard remeasures the estimated fair value of the contingent consideration liability until settled, with adjustments included in net earnings (loss). The increase in value during 2022 was related to higher projected EBITDA at the measurement date.

Derivatives

Seaboard’s operations are exposed to market risks from changes in commodity prices, foreign currency exchange rates, interest rates and equity prices. Seaboard uses derivatives to manage commodity and foreign currency fluctuations. From time to time, Seaboard enters into interest rate swap agreements to manage the interest rate risk of certain variable rate long-term debt and enters into equity futures contracts to manage the equity price risk of certain short-term investments. While management believes its derivatives are primarily economic hedges, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. As a result, fluctuations in prices and rates could have a material impact on earnings in any given reporting period. Credit risks associated with derivative contracts are not significant as Seaboard minimizes counterparty exposure by dealing with credit-worthy counterparties and uses margin accounts for some accounts. As of December 31, 2022, the maximum amount of credit risk, had the counterparties failed to perform according to the terms of the contract, was less than $1 million.

Commodity Instruments

Seaboard uses various derivative futures and options to manage its risk to price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. Commodity derivatives are recorded at fair value, with any changes in fair value recognized as a component of cost of sales in the consolidated statements of comprehensive income. Seaboard had the following aggregated outstanding notional amounts:



		December 31,
(Millions)	Metric	2022	2021
Commodities:
Grain	Bushels	8	1
Hogs	Pounds	16	—
Soybean oil	Pounds	26	20
Heating oil	Gallons	—	15

Foreign Currency Exchange Agreements

Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk of certain transactions denominated in foreign currencies. Foreign currency exchange agreements that primarily relate to an underlying commodity transaction are recorded at fair value with changes in value recognized as a component of cost of sales. Other foreign currency exchange agreements are recognized as a component of foreign currency gains (losses), net.

As of December 31, 2022 and 2021, Seaboard had foreign currency exchange agreements with notional amounts of $190 million and $95 million, respectively, primarily related to the South African rand and euro.

The following table provides the amount of gain (loss) recorded for each type of derivative and where it was recognized in the consolidated statements of comprehensive income:



(Millions of dollars)		2022		2021
Commodities	Cost of sales	$	(45)	$	(20)
Foreign currencies	Cost of sales		(17)		(2)
Foreign currencies	Foreign currency gains (losses), net		6		4
Interest rate swaps	Interest expense		—		5

The following table provides the fair value of each type of derivative held and where each derivative is included in the consolidated balance sheets:



		Asset Derivatives					Liability Derivatives
		December 31,		December 31,			December 31,		December 31,
(Millions of dollars)		2022		2021			2022		2021
Commodities	Other current assets	$	26	$	6	Other current liabilities	$	2	$	5
Foreign currencies	Other current assets		—		5	Other current liabilities		10		5

Seaboard’s commodity derivative assets and liabilities are presented in the consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2022 and 2021, the commodity derivatives had a margin account balance of $3 million and $28 million, respectively, resulting in a net other current asset in the consolidated balance sheets of $27 million and $29 million, respectively.

Note 11 − Stockholders’ Equity and Accumulated Other Comprehensive Loss

Seaboard’s share repurchase program expired on October 31, 2020. Under this share repurchase program, Seaboard was authorized to repurchase its common stock from time to time. Seaboard repurchased 4,069 shares of common stock during 2020 at a total price of $13 million. Shares repurchased were retired and became authorized and unissued shares.

The components of accumulated other comprehensive loss (“AOCL”), net of related taxes, were as follows:



	Cumulative
	Foreign			Cumulative
	Currency			Unrecognized
	Translation			Pension
(Millions of dollars)	Adjustment			Cost			Total
Balance December 31, 2019	$	(369)		$	(71)		$	(440)
Other comprehensive loss before reclassifications		(7)			(38)			(45)
Amounts reclassified from AOCL to net earnings		—			14	^(a)		14
Other comprehensive loss, net of tax		(7)			(24)			(31)
Balance December 31, 2020	$	(376)		$	(95)		$	(471)
Other comprehensive income before reclassifications		8			18			26
Amounts reclassified from AOCL to net earnings		—			13	^(a)		13
Other comprehensive income, net of tax		8			31			39
Balance December 31, 2021	$	(368)		$	(64)		$	(432)
Other comprehensive income (loss) before reclassifications		(42)			38			(4)
Amounts reclassified from AOCL to net earnings		9	^(b)		5	^(a)		14
Other comprehensive income (loss), net of tax		(33)			43			10
Balance December 31, 2022	$	(401)		$	(21)		$	(422)

^(a)This primarily represents the amortization of actuarial losses (gains) that were included in net periodic pension cost. See Note 9 for further discussion.

^(b) This reclassification adjustment primarily reflects the recognition of a currency translation adjustment upon the disposition of a CT&M business in Brazil whose functional currency was the Brazilian real. Upon management’s commitment to a plan to dispose, substantially all of this adjustment was previously recognized as an impairment in cost of sales for the year ended December 31, 2021.

The cumulative foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar and Alcohol segment. The Sugar and Alcohol segment’s functional currency has been the U.S. dollar due to highly inflationary accounting since 2018. The adjustments for the years presented are related to non-U.S. dollar functional currencies of consolidated subsidiaries and non-consolidated affiliates in the CT&M segment.

The cumulative unrecognized pension cost represents the unamortized net actuarial loss. Income taxes for the cumulative unrecognized pension cost component was recorded using a 25% effective tax rate, except for unrecognized pension cost of $5 million, $24 million and $34 million in 2022, 2021 and 2020, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.

Note 12 − Income Taxes

Earnings before income taxes were as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
United States	$	(205)	$	337	$	138
Foreign		782		298		148
Total earnings before income taxes excluding noncontrolling interests		577		635		286
Net earnings attributable to noncontrolling interests		2		1		—
Total earnings before income taxes	$	579	$	636	$	286

The components of total income taxes were as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Current:
Federal	$	54	$	35	$	(50)
Foreign		42		33		35
State and local		12		10		2
Deferred:
Federal		(94)		3		26
Foreign		5		(7)		(3)
State and local		(22)		(9)		(7)
Income tax expense (benefit)		(3)		65		3
Unrealized changes in other comprehensive income (loss)		8		8		(3)
Total income taxes	$	5	$	73	$	—

Income taxes for the years ended December 31, 2022, 2021 and 2020 differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to earnings before income taxes excluding noncontrolling interests for the following reasons:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Computed “expected” tax expense excluding noncontrolling interests	$	121	$	133	$	60
Adjustments to tax expense attributable to:
Foreign tax differences		(60)		(35)		10
Tax-exempt income		(17)		(15)		(17)
Foreign entity repatriation		10		—		—
Federal tax credits		(57)		(39)		(34)
Unrecognized tax benefits		7		14		—
Valuation allowance		(7)		6		(14)
Other		—		1		(2)
Total income tax expense (benefit)	$	(3)	$	65	$	3

Certain of Seaboard’s foreign operations are subject to no income tax or a tax rate that is lower than the U.S. corporate tax rate. Fluctuation of earnings or losses incurred from certain foreign operations conducting business in these jurisdictions impact the mix of taxable earnings.

Tax-exempt income is primarily related to federal blender’s credits on the biodiesel that the Pork segment blends. As a result of these credits, Seaboard recognized non-taxable revenue of $79 million, $69 million and $79 million in net sales for the years ended December 31, 2022, 2021 and 2020, respectively. The receivable from the U.S. government was $53 million and $20 million as of December 31, 2022 and 2021, respectively, included in other receivables. The federal blender’s credits are available through 2024.

Seaboard has certain investments in various entities that are expected to enable Seaboard to obtain certain federal investment tax credits. During 2022, Seaboard invested $52 million in a solar renewable energy project in Guam and received $46 million of federal investment tax credits. Seaboard accounts for this solar investment using the flow-through method and recognized the impact of the investment tax credits in the period earned on a gross basis, with the charge related to the reduction of the investment recorded in other investment income (loss) offset by the benefit of the credits recorded in income tax benefit (expense). Also, Seaboard invested $11 million and $17 million during 2021 and 2020, respectively, in limited liability companies that operated refined coal processing plants that generated federal income tax credits based on production levels. These alternative long-term investments, accounted for using the equity method of accounting, generated in aggregate $46 million, $24 million and $22 million of investment tax credits for 2022, 2021 and 2020, respectively.

As of December 31, 2022 and 2021, Seaboard had income taxes receivable of $54 million and $46 million, respectively, primarily related to domestic tax jurisdictions, and had income taxes payable of $18 million and $13 million, respectively, primarily related to foreign tax jurisdictions.

Components of the net deferred income tax liability were as follows:




	December 31,
(Millions of dollars)	2022		2021
Deferred income tax liabilities:
Depreciation	$	106	$	121
Domestic partnerships		59		62
Unrealized gain on investments		—		13
Inventory		14		7
Foreign basis difference		13		—
Other		2		4
Gross deferred income tax liabilities	$	194	$	207
Deferred income tax assets:
Reserves/accruals	$	68	$	66
Sec. 174 capitalization		75		—
Unrealized loss on investments		40		—
Deferred earnings of foreign subsidiaries		3		—
Net operating and capital loss carry-forwards		28		67
Tax credit carry-forwards		22		32
Other		8		5
Gross deferred income tax assets before valuation allowance		244		170
Less: Valuation allowance		33		60
Net deferred income tax liability (asset)	$	(17)	$	97

The activity within the valuation allowance account was as follows:



	Balance at		Charge (credit)	Balance at
(Millions of dollars)	beginning of year		to expense	end of year
Allowance for Deferred Tax Assets:
Year Ended December 31, 2022	$	60	(27)	$	33
Year Ended December 31, 2021	$	55	5	$	60
Year Ended December 31, 2020	$	68	(13)	$	55

Management believes Seaboard’s future taxable income will be sufficient for full realization of the net deferred tax assets. The valuation allowance relates to the tax benefits from state net operating losses, foreign net operating losses and tax credits. Management does not believe these benefits are more likely than not to be realized due to limitations imposed on the utilization of these losses and credits. As of December 31, 2022, Seaboard had state net operating loss carry-forwards

of approximately $181 million and foreign net operating loss carry-forwards of approximately $57 million, a portion of which expire in varying amounts between 2023 and 2042, while others have indefinite expiration periods. As of December 31, 2022, Seaboard had state tax credit carry-forwards of approximately $27 million, all of which carry-forward indefinitely.

Historically, Seaboard has considered substantially all foreign profits as being permanently invested in its foreign operations, including all cash and short-term investments held by foreign subsidiaries. During the fourth quarter of 2022, Seaboard reversed its indefinite reinvestment assertion in connection with certain previously-taxed undistributed earnings of its Seaboard Marine subsidiary due to the tax effectiveness of repatriating. As a result, Seaboard recorded a deferred tax liability of $13 million for federal and state incremental tax costs associated with the future potential repatriation of Seaboard Marine’s previously-taxed foreign undistributed earnings. For all other foreign subsidiaries, Seaboard intends to continue permanently reinvesting their funds outside the U.S. as they continue to demonstrate no need to repatriate them to fund Seaboard’s U.S. operations for the foreseeable future. Seaboard has not recorded deferred taxes for state or foreign withholding taxes that would result upon repatriation of these funds to the U.S. Determination of the tax that might be paid on unremitted earnings if eventually remitted is not practical due to the complexity of the multi-jurisdictional tax environment in which Seaboard operates.

Seaboard’s tax returns are regularly audited by federal, state and foreign tax authorities, which may result in material adjustments. Seaboard’s 2018 and 2019 U.S. income tax returns are currently under IRS examination. U.S. federal tax years prior to 2017 are no longer subject to IRS tax assessment as certain provisions under the Tax Cuts and Jobs Act have a statute of six years. In the U.S., typically the three most recent tax years are subject to IRS audits, unless an agreement is made to extend the statute of limitations for an audit in progress or the statute is specifically extended by law for certain specialized items. In Seaboard’s major non-U.S. jurisdictions, including Argentina, the Dominican Republic, Ivory Coast and Senegal, tax years are typically subject to examination for three to six years.

As of December 31, 2022 and 2021, Seaboard had $51 million and $41 million, respectively, in total unrecognized tax benefits, all of which if recognized would affect the effective tax rate. Seaboard does not have any material uncertain tax positions in which it is reasonably possible that the total amounts of the unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date.

The following table is a reconciliation of the beginning and ending amount of unrecognized tax benefits:



(Millions of dollars)	2022		2021
Beginning balance at January 1	$	41	$	30
Additions for uncertain tax positions of prior years		1		7
Decreases for uncertain tax positions of prior years		(4)		(1)
Additions for uncertain tax positions of current year		23		6
Lapse of statute of limitations		(10)		(1)
Ending balance as of December 31	$	51	$	41

Seaboard accrues interest and penalties related to unrecognized tax benefits in income tax expense and had approximately $9 million and $10 million accrued as of December 31, 2022 and 2021, respectively.

Note 13 − Segment Information

Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. Seaboard’s reporting segments are based on information used by Seaboard’s Chief Executive Officer in his capacity as chief operating decision maker to determine allocation of resources and assess performance. Each of the six segments is separately managed, and each was started or acquired independent of the other segments.

The Pork segment primarily produces hogs to process and sells pork products to further processors, food service operators, distributors and grocery stores throughout the U.S. and to foreign markets. In 2022, this segment acquired hog inventory and certain hog farms in the central U.S. from The Maschhoffs, LLC for total cash consideration of $58 million. These additional farms increase the Pork segment’s sow base, resulting in less reliance on third-party hog suppliers. The purchase was recorded at fair value and the final purchase price allocation was $9 million to inventories, $45 million to property, plant and equipment and $4 million to goodwill. Goodwill represents the assembled workforce and the benefits of acquiring an existing operation. In 2020, this segment purchased a hog production company for $27 million, which primarily included hog farms and related assets. This segment also produces biodiesel and renewable diesel from pork fat

and other animal fats and vegetable oils for sale, along with the related fuel credits, to third parties. The Pork segment’s renewable diesel production facility began operations during the third quarter of 2022.

The CT&M segment is an integrated agricultural commodity trading, processing and logistics operation that internationally markets wheat, corn, soybean meal and other agricultural commodities in bulk to third-party customers and to non-consolidated affiliates. This segment operates flour, maize and feed mills and bakery operations in numerous foreign countries. In 2022, this segment sold its Brazilian flour milling operations primarily for cash proceeds of $6 million, net of cash sold. In 2021, this segment increased its ownership interest in a feed manufacturer and hog producer in Ecuador from 50% to 80%. Total consideration for the purchase price included $7 million of cash paid, net of cash acquired, Seaboard’s previously held equity interest and affiliate trade receivables. The final purchase price allocation primarily included working capital of $30 million and property, plant and equipment of $17 million.

The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. The Sugar and Alcohol segment produces and processes sugar and alcohol in Argentina. The Power segment is an independent power producer in the Dominican Republic that owns two power-generating barges, with EDM III placed in service during the second quarter of 2022. The Turkey segment, accounted for using the equity method, produces and processes turkey products. Total assets for the Turkey segment represent Seaboard’s investment in Butterball. See Note 6 for more information on Butterball. The All Other segment represents primarily a jalapeño pepper processing operation.

The following tables present Seaboard’s sales disaggregated by revenue source and segment:



Net Sales:		Year Ended December 31, 2022
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,954	$	6,275	$	—	$	123	$	—	$	16	$	8,368
Transportation		11		—		2,043		—		—		2		2,056
Energy		611		—		—		6		158		—		775
Other		29		15		—		—		—		—		44
Segment/consolidated totals	$	2,605	$	6,290	$	2,043	$	129	$	158	$	18	$	11,243



Net Sales:		Year Ended December 31, 2021
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	2,091	$	5,139	$	—	$	113	$	—	$	14	$	7,357
Transportation		8		—		1,396		—		—		1		1,405
Energy		357		—		—		10		60		—		427
Other		25		15		—		—		—		—		40
Segment/consolidated totals	$	2,481	$	5,154	$	1,396	$	123	$	60	$	15	$	9,229



Net Sales:		Year Ended December 31, 2020
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,682	$	3,981	$	—	$	95	$	—	$	16	$	5,774
Transportation		8		—		1,005		—		—		—		1,013
Energy		219		—		—		11		64		—		294
Other		32		13		—		—		—		—		45
Segment/consolidated totals	$	1,941	$	3,994	$	1,005	$	106	$	64	$	16	$	7,126

The following tables present Seaboard’s operating income (loss) by segment. Operating income for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income, along with income (loss) from affiliates for the Pork, CT&M and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax benefit (expense) on a

segment basis. Corporate operating results represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation plans, which are offset by the effect of the mark-to-market adjustments on these investments recorded in other investment income (loss), net. Administrative services provided by the corporate office are allocated to the individual segments and represent corporate services rendered to and costs incurred for each specific segment, with no allocation to individual segments of general corporate management oversight costs.



Operating Income (Loss):	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Pork	$	(96)	$	227	$	131
CT&M		151		61		118
Marine		591		197		21
Sugar and Alcohol		11		2		2
Power		14		(9)		3
All other		1		1		1
Segment totals		672		479		276
Corporate		(15)		(21)		(31)
Consolidated totals	$	657	$	458	$	245

The following tables present Seaboard’s total assets and capital expenditures by segment. Corporate assets primarily include cash and short-term investments, other current assets related to deferred compensation plans, long-term investments and other miscellaneous items.



Total Assets:	December 31,
(Millions of dollars)	2022		2021
Pork	$	2,698	$	2,265
CT&M		1,915		2,054
Marine		882		749
Sugar and Alcohol		165		155
Power		342		359
Turkey		350		245
All other		6		7
Segment totals		6,358		5,834
Corporate		1,544		1,669
Consolidated totals	$	7,902	$	7,503



Capital Expenditures:	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Pork	$	315	$	343	$	207
CT&M		14		17		8
Marine		136		44		10
Sugar and Alcohol		9		8		5
Power		—		43		27
All other		—		1		2
Segment totals		474		456		259
Corporate		—		4		—
Consolidated totals	$	474	$	460	$	259

Geographic Information

Seaboard had sales in Colombia totaling $1,578 million, $1,144 million and $812 million for the years ended December 31, 2022, 2021 and 2020, respectively, representing approximately 14%, 12% and 11% of total sales for each respective year. Seaboard had sales in South Africa totaling $992 million, $917 million and $743 million for the years ended December 31, 2022, 2021 and 2020, respectively, representing approximately 9% of total sales for 2022 and 10% for years 2021 and 2020. No other individual foreign country accounted for 10% or more of sales to external customers.

The following table provides a geographic summary of net sales based on the location of product delivery or service:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Caribbean, Central and South America	$	5,054	$	3,566	$	2,744
Africa		3,107		2,685		2,099
United States ^(a)		2,181		2,031		1,536
Pacific Basin and Far East		490		545		435
Canada/Mexico		338		309		202
Europe		71		86		101
All other		2		7		9
Total sales	$	11,243	$	9,229	$	7,126

(a)

For Marine segment services on product delivery to the U.S., geographic location is based on origination port.

The following table provides a geographic summary of Seaboard’s property, plant and equipment according to their physical location and primary port for the vessels:



	December 31,
(Millions of dollars)	2022		2021
United States	$	1,682	$	1,331
Dominican Republic		281		297
Argentina		59		59
China		35		—
Ivory Coast		33		39
Senegal		32		40
Zambia		31		30
All other		93		96
Total property, plant and equipment, net	$	2,246	$	1,892

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

As of December 31, 2022, Seaboard’s management has evaluated, under the direction of its chief executive and chief financial officers, the effectiveness of Seaboard’s disclosure controls and procedures, as defined under the Securities Exchange Act of 1934 (the “Exchange Act”) Rule 13a-15(e). Based upon and as of the date of that evaluation, Seaboard’s chief executive and chief financial officers concluded that Seaboard’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports it files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required. It should be noted that any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any system of disclosure controls and procedures is based in part upon assumptions about the likelihood of future events. Due to these and other inherent limitations of any such system, there can be no assurance that any design will always succeed in achieving its stated goals under all potential future conditions.

Change in Internal Control Over Financial Reporting

There have been no changes in Seaboard’s internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2022 that has materially affected, or is reasonably likely to materially affect, Seaboard’s internal control over financial reporting.

There have been no changes in Seaboard’s internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2021 that has materially affected, or is reasonably likely to materially affect, Seaboard’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

The management of Seaboard is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in the Securities Exchange Act of 1934 Rule 13a-15(f). Under the supervision, and with the participation of management and its Internal Audit Department, Seaboard conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on its evaluation under the framework in Internal Control - Integrated Framework (2013), management concluded that Seaboard’s internal control over financial reporting was effective as of December 31, 2022.

KPMG LLP, the independent registered public accounting firm that audited Seaboard’s financial statements contained herein, also audited Seaboard’s internal control over financial reporting as of December 31, 2022. The audit report is included in Item 8, Financial Statements and Supplementary Data.

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information about the executive officers of Seaboard is included under the caption “Information About Seaboard’s Executive Officers” in Item 1 of this annual report on Form 10-K.

Seaboard has a Code of Conduct and Ethics Policy for Senior Financial Officers applicable to its senior financial officers (including the chief executive officer, chief financial officer, chief accounting officer and controller and persons performing similar functions) and a Code of Ethics Policy applicable to its directors, officers and other employees (together the “Codes”). Seaboard has posted the Codes on its internet website, www.seaboardcorp.com, and intends to satisfy the disclosure requirement under Item 10 of Form 10-K regarding any future changes and waivers to the Codes by posting such information on that website.

In addition to the information provided above, the information required by this item is incorporated herein by reference to the information under the captions “Item 1: Election of Directors,” “Board of Directors Information – Committees of the Board – Audit Committee,” and “Board of Directors Information – Director Nominations” of Seaboard’s definitive proxy statement for the 2023 annual meeting of stockholders, which will be filed no later than 120 days after December 31, 2022 (“Proxy Statement”).

Item 11. Executive Compensation

The information required by this item is incorporated herein by reference to the information under the captions “Board of Directors Information – Compensation of Directors,” “Executive Compensation and Other Information,” “Employment Arrangements with Named Executive Officers,” “Benefit Plans,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report,” and “Compensation Discussion and Analysis” included in the Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Seaboard has not established any equity compensation plans or individual agreements for its employees under which Seaboard common stock, or options, rights or warrants with respect to Seaboard common stock may be granted.

In addition to the information provided above, the information required by this item is incorporated herein by reference to the information under the captions “Principal Stockholders” and “Share Ownership of Management and Directors” included in the Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this item is incorporated herein by reference to the information under the captions “Compensation Committee Interlocks and Insider Participation,” “Board of Directors Information – Controlled Corporation” and “Board of Directors Information – Committees of the Board” included in the Proxy Statement.

Item 14. Principal Accountant Fees and Services

Seaboard’s independent registered public accounting firm is KPMG LLP, Kansas City, MO, Auditor Firm ID: 185.

The other information required by this item is incorporated herein by reference to the information under the caption “Item 2: Selection of Independent Auditors” included in the Proxy Statement.

PART IV

Item 15. Exhibit and Financial Statement Schedules

(a) List the following documents filed as a part of the report:

1. Financial statements

The financial statements are included in Item 8 of this Form 10-K.

2. Financial statement schedules

All schedules are omitted as the required information is not applicable or the information is presented in the consolidated financial statements or related consolidated notes.

3. Exhibits



	Exhibit No.		Description
	3.1		Seaboard Corporation Restated Certificate of Incorporation. Incorporated herein by reference to Exhibit 3.1 of Seaboard’s Form 10-Q for the quarter ended April 4, 2009.

	3.2		Seaboard Corporation By-laws, as amended. Incorporated herein by reference to Exhibit 3.2 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2005.

	4		Description of common stock. Incorporated herein by reference to Exhibit 4 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2019.

	10.1*		Seaboard Corporation Retiree Medical Benefit Plan as Amended and Restated effective January 1, 2009 and dated December 22, 2008, amending and restating the Seaboard Corporation Retiree Medical Benefit Plan dated March 4, 2005. Incorporated herein by reference to Exhibit 10.6 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2008.

	10.2*		First Amendment to the Seaboard Corporation Retiree Medical Benefit Plan effective March 25, 2015 and dated March 31, 2015. Incorporated herein by reference to Exhibit 10.1 of Seaboard’s Form 10-Q for the quarter ended April 4, 2015.

	10.3*		Seaboard Corporation Non-Qualified Deferred Compensation Plan effective January 1, 2009 and dated December 22, 2008, amending and restating the Seaboard Corporation Non-Qualified Deferred Compensation Plan dated December 29, 2005. Incorporated herein by reference to Exhibit 10.12 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2008.

	10.4*		Amendment No. 1 to the Seaboard Corporation Non-Qualified Deferred Compensation Plan effective January 1, 2009 and dated December 17, 2009. Incorporated herein by reference to Exhibit 10.25 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2009.

	10.5*		Amendment No. 2 to the Seaboard Corporation Non-Qualified Deferred Compensation Plan effective January 1, 2019 and dated January 2, 2019. Incorporated herein by reference to Exhibit 10.7 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2018.

	10.6*+		Amended and Restated Seaboard Corporation Post-2018 Non-Qualified Deferred Compensation Plan effective January 1, 2023 dated December 13, 2022.

	10.7*		Seaboard Corporation 409A Executive Retirement Plan Amended and Restated effective January 1, 2013 and dated December 21, 2012, amending and restating the Seaboard Corporation Executive Retirement Plan, Amendment and Restatement dated December 22, 2008. Incorporated herein by reference to Exhibit 10.14 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2012.

	10.8*		First Amendment to the Seaboard Corporation 409A Executive Retirement Plan effective as of January 1, 2015 and dated January 14, 2016. Incorporated herein by reference to Exhibit 10.8 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2015.

	10.9*		Seaboard Corporation Cash Balance Executive Retirement Plan Amended and Restated effective August 1, 2020. Incorporated herein by reference to Exhibit 10.3 of Seaboard’s Form 10-Q for the quarter ended September 26, 2020.

	10.10*		Seaboard Corporation Pension Plan as restated and amended effective January 1, 2021. Incorporated herein by reference to Exhibit 10.10 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2021.

	10.11*		Seaboard Marine Pension Plan effective January 1, 2021. Incorporated herein by reference to Exhibit 10.1 of Seaboard’s Form 10-Q for the quarter ended April 3, 2021.

	10.12*		Amendment No. 1 to the Seaboard Marine Pension Plan as Restated as of January 1, 2021, dated November 15, 2021. Incorporated herein by reference to Exhibit 10.12 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2021.

	10.13*+		Seaboard Corporation Long-term Incentive Plan effective January 1, 2022.

	10.14*+		Seaboard Corporation 401(K) Excess Plan effective January 1, 2022 and dated December 13, 2022.

	10.15*		Seaboard Marine Ltd. 401(K) Excess Plan effective January 1, 2009 and dated December 18, 2009. Incorporated herein by reference to Exhibit 10.24 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2009.

	10.16*		First Amendment to the Seaboard Marine Ltd. 401(k) Excess Plan effective January 1, 2022. Incorporated herein by reference to Exhibit 10.2 of Seaboard’s Form 10-Q for the quarter ended April 2, 2022.

	10.17*		Seaboard Corporation Investment Option Plan dated December 18, 2000. Incorporated herein by reference to Exhibit 10.7 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2000.
	10.18*		Seaboard Corporation Executive Officers’ Bonus Policy (effective for 2018-2020). Incorporated herein by reference to Exhibit 10.17 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2018.

	10.19*		Seaboard Corporation Named Executive Officers’ Bonus Policy (effective for 2021 and supersedes all policies). Incorporated herein by reference to Exhibit 10.16 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2021.

	10.20*		Restated Employment Agreement between Seaboard Corporation and Robert L. Steer dated August 27, 2020. Incorporated herein by reference to Exhibit 10.2 of Seaboard’s Form 10-Q for the quarter ended September 26, 2020.

	10.21*		Restated Employment Agreement between Seaboard Corporation and David H. Rankin dated January 12, 2021. Incorporated herein by reference to Exhibit 10.19 of Seaboard’s Form 10-K for the year ended December 31, 2020.

	10.22*		Employment Agreement between Seaboard Overseas and Trading Group and David M. Dannov dated December 21, 2012. Incorporated herein by reference to Exhibit 10.19 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2012.

	10.23*		Amendment to Employment Agreement between Seaboard Overseas and Trading Group and David M. Dannov dated March 22, 2017. Incorporated herein by reference to Exhibit 10.3 of Seaboard’s Form 10-Q for the quarter ended April 1, 2017.

	10.24*		Employment Agreement between Seaboard Marine Ltd. and Edward A. Gonzalez dated December 21, 2012. Incorporated herein by reference to Exhibit 10.20 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2012.

	10.25*		Employment Agreement between Seaboard Foods LLC and Peter B. Brown dated November 30, 2020. Incorporated herein by reference to Exhibit 10.22 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2021.

	10.26*		Summary of Perquisite for Personal Use of Seaboard Airplane. Incorporated herein by reference to Exhibit 10.23 of Seaboard’s Form 10-K for the fiscal year ended December 31, 2021.

	10.27		Amended and Restated Terminal Agreement between Miami-Dade County and Seaboard Marine Ltd. for Marine Terminal Operations dated May 30, 2008. Incorporated herein by reference to Exhibit 10.1 of Seaboard’s Form 8-K dated May 30, 2008.

	10.28		Amendment No. 1 to Amended and Restated Terminal Agreement between Miami-Dade County and Seaboard Marine Ltd. for Marine Terminal Operations dated March 30, 2009. Incorporated herein by reference to Exhibit 10.1 of Seaboard’s Form 10-Q for the quarter ended June 29, 2013.


	10.29		Amendment No. 2 to Amended and Restated Terminal Agreement between Miami-Dade County and Seaboard Marine Ltd. for Marine Terminal Operations dated July 31, 2013. Incorporated herein by reference to Exhibit 10.2 of Seaboard’s Form 10-Q for the quarter ended June 29, 2013.

	10.30		Marketing Agreement dated February 2, 2004 by and among Seaboard Corporation, Seaboard Farms, Inc., Triumph Foods, LLC, and for certain limited purposes only, the members of Triumph Foods, LLC. Incorporated herein by reference to Exhibit 10.2 of Seaboard’s Form 8-K dated February 3, 2004.

	10.31		Amended and Restated Term Loan Credit Agreement dated September 25, 2018 by and among Seaboard Corporation, Seaboard Foods LLC, CoBank, ACB, Farm Credit Services of America, PCA and other lenders. Incorporated herein by reference to Exhibit 10.1 of Seaboard’s Form 8-K filed September 27, 2018.

	21+		List of subsidiaries.

	31.1+		Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	31.2+		Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	32.1+		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	32.2+		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	101.INS+		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

	101.SCH+		Inline XBRL Taxonomy Extension Schema Document

	101.CAL+		Inline XBRL Taxonomy Extension Calculation Linkbase Document

	101.DEF+		Inline XBRL Taxonomy Extension Definition Linkbase Document

	101.LAB+		Inline XBRL Taxonomy Extension Label Linkbase Document

	101.PRE+		Inline XBRL Taxonomy Extension Presentation Linkbase Document

	104+		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Management contract or compensatory plan or arrangement.

+ Filed electronically with this annual report on Form 10-K with the SEC and transmitted via EDGAR.

(b) Exhibits

See exhibits identified above under Item 15(a)(3).

(c) Financial Statement Schedules.

(c) Financial Statement Schedules

None.

Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		SEABOARD CORPORATION
		(Registrant)

		By:	/s/ Robert L. Steer
			Robert L. Steer
			President and Chief Executive Officer

		Date:	February 14, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



Name	Date	Title

/s/ Robert L. Steer	February 14, 2023	President, Chief Executive Officer
Robert L. Steer		(principal executive officer)

/s/ David H. Rankin	February 14, 2023	Executive Vice President,
David H. Rankin		Chief Financial Officer
		(principal financial officer)

/s/ Michael D. Trollinger	February 14, 2023	Senior Vice President,
Michael D. Trollinger		Corporate Controller and
		Chief Accounting Officer
		(principal accounting officer)

/s/ Ellen S. Bresky	February 14, 2023	Chairwoman of the Board
Ellen S. Bresky

/s/ Douglas W. Baena	February 14, 2023	Lead Director
Douglas W. Baena

/s/ David A. Adamsen	February 14, 2023	Director
David A. Adamsen

/s/ Frances B. Shifman	February 14, 2023	Director
Frances B. Shifman

/s/ Paul M. Squires	February 14, 2023	Director
Paul M. Squires

EX-10.6 2 seb-20221231xex10d6.htm AMENDED AND RESTATED SEABOARD CORPORATION POST-2018 NON-QUALIFIED DEFERRED COMPENSATION PLAN

Exhibit 10.6

AMENDED AND RESTATED

SEABOARD CORPORATION POST-2018

NONQUALIFIED DEFERRED COMPENSATION PLAN

Effective January 1, 2023

TABLE OF CONTENTS


ARTICLE I PURPOSE AND EFFECTIVE DATE	1

ARTICLE II DEFINITIONS	1
Section 2.1 162(m) Excess Compensation	1
Section 2.2 Account	1
Section 2.3 Beneficiary	1
Section 2.4 Board	1
Section 2.5 Change of Control	2
Section 2.6 Code	2
Section 2.7 Committee	2
Section 2.8 Company	2
Section 2.9 Company Contribution	2
Section 2.10 Company 162(m) Compensation	3
Section 2.11 Company 401(k) Matching Contribution	3
Section 2.12 Company Discretionary Contribution	3
Section 2.13 Compensation	3
Section 2.14 Covered Employee	3
Section 2.15 Deferral	3
Section 2.16 Deferral Election	3
Section 2.17 Disability	3
Section 2.18 Distribution Preference Election	3
Section 2.19 Eligible Employee	4
Section 2.20 Employee	4
Section 2.21 Employer	4
Section 2.22 Investment Options	4
Section 2.23 Investment Return	4
Section 2.24 Match Percentage	4
Section 2.25 Participant	4
Section 2.26 Plan	4
Section 2.27 Plan Year	4
Section 2.28 Related Company	4
Section 2.29 Separation from Service	4
Section 2.30 Unforeseeable Emergency	5

ARTICLE III PARTICIPATION	5
Section 3.1 Participation for Deferrals	5
Section 3.2 Participation for Company 401(k) Matching Contributions	5
Section 3.3 Participation for Company Discretionary Contributions	5

ARTICLE IV DEFERRAL ELECTIONS	5
Section 4.1 Method	5
Section 4.2 Irrevocable	5
Section 4.3 Deferral Election	6

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Section 4.4 Special Rule for Deferral Election for First Year of Eligibility	6
Section 4.5 Minimum Annual Deferral	6
Section 4.6 Cancellation of Deferral Election on Account of Unforeseeable Emergency	6

ARTICLE V COMPANY CONTRIBUTIONS	7
Section 5.1 Company 401(k) Matching Contribution	7
Section 5.2 Company 162(m) Contribution	7
Section 5.3 Company Discretionary Contribution	7

ARTICLE VI ACCOUNTS AND INVESTMENT RETURN	7
Section 6.1 Account Adjustments for Deferrals, Company Contributions and Distributions	7
Section 6.2 Account Adjustments for Investment Return	7
Section 6.3 Vesting	7

ARTICLE VII DISTRIBUTIONS	7
Section 7.1 Distribution Preference Elections	7
Section 7.2 Distribution of Account Based on Company Discretionary Contributions	8
Section 7.3 Subject to Mandatory Distribution Provisions and 162(m) payment Delay	8
Section 7.4 Election Form	8
Section 7.5 Time of Initial Election or Deemed Election	8
Section 7.6 Subsequent	9
Section 7.7 Mandatory Distribution Upon Separation from Service	9
Section 7.8 Mandatory Distribution Upon Change of Control	9
Section 7.9 Mandatory Distribution Upon Disability	9
Section 7.10 Mandatory Distribution Upon Death	9
Section 7.11 Distribution Upon Unforeseeable Emergency	9
Section 7.12 Adjustments to Accounts	10

ARTICLE VIII AMENDMENT OR TERMINATION	10

ARTICLE IX ADMINISTRATION	10
Section 9.1 Committee	10
Section 9.2 Delegation	10
Section 9.3 Information to be Furnished	10
Section 9.4 Committee’s Decision Final	11
Section 9.5 Remuneration and Expenses	11
Section 9.6 Indemnification of Committee Member	11
Section 9.7 Resignation or Removal of Committee Member	11
Section 9.8 Interested Committee Member	11

ARTICLE X CLAIMS PROCEDURE	11
Section 10.1 Claim	11

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Section 10.2 Denial of Claim	11
Section 10.3 Review of Claim	12
Section 10.4 Final Decision	12

ARTICLE XI MISCELLANEOUS	12
Section 11.1 Captions	12
Section 11.2 Company Action	12
Section 11.3 Terms	12
Section 11.4 Governing Law	12
Section 11.5 Non-Assignability	12
Section 11.6 Tax Obligations	12
Section 11.7 Not a Contract of Employment	13
Section 11.8 Participant Cooperation	13
Section 11.9 Successors	13
Section 11.10 Unsecured General Creditor	13
Section 11.11 Validity	13
Section 11.12 Waiver of Notice	13

APPENDIX A	15

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AMENDED AND RESTATED

SEABOARD CORPORATION POST-2018

NONQUALIFIED DEFERRED COMPENSATION PLAN

ARTICLE I

PURPOSE AND EFFECTIVE DATE

Seaboard Corporation (the “Company”) adopted the Seaboard Corporation Post-2018 Nonqualified Deferred Compensation Plan (the “ Original Plan”) effective January 1, 2019. The Original Plan is being amended and restated as of January 1, 2023 to be as provided herein (the Original Plan, as amended and restated hereby, being referred to as the “Plan”). The purpose of the Plan is to aid in attracting and retaining certain key employees of Seaboard Corporation and participating affiliated companies by providing to them an opportunity for supplemental retirement income. The Company intends for the Plan to comply with the final Treasury regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan is intended to be an arrangement that is unfunded and maintained primarily for the purpose of providing supplemental retirement income to a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, and the Plan is intended to satisfy the requirements of Section 409A of the Code, and the Plan shall be interpreted and administered accordingly.

ARTICLE II

DEFINITIONS

For purposes of this Plan, the following words and phrases shall have the meaning indicated, unless the context clearly indicates otherwise:

2.1162(m) Excess Compensation means that portion of any bonus payable to any Covered Employee for services rendered in any calendar year which would, if paid, cause such Covered Employee’s Compensation for such calendar year to exceed the $1,000,000 deduction limit under Internal Revenue Code Section 162(m) if paid currently.

2.2Account means the bookkeeping account maintained by the Committee for a Participant to which is credited Deferrals and Company Contributions, and to which is charged distributions, and which is adjusted to reflect earnings and losses, all as herein provided. Any reference herein to a distribution of the Participant’s Account shall mean a payment of an amount equal to the amount credited to the Participant’s Account.

2.3Beneficiary means one or more persons, trusts, estates or other entities, designated by a Participant, in accordance with procedures established by the Committee, to receive any remaining balance in the Participant’s Account upon the death of the Participant. If no designation by the Participant is effective, then the Participant’s Beneficiary shall be the Participant’s surviving spouse if any, but if none then the Participant’s estate.

2.4Board means the board of directors of Seaboard Corporation.

2.5Change of Control means an event or transaction described below; provided, however, an event or transaction described below will not be a Change of Control for purposes of a payment event under the Plan unless it constitutes a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of Code Section 409A(a)(2)(A)(v):

(a)

The acquisition by any unrelated person or entity of more than fifty percent (50%) of either the outstanding shares of common stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors;

(b)

The sale to an unrelated person or entity of Company assets that have a total gross fair market value of more than eighty-five percent (85%) of the total gross fair market value of all of the assets of the Company immediately prior to such sale;

(c)

The acquisition, whether by reorganization, merger, consolidation, purchase or similar transaction, by any person or entity or more than one person or entity acting as a group of more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the Company or the entity in which the Company was reorganized, merged or consolidated into;

(d)

The acquisition by any person or entity (other than by any descendant of Otto Bresky, Senior or any trust established primarily for the benefit of any descendant of Otto Bresky, Senior or any other related person or entity) of more than fifty percent (50%) of either the membership interests or the combined voting power of Seaboard Flour, LLC at any time when Seaboard Flour, LLC owns fifty percent (50%) or more of the Company.

For purposes of determining whether there has been a Change of Control under this Section 2.5, the attribution of ownership rules under Code Section 318(a) shall apply. Also for purposes of determining whether there has been a Change of Control, “Company” means only Seaboard Corporation and any successors to the business of Seaboard Corporation.

2.6Code means the Internal Revenue Code of 1986, any amendments thereto, and any regulations issued thereunder.

2.7Committee means the Committee, which may consist of one person, designated from time to time by the Company to administer the Plan.

2.8Company means Seaboard Corporation, a Delaware corporation, and any successors to the business of Seaboard Corporation.

2.9Company Contribution means a Company 162(m) Contribution, Company 401(k) Matching Contribution or Company Discretionary Contribution that is made to a Participant’s Account pursuant to this Plan.

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2.10Company 162(m) Contribution means the amount credited by the Company to a Participant’s Account pursuant to Section 5.1 as a “Company 162(m) Contribution.

2.11Company 401(k) Matching Contribution means the amount determined in accordance with Article V that is an obligation of the Employer and that is credited to a Participant’s Account pursuant to Section 5.1 as a “Company 401(k) Matching Contribution”.

2.12Company Discretionary Contribution means the amount determined in accordance with Article V that is credited to a Participant’s Account pursuant to Section 5.1 as a “Company Discretionary Contribution.”

2.13Compensation means the total amount payable to the Participant by the Employer for the Participant’s services during a calendar year subject to the following provisions of this Section 2.13. Compensation specifically excludes: (a) reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, and welfare benefits; (b) any benefits accrued or paid under the Seaboard Corporation Executive Retirement Plan, as amended; (c) any amount of taxable income recognized by the Participant upon the exercise of an option under any option plan or program maintained by the Company; (d) any amount of taxable income recognized by the Participant as a result of a distribution under this Plan; and (e) any amount allocated or paid under the Seaboard Corporation Executive Deferred Compensation Plan, as amended. Compensation shall not include a Participant’s Compensation payable for any period prior to the time the Participant becomes eligible to participate in the Retirement Savings Plan for Seaboard Corporation, as amended.

2.14Covered Employee shall have the meaning given to that term in Internal Revenue Code Section 162(m).

2.15Deferral means the portion of the salary or bonus payable to a Participant that is deferred for a Plan Year pursuant to a Deferral Election by the Participant and is credited to the Participant’s Account.

2.16Deferral Election means an election made hereunder by a Participant to defer salary or bonus payable to the Participant and earned after the date of the Deferral Election as determined hereunder.

2.17Disability means the Participant is (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (b) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12)months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan sponsored by the Company.

2.18Distribution Preference Election means the election made or deemed made by a Participant governing the time of payment of benefits hereunder to the Participant.

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2.19Eligible Employee means an Employee who is a member of a select group of management or highly compensated employees, taking into account for this purpose all employees of all Related Companies.

2.20Employee means any individual who is a salaried employee of an Employer.

2.21Employer means the Company and any of its subsidiaries or affiliates that participate in this Plan with the consent of the Company, and any successors to the business of any such participating subsidiaries or affiliates. The subsidiaries or affiliates participating in this Plan as of the effective date are listed on Appendix A attached hereto.

2.22Investment Options means the investment options selected by the Committee from time to time among which a Participant may direct the investment of his or her Account in accordance with procedures established by the Committee.

2.23Investment Return means the amount of earnings, gains or losses applicable to the Participant’s Account as measured by the Investment Options applicable pursuant to the Participant’s direction or as otherwise provided herein.

2.24Match Percentage means the matching contribution percentage being made by the Company pursuant to Questions 12.c. and 28 of the Retirement Savings Plan for Seaboard Corporation, as of the date the Company 401(k) Matching Contribution is being made.

2.25Participant means any Eligible Employee: (i) who is designated as eligible to participate in the Plan for purposes of Deferrals and who makes a Deferral Election as provided in Section 3.1, (ii) who is a Covered Employee, (iii) who satisfies the requirements for participation for purposes of the Company 401(k) Matching Contributions as provided in Section 3.2 or (iv) who is eligible to have is or her Account credited with a Company Discretionary Contribution. Participant also means any individual for whom an Account is maintained hereunder.

2.26Plan means this Amended and Restated Seaboard Corporation Post-2018 Nonqualified Deferred Compensation Plan, as set forth herein and as from time to time amended.

2.27Plan Year means the 12-month period beginning January 1 and ending December 31.

2.28Related Company means any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)) that includes the Company or any corporation or other entity with whom the Company is considered a single employer under Code Section 414(c).

2.29Separation from Service means the Participant’s termination of employment with the Company. Whether a termination of employment has occurred shall be determined based on whether the facts and circumstances indicate the Participant and Company reasonably anticipate that no further services will be performed by the Participant for the Company; provided, however, that a Participant shall be deemed to have a termination of employment if the level of services he or she would perform for the Company after a certain date permanently decreases to no more than twenty percent (20%) of the average level of bona fide services performed for the Company

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(whether as an employee or independent contractor) over the immediately preceding 36-month period (or the full period of services to the Company if the Participant has been providing services to the Company for less than 36 months). For this purpose, a Participant is not treated as having a Separation from Service while he or she is on a military leave, sick leave, or other bona fide leave of absence, if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant has a right to reemployment with the Company under an applicable statute or by contract. Where used in this Section 2.29, the term Company includes any Related Company.

2.30Unforeseeable Emergency means an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (a) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant; (b) a loss of the Participant’s property due to casualty; or (c) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.

ARTICLE III

PARTICIPATION

3.1Participation for Deferrals. The Committee will designate those Eligible Employees who are eligible to make Deferral Elections for a particular Plan Year. Such designation will be effective on the date of such written communication. Once an Eligible Employee has been designated under this Section 3.1, he or she may make a Deferral Election for the first Plan Year stated in such written designation and for each subsequent Plan Year until the first to occur of (a) the Participant’s Separation from Service; or (b) a written notice from the Committee delivered prior to the first day of the Plan Year for which it is effective advising the Participant that he or she is no longer eligible to make a Deferral Election.

3.2Participation for Company 401(k) Matching Contributions. Any Eligible Employee who has satisfied the requirements for eligibility to participate in the Retirement Savings Plan for Seaboard Corporation, as amended from time to time (the “401(k) Plan”) for a Plan Year.

3.3Participation for Company Discretionary Contributions. The Committee will designate those Eligible Employees who are eligible to have their Account credited with a Company Discretionary Contribution.

ARTICLE IV

DEFERRAL ELECTIONS

4.1Method. A Deferral Election shall be made in writing on a form provided by the Committee and shall be submitted to the Committee in such manner as the Committee determines. A Deferral Election will not be valid unless it is submitted to the Committee in the manner required.

4.2Irrevocable. Except as otherwise provided in Section 4.6, a Deferral Election will become irrevocable on the last day established by the Committee (in accordance with the provisions hereunder) for submitting the Deferral Election to the Committee; provided, however, in the case of a Deferral Election that is submitted under Section 4.4 after the first day of a Plan

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Year, the Deferral Election shall become irrevocable at the time the Deferral Election is submitted to the Committee.

4.3Deferral Election. A Participant’s Deferral Election for a Plan Year must be made at such time as the Committee determines, but in no event later than the last day of the Plan Year preceding the Plan Year for which the Deferral Election is effective. A Participant’s Deferral Election for a Plan Year with respect to salary shall apply to salary payable in the Plan Year for which the election is made. A Participant’s Deferral Election for a Plan Year with respect to bonus shall apply to bonus earned in the Plan Year for which the election is made.

4.4Special Rule for Deferral Election for First Year of Eligibility. Subject to the last sentence of this Section 4.4, an Eligible Employee who is designated under Section 3.1 for the first time, may elect to make Deferrals provided he or she submits a Deferral Election to the Committee by such time as the Committee determines, but in no event later than thirty (30) days after the date the Eligible Employee first becomes eligible to participate for Deferrals under Section 3.1. A Deferral Election made under this Section 4.4 after the first day of a Plan Year and applicable to salary, shall apply only with respect to salary earned after the date the Deferral Election becomes irrevocable. A Deferral Election under this Section 4.4 after the first day of a Plan Year applicable to a bonus payable to the Participant, shall apply only to the amount of the Participant’s bonus that is deemed to be payable for services performed after the Deferral Election shall be determined by multiplying the total bonus payable by a fraction, the denominator of which is the total number of days in the performance period for which the bonus is payable, and the numerator of which is the number of days remaining in such performance period after the date the Participant’s Deferral Election becomes irrevocable. Notwithstanding the preceding provisions of this Section 4.4, if at the time an Eligible Employee becomes first eligible as a Participant for Deferrals under Section 3.1, the Eligible Employee is or has been eligible to participate in any nonqualified deferred compensation plan of a Related Company that is subject to Code Section 409A and that is required by Code Section 409A to be aggregated with this Plan with respect to Deferrals, then the Participant’s Deferral Election will only be effective if it is submitted to the Committee at the time provided in Section 4.3.

4.5Minimum Annual Deferral. Notwithstanding the foregoing provisions of this Article IV, a Participant may not make a Deferral Election for a Plan year unless the Participant’s Deferral Election for such Plan Year provides for a Deferral amount that is determined by the Committee to be at least $10,000. Such determination will be made by the Committee prior to the date the Deferral Election becomes irrevocable hereunder.

4.6Cancellation of Deferral Election on Account of Unforeseeable Emergency. In the event a Participant requests a distribution pursuant to Section 7.11 due to an Unforeseeable Emergency, or the Participant requests a cancellation of the Deferral Election of the Participant due to an Unforeseeable Emergency, and the Committee determines that the Participant’s Unforeseeable Emergency may be relieved all or in part through the cancellation of the Participant’s current Deferral Election, then such Deferral Election shall be cancelled as soon as administratively practicable following such determination by the Committee.

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ARTICLE V

COMPANY CONTRIBUTIONS

5.1Company 401(k) Matching Contribution. A Company 401(k) Matching Contribution will be credited to the Accounts of those Participants determined by the Committee under Section 3.2. The amount of a Company 401(k) Matching Contribution credited on behalf of a Participant for a Plan Year will equal the Company matching contribution, if any, which is the Match Percentage of the Participant’s Deferral for such Plan Year.

5.2Company 162(m) Contribution. The Company, in its discretion, may elect to credit a contribution to the Account of a Participant who is a Covered Employee in an amount up to his or her 162(m) Excess Compensation for any Plan Year in lieu of paying such 162(m) Excess Contribution to said Participant (“Company 162(m) Contribution”).

5.3Company Discretionary Contribution. The Company may elect to credit a contribution to the Account of a Participant in such amount as it shall determine, in its discretion (“Company Discretionary Contribution”). At the time the Company credits the Account of a Participant with a Company Discretionary Contribution, the Company may specify the date on which the Company Discretionary Contribution (as adjusted for earnings and losses) shall be paid to the Participant.

ARTICLE VI

ACCOUNTS AND INVESTMENT RETURN

6.1Account Adjustments for Deferrals, Company Contributions and Distributions. All Deferrals of a Participant with respect to a Plan Year will be credited to the Participant’s Account as soon as administratively feasible after the date on which the Deferral would have been paid in cash absent the Deferral Election applicable to such Deferral. All Company Contributions made on behalf of a Participant with respect to a Plan Year will be credited to the Participant’s Account at such time or times as determined by the Committee. Any distribution from a Participant’s Account will be charged to the Account as of the time of the distribution.

6.2Account Adjustments for Investment Return. A Participant’s Account will be deemed invested in one or more Investment Options as directed or deemed directed by the Participant pursuant to procedures established by the Committee. At such times as determined by the Committee, and at such time as provided under Section 7.12, the Investment Return will be credited (in the case of net earnings) or charged (in the case of net losses) to the Participant’s Account.

6.3Vesting. A Participant will be fully vested in his or her Account at all times.

ARTICLE VII

DISTRIBUTIONS

7.1Distribution Preference Elections. For each Deferral elected by a Participant for each Plan Year, the Participant shall make, or be deemed to make a separate Distribution Preference Election with respect to each Plan Year. A Distribution Preference Election will apply

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to the distribution of all Deferrals and Company 401(k) Matching Contributions allocated to the Participant’s Account with respect to a Plan Year, as adjusted thereafter for Investment Return. The Distribution Preference Election will designate the date for the payment by the Employer to the Participant of the amounts subject to the Distribution Preference Election. Except as provided in Section 7.3, payment by the Employer will be made during the ninety (90) day period commencing upon the distribution date designated in the applicable Distribution Preference Election. The form of payment will be a lump sum payment, unless limited by Section 7.3 due to a 162(m) Payment Delay.

7.2Distribution of Account Based on Company Discretionary Contributions. Unless earlier distributed pursuant the provisions of the Plan, a Company Discretionary Contribution (as adjusted for earnings and losses) shall be paid to the Participant on the date specified by the Company at the time the Company Discretionary Contribution is made, provided, however, if no date is specified by the Company with respect to a Company Discretionary Contribution, the Company Discretionary Contribution (as adjusted for earnings and losses) shall be paid as soon practicable after the Participant reaches age 60.

7.3Subject to Mandatory Distribution Provisions and 162(m) Payment Delay. Any Distribution Preference Election hereunder, whether an actual election or a deemed election, shall be subject to the mandatory distribution provisions of Sections 7.7, 7.8, 7.9 and 7.10; provided, however, no amount shall be paid under the mandatory distribution provisions of Section 7.7, 7.9 and 7.10 (i.e., all of the mandatory distribution provisions except on account of a Change of Control) or any Distribution Preference Election if the distributed amount would not be deductible under Code Section 162(m) (a “162(m) Payment Delay”). In accordance with Treasury regulation Section 1.409A-2(b)(7)(i), any amount subjected to a 162(m) Payment Delay shall be paid in the Participant’s first taxable year that the Company reasonably anticipates, or should reasonably anticipate, that if the amount were distributed during such year, the deduction of such payment would not be barred by application of Code Section 162(m). Any amount that is payable on account of a Participant’s Separation from Service and is subject to a 162(m) Payment Delay shall (a) not be paid earlier than the first day of the seventh month following the month of the Participant’s Separation from Service; and (b)unless paid earlier, be paid in full as soon as administratively feasible after the beginning of the sixth anniversary of the Participant’s Separation from Service (regardless of such payment’s nondeducibility).

7.4Election Form. A Distribution Preference Election (other than a deemed election) must be made in writing on a form provided by the Committee and shall be submitted to the Committee in such manner as the Committee determines. A Distribution Preference Election will not be valid unless it is submitted to the Committee in the manner required.

7.5Time of Initial Election or Deemed Election. If a Participant makes a Deferral Election for a Plan Year, then at the time the Participant makes the Deferral Election the Participant may also make a Distribution Preference Election. If the Participant fails to make a Distribution Preference Election at such time, then the Participant shall be deemed to have made a Distribution Preference Election applicable to the Deferral allocated to the Participant’s Account for such Plan Year, as adjusted thereafter for Investment Return, of a lump sum payment payable during the ninety (90) day period commencing on the first day of the sixth Plan Year following the year for which the Deferral Election is made.

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7.6Subsequent Distribution Preference Election. A Participant may change any existing Distribution Preference Election (whether it was made by the Participant or deemed made by the Participant) by filing a subsequent Distribution Preference Election with the Committee; provided, however, a subsequent Distribution Preference Election will not be effective unless it satisfies all of the following requirements:

(a)

A subsequent Distribution Preference Election may not take effect until at least twelve months after the date on which it is filed by the Participant.

(b)

A subsequent Distribution Preference Election may not be filed less than twelve (12) months prior to the designated distribution date under the existing Distribution Preference Election.

(c)

The payment that is subject to the subsequent Distribution Preference Election may not be made earlier than five (5) years after the date such payment would have been made absent such subsequent Distribution Preference Election.

7.7Mandatory Distribution Upon Separation from Service. In the event of a Participant’s Separation from Service, then unless the Participant’s Account is to be distributed earlier under another provision of this Article VII, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment during the seventh month following the month in which the Participant has a Separation from Service.

7.8Mandatory Distribution Upon Change of Control. In the event of a Change of Control, then unless the Participant’s Account is to be distributed earlier under another provision of this Article VII, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment within ninety (90) days following the Change of Control.

7.9Mandatory Distribution Upon Disability. In the event of the Disability of the Participant, then unless the Participant’s Account is to be distributed earlier under another provision of this Article VII, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment within ninety (90) days following the determination of such Disability.

7.10Mandatory Distribution Upon Death. In the event of the death of the Participant, then the Participant’s Account will be distributed by the Employer to the Participant’s Beneficiary in a lump sum payment within ninety (90) days following the Participant’s death.

7.11Distribution Upon Unforeseeable Emergency. If the Committee determines that a Participant has an Unforeseeable Emergency, then upon the written request of the Participant the Committee may direct the Employer to distribute to the Participant an amount that shall not exceed the amount necessary to satisfy such emergency need plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which the such emergency is or may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship.

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7.12Adjustments to Accounts. At any time a Participant’s entire Account is to be distributed hereunder, the Participant’s Account shall be adjusted, as provided in Section 6.1 and Section 6.2, prior to the date of distribution and as near as administratively feasible to the date of distribution.

ARTICLE VIII

AMENDMENT OR TERMINATION

The Board may, in its sole discretion, at any time and from time to time, amend, in whole or in part, any of the provisions of the Plan or may terminate it as a whole or with respect to any Participant or group of Participants; provided, however, no amendment or termination shall accelerate or postpone the time of any distributions hereunder except to the extent allowed under Code Section 409A.

ARTICLE IX

ADMINISTRATION

9.1Committee. The Board will appoint, or delegate the appointment of, a Committee to administer the Plan. The Committee will act by a majority of its members except to the extent it has delegated responsibilities hereunder. The Committee will have the following powers, rights and duties in addition to those granted to it elsewhere in the Plan:

(a)

To adopt such rules of procedure and regulations as, in its opinion, may be necessary for the proper and efficient administration of the Plan and as are consistent with the provisions of the Plan.

(b)

To enforce the Plan in accordance with its terms and with such applicable rules and regulations as may be adopted.

(c)

To construe and interpret the Plan in the Committee’s sole discretion, and to determine all questions arising under the Plan, including the power to determine the rights of Participants and their beneficiaries and the amount of their respective benefits.

(d)

To maintain and keep adequate records concerning the Plan and concerning its proceedings and acts in such form and detail as the Committee may decide.

(e)

To direct all payments of benefits under the Plan.

9.2Delegation. In exercising its authority to control and manage the operation and administration of the Plan, the Committee may employ agents and counsel (who may also be employed by the Company) and delegate to them such powers as the Committee deems desirable.

9.3Information to be Furnished. The Employer shall furnish the Committee or its delegates such data and information as may be required. The records of the Employer as to a Participant’s Separation from Service, Compensation, Beneficiary designation and elections hereunder will be conclusive on all persons unless determined to be incorrect.

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9.4Committee’s Decision Final. Any interpretation of the Plan and any decision on any matter within the discretion of the Committee made in good faith is binding on all persons. A misstatement or other mistake of fact shall be corrected when it becomes known, and the Committee shall make such adjustment on account thereof as it considers equitable and practicable.

9.5Remuneration and Expenses. No remuneration shall be paid to any Committee member for services hereunder. All expenses of a Committee member incurred in the performance of the administration of the Plan shall be reimbursed by the Company.

9.6Indemnification of Committee Member. The Committee and the individual members thereof shall be indemnified by the Company against any and all liabilities, losses, costs, and expenses (including fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee or the members by reason of the performance of a Committee function if the Committee or such members did not act dishonestly or in willful or negligent violation of the law or regulations under which such liability, loss, cost or expense arises.

9.7Resignation or Removal of Committee Member. A Committee member may resign at any time by giving ten (10) days’ advance written notice to the Company and the other Committee members. The Company may remove a Committee member by giving advance written notice to him or her, and the other Committee members.

9.8Interested Committee Member. A member of the Committee may not decide or determine any matter or question concerning his or her own benefits under the Plan.

ARTICLE X

CLAIMS PROCEDURE

This Article X applies to any person claiming a benefit other than a benefit relating to a Disability. Any claim for benefits under this Plan relating to a Disability shall be governed by separate claims procedures from those provided in Article X, which separate procedures shall be available upon request to the Committee.

10.1Claim. Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee which shall respond in writing as soon as practicable.

10.2Denial of Claim. If the claim or request is denied, the written notice of denial shall be made within ninety (90) days of the date of receipt of such claim or request by the Committee and shall state:

(a)

The reason for denial, with specific reference to the Plan provisions on which the denial is based.

(b)

A description of any additional material or information required and an explanation of why it is necessary.

(c)

An explanation of the Plan’s claim review procedure.

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10.3Review of Claim. Any person whose claim or request is denied or who has not received a response within ninety (90) days may request review by notice given in writing to the Committee within sixty (60) days of receiving a response or one hundred fifty (150) days from the date the claim was received by the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

10.4Final Decision. The decision on review shall normally be made within sixty (60) days after the Committee’s receipt of a request for review. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days after the Committee’s receipt of a request for review. The decision shall be in writing and shall state the reasons and relevant plan provisions. All decisions on review shall be final and bind all parties concerned.

ARTICLE XI

MISCELLANEOUS

11.1Captions. The captions of articles, sections, paragraphs and subparagraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

11.2Company Action. Except as may be specifically provided herein, any action required or permitted to be taken by the Company may be taken on behalf of the Company by any officer of the Company.

11.3Terms. Where the context permits, words in the plural shall include the singular, and words in the singular shall include the plural.

11.4Governing Law. Except to the extent governed by the Employee Retirement Income Security Act of 1974, as amended, the provisions of this Plan shall be construed and interpreted according to the laws of the state of Kansas.

11.5Non-Assignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly hereby declared to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or separation for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or another person’s bankruptcy or insolvency.

11.6Tax Obligations. The Employer will withhold from that portion of the Participant’s Compensation that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on Deferrals. The Employer will withhold from any payments made to a Participant under the Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer.

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11.7Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any Employer and any Participant or any Eligible Employee. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless otherwise expressly provided in a written employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer or to interfere with the right of an Employer to discipline or discharge the Participant at any time.

11.8Participant Cooperation. A Participant will cooperate by furnishing any and all information requested in order to facilitate the payment of benefits hereunder and such other action as may be requested by the Committee or the Company or the Employer.

11.9Successors. The provisions of this Plan shall bind the Company, the Employer and their successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Company or the Employer, and successors of any such corporation or other business entity.

11.10Unsecured General Creditor. Participants and their beneficiaries, heirs, successors, and assigns will have no secured interest or claim in any property or assets of any Related Company whether or not such assets are held in a trust that may be used for the purpose of paying benefits hereunder. For purposes of the Plan, any and all of any Related Company’s assets shall be, and remain, the general, unpledged, assets of the Related Company. The Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Employer to pay money in the future. No Employer shall have any obligation under this Plan with respect to individuals other than that Employer’s employees.

11.11Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.

11.12Waiver of Notice. Any notice required under the Plan may be waived by the person entitled to notice.

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The Company hereby agrees to the provisions of this Plan, and, in witness thereof, the Company causes this Plan to be, executed on this 13th day of December, 2022.


	SEABOARD CORPORATION


	By:	/s/ Robert L. Steer
		Robert L. Steer
		President

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APPENDIX A

PARTICIPATING EMPLOYERS

Seaboard Corporation, including Overseas Division (Domestic)

Seaboard Foods LLC

Seaboard Power Management Inc.

Seaboard Overseas Management Company

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EX-10.13 3 seb-20221231xex10d13.htm SEABOARD CORPORATION LONG-TERM INCENTIVE PLAN

Exhibit 10.13

SEABOARD CORPORATION

LONG-TERM INCENTIVE PLAN

Article I
PURPOSE AND EFFECTIVE DATE

Seaboard Corporation (the “Company”) hereby adopts the Seaboard Corporation Long-Term Incentive Plan (the “Plan”) effective January 1, 2022 (the “Effective Date”). The purpose of this Plan is to aid in attracting and retaining certain key employees of Seaboard Corporation and participating affiliated companies by providing to them an opportunity for supplemental retirement income. The Company intends for this Plan to be exempt from or comply with the final Treasury regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Company also intends, to the extent applicable for any key employees of any participating affiliated company whose compensation could be subject to Code Section 457A, for this Plan to be compliant with Code Section 457A. This Plan is intended to be an arrangement that is unfunded and maintained primarily for the purpose of providing supplemental retirement income to a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, and this Plan is intended to satisfy the requirements of Code Section 409A and, if applicable, Code Section 457A, and this Plan shall be interpreted and administered accordingly.

Article II
DEFINITIONS

For purposes of this Plan, the following words and phrases shall have the meaning indicated, unless the context clearly indicates otherwise:

2.1Account means the bookkeeping account maintained by the Committee for a Participant to which is credited one or more Awards, and which is increased or decreased based on Investment Return and to which is charged distributions, including Tax Distributions, but only as provided in Section 6.2, all as herein provided.

2.2Affiliate Company means any corporation or entity, as to which the Company or a Related Company owns, directly or indirectly, more than thirty percent (30%) of the voting stock thereof, and which falls within the definition of a “service reciptient” under Treas. Regs 1.409A-1(h)(3).

2.3Award means the amount credited to an Eligible Employee's Account pursuant to Article IV.

2.4Award Grant Date means the date on which an Award is granted via a credit to an Eligible Employee's Account. Award Grant Dates will typically, but are not required to, occur during the first calendar quarter following the end of the immediately preceding Plan Year.

2.5Beneficiary means one or more persons, trusts, estates or other entities, designated by a Participant, in accordance with procedures established by the Committee, to receive any

remaining balance in a Participant’s Account upon the death of the Participant. If no designation by the Participant is effective, then the Participant’s Beneficiary shall be the Participant’s surviving spouse if any, but if none then the Participant’s estate.

2.6 Change of Control means an event or transaction described below; provided, however, an event or transaction described below will not be a Change of Control for purposes of a payment event under this Plan unless it constitutes a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of Code Section 409A(a)(2)(A)(v):

(a)

(b)

(c)

(d)

For purposes of determining whether there has been a Change of Control under this definition, the attribution of ownership rules under Code Section 318(a) shall apply. Also for purposes of determining whether there has been a Change of Control, “Company” for purposes of this definition only means, for all employees who are not employed by Seaboard Marine Ltd, Seaboard Corporation and any successors to the business of Seaboard Corporation, and, for employees of Seaboard Marine Ltd., shall mean Seaboard Marine Ltd. and any successors to the business of Seaboard Marine Ltd.

2.7 Code means the Internal Revenue Code of 1986, any amendments thereto, and any regulations issued thereunder.

2.8Committee means the Seaboard Corporation Retirement Committee which has responsibilities for overseeing the Company’s qualified and non-qualified plans, and which also will be responsible for administering this Plan in accordance with Article VIII.

2.9 Company means, except as otherwise specifically noted in this Plan, Seaboard Corporation, a Delaware corporation, and any successors to the business of Seaboard Corporation.

2.10 Disability means the Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan sponsored by the Company, a Related Company or an Affiliate Company.

2.11Eligible Employee means an Employee who is a member of a select group of management or highly compensated employees of an Employer.

2.12 Employee means any individual who is a salaried employee of an Employer.

2.13Employer means the Company or a Related Company that participates in this Plan with the consent of the Company. The Related Companies participating in this Plan as of the Effective Date are listed on Schedule A attached hereto.

2.14Investment Options means the investment options selected by the Committee from time to time among which a Participant may direct the investment of his or her Account in accordance with procedures established by the Committee.

2.15Investment Return means the amount of earnings, gains or losses applicable to the Participant’s Account as measured by the Investment Option(s) applicable pursuant to the Participant’s direction or as otherwise provided herein.

2.16Named Executive Officer means a “named executive officer” pursuant to Code Section 162(m).

2.17 Participant means any Eligible Employee who is designated as eligible to participate in this Plan. Participant also means any individual that is no longer an Eligible Employee but for whom an Account is maintained hereunder, including a former Eligible Employee whose employment has moved to an Affiliate Company.

2.18 Plan means the Seaboard Corporation Long-Term Incentive Compensation Plan as set forth herein and as from time to time amended.

2.19 Plan Year means the twelve (12) month period beginning January 1 and ending December 31.

2.20 Related Company means any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)) that includes the Company or any corporation or other entity with whom the Company is considered a single employer under Code Section 414(c).

2.21 Section 457A Participant means a Participant whose compensation is subject to Section 457A of the Code.

2.22Separation from Service means the Participant’s termination of employment with the Company, which for purposes of this Section 2.22, the term Company includes any Related Company and any Affiliate Company. Whether a termination of employment has occurred shall be determined based on whether the facts and circumstances indicate the Participant and Company reasonably anticipate that no further services will be performed by the Participant for the Company; provided, however, a Participant shall be deemed to have a termination of employment if the level of services he or she would perform for the Company after a certain date permanently decreases to no more than twenty percent (20%) of the average level of bona fide services performed for the Company (whether as an employee or independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Company if the Participant has been providing services to the Company for less than 36 months). For this purpose, a Participant is not treated as having a Separation from Service while he or she is on a military leave, sick leave, or other bona fide leave of absence, if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant has a right to reemployment with the Company under an applicable statute or by contract.

2.23 Tax Distribution means the amount of any tax distribution made to a Section 457A Participant pursuant to Section 6.2.

2.24Unforeseeable Emergency means an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant; (ii) a loss of the Participant’s property due to casualty; or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.

2.25Year of Service means a twelve (12) consecutive month period during which a Participant has been employed by the Company, a Related Company or an Affiliate.

ARTICLE III
PARTICIPATION

3.1 Participation in Plan. The Company’s President will designate each Eligible Employee who will be a Participant in this Plan. Eligible Employees may receive Awards pursuant to the provisions of this Plan through the Plan Year in which the Eligible Employee attains 60 years of age, which date may be extended with respect to any Eligible Employee at the discretion of the Committee. The President shall have the right at any time to remove any Participant from being a Eligible Employee in this Plan or remove any Employee from being an Eligible Employee in this Plan.

3.2Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any employer and any Participant or any Eligible Employee. Any such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or

without cause, and with or without notice, unless otherwise expressly provided in a written employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any employer or to interfere with the right of an employer to discipline or discharge the Participant at any time.

ARTICLE IV
AWARDS AND INVESTMENT RETURN

4.1Eligible Award Amounts. Each Eligible Employee will be eligible to receive an Award for each Plan Year in such amount as is determined by the Committee.

4.2Award Grants. Each Award shall be deemed granted as of the Award Grant Date.

4.3Investment Return. Each Award granted to a Participant will be credited to the Participant’s Account and will be deemed invested in the Investment Option(s) selected by the Participant from and after the Award Grant Date. The Investment Return will be credited (in the case of net earnings) or charged (in the case of net losses) to the Participant’s Account on the last day of the end of each Plan Year, except as provided in Section 6.8 below.

ARTICLE V
VESTING

5.1Vesting of Awards. Each Award held by a Participant, as increased or decreased by the Investment Return thereon, will vest in the Participant upon the later of:

(a)

The earliest to occur of:

The end of the third Plan Year, beginning with the Award Grant Date provided the Participant has not had a Separation from Service as of such date. For clarity, if an Award Grant Date is January 1, 2023, the Award and any Investment Return thereon will vest on December 31, 2025, provided the Participant has not had a Separation from Service as of such date; or

The Participant attaining sixty (60) years of age [Note that any Awards granted on or after a Participant attains 60 years of age shall immediately vest on the Award Grant Date]; and

(b)

The Participant's completion of five (5) Years of Service beginning with the Plan Year in which he or she first received an Award under the Plan.

Notwithstanding the foregoing, in all events the Participant will vest in all Awards upon the first to occur of (x) the Participant’s Disability as determined by the Committee if such Disability occurs while the Participant is an employee of the Company, a Related Company or an Affiliate Company; (y) the Participant’s death while the Participant is an employee of the Company, a Related Company or an Affiliate Company; or a Change of Control.

5.2Forfeitures. Any Award held by a Participant, as increased or decreased by the Investment Return thereon, which does not vest pursuant to or in connection with the provisions of Section 5.1 will be forfeited.

ARTICLE VI
DISTRIBUTIONS

6.1Mandatory Distribution of Amounts Vested Upon Separation from Service. In the event a Participant has a Separation from Service, the amount of the Participant’s Account that has become vested pursuant to Section 5.1will be distributed by the Employer to the Participant in a lump sum payment as follows, unless the Participant’s Account is to be distributed earlier under another provision of this Article VI: (a) if the Participant is not a Section 457A Participant, during the seventh month following the month in which such Separation from Service occurs, and (b) if the Participant is a Section 457A Participant, as soon as practicable after such Separation of Service.

6.2Mandatory Tax Distributions with respect to Section 457A Participants.

(a)

To the extent a Section 457A Participant must recognize U.S. federal income for income tax purposes with respect to the amount of such Section 457A Participant’s Account which has vested, the Company shall make a distribution (a “Tax Distribution”) to such Participant in an amount equal to the Employer’s estimate of the U.S. federal income tax such Participant will pay on account of such income being recognized.

(b)

The Account of the Section 457A Participant receiving one or more Tax Distributions shall not be reduced by the amount of the Tax Distribution(s) at the time the Tax Distribution is made, but instead will be reduced by the aggregate amount of all Tax Distributions to such Participant at the time the Participant’s Account is being distributed to such Participant pursuant to the provisions of this Article VI.

6.3Mandatory Distribution Upon Change of Control. In the event there is a Change of Control, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment within ninety (90) days following the occurrence of the Change of Control, unless the Participant’s Account is to be distributed earlier under another provision of this Article VI.

6.4Mandatory Distribution Upon Disability. In the event of the Disability of a Participant, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment within ninety (90) days following the determination of such Disability, unless the Participant’s Account is to be distributed earlier under another provision of this Article VI.

6.5Mandatory Distribution Upon Death. In the event of the death of the Participant, then the Participant’s Account will be distributed by the Employer to the Participant’s Beneficiary in a lump sum payment within ninety (90) days following the Participant’s death.

6.6162(m) Payment Delay. Notwithstanding the mandatory distribution provisions of Sections 6.1 through 6, any amount eligible to be paid under any of these sections may be delayed to the extent the Employer reasonably anticipates that if the payment were made as scheduled, the Employer's deduction with respect to such payment would not be permitted due to the application of Code section 162(m), provided that the payment is made either during the Employer's first taxable year in which the service recipient reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of Code section 162(m) or during the period beginning with the date of the Participant's Separation from Service and ending on the later of the last day of the taxable year of the Employer in which the Participant Separates from Service or the 15th day of the third month following the Participant's Separation from Service, and provided further that where any scheduled payment to a Participant in the Employer's taxable year is delayed in accordance with this Section 7, the delay in payment will be treated as a subsequent deferral election unless all scheduled payments to that Participant that could be delayed in accordance with this Section (or pursuant to any other nonqualified deferred compensation plan maintained by the Employer) are also delayed. Where the payment is delayed to a date on or after the Participant's Separation from Service, the payment will be considered a payment upon a Separation from Service for purposes of the rules under § 1.409A-3(i)(2) (payments to specified employees upon a Separation from Service) and, in the case of a specified employee, the date that is six months after the Participant's Separation from Service is substituted for any reference to a Participant's Separation from Service in the first sentence of this paragraph. No election may be provided to the Participant with respect to the timing of the payment under this Section 7 (or under any other nonqualified deferred compensation plan maintained by the Employer). In no event may a payment otherwise owed under this Plan be paid later than the thirtieth (30^th) day following the sixth anniversary of the Participant's Separation from Service (regardless of such payment's nondeducibility).

6.7Distribution Upon Unforeseeable Emergency. If the Committee determines that a Participant has an Unforeseeable Emergency, then upon the written request of the Participant the Committee may direct the Employer to distribute to the Participant a portion of the vested amount of the Account Balance that shall not exceed the amount necessary to satisfy such emergency need plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such emergency is or may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship.

6.8Adjustments to Accounts. At any time a Participant’s Account (or portion thereof) is to be distributed hereunder with respect to any distribution other than a Tax Distribution pursuant to Section 6.2(a), the Participant’s Account shall be adjusted for the Investment Return, as provided in Section 4.3, prior to the date of distribution and as near as administratively feasible to the date of distribution.

ARTICLE VII
AMENDMENT OR TERMINATION

The Committee may, in its sole discretion, at any time and from time to time, amend, in whole or in part, any of the provisions of this Plan or may terminate it as a whole or with respect

to any Participant or group of Participants; provided, however, no amendment or termination shall accelerate or postpone the time of any distributions hereunder except to the extent allowed under Code Section 409A and, if applicable, Code Section 457A.

ARTICLE VIII
ADMINISTRATION

8.1Committee. The Committee will act by a majority of its members except to the extent it has delegated responsibilities hereunder. The Committee will have the following powers, rights and duties in addition to those granted to it elsewhere in this Plan:

(a)

To adopt such rules of procedure and regulations as, in its opinion, may be necessary for the proper and efficient administration of this Plan and as are consistent with the provisions of this Plan.

(b)

To enforce this Plan in accordance with its terms and with such applicable rules and regulations as may be adopted.

(c)

To construe and interpret this Plan in the Committee’s sole discretion, and to determine all questions arising under this Plan, including the power to determine the rights of Participants and their beneficiaries and the amount of their respective benefits.

(d)

To maintain and keep adequate records concerning this Plan and concerning its proceedings and acts in such form and detail as the Committee may decide.

(e)

To direct all payments of benefits under this Plan.

8.2Delegation. In exercising its authority to control and manage the operation and administration of this Plan, the Committee may employ agents and counsel (who may also be employed by the Company) and delegate to them such powers as the Committee deems desirable.

8.3Information to be Furnished. The employer shall furnish the Committee or its delegates such data and information as may be required. The records of the employer as to a Participant's Separation from Service, Compensation, Beneficiary designation and elections hereunder will be conclusive on all persons unless determined to be incorrect.

8.4Committee’s Decision Final. Any interpretation of this Plan and any decision on any matter within the discretion of the Committee made in good faith is binding on all persons. A misstatement or other mistake of fact shall be corrected when it becomes known, and the Committee shall make such adjustment on account thereof as it considers equitable and practicable.

8.5Remuneration and Expenses. No remuneration shall be paid to any Committee member for services hereunder. All expenses of a Committee member incurred in the performance of the administration of this Plan shall be reimbursed by the Company.

8.6Indemnification of Committee Member. The Committee and the individual members thereof shall be indemnified by the Company against any and all liabilities, losses, costs, and expenses (including fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee or the members by reason of the performance of a Committee function if the Committee or such members did not act dishonestly or in willful or negligent violation of the law or regulations under which such liability, loss, cost or expense arises.

8.7Resignation or Removal of Committee Member. A Committee member may resign at any time by giving ten (10) days’ advance written notice to the Company and the other Committee members. The Company may remove a Committee member by giving advance written notice to him or her, and the other Committee members.

8.8Interested Committee Member. A member of the Committee may not decide or determine any matter or question concerning his or her own benefits under this Plan.

ARTICLE IX
CLAIMS PROCEDURE

This Article IX applies to any person claiming a benefit other than a benefit relating to a Disability. Any claim for benefits under this Plan relating to a Disability shall be governed by separate claims procedures from those provided in Article IX, which separate procedures shall be available upon request to the Committee.

9.1Claim. Any person claiming a benefit, requesting an interpretation or ruling under this Plan, or requesting information under this Plan shall present the request in writing to the Committee which shall respond in writing as soon as practicable.

9.2Denial of Claim. If the claim or request is denied, the written notice of denial shall be made within ninety (90) days of the date of receipt of such claim or request by the Committee and shall state:

(a)

The reason for denial, with specific reference to the Plan provisions on which the denial is based.

(b)

A description of any additional material or information required and an explanation of why it is necessary.

(c)

An explanation of this Plan's claim review procedure.

9.3Review of Claim. Any person whose claim or request is denied or who has not received a response within ninety (90) days may request review by notice given in writing to the Committee within sixty (60) days of receiving a response or one hundred fifty (150) days from the date the claim was received by the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

9.4Final Decision. The decision on review shall normally be made within sixty (60) days after the Committee's receipt of a request for review. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days after the Committee's receipt of a request for review. The decision shall be in writing and shall state the reasons and relevant plan provisions. All decisions on review shall be final and bind all parties concerned.

ARTICLE X
MISCELLANEOUS

10.1Captions. The captions of articles, sections, paragraphs and subparagraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

10.2Company Action. Except as may be specifically provided herein, any action required or permitted to be taken by the Company may be taken on behalf of the Company by any officer of the Company.

10.3Terms. Where the context permits, words in the plural shall include the singular, and words in the singular shall include the plural.

10.4Governing Law. Except to the extent governed by the Employee Retirement Income Security Act of 1974, as amended, the provisions of this Plan shall be construed and interpreted according to the laws of the state of Kansas.

10.5Non-Assignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly hereby declared to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or separation for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant's or another person's bankruptcy or insolvency.

10.6Tax Obligations. The Employer will withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer.

10.7Participant Cooperation. A Participant will cooperate by furnishing any and all information requested in order to facilitate the payment of benefits hereunder and such other action as may be requested by the Committee, the Company, a Related Company or an Affiliate Company.

10.8Successors. The provisions of this Plan shall bind the Employer and their successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all

or substantially all of the business and assets of any Employer, and successors of any such corporations or other business entities.

10.9Unsecured General Creditor. Participants and their beneficiaries, heirs, successors, and assigns will have no secured interest or claim in any property or assets of any Related Company whether or not such assets are held in a trust that may be used for the purpose of paying benefits hereunder. For purposes of this Plan, any and all of any Related Company’s assets shall be, and remain, the general, unpledged, assets of the Related Company. The Employers' obligation under this Plan shall be merely that of an unfunded and unsecured promise of the Employer to pay money in the future. No Employer shall have any obligation under this Plan with respect to individuals other than that Employer's employees.

10.10Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.

10.11Waiver of Notice. Any notice required under this Plan may be waived by the person entitled to notice.

The Company hereby agrees to the provisions of this Plan, and, in witness thereof, the Company causes this Plan to be, executed as of this 13th day of December, 2022.


SEABOARD CORPORATION

By:	/s/ Robert L. Steer
	Robert L. Steer
	President

APPENDIX A

PARTICIPATING EMPLOYERS

Seaboard Corporation

Seaboard Foods LLC

Seaboard Energy, LLC
Seaboard Marine Ltd.

Jacintoport International, LLC

Seaboard Overseas Management Company

EX-10.14 4 seb-20221231xex10d14.htm SEABOARD CORPORATION 401(K) EXCESS PLAN

Exhibit 10.14

SEABOARD CORPORATION

401(K) EXCESS PLAN

ARTICLE I

ESTABLISHMENT OF PLAN

Seaboard Corporation hereby establishes the Seaboard Corporation Excess Plan (the “Plan”), on this 13th day of December, 2022, effective for the Year beginning January 1, 2022.

ARTICLE II

DEFINITIONS

The following definitions shall apply for purposes of this Plan:

“Code” means the Internal Revenue Code of 1986 as from time to time amended.

“Company” means Seaboard Corporation, a Delaware corporation.

“Eligible Employee” means, with respect to any Year, an employee of the Company or of a Subsidiary who has completed one year of service as defined for purposes of eligibility for a matching contribution under the 401(k) Plan, and who has received compensation for such Year that is not included as compensation under the 401(k) Plan solely on account of the limitation on the amount of compensation that can be taken into account under the 401(k) Plan for such Year under Section 40I(a)(17) of the Code.

“401(k) Plan” means the Retirement Savings Plan for Seaboard Corporation, as amended from time to time.

“Match Percentage” means the matching contribution percentage being made by the Company pursuant to Questions 12.c. and 28 of the 401(k) Plan, as of the date the Supplemental Amount is being paid.

“Plan” means this Seaboard Corporation 401(k) Excess Plan, as set forth herein and as amended from time to time.

“Subsidiary” means any wholly-owned United States subsidiary of the Company other than Seaboard Marine Ltd.

“Supplemental Amount” means an amount expressed in terms of dollars equal to the Match Percentage of the amount, if any, of the Eligible Employee’s compensation received for the Year that is not included as compensation under the 401(k) Plan solely on account of the limitation on the amount of compensation that can be taken into account under the 401(k) Plan for such Year under Section 401(a)(17) of the Code (but only to the extent such excess compensation amount is paid to the Eligible Employee after becoming an Eligible Employee hereunder).

“Year” means a 12-month period beginning each January 1 and ending each succeeding December 31.

ARTICLE III

BENEFIT

Except as otherwise provided herein, the Company will pay in cash to each Eligible Employee with respect to each Year an amount equal to the Supplemental Amount. The Supplemental Amount will not be paid to any person who does not continue to be employed by the Company or a Subsidiary as of the last day of the Year.

ARTICLE IV

ADMINISTRATION

This Plan shall be interpreted, construed and administered by the Company in its sole and absolute discretion, and all decisions and determinations of the Company hereunder shall be binding upon all Eligible Employees and their successors and assigns.

ARTICLE V

NO EMPLOYMENT RIGHTS

The adoption of this Plan does not give any person any right to be retained in the employ of the Company, and no rights granted under the Plan shall be construed as creating a contract of employment. The right and power of the Company to dismiss or discharge any person is expressly reserved.

ARTICLE VI

AMENDMENT AND TERMINATION

The Company can amend or terminate the Plan at any time in its sole discretion.

ARTICLE VII

GOVERNING LAW

The provisions of this Plan shall be governed, construed, enforced and administered in accordance with the laws of the State of Kansas.

ARTICLE VIII

HEADINGS

The headings have been inserted for convenience only and shall not affect the meaning or interpretation of the Plan.

IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officer.


SEABOARD CORPORATION

By:	/s/ Robert L. Steer
	Robert L. Steer
	President


Attest:	/s/ David M. Becker
Title:	Secretary

EX-21 5 seb-20221231xex21.htm LIST OF SUBSIDIARIES

Exhibit 21


SUBSIDIARIES		NAMES UNDER		STATE OR OTHER
OF THE		WHICH SUBSIDIARIES		JURISDICTION
REGISTRANT		DO BUSINESS		OF INCORPORATION
African HHB Limited		Same		Liberia

African HHB Shipping Limited		Same		Bahamas

African Jacaranda Shipping Ltd.		Same		Liberia

African Joseph R Shipping Ltd.		Same		Liberia

African Juniper Shipping Ltd.		Same		Liberia

African Kalmia Limited		Same		Liberia

African Kalmia Shipping Limited		Same		Bahamas

African Lily Limited		Same		Liberia

African Lily Shipping Limited		Same		Bahamas

African Magnolia Limited		Same		Liberia

African Magnolia Shipping Limited		Same		Bahamas

African Ship Holdings Limited		Same		Bahamas

Agencia Maritima del Istmo, S.R.L.		Same		Costa Rica

Agencias Generales Conaven, C.A.		Conaven		Venezuela

Almacenajes del Istmo, S.A.		Same		Panama

BB Kansas Holdings, Inc.		Same		Kansas

Beira Grain Terminal, S.A.		Same		Mozambique

Borisniak Corp.		Same		Panama

Cape Fear Railways, Inc.		Same		North Carolina

Caravel Holdings LLC		Same		Delaware

Carolina Food Ingredients, S. de R.L. de C.V.		Same		Mexico

Cayman Freight Shipping Services, Ltd.		Same		Cayman Islands

Chestnut Hill Farms Honduras, S. de R.L. de C.V.		Same		Honduras

Compania Inversora de Salta, S.A.		Same		Argentina

CONEMY Holding Company, Ltd.		Same		Bermuda

Corporacion Alto Valle, S.A.S.		ALVASA		Dominican Republic

Daily's Holding Company, Inc.		Same		Delaware

Dalian Sino Fortune Trading Co., Ltd.		Same		China

Eurafrique S.A.M.		Same		Monaco

Fill-More Seeds Inc.		Same		Saskatchewan

Flour Mills of Ghana Limited		Same		Ghana

Ghana Holdings Limited		Same		Bermuda

Guyana Rice Holdings Limited		Same		Bahamas

H and O Shipping Limited⁽¹⁾	Same		Liberia

High Plains Transport LLC	Same		Oklahoma

I.A.G. (Zambia) Limited	Same		Zambia

InterAfrica Grains (Proprietary) Ltd.	Same		Republic of South Africa

InterAfrica Grains Ltd.	Same		Bermuda

Inversiones Cuenca, Ltda. de C.V.	Same		El Salvador


SUBSIDIARIES		NAMES UNDER		STATE OR OTHER
OF THE		WHICH SUBSIDIARIES		JURISDICTION
REGISTRANT		DO BUSINESS		OF INCORPORATION
Inversiones y Servicios Diversos, S.A.	INVERSA		Guatemala

Jacintoport International LLC	Same		Texas

JP LP, LLC	Same		Delaware

Les Grands Moulins d’Abidjan S.A.	Same		Ivory Coast

Les Grands Moulins de Dakar S.A.	Same		Senegal

Les Grands Moulins de Pointe-Noire	GMPN		Republic of Congo

Les Moulins de Madagascar, S.A.R.L.	Same		Madagascar

Maple Creek Farms, LLC	Same		Kansas

Merriam Financial Services, Ltd.	Same		Bermuda

Merriam International Finance, S.L.U.	Same		Spain

Mission Funding L.L.C.	Same		Delaware

Mission Insurance Corporation	Same		Oklahoma

Mobeira, SARL	Same		Mozambique

Molinos Champion, S.A.	MOCHASA		Ecuador

Mount Dora Farms de Honduras, S.R.L.	Same		Honduras

Mount Dora Farms Inc.	Same		Florida

National Feed Company Limited	Same		Zambia

National Milling Company of Guyana, Inc.	NAMILCO		Guyana

National Milling Corporation Limited	Same		Zambia

Paramount Holdings Ltd.	Same		Bermuda

Paramount Mills (Pty) Ltd.	Same		Republic of South Africa

Pativoire S.A.	Same		Ivory Coast

Prize Milling (PTY) Ltd.	Same		Republic of South Africa

PS International Canada Corp.	Same		Nova Scotia

PS International, LLC	Same		Delaware

PS International S.A.	Same		Argentina

PSI Canada Holdings, LLC	Same		Delaware

PSI Global Exports, Inc.	Same		Delaware

PSI Guyana Inc.	Same		Guyana

RCF 5 & 2 Holdings, LLC	Same		Delaware

Refined Coal Holdings LLC	Same		Kansas

Refined Coal Holdings 2 LLC	Same		Kansas

Representaciones Maritimas y Aereas S.A.	REMARSA		Guatemala

S.B.D. LLC	Same		Delaware

SB Cayman Holdings Ltd.	Same		Cayman Islands

SB Power Solutions Inc.	Same		Delaware

SBD Power Holdings Ltd.	Same		Cayman Islands

Sea – Hawk, Inc.	Same		Kansas

Sea Cargo, S.A.	Same		Panama

Seaboard Atlantic Ltd.	Same		Liberia


SUBSIDIARIES		NAMES UNDER		STATE OR OTHER
OF THE		WHICH SUBSIDIARIES		JURISDICTION
REGISTRANT		DO BUSINESS		OF INCORPORATION
Seaboard Botswana Holdings Limited	Same		Bahamas

Seaboard Brazil Holdings Ltd.	Same		Bermuda

Seaboard Bulk Services, Ltd.	Same		Bermuda

Seaboard Colombia, Ltd.	Same		Bermuda

Seaboard de Colombia, S.A.	Same		Colombia

Seaboard de Nicaragua, S.A.	Same		Nicaragua

Seaboard Energias Renovables y Alimentos S.R.L.	Same		Argentina

Seaboard Energy California, LLC	Same		Delaware

Seaboard Energy Kansas, LLC	Same		Kansas

Seaboard Energy Marketing, Inc.	Same		Oklahoma

Seaboard Energy Missouri, LLC	Same		Missouri

Seaboard Energy Oklahoma, LLC	Same		Oklahoma

Seaboard Energy Renewables, LLC	Same		Delaware

Seaboard Energy, LLC	Same		Delaware

Seaboard Explorer Ltd.	Same		Liberia

Seaboard Foods LLC	Same		Oklahoma

Seaboard Foods Holdings, LLC	Same		Delaware

Seaboard Foods of Iowa, LLC	Same		Delaware

Seaboard Foods of Missouri, Inc.	Same		Missouri

Seaboard Foods Services Inc.	Same		Kansas

Seaboard Freight & Shipping Jamaica Limited	Same		Jamaica

Seaboard GPN Ltd.	Same		Bermuda

Seaboard Grain of Iowa, LLC	Same		Iowa

Seaboard Guyana Ltd.	Same		Bermuda

Seaboard Holdings Ltd.	Same		Bermuda

Seaboard Holdings Ltd.	Same		British Virgin Islands

Seaboard Honduras S. De R.L. de C.V.	Same		Honduras

Seaboard International Holdings Ltd.	Same		Bermuda

Seaboard Kansas Holdings, Inc.	Same		Kansas

Seaboard Latin America Holdings, Ltd.	Same		Bermuda

Seaboard Logistics, LLC	Same		Kansas

Seaboard Marine (Trinidad) Limited	Same		Trinidad

Seaboard Marine Bahamas, Ltd.	Same		Bahamas

Seaboard Marine Ltd.⁽²⁾	Same		Liberia

Seaboard Marine of Haiti S.A.	Same		Haiti

Seaboard Marine of Florida, Inc.	Same		Florida

Seaboard MOZ Limited	Same		Bermuda

Seaboard Overseas (IOM) Ltd.	Same		Isle of Man

Seaboard Overseas (Kenya) Limited	Same		Kenya

Seaboard Overseas Colombia Ltda.	Same		Colombia


SUBSIDIARIES		NAMES UNDER		STATE OR OTHER
OF THE		WHICH SUBSIDIARIES		JURISDICTION
REGISTRANT		DO BUSINESS		OF INCORPORATION
Seaboard Overseas Limited	Same		Isle of Man

Seaboard Overseas Management Company, Ltd.	Same		Bermuda

Seaboard Overseas Peru S.A.	Same		Peru

Seaboard Overseas Singapore Pte. Ltd.	Same		Singapore

Seaboard Overseas Trading and Shipping (Proprietary) Limited	Same		Republic of South Africa

Seaboard Patriot Ltd.	Same		Liberia

Seaboard Pioneer Ltd.	Same		Liberia

Seaboard Power Management Inc.	Same		Florida

Seaboard Pride Ltd.	Same		Liberia

Seaboard Solutions de Honduras S.R.L.	Same		Honduras

Seaboard Solutions, Inc.	Same		Delaware

Seaboard Solutions of Haiti S.A.	Same		Haiti

Seaboard Special Crops India Private Limited	Same		India

Seaboard Sun Ltd.	Same		Liberia

Seaboard Transport Canada, Inc.	Same		Delaware

Seaboard Transport LLC	Same		Oklahoma

Seaboard Uruguay Holdings Limited	Same		Bahamas

Seaboard Venture Limited	Same		Bermuda

Seaboard Victory Ltd.	Same		Cayman Islands

Seaboard Voyager Ltd.	Same		Bermuda

Seaboard Zambia Ltd.	Same		Bermuda

Seaboard Zambia Milling Holdings Ltd.	Same		Bahamas

SEADOM, S.A.S.	Same		Dominican Republic

SeaFin Holdings Limited	Same		Bermuda

SeaMaritima, S.A. de C.V.	Same		Mexico

SeaRice Caribbean Inc.	Same		Guyana

SeaRice Guyana, Inc.	Same		Guyana

SeaRice Limited	Same		Bermuda

Secuador Limited	Same		Bermuda

SEEPC (Nigeria) Ltd.	Same		Nigeria

Sermarin Servicios Maritimos Intermodales, C.A.	Same		Venezuela

Shawnee Funding, Limited Partnership	Same		Delaware

Shawnee GP LLC	Same		Delaware

Shawnee Leasing LLC	Same		Oklahoma

Shawnee LP LLC	Same		Delaware

Shilton Limited	Same		Cayman Islands

Showlands Investments (Pty) Ltd.	Same		Republic of South Africa

Societe Mediterraneenne de Transports	SOMETRA		Monaco

SSI Ocean Services, Inc.	Same		Florida

STI Holdings Inc.	Same		Oklahoma


SUBSIDIARIES		NAMES UNDER		STATE OR OTHER
OF THE		WHICH SUBSIDIARIES		JURISDICTION
REGISTRANT		DO BUSINESS		OF INCORPORATION
Sunglo Limited	Same		Bermuda

TFL Life Foods Limited	Same		Nigeria

Transcontinental Capital Corp. (Bermuda) Ltd.	TCCB		Bermuda

United African Grain (IOM) Limited	Same		Isle of Man

United African Grain Limited	Same		Zambia

United African Grain Ltd.	Same		Bermuda

Vinprom Carib Holdings Limited	Same		St. Lucia

Vinprom Holdings, LLC	Same		Delaware

¹ Owns twelve foreign ship holding company subsidiaries

² Owns six foreign ship holding company subsidiaries

EX-31.1 6 seb-20221231xex31d1.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302

Exhibit 31.1

CERTIFICATIONS

I, Robert L. Steer, certify that:

I have reviewed this annual report on Form 10-K of Seaboard Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 14, 2023

			/s/ Robert L. Steer
			Robert L. Steer President and Chief Executive Officer (principal executive officer)

EX-31.2 7 seb-20221231xex31d2.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302

Exhibit 31.2

CERTIFICATIONS

I, David H. Rankin, certify that:

I have reviewed this annual report on Form 10-K of Seaboard Corporation;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 14, 2023

			/s/ David H. Rankin
			David H. Rankin Executive Vice President and Chief Financial Officer
			(principal financial officer)

EX-32.1 8 seb-20221231xex32d1.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION. 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of the annual report on Form 10-K for the fiscal year ended December 31, 2022 (the Report) by Seaboard Corporation (the Company), the undersigned, as the Chief Executive Officer of the Company, hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

	● The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

	● The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 14, 2023

			/s/ Robert L. Steer
			Robert L. Steer President and Chief Executive Officer (principal executive officer)

EX-32.2 9 seb-20221231xex32d2.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION. 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of the annual report on Form 10-K for the fiscal year ended December 31, 2022 (the Report) by Seaboard Corporation (the Company), the undersigned, as the Chief Financial Officer of the Company, hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:


	● The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

	● The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

5
Date: February 14, 2023

			/s/ David H. Rankin
			David H. Rankin Executive Vice President and Chief Financial Officer (principal financial officer)

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revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is uncollateralized (where debt is not backed by the pledge of collateral). Proceeds From Repayments Of Unsecured Lines Of Credit Uncommitted lines of credit, net Proceeds from Secured Lines of Credit Draws under committed lines of credit Repayments Of Secured Lines Of Credit Repayments of committed lines of credit Proceeds from Issuance of Long-term Debt Proceeds from long-term debt Repayments of Long-term Debt Principal payments of long-term debt Finance Lease, Principal Payments Finance lease payments Financing cash flows from finance leases Payments for Repurchase of Common Stock Repurchase of common stock Payments of Ordinary Dividends, Common Stock Dividends paid Proceeds from (Payments for) Other Financing Activities Other, net Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash from financing activities Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations Effect of exchange rate changes on cash and cash equivalents Net Cash Provided by (Used in) Continuing Operations Net change in cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents at end of year Cash and cash equivalents at beginning of year Summary of Significant Accounting Policies Disaggregation of Revenue [Table] Disaggregation of Revenue [Line Items] Basis of Presentation and Accounting Policies Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies Investments Investment Holdings [Table] Investment Holdings [Line Items] Investments Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investments Inventories Inventory, Current [Table] Inventory [Line Items] Inventories Inventory Disclosure [Text Block] Inventories Property, Plant and Equipment Property, Plant and Equipment Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, plant and equipment Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment Leases The entire disclosure of information about leases. Lease Disclosure [Text Block] Leases Investments in Affiliates Investments in and Advances to Affiliates [Table] Equity Method Investments and Joint Ventures Disclosure [Text Block] Investments in Affiliates Debt Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Debt Lines of Credit, Long-Term Debt, Commitments and Contingencies Debt Disclosure [Text Block] Debt Commitments and Contingencies Loss Contingencies [Table] Loss Contingencies [Line Items] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Employee Benefits Schedule of Defined Benefit Plans Disclosures [Table] Defined Benefit Plan Disclosure [Line Items] Target allocation and pension plan asset allocation Employee Benefits Pension and Other Postretirement Benefits Disclosure [Text Block] Employee Benefits No definition available. Derivatives and Fair Value of Financial Instruments Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Assets and liabilities measured at fair value on a recurring basis and also its level within the fair value hierarchy Derivatives and Fair Value of Financial Instruments Derivatives and Fair Value [Text Block] Derivatives and Fair Value of Financial Instruments Stockholders' Equity and Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Line Items] Stockholders' Equity and Accumulated Other Comprehensive Loss Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity and Accumulated Other Comprehensive Loss Income Taxes Schedule reflecting pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards and tax credit carryforwards. Operating Loss and Tax Credit Carryforwards [Table] N/A Operating Loss and Tax Credit Carryforwards [Line Items] Net operating loss carry-forwards and tax credit carry-forwards Income taxes Income Tax Disclosure [Text Block] Income Taxes Segment Information Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Segment Information Segment Reporting Disclosure [Text Block] Segment Information Consolidation, Policy [Policy Text Block] Principles of Consolidation Equity Method Investments [Policy Text Block] Investments in Affiliates Use of Estimates, Policy [Policy Text Block] Use of Estimates Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Transactions and Translation Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Disclosure of accounting policy for supplemental non-cash transactions. Supplemental Noncash Transactions Policy Text Block Supplemental Cash Flow Information Investment, Policy [Policy Text Block] Short-Term Investments Trade and Other Accounts Receivable, Policy [Policy Text Block] Accounts Receivable Receivables, Policy [Policy Text Block] Notes Receivable Inventory, Policy [Policy Text Block] Inventories Property, Plant and Equipment, Policy [Policy Text Block] Property, Plant and Equipment Lessee, Leases [Policy Text Block] Right of Use Assets and Lease Liabilities Goodwill and Intangible Assets, Policy [Policy Text Block] Goodwill and Other Intangible Assets Disclosure of accounting policy for accrued self-insurance cost. Accrued Self Insurance [Policy Text Block] Accrued Self-Insurance Asset Retirement Obligations, Policy [Policy Text Block] Asset Retirement Obligation Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] Pension Plans Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Research and Development Expense, Policy [Policy Text Block] Research and Development Income Tax, Policy [Policy Text Block] Income Taxes Earnings Per Share, Policy [Policy Text Block] Earnings Per Common Share New Accounting Pronouncements, Policy [Policy Text Block] Accounting Standards Recently Adopted Tabular disclosure of amount paid for interest and income taxes. Schedule of Amounts Paid for Interest and Income Taxes [Table Text Block] Schedule of amounts paid for interest and income taxes Accounts Receivable, Allowance for Credit Loss [Table Text Block] Schedule of components of receivables Tabular disclosure of the activity during the period for the allowance for credit losses. Summary Of Allowance For Doubtful Accounts [Table Text Block] Schedule of activity within the allowance for credit losses Tabular disclosure of the activity during the period for the allowance for notes receivable. Summary Of Allowance For Notes Receivable [Table Text Block] Schedule of activity within the allowance for long-term notes receivable Schedule of Goodwill [Table Text Block] Schedule of changes in the carrying amount of goodwill Schedule of Finite-Lived Intangible Assets [Table Text Block] Schedule of gross carrying amount and accumulated amortization for finite-lived intangibles Schedule of Change in Asset Retirement Obligation [Table Text Block] Schedule of changes in the asset retirement obligation Investment [Table Text Block] Summary of the estimated fair value of short-term investments classified as trading securities Schedule of Inventory, Current [Table Text Block] Summary of inventories Property, Plant and Equipment [Table Text Block] Summary of property, plant and equipment Tabular disclosure of financial lease asset and liabilities not disclosed separately under balance sheet. Financial Lease Assets and Liabilities Not Reported Separately in Balance Sheet [Table Text Block] Summary of classification of finance leases in consolidated balance sheets Lease, Cost [Table Text Block] Summary of components of lease cost Tabular disclosure of weighted-average remaining lease term and discount rate. Lease Term and Discount Rate [Table Text Block] Summary of weighted-average lease terms and discount rates Tabular disclosure of undiscounted cash flows of operating lease liability and finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating and finance lease liability recognized in statement of financial position. Operating Lease and Finance Lease Liability Maturity [Table Text Block] Summary of maturities of lease liabilities Supplemental Cash And Noncash Information Related To Leases [Table Text Block] Summary of supplemental cash and non-cash information related to leases Segments [Axis] Segments [Domain] Represents the Pork segment of the entity. Pork Represents the Commodity Trading and Milling segment of the entity. Commodity Trading and Milling Represents the Marine segment of the entity. Marine Represents the Sugar and Alcohol segment of the entity. Sugar and Alcohol Represents the Power segment of the entity. Power Represents the Turkey segment of the entity. Turkey. Turkey Schedule of Equity Method Investments [Line Items] Equity method investments Investments in Affiliates Equity Method Investments [Table Text Block] Schedule of non-consolidated affiliates Schedule of Related Party Transactions [Table Text Block] Schedule of related-party transactions with non-consolidated affiliates Schedule of Long-term Debt Instruments [Table Text Block] Summary of long-term debt Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] Summary of non-cancelable commitments under contractual obligations Tabular disclosure of the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. Schedule of Fair Value of Plan Assets [Table Text Block] Schedule of Plans' assets measured at estimated fair value Schedule of Assumptions Used [Table Text Block] Schedule of assumptions used in determining pension information for qualified and nonqualified plans Schedule of Net Funded Status [Table Text Block] Schedule of aggregate changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status Schedule of Net Benefit Costs [Table Text Block] Schedule of net periodic benefit cost for all plans Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Schedule of assets and liabilities measured at fair value on a recurring basis Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] Schedule of aggregated outstanding notional amounts related to derivative financial instruments Derivative Instruments, Gain (Loss) [Table Text Block] Schedule of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] Schedule of fair value of each type of derivative derivative held and where each derivative is included in the condensed consolidated balance sheets Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule of components of accumulated other comprehensive loss, net of related taxes Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] Schedule of earnings before income taxes Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule of components of total income taxes Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of components of the net deferred income tax liability Summary of Valuation Allowance [Table Text Block] Schedule of activity within the valuation allowance account Summary of Income Tax Contingencies [Table Text Block] Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits Revenue from External Customers by Products and Services [Table Text Block] Summary of sales disaggregated by revenue source and segment Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] Summary of specific financial information related to operating income (loss) Reconciliation of Assets from Segment to Consolidated [Table Text Block] Summary of specific financial information related to total assets Tabular disclosure of all significant reconciling items in the reconciliation of total capital expenditures from reportable segments to the entity's consolidated totals. Reconciliation of Capital Expenditure from Segment to Consolidated [Text Block] Summary of specific financial information related to capital expenditures Tabular disclosure of information concerning the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. Schedule of Revenues from External Customers by Geographical Areas [Table Text Block] Geographic summary of net sales based on the location of product delivery Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] Geographic summary of the entity's property, plant and equipment according to their physical location and primary port for the vessels Schedule of Equity Method Investments [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Accounts Receivable Net sales Concentration Risk Type [Axis] Concentration Risk Type [Domain] Geographic concentration Geographical [Axis] Geographical [Domain] Foreign Country Valuation Allowances and Reserves Type [Axis] Valuation Allowances and Reserves [Domain] Allowance for Credit Losses Allowance for Long-Term Notes Receivable Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Customer relationships Trade names Range [Axis] Range [Domain] Minimum Maximum Timing of Transfer of Good or Service [Axis] Timing of Transfer of Good or Service [Domain] Transferred at point in time Operations and Subsidiaries [Abstract] Operations of Seaboard Corporation and its Subsidiaries Represents the percentage of ownership interest in the entity held by the parent company. Percentage of Ownership Interest by Parent Percentage of ownership interest held by Seaboard Flour LLC and SFC Preferred LLC Consolidation and Investments in Affiliates [Abstract] Principles of Consolidation and Investments in Affiliates Represents the time lag for reporting financial information of subsidiaries and affiliates. Subsidiaries and Affiliates Reporting Period Lag Time lag for reporting financial information Movement in Valuation Allowances and Reserves [Roll Forward] Movement in valuation and qualifying accounts Valuation Allowances and Reserves, Balance Balance at end of year Balance at beginning of year SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment Transition Adjustment Valuation Allowances and Reserves, Charged to Cost and Expense Charge (credit) to expense Provision Total of the deductions in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, representing receivables written off as uncollectible and portions of the reserves utilized, respectively. Along with total of recoveries of amounts due the Entity that had previously been written off as uncollectible using allowances (the valuation accounts that are netted against the cost of an asset to value it at its carrying value) and total of reestablishments of reserves (liabilities established to represent expected future costs) that had previously been utilized. Along with total currency translation adjustment. Valuation Allowances and Reserves, Deductions and Recoveries and Currency Translation Net deductions Property, Plant and Equipment, Useful Life Useful Lives Goodwill and Intangible Asset Impairment [Abstract] Goodwill and Other Intangible Assets Goodwill [Roll Forward] Goodwill Goodwill, Impairment Loss Impairment Goodwill impairment charges Goodwill, Foreign Currency Translation Gain (Loss) Foreign currency translation Goodwill, Period Increase (Decrease) Acquisition Intangible Assets, Net (Excluding Goodwill) [Abstract] Intangible assets Finite-Lived Intangible Assets, Gross Gross carrying amount Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization and currency translation Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] Intangible assets Amortization of Intangible Assets Amortization of intangible assets Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months 2023 Finite-Lived Intangible Assets, Amortization Expense, Year Two 2024 Finite-Lived Intangible Assets, Amortization Expense, Year Three 2025 Finite-Lived Intangible Assets, Amortization Expense, Year Four 2026 Asset Retirement Obligation [Abstract] Asset Retirement Obligation Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] Changes in the asset retirement obligation Asset Retirement Obligation Ending balance Beginning balance Asset Retirement Obligation, Accretion Expense Accretion expense Asset Retirement Obligation, Liabilities Incurred Liability for additional lagoons placed in service Revenue Recognition Percentage of revenue, excluding tax collected from customer, from satisfaction of performance obligation by transferring promised good or service to customer. Percentage of Revenue From Contract With Customer Excluding Assessed Tax Percentage of revenue Supplemental Non-Cash Transaction Supplemental Non-Cash Transactions Supplemental Cash Flow Information Interest Paid, Net Interest, net of interest capitalized Income Taxes Paid, Net Income taxes, net of refunds Capital Expenditures Incurred but Not yet Paid Capital expenditures included in accounts payable Accounts Receivable Additional Disclosures [Abstract] Accounts Receivable Accounts Receivable, Gross, Current Trade Due from Affiliate, Current Due from affiliates Nontrade Receivables, Current Other Represents the amounts due from customers or clients along with the sum of amount currently receivable other than from customers and from related parties within one year of the balance sheet date that have been delivered or sold in the normal course of business. Accounts Receivable Trade Due from Parties and Other Receivable, Current Total receivables Allowance for Doubtful Accounts Receivable, Current Allowance for credit losses Accounts Receivable, after Allowance for Credit Loss, Current Net receivables Amounts due from foreign customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business. These exclude amounts due from affiliates. Foreign Accounts Receivable excluding Receivables from Affiliates Foreign receivables, excluding receivables due from affiliates Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract] Notes Receivable Financing Receivable, after Allowance for Credit Loss, Noncurrent Notes receivable, net Foreign Currency Transaction [Abstract] Foreign Currency Transactions and Translation Period of measurement to determine highly inflationary accounting. Period Of Measurement To Determine Highly Inflationary Accounting Period of measurement to determine highly inflationary accounting Rate of inflation for the prescribed cumulative period. Cumulative Rate Of Inflation Three-year cumulative inflation rate Derivative [Table] Derivative [Line Items] Derivative commodity instruments Research and Development Expense [Abstract] Research and Development Research and Development Expense Research and development expense New Accounting Pronouncements and Changes in Accounting Principles [Abstract] Recently issued accounting standards Change in Accounting Principle Financial Instrument [Axis] Financial Instruments [Domain] Available-for-sale securities Represents the domestic equity securities. Domestic equity securities Domestic debt securities Represents the foreign equity securities. Foreign equity securities Represents the foreign debt securities. Foreign debt securities. Foreign debt securities Represents the money market funds held in trading accounts that are bought and held principally for the purpose of selling in the near term (thus held for only a short period of time). Money market funds held in trading accounts Represents information pertaining to other trading investments. Other trading securities Other trading investments Currency [Axis] All Currencies [Domain] Represents currencies other than US Dollar. Denominated in foreign currencies Morocco Trading Securities Fair Value Trading securities Long-term Investments Long term investments Equity Method Investment, Ownership Percentage Percentage of ownership Percentage of ownership interest accounted for as equity method investment Debt Securities, Trading, Unrealized Gain (Loss) Change in unrealized gains (losses) on trading securities No definition available. Lower of Fifo Cost or Market [Abstract] At lower of FIFO cost and NRV: Carrying amount, net of valuation reserve and adjustment, as of the balance sheet date of hogs and materials. Inventory Hogs And Materials Net Of Reserves Hogs and materials Carrying amount, net of valuation reserve and adjustment, as of the balance sheet date of fresh pork and materials. Inventory Fresh Pork And Materials Net of Reserves Pork products and materials Carrying amount, net of valuation reserve and adjustment, as of the balance sheet date of grains and oilseeds. Inventory, Grains and Oilseeds, Net of Reserves Grains, oilseeds and other commodities Carrying amount, net of valuation reserve and adjustment, as of the balance sheet date of biofuels and related credits. Inventory Biodiesel Net Of Reserves Biofuels and related credits Other Inventory, Net of Reserves Other FIFO Inventory Amount Total inventories at lower of FIFO cost and NRV Weighted Average Cost Inventory Amount Grain, flour and feed at lower of weighted average cost and NRV Inventory Adjustments [Abstract] Reserve for LIFO Valuation Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Land and improvements Buildings and improvements Machinery and equipment Vessels and vehicles Office furniture and fixtures Equipment relating to contract growers. Contract growers Construction in progress Property, Plant and Equipment, Gross Gross property, plant and equipment Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Accumulated depreciation and amortization Accumulated amortization Finance Lease, Right-of-Use Asset Finance lease right of use assets, net ROU assets Accumulated Capitalized Interest Costs Capitalized interest Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Finance Lease, Liability, Current Finance lease liabilities Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Finance Lease, Liability, Noncurrent Non-current finance lease liabilities Lease, Cost [Abstract] Lease cost Operating Lease, Cost Operating lease cost Lessee, Finance Lease, Description [Abstract] Finance lease cost: Finance Lease, Right-of-Use Asset, Amortization Amortization of right of use assets Finance Lease, Interest Expense Interest on lease liabilities Variable Lease, Cost Variable lease cost Short-term Lease, Cost Short-term lease cost Sublease Income Sublease income Lease, Cost Total lease cost Operating Lease, Weighted Average Remaining Lease Term Operating lease weighted average remaining lease term Operating Lease, Weighted Average Discount Rate, Percent Weighted average discount rate for operating leases Finance Lease, Weighted Average Remaining Lease Term Finance lease weighted average remaining lease term Finance Lease, Weighted Average Discount Rate, Percent Weighted average discount rate for financing leases Operating Lease Liabilities, Payments Due [Abstract] Maturities of operating lease liabilities Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months 2023 Lessee, Operating Lease, Liability, Payments, Due Year Two 2024 Lessee, Operating Lease, Liability, Payments, Due Year Three 2025 Lessee, Operating Lease, Liability, Payments, Due Year Four 2026 Lessee, Operating Lease, Liability, Payments, Due Year Five 2027 Lessee, Operating Lease, Liability, Payments, Due after Year Five Thereafter Lessee, Operating Lease, Liability, Payments, Due Total undiscounted lease payments Lessee, Operating Lease, Liability, Undiscounted Excess Amount Less imputed interest Operating Lease, Liability Total operating lease liability Finance Lease, Liability, Payment, Due [Abstract] Maturities of finance lease liabilities Finance Lease, Liability, Payments, Due Next Twelve Months 2023 Finance Lease, Liability, Payments, Due in Rolling Year Two 2024 Finance Lease, Liability, Payments, Due in Rolling Year Three 2025 Finance Lease, Liability, Payments, Due in Rolling Year Four 2026 Finance Lease, Liability, Payments, Due in Rolling Year Five 2027 Finance Lease, Liability, Payments, Due in Rolling after Year Five Thereafter Finance Lease, Liability, Payment, Due Total undiscounted lease payments Finance Lease, Liability, Undiscounted Excess Amount Less imputed interest Finance Lease, Liability Total finance lease liability N/A Cash Paid, Measurement Of Lease Liabilities [Abstract] Cash paid for amounts included in the measurement of lease liabilities: Operating Lease, Payments Operating cash flows from operating leases Finance Lease, Interest Payment on Liability Operating cash flows from finance leases N/A Right Of Use Assets Obtained In Exchange For New Lease Liabilities [Abstract] ROU assets obtained in exchange for new lease liabilities: Right-of-Use Asset Obtained in Exchange for Operating Lease Liability Operating leases Right-of-Use Asset Obtained in Exchange for Finance Lease Liability Finance leases Disposal Group Classification [Axis] Disposal Group Classification [Domain] Disposed of by sale Investment, Name [Axis] Investment, Name [Domain] Represents businesses conducting flour, maize and feed milling and poultry production and processing for which information is being disaggregated. Businesses conducting flour, maize and feed milling and poultry production and processing Represents information related to a protein and commodity trading company. Protein and commodity trading company Represents the cargo terminal business of the entity. Cargo terminal business Represents the information pertaining to sugar related businesses. Sugar related businesses Represents the information pertaining to Butterball, LLC. Butterball, LLC Represents information related to Daily's, which produces and markets raw and pre-cooked bacon, ham and sausage. Daily's Represents information related to Seaboard de Mexico, which bones hams. Seaboard de Mexico Represents information pertaining to Triumph Foods LLC. Triumph STF Represents information related to energy related businesses. Energy related businesses Represents information related to a smaller energy related business one. Energy related business one Represents information related to a smaller energy related business two. Energy related business two Botswana Democratic Republic of Congo Gambia Kenya Lesotho Mauritania Nigeria Senegal South Africa Tanzania Uganda Zambia Colombia Ecuador Guyana Peru Jamaica Haiti Turkey Canada United States Argentina Dominican Republic Mexico Equity Method Investment, Nonconsolidated Investee [Axis] Equity Method Investment, Nonconsolidated Investee [Domain] Equity method investment in non-consolidated affiliates Detachable warrants Consolidated Entities [Axis] Consolidated Entities [Domain] Affiliates Related Parties Amount in Cost of Sales Purchases from related parties included in Cost of Sales Equity Method Investment, Realized Gain (Loss) on Disposal Gain (loss) on sale of affiliate Represents the number of businesses. Number of Business Number of businesses The amount of the equity method investee's intangible assets for trade name. Equity Method Investment, Summarized Financial Information, Intangible Assets Trade Name Investee's intangible assets for trade name The amount of the equity method investee's intangible assets for goodwill. Equity Method Investment, Summarized Financial Information, Goodwill Investee's intangible assets for goodwill Debt Instrument, Interest Rate, Effective Percentage Interest rate on loan provided (as a percent) Effective interest rate (as a percent) Represents the additional equity interest in the equity method investee which can be acquired by the entity upon exercise of warrants. Equity Method Investment Warrants, Additional Equity Interest that Can be Acquired Additional equity interest that can be acquired upon exercise of warrants (as a percent) Represents the percentage of economic ownership in an equity method investee, which is higher than the percentage of voting interest due to warrants held by the entity. Equity Method Investment, Economic Interest Economic interest (as a percent) Represents the percentage of the equity method investee's earnings recorded as income from affiliates in the Consolidated Statements of Comprehensive Income. Equity Method Investment Percent Of Earnings Recorded As Income From Affiliates Percentage of the Butterball's earnings recorded as income from affiliates in the Consolidated Statements of Comprehensive Income (as a percent) Notes Receivable, Related Parties, Noncurrent Notes receivable from affiliates Represents the percentage of ownership interest sold by the entity. Percentage Of Ownership Interest Sold Percentage of ownership interest sold Proceeds from Divestiture of Interest in Subsidiaries and Affiliates Proceeds from the sale of non-consolidated affiliates Deferred Revenue Deferred revenue Equity Method Investment, Difference Between Carrying Amount and Underlying Equity Carrying value of investment in affiliates over (under) entity's share of affiliates' book value Equity Method Investment, Summarized Financial Information [Abstract] Financial information Revenues Sales to External Customers: Net sales Debt Instrument [Axis] Debt Instrument, Name [Domain] Represents information related to uncommitted and committed lines of credit. Uncommitted and committed bank lines A credit facility with no restrictions placed upon the lending institution regarding the amount of funds to be lent. Uncommitted bank lines A credit facility whereby terms and conditions are clearly defined by the lending institution and imposed upon the borrowing entity. Committed bank line South African Rand Line Of Credit Lines of credit Secured Debt Compensating balance Line of Credit Facility, Maximum Borrowing Capacity Maximum capacity Short-term Debt, Weighted Average Interest Rate Weighted average interest rate (as a percent) Debt Instrument, Interest Rate, Stated Percentage Interest rate (as a percent) Debt obligations not collateralized by pledge of, mortgage of or other lien on the entity's assets, due in 2027 and 2028. Term Loans due 2027-2028 Debt obligation not collateralized by pledge of, mortgage of or other lien on the entity's assets, due in 2028. Term loan due 2028 Represents information related to foreign subsidiary obligations. Foreign subsidiary obligations Represents information related to a loan to purchase equipment. Equipment loan Notes Payable, Other Payables [Member] Note due 2027 Debt Instrument, Face Amount Debt at face value Other Long-term Debt Other long-term debt Long-term Debt Total debt at face value Noncash or Part Noncash Acquisition, Debt Assumed Long-term debt assumed Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Also includes the amount of debt discount that has yet to be amortized and debt issuance costs. Long Term Debt Current And Debt Instrument Unamortized Discount Current maturities of long-term debt and unamortized discount Long Term Debt and Capital Lease Obligations by Maturity [Abstract] Maturities of long-term debt Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months 2023 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two 2024 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three 2025 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four 2026 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five 2027 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five Thereafter Information related to Cereoil Uruguay S.A. Cereoil Information related to Nolston S.A. ("Nolston"). Nolston Litigation Case [Axis] Litigation Case [Domain] Information related to litigation involving indirect purchasers of pork. Pork Product Purchasers Information related to litigation involving pork compensation antitrust litigation. Pork Compensation Antitrust Represents case one brought by the bankruptcy trustee for Cereoil. Cereoil Bankruptcy Trustee - Case One Represents case two brought by the bankruptcy trustee for Cereoil. Cereoil Bankruptcy Trustee - Case Two Represents case brought by the bankruptcy trustee for Nolston S. A. Nolston Bankruptcy Trustee Represents case brought by Odette Blanco de Fernandez. Odette Blanco De Fernandez Represents case brought by HSBC Bank (Uruguay) SA ("HSBC"). HSBC Litigation Status [Axis] Litigation Status [Domain] Pending Litigation Number of siblings added as plaintiffs that have filed claims pertaining to a loss contingency. Loss Contingency, Number Of Siblings Added As Plaintiffs Number of siblings added as plaintiffs Represents the term of a concession to develop port facilities. Term Of Concession To Develop Port Facilities Term of concession to develop port facilities The claimed percentage of ownership of of the companies that owned the concession and land Claimed Ownership Percentage Of Companies That Owned Concession And Land Claimed ownership percentage of companies that owned concession and land Loss Contingency, Number of Plaintiffs Number of plaintiffs Loss Contingency, Damages Sought, Value Damages sought The number of subsidiaries. Number Of Subsidiaries Number of subsidiaries The number of individuals employed by the entity who were serving as directors. Number Of Individuals Employed By Entity Serving As Directors Number of individuals employed by Seaboard serving as directors The value (monetary amount) of the interest and other relief the plaintiff seeks in the legal matter. Loss Contingency Interest And Other Relief Sought Value Interest and other relief sought Loss Contingency, Pending Claims, Number Dismissed Number of claims that were dismissed by a court Loss Contingency, Pending Claims, Number Number of claims Number of pending claims pertaining to a loss contingency that were dismissed by a court that can be refiled. Loss Contingency, Pending Claims, Number Dismissed That Can Be Refiled Number of claims dismissed that can be refiled Number of pending claims pertaining to a loss contingency that were dismissed by a court that cannot be refiled unless successfully appealed. Loss Contingency, Pending Claims, Number Dismissed That Cannot Be Refiled Number of claims dismissed that cannot be refiled unless successfully appealed Unrecorded Unconditional Purchase Obligation [Table] Unrecorded Unconditional Purchase Obligation by Category of Item Purchased [Axis] Unconditional Purchase Obligation, Category of Goods or Services Acquired [Domain] Represents the contractual obligation to procure hog over periods that initially exceed one year or the normal operating cycle, if longer. Hog procurement contracts Represents the contractual obligation to procure grain and feed ingredients over periods that initially exceed one year or the normal operating cycle, if longer. Grain commitments Grain and feedstock commitments Represents the contractual obligation to procure grain purchase contracts for resale over periods that initially exceed one year or the normal operating cycle, if longer. Grain purchase contracts for resale Represents the contractual obligation to supply fuel over periods that initially exceed one year or the normal operating cycle, if longer. Fuel supply contract Construction commitments Capital expenditures Represents the contractual obligation to procure equipment and other items over periods that initially exceed one year or the normal operating cycle, if longer. Equipment and other commitments Other commitments Unrecorded Unconditional Purchase Obligation [Line Items] Commitments Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months 2023 Unrecorded Unconditional Purchase Obligation, Due within Two Years 2024 Unrecorded Unconditional Purchase Obligation, Due within Three Years 2025 Unrecorded Unconditional Purchase Obligation, Due within Four Years 2026 Unrecorded Unconditional Purchase Obligation, Due within Five Years 2027 Unrecorded Unconditional Purchase Obligation, Due after Five Years Thereafter Unrecorded Unconditional Purchase Obligation Totals Number of vessels under construction. Number of Vessels Under Construction Number of vessels under construction Number of vessels under construction expected to be delivered in the second fiscal year following the current fiscal year. Number Of Vessels Expected To Be Delivered In Year Two Number of vessels expected to be delivered in 2024 Number of vessels under construction expected to be delivered in the third fiscal year following the current fiscal year. Number Of Vessels Expected To Be Delivered In Year Three Number of vessels expected to be delivered in 2025 Retirement Plan Type [Axis] Defined Benefit Plan and Other Postretirement Benefit Plan [Domain] Defined benefit pension plan Defined Benefit Plan, Asset Categories [Axis] Plan Asset Categories [Domain] Equity Securities Fixed income Represents the investment in foreign fixed income mutual funds. International fixed income mutual funds Money market funds Fair Value, Hierarchy [Axis] Fair Value Hierarchy [Domain] Level 1 Defined Benefit Plan, Contributions by Employer Contributions made to defined benefit pension plans Employer contributions Target allocation percentage of investments to total plan assets presented on a weighted-average basis as of the measurement date of the latest statement of financial position. Defined Benefit Plan, Target Allocation Percentage of Assets Target Allocations (as a percent) Defined Benefit Plan, Fair Value of Plan Assets Fair value of plan assets at end of year Fair value of plan assets at beginning of year Estimated fair value of plan assets Defined Benefit Plan, Assumptions Used in Calculations [Abstract] Weighted-average assumptions Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Discount rate used to determine obligations (as a percent) Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Discount rate used to determine net periodic benefit cost (as a percent) Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets Expected return on plan assets (as a percent) Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase Long-term rate of increase in compensation levels (as a percent) Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] Reconciliation of benefit obligation: Defined Benefit Plan, Benefit Obligation Benefit obligation at end of year Benefit obligation at beginning of year Defined Benefit Plan, Service Cost Service cost Defined Benefit Plan, Interest Cost Interest cost Defined Benefit Plan, Actuarial Gain (Loss) Actuarial gains Defined Benefit Plan, Settlements, Benefit Obligation Plan settlements Defined Benefit Plan, Benefits Paid Benefits paid Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] Reconciliation of fair value of plan assets: Defined Benefit Plan, Actual Return on Plan Assets Actual return on plan assets Defined Benefit Plan, Settlements, Plan Assets Plan settlements Defined Benefit Plan, Plan Assets, Benefits Paid Benefits paid Defined Benefit Plan, Funded Status of Plan Funded status Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] Expected future benefit payments Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months 2023 Defined Benefit Plan, Expected Future Benefit Payments, Year Two 2024 Defined Benefit Plan, Expected Future Benefit Payments, Year Three 2025 Defined Benefit Plan, Expected Future Benefit Payments, Year Four 2026 Defined Benefit Plan, Expected Future Benefit Payments, Year Five 2027 Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter Next five years after year five Defined Benefit Plan, Accumulated Benefit Obligation Accumulated benefit obligation Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] Components of net periodic benefit cost: Defined Benefit Plan, Expected Return on Plan Assets Expected return on plan assets The amount of gains or losses and any other periodic costs associated with defined benefit plans that are not separately disclosed, recognized in net periodic benefit cost. Defined Benefit Plan, Amortization and Other Costs Amortization and other Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements Settlement loss recognized Defined Benefit Plan, Net Periodic Benefit Cost Net periodic benefit cost Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] Amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss (AOCL) before taxes Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax Total accumulated other comprehensive loss Defined Contribution Plan Disclosure [Line Items] Defined contribution plans Defined Contribution Plan, Cost Recognized Contribution expense Deferred Compensation Arrangement with Individual [Abstract] Deferred compensation plan Deferred Compensation Plan Assets Deferred compensation plan assets included in other current assets Deferred Compensation Liability, Current Deferred compensation plan liability included in other liabilities Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Recurring basis Measurement Basis [Axis] Portion at Fair Value Measurement [Member] Fair Value Other trading investments Other trading securities Investment Type [Axis] Investments [Domain] Short-term investments. Other current assets Represents information related to a business development company. Business Development Company BDC Level 2 Level 3 Derivative Instrument [Axis] Derivative Contract [Domain] Commodities Foreign currencies Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Represents information related to Groupe Mimran. Mimran Assets, Fair Value Disclosure [Abstract] Assets: Derivative Asset Derivatives Asset Derivatives Derivative Asset, Statement of Financial Position [Extensible Enumeration] Margin Deposit Assets Margin account Net Fair Value of Derivative Assets Net of Derivative Liabilities and Net of Margin Deposit Derivative assets and liabilities, net basis Assets, Fair Value Disclosure Total assets Liabilities, Fair Value Disclosure [Abstract] Liabilities: Business Combination, Contingent Consideration, Liability, Noncurrent Contingent consideration Derivative Liability Derivatives Liability Derivatives Derivative Liability, Statement of Financial Position [Extensible Enumeration] Financial and Nonfinancial Liabilities, Fair Value Disclosure Total liabilities Investments [Abstract] Investments Amount of liquidity discount for investments. Investments Liquidity Discount Liquidity discount Business Combination, Contingent Consideration, Liability [Abstract] Contingent consideration Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low Contingent consideration, low end of range Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High Contingent consideration, high end of range For contingent consideration arrangements and indemnification assets recognized in connection with a business combination, this element represents the minimum time period for the consideration to be paid. Business Combination, Contingent Consideration Arrangements, Minimum Time Period For Payment Minimum contingent consideration payout period For contingent consideration arrangements and indemnification assets recognized in connection with a business combination, this element represents the maximum time period for the consideration to be paid. Business Combination, Contingent Consideration Arrangements, Maximum Time Period For Payment Maximum contingent consideration payout period Interest rate swaps Trading Activity [Axis] Derivative, Name [Domain] Represents the derivative instrument whose primary underlying risk is tied to grain. Grain Represents the derivative instrument whose primary underlying risk is tied to hogs. Hogs Represents the derivative instrument whose primary underlying risk is tied to soybean oil. Soybean oil Heating oil Derivative, Nonmonetary Notional Amount, Volume Nonmonetary notional amount Derivative, Nonmonetary Notional Amount, Mass Nonmonetary notional amount Derivative, Gain (Loss) on Derivative, Net Gains (losses) on derivatives Derivative, Notional Amount Notional amounts Derivative Instruments, Gain (Loss) [Table] Income Statement Location [Axis] Income Statement Location [Domain] Cost of sales Foreign currency gains (losses), net Derivative Instruments, Gain (Loss) [Line Items] Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Derivatives, Fair Value [Line Items] Fair value of each type of derivative and its location in the Consolidated Balance Sheets Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure Credit risk associated with derivative contracts Legal Entity [Axis] Entity [Domain] Represents information related to certain subsidiaries of the entity. Certain subsidiaries Cumulative Foreign Currency Translation Adjustment Cumulative Unrecognized Pension Cost Represents all other components of accumulated other comprehensive income loss except foreign currency translation adjustments. All components of AOCL except cumulative foreign currency translation adjustments Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward] Components of and changes in accumulated other comprehensive loss, net of tax Other Comprehensive Income (Loss), before Reclassifications, Net of Tax Other comprehensive income (loss) before reclassifications Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax Amounts reclassified from AOCL to net earnings Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other comprehensive income (loss), net of tax Stock Repurchased and Retired During Period, Shares Common shares repurchased (in shares) Effective Income Tax Rate Reconciliation, Percent Effective income tax rate (as a percent) Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax Unrecognized pension cost related to employees at certain subsidiaries Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax Tax benefit recorded on unrecognized pension cost Income Tax Authority [Axis] Income Tax Authority [Domain] Foreign State Represents information related to a refined coal processing plant. Refined coal processing plant Represents information pertaining solar renewable energy project. Solar Renewable Energy Project Allowance for Deferred Tax Assets: Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] Components of earnings before income taxes Income (Loss) from Continuing Operations before Income Taxes, Domestic United States Income (Loss) from Continuing Operations before Income Taxes, Foreign Foreign The portion of earnings or loss from continuing operations before income taxes excluding non-controlling interest. Income (Loss) from Continuing Operations before Income Taxes Total earnings before income taxes excluding non-controlling interests Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] Components of total income taxes Current Income Tax Expense (Benefit), Continuing Operations [Abstract] Current: Current Federal Tax Expense (Benefit) Federal Current Foreign Tax Expense (Benefit) Foreign Current State and Local Tax Expense (Benefit) State and local Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] Deferred: Deferred Federal Income Tax Expense (Benefit) Federal Deferred Foreign Income Tax Expense (Benefit) Foreign Deferred State and Local Income Tax Expense (Benefit) State and local Income Tax Expense (Benefit), Intraperiod Tax Allocation Total income taxes N/A. Effect of Tax Cuts and Jobs Act of 2017, Accounting Incomplete, Provisional [Abstract] Income taxes Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Federal income tax rate (as a percent) Effective Income Tax Rate Reconciliation, Amount [Abstract] Reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense attributable to continuing operations Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount Computed "expected" tax expense (benefit) excluding non-controlling interest N/A. Income Tax Reconciliation [Abstract] Adjustments to tax expense attributable to: Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount Foreign tax differences Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount Tax-exempt income Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount Foreign entity repatriation Effective Income Tax Rate Reconciliation, Tax Credit, Amount Federal tax credits Effective Income Tax Rate Reconciliation, Tax Contingency, Amount Unrecognized tax benefits Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount Valuation allowance Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Other Income Taxes Receivable Income taxes receivable Accrued Income Taxes Income taxes payable Components of Deferred Tax Assets and Liabilities [Abstract] Components of the net deferred income tax liability Components of Deferred Tax Liabilities [Abstract] Deferred income tax liabilities: Deferred Tax Liabilities, Property, Plant and Equipment Depreciation Represents the components of the net deferred income tax liability relating to Domestic partnerships. Deferred Tax Liabilities Domestic Partnership Cost Domestic partnerships Deferred Tax Liabilities, Unrealized Gains on Trading Securities Unrealized gain on investments The tax effect as of the balance sheet date of the difference in the cost of LIFO inventory determined under tax rules from that determined for financial reporting purposes that will be recognized in future periods when the inventory is sold. Deferred Tax Liabilities, Inventory Costs Inventory Deferred Tax Liabilities, Undistributed Foreign Earnings Deferred tax liability for incremental tax costs associated with future potential repatriation of previously-taxed foreign undistributed earnings Deferred Tax Liabilities, Other Other Deferred Tax Liabilities, Gross Gross deferred income tax liabilities Components of Deferred Tax Assets [Abstract] Deferred income tax assets: Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals Reserves/accruals Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from Section 174 capitalization. Deferred Tax Assets, Section 174 Capitalization Sec. 174 Capitalization Deferred Tax Asset, Debt Securities, Trading, Unrealized Loss Unrealized loss on investments Deferred Tax Assets, Investment in Subsidiaries Deferred earnings of foreign subsidiaries The tax benefit as of the balance sheet date from the allowable deduction of operating and capital losses against future taxable income realized within the applicable carryforward periods. Deferred Tax Assets, Net Operating and Capital Loss Carryforwards Net operating and capital loss carry-forwards Deferred Tax Assets, Tax Credit Carryforwards Tax credit carry-forwards Deferred Tax Assets, Other Other Deferred Tax Assets, Gross Gross deferred income tax assets Deferred Tax Assets, Valuation Allowance Less: Valuation allowance Deferred Tax Assets, Net Net deferred income tax asset Deferred Tax Liabilities, Net Net deferred income tax liability Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued Accrued interest and penalties on uncertain tax positions Unrecognized Tax Benefits that Would Impact Effective Tax Rate Unrecognized tax benefits, if recognized, would affect the effective tax rate Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] Reconciliation of the beginning and ending amount of unrecognized tax benefits Unrecognized Tax Benefits Balance at the end of the year Balance at the beginning of the year Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions Additions for uncertain tax positions of prior years Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions Decreases for uncertain tax positions of prior years Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions Additions for uncertain tax positions of current year Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations Lapse of statute of limitations Operating Loss Carryforwards Net operating loss carry-forwards (NOLs) Tax Credit Carryforward, Amount Tax credit carry-forwards Amount of gross non-taxable revenue recognized related to the federal blender's credits. Income Taxes Federal Blenders Tax Credit Recognized As Gross Revenue Gross non-taxable revenue related to federal blender's credit Amount of receivable from the U.S. government included in other receivables related to federal blender's credits. Receivable From US Government For Federal Blenders Credit Receivable from the U.S. government related to federal blender's credits included in other receivables Number of tax years typically subject to examination. Income Tax Examination Number Of Years Subject To Examination Number of tax years typically subject to examination for major non-US jurisdictions Other Commitment, Fiscal Year Maturity [Abstract] Other commitments Investment Tax Credit Investment tax credits Represents information pertaining to hog inventory and hog farms purchased from The Maschhoffs, LLC.. The Maschhoffs Hog Inventory And Hog Farms Represents information related to Hitch Pork Producers, Inc. Hitch Pork Producers, Inc. Ownership [Axis] Ownership [Domain] Represents information related to the acquisition of a feed manufacturer and hog producer in Ecuador. Feed manufacturer and hog producer In Ecuador Brazil Number of Reportable Segments Number of reportable segments Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory Inventories The amount of working capital as of the acquisition date. Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital Working capital Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Property, plant and equipment Number of power of generating barges. Number Of Power Generating Barges Number of power of generating barges Proceeds from Divestiture of Businesses, Net of Cash Divested Proceeds from sale, net of cash sold Consolidation Items [Axis] Consolidation Items [Domain] Segment Totals Corporate Items Represents services provided by the entity related to transportation. Transportation Energy All Other Concentration Risk [Table] Concentration Risk [Line Items] Concentration Risk Concentration Risk, Percentage Concentration risk (as a percent) Schedule of Revenues from External Customers and Long-Lived Assets [Table] China Represents information pertaining to Ivory Coast. Ivory Coast Represents information pertaining to other countries not disclosed elsewhere in the taxonomy. All Other. Revenues from External Customers and Long-Lived Assets [Line Items] Geographic Information EX-101.PRE 16 seb-20221231_pre.xml EX-101.PRE XML 17 R1.htm IDEA: XBRL DOCUMENT v3.22.4

Document and Entity Information - USD ($)
12 Months Ended

Dec. 31, 2022

Jan. 31, 2023

Jul. 02, 2022

Document and Entity Information

Document Type 10-K

Document Annual Report true

Document Transition Report false

Document Period End Date Dec. 31, 2022

Entity File Number 1-3390

Entity Registrant Name SEABOARD CORPORATION

Entity Incorporation, State or Country Code DE

Entity Tax Identification Number 04-2260388

Entity Address, Address Line One 9000 West 67th Street

Entity Address, City or Town Merriam

Entity Address, State or Province KS

Entity Address, Postal Zip Code 66202

City Area Code 913

Local Phone Number 676-8928

Title of 12(b) Security Common Stock $1.00 Par Value

Trading Symbol SEB

Security Exchange Name NYSEAMER

Entity Well-known Seasoned Issuer Yes

Entity Voluntary Filers No

Entity Current Reporting Status Yes

Entity Interactive Data Current Yes

Entity Filer Category Large Accelerated Filer

Entity Small Business false

Entity Emerging Growth Company false

ICFR Auditor Attestation Flag true

Entity Shell Company false

Entity Common Stock, Shares Outstanding 1,160,779

Entity Public Float $ 975,629,464

Auditor Name KPMG LLP

Auditor Location Kansas City, MO

Auditor Firm ID 185

Entity Central Index Key 0000088121

Current Fiscal Year End Date --12-31

Document Fiscal Year Focus 2022

Document Fiscal Period Focus FY

Amendment Flag false

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales:
Total net sales	$ 11,243	$ 9,229	$ 7,126
Cost of sales and operating expenses:
Total cost of sales and operating expenses	10,213	8,411	6,552
Gross income	1,030	818	574
Selling, general and administrative expenses	373	360	329
Operating income	657	458	245
Other income (expense):
Interest expense	(40)	(13)	(19)
Interest income	32	22	22
Income (loss) from affiliates	152	7	(18)
Other investment income (loss), net	(239)	133	84
Foreign currency gains (losses), net	5	16	(31)
Miscellaneous, net	12	13	3
Total other income, net	(78)	178	41
Earnings before income taxes	579	636	286
Income tax benefit (expense)	3	(65)	(3)
Net earnings	582	571	283
Less: Net earnings attributable to noncontrolling interests	(2)	(1)	0
Net earnings attributable to Seaboard	$ 580	$ 570	$ 283
Earnings per common share (in dollars per share)	$ 499.66	$ 490.36	$ 244.21
Average number of shares outstanding (in shares)	1,160,779	1,160,779	1,161,526
Other comprehensive income (loss), net of income tax benefit (expense) of $(8), $(8) and $3:
Foreign currency translation adjustment	$ (33)	$ 8	$ (7)
Unrecognized pension cost	43	31	(23)
Other comprehensive income (loss), net of tax	10	39	(30)
Comprehensive income	592	610	253
Less: Comprehensive income attributable to noncontrolling interests	(2)	(1)	(1)
Comprehensive income attributable to Seaboard	590	609	252
Products
Net sales:
Total net sales	8,979	7,714	5,993
Cost of sales and operating expenses:
Total cost of sales and operating expenses	8,707	7,223	5,580
Services
Net sales:
Total net sales	2,100	1,445	1,058
Cost of sales and operating expenses:
Total cost of sales and operating expenses	1,369	1,124	915
Other
Net sales:
Total net sales	164	70	75
Cost of sales and operating expenses:
Total cost of sales and operating expenses	$ 137	$ 64	$ 57

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other comprehensive income (loss), income tax (expense) benefit	$ (8)	$ (8)	$ 3
Products
Sales to related parties	1,463	1,396	1,125
Services
Sales to related parties	$ 20	$ 20	$ 21

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 199	$ 75
Short-term investments	1,086	1,416
Receivables:
Receivables, net	923	762
Inventories	1,670	1,663
Other current assets	139	131
Total current assets	4,017	4,047
Property, plant and equipment, net	2,246	1,892
Operating lease right of use assets, net	445	496
Investments in and advances to affiliates	753	651
Goodwill	154	163
Other intangible assets, net	31	45
Other non-current assets	256	209
Total assets	7,902	7,503
Current liabilities:
Lines of credit	457	516
Accounts payable	429	404
Accrued compensation and benefits	158	143
Deferred revenue	70	108
Operating lease liabilities	156	171
Accrued voyage costs	61	60
Other current liabilities	198	150
Total current liabilities	1,529	1,552
Long-term debt, less current maturities	702	708
Long-term operating lease liabilities	318	360
Accrued pension liability	71	131
Deferred income taxes		99
Other non-current liabilities	268	219
Total liabilities	2,888	3,069
Commitments and contingent liabilities
Stockholders' equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,160,779 shares in 2022 and in 2021	1	1
Accumulated other comprehensive loss	(422)	(432)
Retained earnings	5,417	4,847
Total Seaboard stockholders' equity	4,996	4,416
Noncontrolling interests	18	18
Total equity	5,014	4,434
Total liabilities and equity	$ 7,902	$ 7,503

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Accounts payable to affiliates	$ 2	$ 1
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares	1,250,000	1,250,000
Common stock, issued shares	1,160,779	1,160,779
Common stock, outstanding shares	1,160,779	1,160,779

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Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Common Stock	Accumulated Other Comprehensive Loss	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Noncontrolling Interest	Cumulative Effect, Period of Adoption, Adjustment	Total
Balances at Dec. 31, 2019	$ 1	$ (440)	$ (3)	$ 4,030	$ 10	$ (3)	$ 3,601
Comprehensive income:
Net earnings				283			283
Other comprehensive income (loss), net of tax		(31)			1		(30)
Repurchase of common stock				(13)			(13)
Dividends on common stock ($9.00/share)				(10)			(10)
Balances at Dec. 31, 2020	1	(471)		4,287	11		3,828
Comprehensive income:
Net earnings				570	1		571
Other comprehensive income (loss), net of tax		39					39
Acquisition of noncontrolling interests					6		6
Dividends on common stock ($9.00/share)				(10)			(10)
Balances at Dec. 31, 2021	1	(432)		4,847	18		4,434
Comprehensive income:
Net earnings				580	2		582
Other comprehensive income (loss), net of tax		10					10
Distributions to noncontrolling interests					(2)		(2)
Dividends on common stock ($9.00/share)				(10)			(10)
Balances at Dec. 31, 2022	$ 1	$ (422)		$ 5,417	$ 18		$ 5,014

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

XML 23 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Changes in Equity
Dividends on common stock (in dollars per share)	$ 9.00	$ 9.00	$ 9.00

XML 24 R8.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings	$ 582	$ 571	$ 283
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	235	178	172
Deferred income taxes	(112)	(12)	11
Loss (income) from affiliates	(152)	(7)	18
Dividends received from affiliates	40	44	20
Other investment loss (income), net	239	(133)	(84)
Other, net	39	43	(22)
Changes in assets and liabilities, net of acquisitions and dispositions:
Receivables, net of allowance	(188)	(228)	104
Inventories	(20)	(462)	(99)
Other assets	(7)	(20)	(10)
Accounts payable	26	117	(99)
Other liabilities, exclusive of debt	(6)	1	(3)
Net cash from operating activities	676	92	291
Cash flows from investing activities:
Purchase of short-term investments	(567)	(2,031)	(739)
Proceeds from sale of short-term investments	717	2,202	791
Proceeds from maturity of short-term investments	15	26	47
Capital expenditures	(474)	(460)	(259)
Proceeds from sale of property, plant and equipment	29	39	4
Purchase of long-term investments	(117)	(98)	(47)
Proceeds from sale of non-consolidated affiliates	13
Acquisition of businesses	(58)	(7)	(27)
Proceeds from the sale of subsidiaries, net of cash sold	17
Notes receivable issued to affiliates	(13)
Principal payments received on third party notes receivable	5	21
Other, net	(4)	6	(32)
Net cash from investing activities	(437)	(302)	(262)
Cash flows from financing activities:
Uncommitted lines of credit, net	(27)	135	(18)
Draws under committed lines of credit	1,215	672	290
Repayments of committed lines of credit	(1,241)	(515)	(290)
Proceeds from long-term debt	1		37
Principal payments of long-term debt	(8)	(55)	(69)
Finance lease payments	(44)	(14)	(7)
Repurchase of common stock			(13)
Dividends paid	(10)	(10)	(10)
Other, net	(2)		(2)
Net cash from financing activities	(116)	213	(82)
Effect of exchange rate changes on cash and cash equivalents	1	(4)	4
Net change in cash and cash equivalents	124	(1)	(49)
Cash and cash equivalents at beginning of year	75	76	125
Cash and cash equivalents at end of year	$ 199	$ 75	$ 76

XML 25 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 1 − Summary of Significant Accounting Policies

Operations of Seaboard Corporation and its Subsidiaries

Principles of Consolidation

Investments in Affiliates

Use of Estimates

Foreign Currency Transactions and Translation

Cash and Cash Equivalents

Cash equivalents include all demand deposits, overnight investments and other highly liquid investments with original maturities of three months or less.

Supplemental Cash Flow Information

The amounts paid for interest and income taxes are as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Interest, net of interest capitalized	$	35	$	10	$	16
Income taxes, net of refunds		101		104		55

Non-cash activities related to capital expenditures of $15 million, $5 million and $7 million that were included in accounts payable as of December 31, 2022, 2021 and 2020, respectively.

Short-term Investments

Accounts Receivable

The following table presents the components of Seaboard’s receivables as of December 31, 2022 and 2021:



		December 31,
(Millions of dollars)		2022		2021
Receivables:
Trade	$	588	$	553
Due from affiliates		195		128
Other		171		112
Total receivables		954		793
Allowance for credit losses		(31)		(31)
Net receivables	$	923	$	762

Accounts receivable are recorded at the invoiced amount and generally do not bear interest.

The activity within the allowance for credit losses was as follows:



	Balance at		Transition			Balance at
(Millions of dollars)	beginning of year		Adjustment^(a)	Provision^(b)	Net deductions^(c)	end of year
Allowance for Credit Losses:
Year Ended December 31, 2022	$	31	—	7	(7)	$	31
Year Ended December 31, 2021	$	28	—	5	(2)	$	31
Year Ended December 31, 2020	$	28	3	—	(3)	$	28

^(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.

Notes Receivable

The activity within the allowance for non-current notes receivable was as follows:



	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision	Net deductions	end of year
Allowance for Notes Receivable:
Year Ended December 31, 2022	$	18	—	(1)	$	17
Year Ended December 31, 2021	$	17	1	—	$	18
Year Ended December 31, 2020	$	17	—	—	$	17

Inventories

Property, Plant and Equipment

Right of Use Assets and Lease Liabilities

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill were as follows:



		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
Balance as of December 31, 2020	$	18	$	149	$	167
Impairment		—		(4)		(4)
Balance as of December 31, 2021		18		145		163
Foreign currency translation		—		(13)		(13)
Acquisition		4		—		4
Balance as of December 31, 2022	$	22	$	132	$	154



		December 31, 2022						December 31, 2021
		Customer		Trade				Customer		Trade
(Millions of dollars)		relationships		names		Total		relationships		names		Total
Gross carrying amount	$	51	$	28	$	79	$	51	$	28	$	79
Accumulated amortization and currency translation		(31)		(17)		(48)		(22)		(12)		(34)
Net carrying amount	$	20	$	11	$	31	$	29	$	16	$	45

Accrued Self-Insurance

Asset Retirement Obligation



	Years ended December 31,
(Millions of dollars)	2022		2021
Beginning balance	$	29	$	27
Accretion expense		2		1
Liability for additional lagoons		1		1
Ending balance	$	32	$	29

Pension Plans

Revenue Recognition

Research and Development

Income Taxes

Earnings Per Common Share

Earnings per common share are based upon the weighted-average shares outstanding during the period. Basic and diluted earnings per share are the same for all periods presented.

Accounting Standards Recently Adopted

XML 26 R10.htm IDEA: XBRL DOCUMENT

Investments

12 Months Ended

Dec. 31, 2022

Investments

Investments

Note 2 − Investments

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



		December 31,
(Millions of dollars)	2022		2021
Domestic equity securities	$	433	$	472
Domestic debt securities		399		542
Foreign equity securities		169		193
Foreign debt securities		66		133
Money market funds held in trading accounts		12		59
Other trading securities		7		17
Total trading short-term investments	$	1,086	$	1,416

Seaboard had $16 million and $46 million of short-term investments denominated in foreign currencies as of December 31, 2022 and 2021, respectively.

XML 27 R11.htm IDEA: XBRL DOCUMENT

Inventories

12 Months Ended

Dec. 31, 2022

Inventories

Inventories

Note 3 − Inventories

The following table is a summary of inventories:



	December 31,
(Millions of dollars)	2022		2021
At lower of FIFO cost and NRV:
Hogs and materials	$	538	$	489
Pork products and materials		75		64
Grains, oilseeds and other commodities		475		634
Biofuels and related credits		221		147
Other		104		92
Total inventories at lower of FIFO cost and NRV		1,413		1,426
Grain, flour and feed at lower of weighted average cost and NRV		257		237
Total inventories	$	1,670	$	1,663

XML 28 R12.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment

Property, Plant and Equipment

Note 4 − Property, Plant and Equipment

The following table is a summary of property, plant and equipment:



	Useful				December 31,
(Millions of dollars)	Lives				2022		2021
Land and improvements	3	-	15	years	$	331	$	285
Buildings and improvements			30	years		779		739
Machinery and equipment	3	-	20	years		2,027		1,445
Vessels and vehicles	3	-	18	years		373		214
Office furniture and fixtures			5	years		43		45
Contract growers	5	-	15	years		151		118
Construction in progress						286		613
Total property, plant and equipment						3,990		3,459
Accumulated depreciation and amortization						(1,744)		(1,567)
Net property, plant and equipment					$	2,246	$	1,892

Seaboard’s capitalized interest on construction in progress was $4 million and $7 million for the years ended December 31, 2022 and 2021, respectively.

XML 29 R13.htm IDEA: XBRL DOCUMENT

Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

Note 5 − Leases



(Millions of dollars)			2022		2021
Finance lease right of use assets, net	Property, plant and equipment, net	$	198	$	128
Finance lease liabilities	Other current liabilities		56		23
Non-current finance lease liabilities	Other liabilities		143		104

The components of lease cost were as follows for the years ended December 31:



(Millions of dollars)		2022		2021		2020
Operating lease cost	$	184	$	162	$	145
Finance lease cost:
Amortization of right of use assets		46		17		9
Interest on lease liabilities		6		5		4
Variable lease cost ^(a)		18		20		8
Short-term lease cost ^(b)		13		27		25
Sublease income		(6)		(8)		(6)
Total lease cost	$	261	$	223	$	185

(a)	Includes throughput of cargo containers in excess of minimums and changes in indexed charter-hire rates.

(b)	Short-term term leases are primarily for cargo containers and vessels.

Weighted-average lease terms and discount rates were as follows as of December 31, 2022 and 2021:



	Operating Leases		Finance Leases
	2022	2021	2022	2021
Weighted-average remaining term (in years)	5	4	5	7
Weighted-average discount rate	6.13%	5.37%	3.44%	4.16%

Maturities of lease liabilities as of December 31, 2022 were as follows:



		Operating		Finance
(Millions of dollars)		Leases		Leases
2023	$	175	$	61
2024		101		55
2025		69		32
2026		62		18
2027		48		12
Thereafter		108		45
Total undiscounted lease payments		563		223
Less imputed interest		(89)		(24)
Total lease liability	$	474	$	199



	December 31,
(Millions of dollars)		2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	194	$	166	$	142
Operating cash flows from finance leases		6		5		4
Financing cash flows from finance leases		44		14		7
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	118	$	244	$	62
Finance leases		116		54		50

XML 30 R14.htm IDEA: XBRL DOCUMENT

Investments in Affiliates

12 Months Ended

Dec. 31, 2022

Investments in Affiliates

Investments in Affiliates

Note 6 – Investments in Affiliates



	Investments in and				Income (Loss)
	Advances to Affiliates				from Affiliates
	December 31,				Years ended December 31,
(Millions of dollars)	2022		2021		2022		2021		2020
Pork	$	152	$	142	$	24	$	3	$	(9)
CT&M		210		224		21		18		(2)
Marine		36		33		4		6		2
Sugar and Alcohol		2		4		—		—		1
Power		3		3		—		—		—
Turkey		350		245		103		(20)		(10)
Segment/Consolidated Totals	$	753	$	651	$	152	$	7	$	(18)

Related-party transactions with these non-consolidated affiliates were as follows:



	December 31,
(Millions of dollars)	2022			2021		2020
Product sales to related parties	$	1,463	$	1,396	$	1,125
Service revenue to related parties	$	20	$	20	$	21

Purchases from related parties included in Cost of Sales^(a)	$	91	$	—	$	—

(a)



Pork Segment		December 31,
(Millions of dollars)		2022		2021		2020
Net sales	$	2,417	$	2,010	$	1,543
Net income (loss)	$	48	$	5	$	(18)
Total assets	$	615	$	584	$	586
Total liabilities	$	312	$	302	$	245
Total equity	$	303	$	282	$	341



CT&M Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	3,186	$	2,766	$	2,482
Net income (loss)	$	40	$	47	$	(2)
Total assets	$	1,848	$	1,798	$	1,745
Total liabilities	$	1,250	$	1,199	$	1,185
Total equity	$	598	$	599	$	560



Marine Segment		December 31,
(Millions of dollars)		2022		2021		2020
Net sales	$	82	$	74	$	66
Net income	$	21	$	27	$	8
Total assets	$	256	$	245	$	253
Total liabilities	$	61	$	88	$	98
Total equity	$	195	$	157	$	155



Sugar and Alcohol Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	8	$	6	$	7
Net income	$	—	$	—	$	1
Total assets	$	6	$	8	$	14
Total liabilities	$	2	$	1	$	2
Total equity	$	4	$	7	$	12



Power Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	1	$	1	$	1
Net income	$	—	$	1	$	—
Total assets	$	9	$	12	$	12
Total liabilities	$	3	$	5	$	6
Total equity	$	6	$	7	$	6



Turkey Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	2,050	$	1,792	$	1,675
Operating income (loss)	$	202	$	(34)	$	(6)
Net income (loss)	$	196	$	(38)	$	(20)
Total assets	$	1,081	$	991	$	993
Total liabilities	$	406	$	517	$	481
Total equity	$	675	$	474	$	512

XML 31 R15.htm IDEA: XBRL DOCUMENT

Debt

12 Months Ended

Dec. 31, 2022

Debt

Debt

Note 7 − Debt

Lines of Credit

The weighted average interest rate for outstanding lines of credit was 7.03% and 2.71% as of December 31, 2022 and 2021, respectively.

Long-term Debt

The following table is a summary of long-term debt:



		December 31,
(Millions of dollars)		2022		2021
Term Loan due 2028	$	670	$	677
Foreign subsidiary obligations		2		1
Other long-term debt		38		39
Total debt at face value		710		717
Current maturities and unamortized discount and costs		(8)		(9)
Long-term debt, less current maturities and unamortized discount and costs	$	702	$	708

Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

XML 32 R16.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies

Commitments and Contingencies

Note 8 − Commitments and Contingencies

Legal Proceedings

Helms-Burton Act Litigation

Pork Price-Fixing Antitrust Litigation

Pork Compensation Antitrust Litigation

Cereoil and Nolston Litigation

General

Guarantees

Commitments

As of December 31, 2022, Seaboard had various non-cancelable commitments under contractual agreements:



	Years ended December 31,
(Millions of dollars)	2023		2024		2025		2026		2027		Thereafter		Totals
Hog procurement contracts ^(a)	$	86	$	57	$	57	$	42	$	—	$	—	$	242
Grain and feedstock commitments ^(b)		581		152		4		3		—		—		740
Grain purchase contracts for resale ^(c)		842		1		—		—		—		—		843
Fuel supply contracts ^(d)		113		87		98		98		98		369		863
Capital expenditures ^(e)		127		152		98		—		—		—		377
Other commitments		130		1		1		1		1		9		143
Total unrecognized non-cancelable commitments	$	1,879	$	450	$	258	$	144	$	99	$	378	$	3,208

(a)

The Pork segment has contracted with third parties for the purchase of hogs to support its operations. The amounts are based on projected market prices as of December 31, 2022.

(b)

The Pork segment enters into grain purchase and feedstock contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2022.

(c)

The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. The amounts are fixed or based on projected commodity prices as of December 31, 2022.

(d)

(e)

XML 33 R17.htm IDEA: XBRL DOCUMENT

Employee Benefits

12 Months Ended

Dec. 31, 2022

Employee Benefits

Employee Benefits

Note 9 − Employee Benefits



	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Domestic equity securities	$	84	$	84	$	—	$	—
Foreign equity securities		60		60		—		—
Domestic fixed income mutual funds		26		26		—		—
Foreign fixed income mutual funds		11		11		—		—
Money market funds		1		1		—		—
Total assets	$	182	$	182	$	—	$	—



	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Domestic equity securities	$	113	$	113	$	—	$	—
Foreign equity securities		71		71		—		—
Domestic fixed income mutual funds		29		29		—		—
Foreign fixed income mutual funds		12		12		—		—
Money market funds		2		2		—		—
Total assets	$	227	$	227	$	—	$	—

Assumptions used in determining pension information for the qualified and nonqualified plans were:



	Years ended December 31,
	2022				2021				2020
Weighted average assumptions:
Discount rate used to determine obligations	5.30	-	5.40	%	1.20	-	2.90	%	0.70	-	2.60	%
Discount rate used to determine net periodic benefit cost	1.20	-	2.90	%	0.70	-	2.60	%	2.15	-	3.50	%
Expected return on plan assets			6.25	%			6.25	%			6.25	%
Long-term rate of increase in compensation levels			4.00	%			4.00	%			4.00	%

The aggregate changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status were as follows:



	December 31,
		2022	2021
(Millions of dollars)		Accumulated benefits exceed assets		Accumulated benefits exceed assets
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	$	362	$	379
Service cost		9		10
Interest cost		10		9
Actuarial gains		(97)		(10)
Plan settlements		—		(19)
Benefits paid		(8)		(7)
Benefit obligation at end of year	$	276	$	362
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	$	227	$	206
Actual return on plan assets		(38)		27
Employer contributions		1		20
Plan settlements		—		(19)
Benefits paid		(8)		(7)
Fair value of plan assets at end of year	$	182	$	227
Funded status	$	(94)	$	(135)

The net periodic benefit cost of these plans was as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Components of net periodic benefit cost:
Service cost	$	9	$	10	$	9
Interest cost		10		9		11
Expected return on plan assets		(14)		(12)		(11)
Amortization		6		9		7
Settlement loss recognized		—		6		11
Net periodic benefit cost	$	11	$	22	$	27

- Definition

The entire disclosure for retirement benefits.

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XML 34 R18.htm IDEA: XBRL DOCUMENT

Derivatives and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivatives and Fair Value of Financial Instruments

Derivatives and Fair Value of Financial Instruments

Note 10 − Derivatives and Fair Value of Financial Instruments

Seaboard’s assets and liabilities recognized at fair value on a recurring basis have been categorized based on a fair value hierarchy determined as follows:

Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its assumptions.



	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	433	$	433	$	—	$	—
Domestic debt securities		399		162		237		—
Foreign equity securities		169		169		—		—
Foreign debt securities		66		—		66		—
Money market funds held in trading accounts		12		12		—		—
Other trading securities		7		—		7		—
Trading securities – other current assets		26		25		1		—
Long-term investment - BDC		63		—		63		—
Derivatives		26		26		—		—
Total assets	$	1,201	$	827	$	374	$	—
Liabilities:
Contingent consideration	$	19	$	—	$	—	$	19
Derivatives		12		2		10		—
Total liabilities	$	31	$	2	$	10	$	19



	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic debt securities	$	542	$	247	$	295	$	—
Domestic equity securities		472		472		—		—
Foreign equity securities		193		193		—		—
Foreign debt securities		133		2		131		—
Money market funds held in trading accounts		59		59		—		—
Other trading securities		17		—		17		—
Trading securities – other current assets		29		28		1		—
Long-term investment - BDC		81		—		—		81
Derivatives		11		6		5		—
Total assets	$	1,537	$	1,007	$	449	$	81
Liabilities:
Contingent consideration	$	18	$	—	$	—	$	18
Derivatives		10		5		5		—
Total liabilities	$	28	$	5	$	5	$	18

Derivatives

Commodity Instruments



		December 31,
(Millions)	Metric	2022	2021
Commodities:
Grain	Bushels	8	1
Hogs	Pounds	16	—
Soybean oil	Pounds	26	20
Heating oil	Gallons	—	15

Foreign Currency Exchange Agreements

The following table provides the amount of gain (loss) recorded for each type of derivative and where it was recognized in the consolidated statements of comprehensive income:



(Millions of dollars)		2022		2021
Commodities	Cost of sales	$	(45)	$	(20)
Foreign currencies	Cost of sales		(17)		(2)
Foreign currencies	Foreign currency gains (losses), net		6		4
Interest rate swaps	Interest expense		—		5

The following table provides the fair value of each type of derivative held and where each derivative is included in the consolidated balance sheets:



		Asset Derivatives					Liability Derivatives
		December 31,		December 31,			December 31,		December 31,
(Millions of dollars)		2022		2021			2022		2021
Commodities	Other current assets	$	26	$	6	Other current liabilities	$	2	$	5
Foreign currencies	Other current assets		—		5	Other current liabilities		10		5

XML 35 R19.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

Stockholders' Equity and Accumulated Other Comprehensive Loss

Stockholders' Equity and Accumulated Other Comprehensive Loss

Note 11 − Stockholders’ Equity and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCL”), net of related taxes, were as follows:



	Cumulative
	Foreign			Cumulative
	Currency			Unrecognized
	Translation			Pension
(Millions of dollars)	Adjustment			Cost			Total
Balance December 31, 2019	$	(369)		$	(71)		$	(440)
Other comprehensive loss before reclassifications		(7)			(38)			(45)
Amounts reclassified from AOCL to net earnings		—			14	^(a)		14
Other comprehensive loss, net of tax		(7)			(24)			(31)
Balance December 31, 2020	$	(376)		$	(95)		$	(471)
Other comprehensive income before reclassifications		8			18			26
Amounts reclassified from AOCL to net earnings		—			13	^(a)		13
Other comprehensive income, net of tax		8			31			39
Balance December 31, 2021	$	(368)		$	(64)		$	(432)
Other comprehensive income (loss) before reclassifications		(42)			38			(4)
Amounts reclassified from AOCL to net earnings		9	^(b)		5	^(a)		14
Other comprehensive income (loss), net of tax		(33)			43			10
Balance December 31, 2022	$	(401)		$	(21)		$	(422)

^(a)This primarily represents the amortization of actuarial losses (gains) that were included in net periodic pension cost. See Note 9 for further discussion.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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XML 36 R20.htm IDEA: XBRL DOCUMENT

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

Income Taxes

Note 12 − Income Taxes

Earnings before income taxes were as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
United States	$	(205)	$	337	$	138
Foreign		782		298		148
Total earnings before income taxes excluding noncontrolling interests		577		635		286
Net earnings attributable to noncontrolling interests		2		1		—
Total earnings before income taxes	$	579	$	636	$	286

The components of total income taxes were as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Current:
Federal	$	54	$	35	$	(50)
Foreign		42		33		35
State and local		12		10		2
Deferred:
Federal		(94)		3		26
Foreign		5		(7)		(3)
State and local		(22)		(9)		(7)
Income tax expense (benefit)		(3)		65		3
Unrealized changes in other comprehensive income (loss)		8		8		(3)
Total income taxes	$	5	$	73	$	—



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Computed “expected” tax expense excluding noncontrolling interests	$	121	$	133	$	60
Adjustments to tax expense attributable to:
Foreign tax differences		(60)		(35)		10
Tax-exempt income		(17)		(15)		(17)
Foreign entity repatriation		10		—		—
Federal tax credits		(57)		(39)		(34)
Unrecognized tax benefits		7		14		—
Valuation allowance		(7)		6		(14)
Other		—		1		(2)
Total income tax expense (benefit)	$	(3)	$	65	$	3

Components of the net deferred income tax liability were as follows:




	December 31,
(Millions of dollars)	2022		2021
Deferred income tax liabilities:
Depreciation	$	106	$	121
Domestic partnerships		59		62
Unrealized gain on investments		—		13
Inventory		14		7
Foreign basis difference		13		—
Other		2		4
Gross deferred income tax liabilities	$	194	$	207
Deferred income tax assets:
Reserves/accruals	$	68	$	66
Sec. 174 capitalization		75		—
Unrealized loss on investments		40		—
Deferred earnings of foreign subsidiaries		3		—
Net operating and capital loss carry-forwards		28		67
Tax credit carry-forwards		22		32
Other		8		5
Gross deferred income tax assets before valuation allowance		244		170
Less: Valuation allowance		33		60
Net deferred income tax liability (asset)	$	(17)	$	97

The activity within the valuation allowance account was as follows:



	Balance at		Charge (credit)	Balance at
(Millions of dollars)	beginning of year		to expense	end of year
Allowance for Deferred Tax Assets:
Year Ended December 31, 2022	$	60	(27)	$	33
Year Ended December 31, 2021	$	55	5	$	60
Year Ended December 31, 2020	$	68	(13)	$	55

The following table is a reconciliation of the beginning and ending amount of unrecognized tax benefits:



(Millions of dollars)	2022		2021
Beginning balance at January 1	$	41	$	30
Additions for uncertain tax positions of prior years		1		7
Decreases for uncertain tax positions of prior years		(4)		(1)
Additions for uncertain tax positions of current year		23		6
Lapse of statute of limitations		(10)		(1)
Ending balance as of December 31	$	51	$	41

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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XML 37 R21.htm IDEA: XBRL DOCUMENT

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Information

Segment Information

Note 13 − Segment Information

The following tables present Seaboard’s sales disaggregated by revenue source and segment:



Net Sales:		Year Ended December 31, 2022
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,954	$	6,275	$	—	$	123	$	—	$	16	$	8,368
Transportation		11		—		2,043		—		—		2		2,056
Energy		611		—		—		6		158		—		775
Other		29		15		—		—		—		—		44
Segment/consolidated totals	$	2,605	$	6,290	$	2,043	$	129	$	158	$	18	$	11,243



Net Sales:		Year Ended December 31, 2021
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	2,091	$	5,139	$	—	$	113	$	—	$	14	$	7,357
Transportation		8		—		1,396		—		—		1		1,405
Energy		357		—		—		10		60		—		427
Other		25		15		—		—		—		—		40
Segment/consolidated totals	$	2,481	$	5,154	$	1,396	$	123	$	60	$	15	$	9,229



Net Sales:		Year Ended December 31, 2020
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,682	$	3,981	$	—	$	95	$	—	$	16	$	5,774
Transportation		8		—		1,005		—		—		—		1,013
Energy		219		—		—		11		64		—		294
Other		32		13		—		—		—		—		45
Segment/consolidated totals	$	1,941	$	3,994	$	1,005	$	106	$	64	$	16	$	7,126



Operating Income (Loss):	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Pork	$	(96)	$	227	$	131
CT&M		151		61		118
Marine		591		197		21
Sugar and Alcohol		11		2		2
Power		14		(9)		3
All other		1		1		1
Segment totals		672		479		276
Corporate		(15)		(21)		(31)
Consolidated totals	$	657	$	458	$	245



Total Assets:	December 31,
(Millions of dollars)	2022		2021
Pork	$	2,698	$	2,265
CT&M		1,915		2,054
Marine		882		749
Sugar and Alcohol		165		155
Power		342		359
Turkey		350		245
All other		6		7
Segment totals		6,358		5,834
Corporate		1,544		1,669
Consolidated totals	$	7,902	$	7,503



Capital Expenditures:	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Pork	$	315	$	343	$	207
CT&M		14		17		8
Marine		136		44		10
Sugar and Alcohol		9		8		5
Power		—		43		27
All other		—		1		2
Segment totals		474		456		259
Corporate		—		4		—
Consolidated totals	$	474	$	460	$	259

Geographic Information

The following table provides a geographic summary of net sales based on the location of product delivery or service:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Caribbean, Central and South America	$	5,054	$	3,566	$	2,744
Africa		3,107		2,685		2,099
United States ^(a)		2,181		2,031		1,536
Pacific Basin and Far East		490		545		435
Canada/Mexico		338		309		202
Europe		71		86		101
All other		2		7		9
Total sales	$	11,243	$	9,229	$	7,126

(a)

For Marine segment services on product delivery to the U.S., geographic location is based on origination port.

The following table provides a geographic summary of Seaboard’s property, plant and equipment according to their physical location and primary port for the vessels:



	December 31,
(Millions of dollars)	2022		2021
United States	$	1,682	$	1,331
Dominican Republic		281		297
Argentina		59		59
China		35		—
Ivory Coast		33		39
Senegal		32		40
Zambia		31		30
All other		93		96
Total property, plant and equipment, net	$	2,246	$	1,892

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

XML 38 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Principles of Consolidation

Principles of Consolidation

Investments in Affiliates

Investments in Affiliates

Use of Estimates

Use of Estimates

Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents include all demand deposits, overnight investments and other highly liquid investments with original maturities of three months or less.

Supplemental Cash Flow Information

Supplemental Cash Flow Information

The amounts paid for interest and income taxes are as follows:



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Interest, net of interest capitalized	$	35	$	10	$	16
Income taxes, net of refunds		101		104		55

Non-cash activities related to capital expenditures of $15 million, $5 million and $7 million that were included in accounts payable as of December 31, 2022, 2021 and 2020, respectively.

Short-Term Investments

Short-term Investments

Accounts Receivable

Accounts Receivable

The following table presents the components of Seaboard’s receivables as of December 31, 2022 and 2021:



		December 31,
(Millions of dollars)		2022		2021
Receivables:
Trade	$	588	$	553
Due from affiliates		195		128
Other		171		112
Total receivables		954		793
Allowance for credit losses		(31)		(31)
Net receivables	$	923	$	762

Accounts receivable are recorded at the invoiced amount and generally do not bear interest.

The activity within the allowance for credit losses was as follows:



	Balance at		Transition			Balance at
(Millions of dollars)	beginning of year		Adjustment^(a)	Provision^(b)	Net deductions^(c)	end of year
Allowance for Credit Losses:
Year Ended December 31, 2022	$	31	—	7	(7)	$	31
Year Ended December 31, 2021	$	28	—	5	(2)	$	31
Year Ended December 31, 2020	$	28	3	—	(3)	$	28

^(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.

Notes Receivable

Notes Receivable

The activity within the allowance for non-current notes receivable was as follows:



	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision	Net deductions	end of year
Allowance for Notes Receivable:
Year Ended December 31, 2022	$	18	—	(1)	$	17
Year Ended December 31, 2021	$	17	1	—	$	18
Year Ended December 31, 2020	$	17	—	—	$	17

Inventories

Inventories

Property, Plant and Equipment

Property, Plant and Equipment

Right of Use Assets and Lease Liabilities

Right of Use Assets and Lease Liabilities

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill were as follows:



		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
Balance as of December 31, 2020	$	18	$	149	$	167
Impairment		—		(4)		(4)
Balance as of December 31, 2021		18		145		163
Foreign currency translation		—		(13)		(13)
Acquisition		4		—		4
Balance as of December 31, 2022	$	22	$	132	$	154



		December 31, 2022						December 31, 2021
		Customer		Trade				Customer		Trade
(Millions of dollars)		relationships		names		Total		relationships		names		Total
Gross carrying amount	$	51	$	28	$	79	$	51	$	28	$	79
Accumulated amortization and currency translation		(31)		(17)		(48)		(22)		(12)		(34)
Net carrying amount	$	20	$	11	$	31	$	29	$	16	$	45

Accrued Self-Insurance

Accrued Self-Insurance

Asset Retirement Obligation

Asset Retirement Obligation



	Years ended December 31,
(Millions of dollars)	2022		2021
Beginning balance	$	29	$	27
Accretion expense		2		1
Liability for additional lagoons		1		1
Ending balance	$	32	$	29

Pension Plans

Pension Plans

Revenue Recognition

Revenue Recognition

Research and Development

Research and Development

Income Taxes

Income Taxes

Earnings Per Common Share

Earnings Per Common Share

Earnings per common share are based upon the weighted-average shares outstanding during the period. Basic and diluted earnings per share are the same for all periods presented.

Accounting Standards Recently Adopted

Accounting Standards Recently Adopted

XML 39 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Schedule of amounts paid for interest and income taxes



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Interest, net of interest capitalized	$	35	$	10	$	16
Income taxes, net of refunds		101		104		55

Schedule of components of receivables



		December 31,
(Millions of dollars)		2022		2021
Receivables:
Trade	$	588	$	553
Due from affiliates		195		128
Other		171		112
Total receivables		954		793
Allowance for credit losses		(31)		(31)
Net receivables	$	923	$	762

Schedule of activity within the allowance for credit losses



	Balance at		Transition			Balance at
(Millions of dollars)	beginning of year		Adjustment^(a)	Provision^(b)	Net deductions^(c)	end of year
Allowance for Credit Losses:
Year Ended December 31, 2022	$	31	—	7	(7)	$	31
Year Ended December 31, 2021	$	28	—	5	(2)	$	31
Year Ended December 31, 2020	$	28	3	—	(3)	$	28

^(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.

Schedule of activity within the allowance for long-term notes receivable



	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision	Net deductions	end of year
Allowance for Notes Receivable:
Year Ended December 31, 2022	$	18	—	(1)	$	17
Year Ended December 31, 2021	$	17	1	—	$	18
Year Ended December 31, 2020	$	17	—	—	$	17

Schedule of changes in the carrying amount of goodwill



		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
Balance as of December 31, 2020	$	18	$	149	$	167
Impairment		—		(4)		(4)
Balance as of December 31, 2021		18		145		163
Foreign currency translation		—		(13)		(13)
Acquisition		4		—		4
Balance as of December 31, 2022	$	22	$	132	$	154

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



		December 31, 2022						December 31, 2021
		Customer		Trade				Customer		Trade
(Millions of dollars)		relationships		names		Total		relationships		names		Total
Gross carrying amount	$	51	$	28	$	79	$	51	$	28	$	79
Accumulated amortization and currency translation		(31)		(17)		(48)		(22)		(12)		(34)
Net carrying amount	$	20	$	11	$	31	$	29	$	16	$	45

Schedule of changes in the asset retirement obligation



	Years ended December 31,
(Millions of dollars)	2022		2021
Beginning balance	$	29	$	27
Accretion expense		2		1
Liability for additional lagoons		1		1
Ending balance	$	32	$	29

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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+ Details

XML 40 R24.htm IDEA: XBRL DOCUMENT

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments

Summary of the estimated fair value of short-term investments classified as trading securities



		December 31,
(Millions of dollars)	2022		2021
Domestic equity securities	$	433	$	472
Domestic debt securities		399		542
Foreign equity securities		169		193
Foreign debt securities		66		133
Money market funds held in trading accounts		12		59
Other trading securities		7		17
Total trading short-term investments	$	1,086	$	1,416

XML 41 R25.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories

Summary of inventories



	December 31,
(Millions of dollars)	2022		2021
At lower of FIFO cost and NRV:
Hogs and materials	$	538	$	489
Pork products and materials		75		64
Grains, oilseeds and other commodities		475		634
Biofuels and related credits		221		147
Other		104		92
Total inventories at lower of FIFO cost and NRV		1,413		1,426
Grain, flour and feed at lower of weighted average cost and NRV		257		237
Total inventories	$	1,670	$	1,663

XML 42 R26.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment

Summary of property, plant and equipment



	Useful				December 31,
(Millions of dollars)	Lives				2022		2021
Land and improvements	3	-	15	years	$	331	$	285
Buildings and improvements			30	years		779		739
Machinery and equipment	3	-	20	years		2,027		1,445
Vessels and vehicles	3	-	18	years		373		214
Office furniture and fixtures			5	years		43		45
Contract growers	5	-	15	years		151		118
Construction in progress						286		613
Total property, plant and equipment						3,990		3,459
Accumulated depreciation and amortization						(1,744)		(1,567)
Net property, plant and equipment					$	2,246	$	1,892

XML 43 R27.htm IDEA: XBRL DOCUMENT

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

Summary of classification of finance leases in consolidated balance sheets



(Millions of dollars)			2022		2021
Finance lease right of use assets, net	Property, plant and equipment, net	$	198	$	128
Finance lease liabilities	Other current liabilities		56		23
Non-current finance lease liabilities	Other liabilities		143		104

Summary of components of lease cost

The components of lease cost were as follows for the years ended December 31:



(Millions of dollars)		2022		2021		2020
Operating lease cost	$	184	$	162	$	145
Finance lease cost:
Amortization of right of use assets		46		17		9
Interest on lease liabilities		6		5		4
Variable lease cost ^(a)		18		20		8
Short-term lease cost ^(b)		13		27		25
Sublease income		(6)		(8)		(6)
Total lease cost	$	261	$	223	$	185

(a)	Includes throughput of cargo containers in excess of minimums and changes in indexed charter-hire rates.

(b)	Short-term term leases are primarily for cargo containers and vessels.

Summary of weighted-average lease terms and discount rates



	Operating Leases		Finance Leases
	2022	2021	2022	2021
Weighted-average remaining term (in years)	5	4	5	7
Weighted-average discount rate	6.13%	5.37%	3.44%	4.16%

Summary of maturities of lease liabilities



		Operating		Finance
(Millions of dollars)		Leases		Leases
2023	$	175	$	61
2024		101		55
2025		69		32
2026		62		18
2027		48		12
Thereafter		108		45
Total undiscounted lease payments		563		223
Less imputed interest		(89)		(24)
Total lease liability	$	474	$	199

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



	December 31,
(Millions of dollars)		2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	194	$	166	$	142
Operating cash flows from finance leases		6		5		4
Financing cash flows from finance leases		44		14		7
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	118	$	244	$	62
Finance leases		116		54		50

XML 44 R28.htm IDEA: XBRL DOCUMENT

Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2022

Investments in Affiliates

Schedule of non-consolidated affiliates



	Investments in and				Income (Loss)
	Advances to Affiliates				from Affiliates
	December 31,				Years ended December 31,
(Millions of dollars)	2022		2021		2022		2021		2020
Pork	$	152	$	142	$	24	$	3	$	(9)
CT&M		210		224		21		18		(2)
Marine		36		33		4		6		2
Sugar and Alcohol		2		4		—		—		1
Power		3		3		—		—		—
Turkey		350		245		103		(20)		(10)
Segment/Consolidated Totals	$	753	$	651	$	152	$	7	$	(18)



	December 31,
(Millions of dollars)	2022			2021		2020
Product sales to related parties	$	1,463	$	1,396	$	1,125
Service revenue to related parties	$	20	$	20	$	21

Purchases from related parties included in Cost of Sales^(a)	$	91	$	—	$	—

Pork

Investments in Affiliates

Schedule of non-consolidated affiliates



Pork Segment		December 31,
(Millions of dollars)		2022		2021		2020
Net sales	$	2,417	$	2,010	$	1,543
Net income (loss)	$	48	$	5	$	(18)
Total assets	$	615	$	584	$	586
Total liabilities	$	312	$	302	$	245
Total equity	$	303	$	282	$	341

Commodity Trading and Milling

Investments in Affiliates

Schedule of non-consolidated affiliates



CT&M Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	3,186	$	2,766	$	2,482
Net income (loss)	$	40	$	47	$	(2)
Total assets	$	1,848	$	1,798	$	1,745
Total liabilities	$	1,250	$	1,199	$	1,185
Total equity	$	598	$	599	$	560

Marine

Investments in Affiliates

Schedule of non-consolidated affiliates



Marine Segment		December 31,
(Millions of dollars)		2022		2021		2020
Net sales	$	82	$	74	$	66
Net income	$	21	$	27	$	8
Total assets	$	256	$	245	$	253
Total liabilities	$	61	$	88	$	98
Total equity	$	195	$	157	$	155

Sugar and Alcohol

Investments in Affiliates

Schedule of non-consolidated affiliates



Sugar and Alcohol Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	8	$	6	$	7
Net income	$	—	$	—	$	1
Total assets	$	6	$	8	$	14
Total liabilities	$	2	$	1	$	2
Total equity	$	4	$	7	$	12

Power

Investments in Affiliates

Schedule of non-consolidated affiliates



Power Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	1	$	1	$	1
Net income	$	—	$	1	$	—
Total assets	$	9	$	12	$	12
Total liabilities	$	3	$	5	$	6
Total equity	$	6	$	7	$	6

Turkey

Investments in Affiliates

Schedule of non-consolidated affiliates



Turkey Segment	December 31,
(Millions of dollars)	2022			2021		2020
Net sales	$	2,050	$	1,792	$	1,675
Operating income (loss)	$	202	$	(34)	$	(6)
Net income (loss)	$	196	$	(38)	$	(20)
Total assets	$	1,081	$	991	$	993
Total liabilities	$	406	$	517	$	481
Total equity	$	675	$	474	$	512

XML 45 R29.htm IDEA: XBRL DOCUMENT

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt

Summary of long-term debt



		December 31,
(Millions of dollars)		2022		2021
Term Loan due 2028	$	670	$	677
Foreign subsidiary obligations		2		1
Other long-term debt		38		39
Total debt at face value		710		717
Current maturities and unamortized discount and costs		(8)		(9)
Long-term debt, less current maturities and unamortized discount and costs	$	702	$	708

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Topic 505
-SubTopic 10
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-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

XML 46 R30.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Loss Contingencies [Table]

Summary of non-cancelable commitments under contractual obligations



	Years ended December 31,
(Millions of dollars)	2023		2024		2025		2026		2027		Thereafter		Totals
Hog procurement contracts ^(a)	$	86	$	57	$	57	$	42	$	—	$	—	$	242
Grain and feedstock commitments ^(b)		581		152		4		3		—		—		740
Grain purchase contracts for resale ^(c)		842		1		—		—		—		—		843
Fuel supply contracts ^(d)		113		87		98		98		98		369		863
Capital expenditures ^(e)		127		152		98		—		—		—		377
Other commitments		130		1		1		1		1		9		143
Total unrecognized non-cancelable commitments	$	1,879	$	450	$	258	$	144	$	99	$	378	$	3,208

(a)

The Pork segment has contracted with third parties for the purchase of hogs to support its operations. The amounts are based on projected market prices as of December 31, 2022.

(b)

The Pork segment enters into grain purchase and feedstock contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2022.

(c)

The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. The amounts are fixed or based on projected commodity prices as of December 31, 2022.

(d)

(e)

- Definition

Discloses the specific components (such as the nature, name, and date) of the loss contingency and gives an estimate of the possible loss or range of loss, or states that a reasonable estimate cannot be made. Excludes environmental contingencies, warranties and unconditional purchase obligations.

+ References + Details

XML 47 R31.htm IDEA: XBRL DOCUMENT

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Employee Benefits

Schedule of Plans' assets measured at estimated fair value



	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Domestic equity securities	$	84	$	84	$	—	$	—
Foreign equity securities		60		60		—		—
Domestic fixed income mutual funds		26		26		—		—
Foreign fixed income mutual funds		11		11		—		—
Money market funds		1		1		—		—
Total assets	$	182	$	182	$	—	$	—



	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Domestic equity securities	$	113	$	113	$	—	$	—
Foreign equity securities		71		71		—		—
Domestic fixed income mutual funds		29		29		—		—
Foreign fixed income mutual funds		12		12		—		—
Money market funds		2		2		—		—
Total assets	$	227	$	227	$	—	$	—

Schedule of assumptions used in determining pension information for qualified and nonqualified plans



	Years ended December 31,
	2022				2021				2020
Weighted average assumptions:
Discount rate used to determine obligations	5.30	-	5.40	%	1.20	-	2.90	%	0.70	-	2.60	%
Discount rate used to determine net periodic benefit cost	1.20	-	2.90	%	0.70	-	2.60	%	2.15	-	3.50	%
Expected return on plan assets			6.25	%			6.25	%			6.25	%
Long-term rate of increase in compensation levels			4.00	%			4.00	%			4.00	%

Schedule of aggregate changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status



	December 31,
		2022	2021
(Millions of dollars)		Accumulated benefits exceed assets		Accumulated benefits exceed assets
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	$	362	$	379
Service cost		9		10
Interest cost		10		9
Actuarial gains		(97)		(10)
Plan settlements		—		(19)
Benefits paid		(8)		(7)
Benefit obligation at end of year	$	276	$	362
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	$	227	$	206
Actual return on plan assets		(38)		27
Employer contributions		1		20
Plan settlements		—		(19)
Benefits paid		(8)		(7)
Fair value of plan assets at end of year	$	182	$	227
Funded status	$	(94)	$	(135)

Schedule of net periodic benefit cost for all plans



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Components of net periodic benefit cost:
Service cost	$	9	$	10	$	9
Interest cost		10		9		11
Expected return on plan assets		(14)		(12)		(11)
Amortization		6		9		7
Settlement loss recognized		—		6		11
Net periodic benefit cost	$	11	$	22	$	27

XML 48 R32.htm IDEA: XBRL DOCUMENT

Derivatives and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivatives and Fair Value of Financial Instruments

Schedule of assets and liabilities measured at fair value on a recurring basis



	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	433	$	433	$	—	$	—
Domestic debt securities		399		162		237		—
Foreign equity securities		169		169		—		—
Foreign debt securities		66		—		66		—
Money market funds held in trading accounts		12		12		—		—
Other trading securities		7		—		7		—
Trading securities – other current assets		26		25		1		—
Long-term investment - BDC		63		—		63		—
Derivatives		26		26		—		—
Total assets	$	1,201	$	827	$	374	$	—
Liabilities:
Contingent consideration	$	19	$	—	$	—	$	19
Derivatives		12		2		10		—
Total liabilities	$	31	$	2	$	10	$	19



	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic debt securities	$	542	$	247	$	295	$	—
Domestic equity securities		472		472		—		—
Foreign equity securities		193		193		—		—
Foreign debt securities		133		2		131		—
Money market funds held in trading accounts		59		59		—		—
Other trading securities		17		—		17		—
Trading securities – other current assets		29		28		1		—
Long-term investment - BDC		81		—		—		81
Derivatives		11		6		5		—
Total assets	$	1,537	$	1,007	$	449	$	81
Liabilities:
Contingent consideration	$	18	$	—	$	—	$	18
Derivatives		10		5		5		—
Total liabilities	$	28	$	5	$	5	$	18

Schedule of aggregated outstanding notional amounts related to derivative financial instruments



		December 31,
(Millions)	Metric	2022	2021
Commodities:
Grain	Bushels	8	1
Hogs	Pounds	16	—
Soybean oil	Pounds	26	20
Heating oil	Gallons	—	15

Schedule of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income



(Millions of dollars)		2022		2021
Commodities	Cost of sales	$	(45)	$	(20)
Foreign currencies	Cost of sales		(17)		(2)
Foreign currencies	Foreign currency gains (losses), net		6		4
Interest rate swaps	Interest expense		—		5

Schedule of fair value of each type of derivative derivative held and where each derivative is included in the condensed consolidated balance sheets



		Asset Derivatives					Liability Derivatives
		December 31,		December 31,			December 31,		December 31,
(Millions of dollars)		2022		2021			2022		2021
Commodities	Other current assets	$	26	$	6	Other current liabilities	$	2	$	5
Foreign currencies	Other current assets		—		5	Other current liabilities		10		5

XML 49 R33.htm IDEA: XBRL DOCUMENT

Stockholders Equity and Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity and Accumulated Other Comprehensive Loss

Schedule of components of accumulated other comprehensive loss, net of related taxes



	Cumulative
	Foreign			Cumulative
	Currency			Unrecognized
	Translation			Pension
(Millions of dollars)	Adjustment			Cost			Total
Balance December 31, 2019	$	(369)		$	(71)		$	(440)
Other comprehensive loss before reclassifications		(7)			(38)			(45)
Amounts reclassified from AOCL to net earnings		—			14	^(a)		14
Other comprehensive loss, net of tax		(7)			(24)			(31)
Balance December 31, 2020	$	(376)		$	(95)		$	(471)
Other comprehensive income before reclassifications		8			18			26
Amounts reclassified from AOCL to net earnings		—			13	^(a)		13
Other comprehensive income, net of tax		8			31			39
Balance December 31, 2021	$	(368)		$	(64)		$	(432)
Other comprehensive income (loss) before reclassifications		(42)			38			(4)
Amounts reclassified from AOCL to net earnings		9	^(b)		5	^(a)		14
Other comprehensive income (loss), net of tax		(33)			43			10
Balance December 31, 2022	$	(401)		$	(21)		$	(422)

^(a)This primarily represents the amortization of actuarial losses (gains) that were included in net periodic pension cost. See Note 9 for further discussion.

XML 50 R34.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of earnings before income taxes



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
United States	$	(205)	$	337	$	138
Foreign		782		298		148
Total earnings before income taxes excluding noncontrolling interests		577		635		286
Net earnings attributable to noncontrolling interests		2		1		—
Total earnings before income taxes	$	579	$	636	$	286

Schedule of components of total income taxes



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Current:
Federal	$	54	$	35	$	(50)
Foreign		42		33		35
State and local		12		10		2
Deferred:
Federal		(94)		3		26
Foreign		5		(7)		(3)
State and local		(22)		(9)		(7)
Income tax expense (benefit)		(3)		65		3
Unrealized changes in other comprehensive income (loss)		8		8		(3)
Total income taxes	$	5	$	73	$	—

Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit)



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Computed “expected” tax expense excluding noncontrolling interests	$	121	$	133	$	60
Adjustments to tax expense attributable to:
Foreign tax differences		(60)		(35)		10
Tax-exempt income		(17)		(15)		(17)
Foreign entity repatriation		10		—		—
Federal tax credits		(57)		(39)		(34)
Unrecognized tax benefits		7		14		—
Valuation allowance		(7)		6		(14)
Other		—		1		(2)
Total income tax expense (benefit)	$	(3)	$	65	$	3

Schedule of components of the net deferred income tax liability




	December 31,
(Millions of dollars)	2022		2021
Deferred income tax liabilities:
Depreciation	$	106	$	121
Domestic partnerships		59		62
Unrealized gain on investments		—		13
Inventory		14		7
Foreign basis difference		13		—
Other		2		4
Gross deferred income tax liabilities	$	194	$	207
Deferred income tax assets:
Reserves/accruals	$	68	$	66
Sec. 174 capitalization		75		—
Unrealized loss on investments		40		—
Deferred earnings of foreign subsidiaries		3		—
Net operating and capital loss carry-forwards		28		67
Tax credit carry-forwards		22		32
Other		8		5
Gross deferred income tax assets before valuation allowance		244		170
Less: Valuation allowance		33		60
Net deferred income tax liability (asset)	$	(17)	$	97

Schedule of activity within the valuation allowance account



	Balance at		Charge (credit)	Balance at
(Millions of dollars)	beginning of year		to expense	end of year
Allowance for Deferred Tax Assets:
Year Ended December 31, 2022	$	60	(27)	$	33
Year Ended December 31, 2021	$	55	5	$	60
Year Ended December 31, 2020	$	68	(13)	$	55

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits



(Millions of dollars)	2022		2021
Beginning balance at January 1	$	41	$	30
Additions for uncertain tax positions of prior years		1		7
Decreases for uncertain tax positions of prior years		(4)		(1)
Additions for uncertain tax positions of current year		23		6
Lapse of statute of limitations		(10)		(1)
Ending balance as of December 31	$	51	$	41

XML 51 R35.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Information

Summary of sales disaggregated by revenue source and segment



Net Sales:		Year Ended December 31, 2022
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,954	$	6,275	$	—	$	123	$	—	$	16	$	8,368
Transportation		11		—		2,043		—		—		2		2,056
Energy		611		—		—		6		158		—		775
Other		29		15		—		—		—		—		44
Segment/consolidated totals	$	2,605	$	6,290	$	2,043	$	129	$	158	$	18	$	11,243



Net Sales:		Year Ended December 31, 2021
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	2,091	$	5,139	$	—	$	113	$	—	$	14	$	7,357
Transportation		8		—		1,396		—		—		1		1,405
Energy		357		—		—		10		60		—		427
Other		25		15		—		—		—		—		40
Segment/consolidated totals	$	2,481	$	5,154	$	1,396	$	123	$	60	$	15	$	9,229



Net Sales:		Year Ended December 31, 2020
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,682	$	3,981	$	—	$	95	$	—	$	16	$	5,774
Transportation		8		—		1,005		—		—		—		1,013
Energy		219		—		—		11		64		—		294
Other		32		13		—		—		—		—		45
Segment/consolidated totals	$	1,941	$	3,994	$	1,005	$	106	$	64	$	16	$	7,126

Summary of specific financial information related to operating income (loss)



Operating Income (Loss):	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Pork	$	(96)	$	227	$	131
CT&M		151		61		118
Marine		591		197		21
Sugar and Alcohol		11		2		2
Power		14		(9)		3
All other		1		1		1
Segment totals		672		479		276
Corporate		(15)		(21)		(31)
Consolidated totals	$	657	$	458	$	245

Summary of specific financial information related to total assets



Total Assets:	December 31,
(Millions of dollars)	2022		2021
Pork	$	2,698	$	2,265
CT&M		1,915		2,054
Marine		882		749
Sugar and Alcohol		165		155
Power		342		359
Turkey		350		245
All other		6		7
Segment totals		6,358		5,834
Corporate		1,544		1,669
Consolidated totals	$	7,902	$	7,503

Summary of specific financial information related to capital expenditures



Capital Expenditures:	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Pork	$	315	$	343	$	207
CT&M		14		17		8
Marine		136		44		10
Sugar and Alcohol		9		8		5
Power		—		43		27
All other		—		1		2
Segment totals		474		456		259
Corporate		—		4		—
Consolidated totals	$	474	$	460	$	259

Geographic summary of net sales based on the location of product delivery



	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Caribbean, Central and South America	$	5,054	$	3,566	$	2,744
Africa		3,107		2,685		2,099
United States ^(a)		2,181		2,031		1,536
Pacific Basin and Far East		490		545		435
Canada/Mexico		338		309		202
Europe		71		86		101
All other		2		7		9
Total sales	$	11,243	$	9,229	$	7,126

(a)

For Marine segment services on product delivery to the U.S., geographic location is based on origination port.

Geographic summary of the entity's property, plant and equipment according to their physical location and primary port for the vessels



	December 31,
(Millions of dollars)	2022		2021
United States	$	1,682	$	1,331
Dominican Republic		281		297
Argentina		59		59
China		35		—
Ivory Coast		33		39
Senegal		32		40
Zambia		31		30
All other		93		96
Total property, plant and equipment, net	$	2,246	$	1,892

XML 52 R36.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operations of Seaboard Corporation and its Subsidiaries
Percentage of ownership interest held by Seaboard Flour LLC and SFC Preferred LLC	77.00%
Goodwill
Goodwill impairment charges	$ 0	$ 4
Goodwill, beginning balance	163	167
Foreign currency translation	(13)
Acquisition	4
Impairment	0	(4)
Goodwill, ending balance	154	163	$ 167
Intangible assets
Gross carrying amount	79	79
Accumulated amortization and currency translation	(48)	(34)
Net carrying amount	31	45
Intangible assets
Amortization of intangible assets	8	9	8
2023	8
2024	8
2025	8
2026	7
Changes in the asset retirement obligation
Beginning balance	29	27
Accretion expense	2	1
Liability for additional lagoons placed in service	1	1
Ending balance	32	29	27
Supplemental Non-Cash Transactions
Interest, net of interest capitalized	35	10	16
Income taxes, net of refunds	101	104	55
Capital expenditures included in accounts payable	15	5	7
Accounts Receivable
Trade	588	553
Due from affiliates	195	128
Other	171	112
Total receivables	954	793
Allowance for credit losses	(31)	(31)
Net receivables	923	762
Notes Receivable
Notes receivable, net	$ 40	30
Foreign Currency Transactions and Translation
Period of measurement to determine highly inflationary accounting	3 years
Three-year cumulative inflation rate	100.00%
Minimum
Principles of Consolidation and Investments in Affiliates
Time lag for reporting financial information	1 month
Property, Plant and Equipment
Useful Lives	3 years
Maximum
Principles of Consolidation and Investments in Affiliates
Time lag for reporting financial information	3 months
Property, Plant and Equipment
Useful Lives	30 years
Pork
Goodwill
Goodwill, beginning balance	$ 18	18
Acquisition	4
Goodwill, ending balance	22	18	18
Commodity Trading and Milling
Goodwill
Goodwill impairment charges		4
Goodwill, beginning balance	145	149
Foreign currency translation	(13)
Impairment		(4)
Goodwill, ending balance	132	145	149
Customer relationships
Intangible assets
Gross carrying amount	51	51
Accumulated amortization and currency translation	(31)	(22)
Net carrying amount	20	29
Trade names
Intangible assets
Gross carrying amount	28	28
Accumulated amortization and currency translation	(17)	(12)
Net carrying amount	11	16
Allowance for Credit Losses
Movement in valuation and qualifying accounts
Balance at beginning of year	31	28	28
Transition Adjustment				$ 3
Provision	7	5
Net deductions	(7)	(2)	(3)
Balance at end of year	31	31	28	28
Allowance for Long-Term Notes Receivable
Movement in valuation and qualifying accounts
Balance at beginning of year	18	17	17
Provision		1
Net deductions	(1)
Balance at end of year	17	18	$ 17	$ 17
Accounts Receivable \| Geographic concentration \| Foreign Country
Accounts Receivable
Foreign receivables, excluding receivables due from affiliates	$ 659	$ 578
Net sales \| Transferred at point in time
Revenue Recognition
Percentage of revenue	85.00%

XML 53 R37.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - R&D and Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Research and Development
Research and development expense	$ 210	$ 191	$ 134
Recently issued accounting standards
Total equity	5,014	4,434	3,828	$ 3,601
Cumulative Effect, Period of Adoption, Adjustment
Recently issued accounting standards
Total equity				(3)
Cumulative Effect, Period of Adoption, Adjustment \| Allowance for Credit Losses
Recently issued accounting standards
Total equity				3
Retained Earnings
Recently issued accounting standards
Total equity	$ 5,417	$ 4,847	$ 4,287	4,030
Retained Earnings \| Cumulative Effect, Period of Adoption, Adjustment
Recently issued accounting standards
Total equity				$ (3)

- Definition

+ References

+ Details

XML 54 R38.htm IDEA: XBRL DOCUMENT

Investments (Details) - USD ($) $ in Millions	12 Months Ended
Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Fair Value	$ 1,086	$ 1,416
Long term investments	185	156
Change in unrealized gains (losses) on trading securities	(129)	12	$ 74
Denominated in foreign currencies
Investments
Fair Value	16	46
Domestic equity securities
Investments
Fair Value	433	472
Domestic debt securities
Investments
Fair Value	399	542
Foreign equity securities
Investments
Fair Value	169	193
Foreign debt securities
Investments
Fair Value	66	133
Money market funds held in trading accounts
Investments
Fair Value	12	59
Other trading investments
Investments
Fair Value	$ 7	$ 17

XML 55 R39.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
At lower of FIFO cost and NRV:
Hogs and materials	$ 538	$ 489
Pork products and materials	75	64
Grains, oilseeds and other commodities	475	634
Biofuels and related credits	221	147
Other	104	92
Total inventories at lower of FIFO cost and NRV	1,413	1,426
Grain, flour and feed at lower of weighted average cost and NRV	257	237
Total inventories	$ 1,670	$ 1,663

XML 56 R40.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Gross property, plant and equipment	$ 3,990	$ 3,459
Accumulated depreciation and amortization	(1,744)	(1,567)
Net property, plant and equipment	2,246	1,892
ROU assets	198	128
Accumulated amortization	$ 1,744	1,567
Minimum
Property, plant and equipment
Useful Lives	3 years
Maximum
Property, plant and equipment
Useful Lives	30 years
Land and improvements
Property, plant and equipment
Gross property, plant and equipment	$ 331	$ 285
Land and improvements \| Minimum
Property, plant and equipment
Useful Lives	3 years	3 years
Land and improvements \| Maximum
Property, plant and equipment
Useful Lives	15 years	15 years
Buildings and improvements
Property, plant and equipment
Useful Lives	30 years	30 years
Gross property, plant and equipment	$ 779	$ 739
Machinery and equipment
Property, plant and equipment
Gross property, plant and equipment	$ 2,027	$ 1,445
Machinery and equipment \| Minimum
Property, plant and equipment
Useful Lives	3 years	3 years
Machinery and equipment \| Maximum
Property, plant and equipment
Useful Lives	20 years	20 years
Vessels and vehicles
Property, plant and equipment
Gross property, plant and equipment	$ 373	$ 214
Vessels and vehicles \| Minimum
Property, plant and equipment
Useful Lives	3 years	3 years
Vessels and vehicles \| Maximum
Property, plant and equipment
Useful Lives	18 years	18 years
Office furniture and fixtures
Property, plant and equipment
Useful Lives	5 years	5 years
Gross property, plant and equipment	$ 43	$ 45
Contract growers
Property, plant and equipment
Gross property, plant and equipment	$ 151	$ 118
Contract growers \| Minimum
Property, plant and equipment
Useful Lives	5 years	5 years
Contract growers \| Maximum
Property, plant and equipment
Useful Lives	15 years	15 years
Construction in progress
Property, plant and equipment
Gross property, plant and equipment	$ 286	$ 613
Capitalized interest	$ 4	$ 7

XML 57 R41.htm IDEA: XBRL DOCUMENT

Leases - Finance Lease Asset and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance lease right of use assets, net	$ 198	$ 128
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance lease liabilities	$ 56	$ 23
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Non-current finance lease liabilities	$ 143	$ 104

XML 58 R42.htm IDEA: XBRL DOCUMENT

Leases - Lease costs (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease costs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease cost
Operating lease cost	$ 184	$ 162	$ 145
Finance lease cost:
Amortization of right of use assets	46	17	9
Interest on lease liabilities	6	5	4
Variable lease cost	18	20	8
Short-term lease cost	13	27	25
Sublease income	(6)	(8)	(6)
Total lease cost	$ 261	$ 223	$ 185

XML 59 R43.htm IDEA: XBRL DOCUMENT

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease weighted average remaining lease term	5 years	4 years
Weighted average discount rate for operating leases	6.13%	5.37%
Finance lease weighted average remaining lease term	5 years	7 years
Weighted average discount rate for financing leases	3.44%	4.16%

XML 60 R44.htm IDEA: XBRL DOCUMENT

Leases - Maturities and Supplemental information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Maturities of operating lease liabilities
2023	$ 175
2024	101
2025	69
2026	62
2027	48
Thereafter	108
Total undiscounted lease payments	563
Less imputed interest	(89)
Total operating lease liability	474
Maturities of finance lease liabilities
2023	61
2024	55
2025	32
2026	18
2027	12
Thereafter	45
Total undiscounted lease payments	223
Less imputed interest	(24)
Total finance lease liability	199
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	194	$ 166	$ 142
Operating cash flows from finance leases	6	5	4
Financing cash flows from finance leases	44	14	7
ROU assets obtained in exchange for new lease liabilities:
Operating leases	118	244	62
Finance leases	$ 116	$ 54	$ 50

XML 61 R45.htm IDEA: XBRL DOCUMENT

Investments in Affiliates (Details) $ in Millions		3 Months Ended	12 Months Ended
Investments in Affiliates (Details) $ in Millions	Jan. 01, 2022 USD ($)	Jul. 02, 2022 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Investments in Affiliates
Investments in and advances to affiliates			$ 753	$ 651
Income (loss) from affiliates			152	7	$ (18)
Purchases from related parties included in Cost of Sales			91
Proceeds from sale of non-consolidated affiliates			13
Dividends received from affiliates			40	44	20
Notes receivable from affiliates			2	1
Foreign currency translation adjustment			(33)	8	(7)
Due from affiliates			195	128
Accounts payable to affiliates			2	1
Principal payments received on third party notes receivable			5	21
Financial information
Operating income (loss)			657	458	245
Net earnings (loss)			582	571	283
Total assets			7,902	7,503
Total liabilities			2,888	3,069
Total equity			5,014	4,434	3,828	$ 3,601
Affiliates
Investments in Affiliates
Deferred revenue			$ 12	24
Minimum
Financial information
Time lag for reporting financial information			1 month
Maximum
Financial information
Time lag for reporting financial information			3 months
Seaboard de Mexico
Investments in Affiliates
Percentage of ownership			50.00%
Products.
Investments in Affiliates
Sales to related parties			$ 1,463	1,396	1,125
Services.
Investments in Affiliates
Sales to related parties			20	20	21
Pork
Investments in Affiliates
Investments in and advances to affiliates			152	142
Income (loss) from affiliates			24	3	(9)
Financial information
Total assets			2,698	2,265
Pork \| Equity method investment in non-consolidated affiliates
Financial information
Net sales			2,417	2,010	1,543
Net earnings (loss)			48	5	(18)
Total assets			615	584	586
Total liabilities			312	302	245
Total equity			$ 303	282	341
Pork \| Mexico
Investments in Affiliates
Proceeds from sale of non-consolidated affiliates	$ 9
Gain (loss) on sale of affiliate	$ 6
Percentage of ownership interest sold	50.00%
Pork \| Daily's
Investments in Affiliates
Percentage of ownership			50.00%
Pork \| STF
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling
Investments in Affiliates
Investments in and advances to affiliates			$ 210	224
Income (loss) from affiliates			21	18	(2)
Carrying value of investment in affiliates over (under) entity's share of affiliates' book value			49
Financial information
Total assets			1,915	2,054
Commodity Trading and Milling \| Equity method investment in non-consolidated affiliates
Financial information
Net sales			3,186	2,766	2,482
Net earnings (loss)			40	47	(2)
Total assets			1,848	1,798	1,745
Total liabilities			1,250	1,199	1,185
Total equity			$ 598	599	560
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Botswana
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Democratic Republic of Congo
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Gambia
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Kenya \| Minimum
Investments in Affiliates
Percentage of ownership			18.47%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Kenya \| Maximum
Investments in Affiliates
Percentage of ownership			49.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Lesotho
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Mauritania
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Morocco \| Minimum
Investments in Affiliates
Percentage of ownership			15.13%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Morocco \| Maximum
Investments in Affiliates
Percentage of ownership			17.71%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Nigeria \| Minimum
Investments in Affiliates
Percentage of ownership			25.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Nigeria \| Maximum
Investments in Affiliates
Percentage of ownership			48.33%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Senegal
Investments in Affiliates
Percentage of ownership			49.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| South Africa
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Tanzania \| Minimum
Investments in Affiliates
Percentage of ownership			11.76%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Tanzania \| Maximum
Investments in Affiliates
Percentage of ownership			49.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Uganda \| Minimum
Investments in Affiliates
Percentage of ownership			23.50%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Uganda \| Maximum
Investments in Affiliates
Percentage of ownership			49.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Zambia
Investments in Affiliates
Percentage of ownership			49.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Colombia \| Minimum
Investments in Affiliates
Percentage of ownership			40.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Colombia \| Maximum
Investments in Affiliates
Percentage of ownership			42.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Ecuador \| Minimum
Investments in Affiliates
Percentage of ownership			25.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Ecuador \| Maximum
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Guyana
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Peru
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Jamaica
Investments in Affiliates
Percentage of ownership			50.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Haiti
Investments in Affiliates
Percentage of ownership			23.33%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Turkey
Investments in Affiliates
Percentage of ownership			25.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| Canada
Investments in Affiliates
Percentage of ownership			45.00%
Commodity Trading and Milling \| Businesses conducting flour, maize and feed milling and poultry production and processing \| United States
Investments in Affiliates
Percentage of ownership			20.00%
Marine
Investments in Affiliates
Investments in and advances to affiliates			$ 36	33
Income (loss) from affiliates			4	6	2
Carrying value of investment in affiliates over (under) entity's share of affiliates' book value			(40)
Financial information
Total assets			882	749
Marine \| Equity method investment in non-consolidated affiliates
Financial information
Net sales			82	74	66
Net earnings (loss)			21	27	8
Total assets			256	245	253
Total liabilities			61	88	98
Total equity			$ 195	157	155
Marine \| Cargo terminal business \| Minimum
Investments in Affiliates
Percentage of ownership			16.87%
Marine \| Cargo terminal business \| Maximum
Investments in Affiliates
Percentage of ownership			21.02%
Sugar and Alcohol
Investments in Affiliates
Investments in and advances to affiliates			$ 2	4
Income (loss) from affiliates					1
Financial information
Total assets			165	155
Sugar and Alcohol \| Equity method investment in non-consolidated affiliates
Financial information
Net sales			8	6	7
Net earnings (loss)					1
Total assets			6	8	14
Total liabilities			2	1	2
Total equity			$ 4	7	12
Sugar and Alcohol \| Sugar related businesses \| Argentina
Investments in Affiliates
Percentage of ownership			50.00%
Number of businesses \| item			2
Power
Investments in Affiliates
Investments in and advances to affiliates			$ 3	3
Financial information
Total assets			342	359
Power \| Equity method investment in non-consolidated affiliates
Financial information
Net sales			1	1	1
Net earnings (loss)				1
Total assets			9	12	12
Total liabilities			3	5	6
Total equity			$ 6	7	6
Power \| Energy related businesses \| Dominican Republic
Investments in Affiliates
Number of businesses \| item			2
Power \| Energy related business one \| Dominican Republic
Investments in Affiliates
Percentage of ownership			45.00%
Power \| Energy related business two \| Dominican Republic
Investments in Affiliates
Percentage of ownership			50.00%
Turkey
Investments in Affiliates
Investments in and advances to affiliates			$ 350	245
Income (loss) from affiliates			103	(20)	(10)
Financial information
Total assets			350	245
Turkey \| Equity method investment in non-consolidated affiliates
Financial information
Net sales			2,050	1,792	1,675
Operating income (loss)			202	(34)	(6)
Net earnings (loss)			196	(38)	(20)
Total assets			1,081	991	993
Total liabilities			406	517	481
Total equity			675	$ 474	$ 512
Turkey \| Butterball, LLC
Investments in Affiliates
Investee's intangible assets for trade name			111
Investee's intangible assets for goodwill			$ 61
Turkey \| Butterball, LLC \| Detachable warrants
Investments in Affiliates
Additional equity interest that can be acquired upon exercise of warrants (as a percent)			5.00%
Economic interest (as a percent)			52.50%
Percentage of the Butterball's earnings recorded as income from affiliates in the Consolidated Statements of Comprehensive Income (as a percent)			52.50%
Disposed of by sale \| Commodity Trading and Milling \| Protein and commodity trading company
Investments in Affiliates
Percentage of ownership interest sold		20.00%
Proceeds from the sale of non-consolidated affiliates		$ 12

XML 62 R46.htm IDEA: XBRL DOCUMENT

Debt - Notes payable and bank lines (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Uncommitted and committed bank lines
Debt
Weighted average interest rate (as a percent)	7.03%	2.71%
Uncommitted bank lines
Debt
Lines of credit	$ 326	$ 359
Compensating balance	3
Uncommitted bank lines \| Denominated in foreign currencies
Debt
Lines of credit	194	218
Uncommitted bank lines \| South African Rand
Debt
Lines of credit	174	177
Committed bank line
Debt
Lines of credit	131	$ 157
Maximum capacity	$ 250

XML 63 R47.htm IDEA: XBRL DOCUMENT

Debt - Summary of long-term debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2018
Debt
Other long-term debt	$ 39	$ 38
Total debt at face value	717	710
Current maturities of long-term debt and unamortized discount	(9)	(8)
Long-term debt, less current maturities	708	702
Term loan due 2028
Debt
Debt at face value	$ 677	$ 670		$ 700
Effective interest rate (as a percent)	1.73%	6.01%
Foreign subsidiary obligations
Debt
Debt at face value	$ 1	$ 2
Equipment loan
Debt
Long-term debt assumed	$ 9
Interest rate (as a percent)	5.60%
Note due 2027
Debt
Debt at face value			$ 30
Interest rate (as a percent)			1.28%

XML 64 R48.htm IDEA: XBRL DOCUMENT

Debt - Maturities and foreign subsidiary obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Maturities of long-term debt
2023	$ 7
2024	8
2025	8
2026	8
2027	38
Thereafter	$ 641

XML 65 R49.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Numbers of Items (Details) $ in Millions									6 Months Ended
	Nov. 11, 2022 employee	Sep. 23, 2022 claim	Sep. 30, 2021 USD ($)	Jul. 01, 2021 plaintiff	Jun. 28, 2018 plaintiff	May 15, 2018 USD ($)	Apr. 27, 2018 USD ($) employee	Mar. 20, 2018 USD ($) subsidiary	Dec. 31, 2018 plaintiff	Dec. 31, 2022 USD ($)	Sep. 22, 2022 claim	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Total liabilities										$ 2,888		$ 3,069
Assets										$ 7,902		$ 7,503
Pork Product Purchasers \| Pending Litigation
Commitments and Contingencies
Number of plaintiffs \| plaintiff					12				3
Pork Compensation Antitrust \| Pending Litigation
Commitments and Contingencies
Number of plaintiffs \| employee	3
Odette Blanco De Fernandez \| Pending Litigation
Commitments and Contingencies
Number of siblings added as plaintiffs \| plaintiff				4
Term of concession to develop port facilities				70 years
Claimed ownership percentage of companies that owned concession and land				20.00%
HSBC \| Pending Litigation
Commitments and Contingencies
Damages sought			$ 10
Interest and other relief sought			$ 3
Number of claims that were dismissed by a court \| claim		6
Number of claims \| claim		1									7
Number of claims dismissed that can be refiled \| claim		3
Number of claims dismissed that cannot be refiled unless successfully appealed \| claim		3
Cereoil \| Cereoil Bankruptcy Trustee - Case Two \| Pending Litigation
Commitments and Contingencies
Damages sought							$ 23
Number of individuals employed by Seaboard serving as directors \| employee							2
Total liabilities							$ 53
Assets							$ 30
Nolston \| Nolston Bankruptcy Trustee \| Pending Litigation
Commitments and Contingencies
Damages sought						$ 8
Total liabilities						29
Assets						$ 15
Cereoil
Commitments and Contingencies
Percentage of ownership										45.00%
Cereoil \| Cereoil Bankruptcy Trustee - Case One \| Pending Litigation
Commitments and Contingencies
Damages sought								$ 22
Number of subsidiaries \| subsidiary								2
Nolston
Commitments and Contingencies
Percentage of ownership										45.00%

XML 66 R50.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item
Commitments
2023	$ 1,879
2024	450
2025	258
2026	144
2027	99
Thereafter	378
Totals	$ 3,208
Marine
Commitments
Number of vessels under construction \| item	6
Number of vessels expected to be delivered in 2024 \| item	3
Number of vessels expected to be delivered in 2025 \| item	3
Hog procurement contracts
Commitments
2023	$ 86
2024	57
2025	57
2026	42
Totals	242
Grain and feedstock commitments
Commitments
2023	581
2024	152
2025	4
2026	3
Totals	740
Grain purchase contracts for resale
Commitments
2023	842
2024	1
Totals	843
Fuel supply contract
Commitments
2023	113
2024	87
2025	98
2026	98
2027	98
Thereafter	369
Totals	863
Capital expenditures
Commitments
2023	127
2024	152
2025	98
Totals	377
Other commitments
Commitments
2023	130
2024	1
2025	1
2026	1
2027	1
Thereafter	9
Totals	$ 143

XML 67 R51.htm IDEA: XBRL DOCUMENT

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Target allocation and pension plan asset allocation
Contributions made to defined benefit pension plans	$ 1	$ 20
Estimated fair value of plan assets	182	227	$ 206
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	362	379
Service cost	9	10	9
Interest cost	10	9	11
Actuarial gains	(97)	(10)
Plan settlements		(19)
Benefits paid	(8)	(7)
Benefit obligation at end of year	276	362	379
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	227	206
Actual return on plan assets	(38)	27
Employer contributions	1	20
Plan settlements		(19)
Benefits paid	(8)	(7)
Fair value of plan assets at end of year	182	227	206
Funded status	(94)	(135)
Components of net periodic benefit cost:
Service cost	9	10	9
Interest cost	10	9	11
Expected return on plan assets	(14)	(12)	(11)
Amortization and other	6	9	7
Settlement loss recognized		6	11
Net periodic benefit cost	11	22	$ 27
Amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss (AOCL) before taxes
Total accumulated other comprehensive loss	21	71
Defined benefit pension plan
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	$ 182	$ 227
Weighted-average assumptions
Expected return on plan assets (as a percent)	6.25%	6.25%	6.25%
Long-term rate of increase in compensation levels (as a percent)	4.00%	4.00%	4.00%
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	$ 227
Fair value of plan assets at end of year	182	$ 227
Expected future benefit payments
2023	44
2024	17
2025	11
2026	15
2027	14
Next five years after year five	78
Accumulated benefit obligation	247	319
Defined benefit pension plan \| Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	182	227
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	227
Fair value of plan assets at end of year	$ 182	227
Defined benefit pension plan \| Equity Securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)	80.00%
Defined benefit pension plan \| Domestic equity securities
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	$ 84	113
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	113
Fair value of plan assets at end of year	84	113
Defined benefit pension plan \| Domestic equity securities \| Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	84	113
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	113
Fair value of plan assets at end of year	84	113
Defined benefit pension plan \| Foreign equity securities
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	60	71
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	71
Fair value of plan assets at end of year	60	71
Defined benefit pension plan \| Foreign equity securities \| Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	60	71
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	71
Fair value of plan assets at end of year	$ 60	71
Defined benefit pension plan \| Fixed income
Target allocation and pension plan asset allocation
Target Allocations (as a percent)	20.00%
Estimated fair value of plan assets	$ 26	29
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	29
Fair value of plan assets at end of year	26	29
Defined benefit pension plan \| Fixed income \| Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	26	29
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	29
Fair value of plan assets at end of year	26	29
Defined benefit pension plan \| International fixed income mutual funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	11	12
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	12
Fair value of plan assets at end of year	11	12
Defined benefit pension plan \| International fixed income mutual funds \| Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	11	12
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	12
Fair value of plan assets at end of year	11	12
Defined benefit pension plan \| Money market funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	1	2
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	2
Fair value of plan assets at end of year	1	2
Defined benefit pension plan \| Money market funds \| Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	1	2
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	2
Fair value of plan assets at end of year	$ 1	$ 2
Defined benefit pension plan \| Minimum
Weighted-average assumptions
Discount rate used to determine obligations (as a percent)	5.30%	1.20%	0.70%
Discount rate used to determine net periodic benefit cost (as a percent)	1.20%	0.70%	2.15%
Defined benefit pension plan \| Maximum
Weighted-average assumptions
Discount rate used to determine obligations (as a percent)	5.40%	2.90%	2.60%
Discount rate used to determine net periodic benefit cost (as a percent)	2.90%	2.60%	3.50%

XML 68 R52.htm IDEA: XBRL DOCUMENT

Employee Benefits - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits
Contribution expense	$ 9	$ 4	$ 4
Deferred compensation plan
Deferred compensation plan assets included in other current assets	26	29
Deferred compensation plan liability included in other liabilities	$ 23	$ 26

XML 69 R53.htm IDEA: XBRL DOCUMENT

Derivatives and Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 02, 2022
Assets:
Trading securities	$ 1,086	$ 1,416
Long term investments	185	156
Investments
Amount invested	117	98	$ 47
Mimran
Contingent consideration
Contingent consideration, low end of range	0
Contingent consideration, high end of range	$ 48
Minimum contingent consideration payout period	5 years
Maximum contingent consideration payout period	8 years
Commodities
Assets:
Derivatives	$ 26	$ 6
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Margin account	$ 3	$ 28
Liabilities:
Derivatives	$ 2	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Foreign currencies
Assets:
Derivatives		$ 5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Liabilities:
Derivatives	$ 10	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
BDC
Investments
Liquidity discount				$ 1
Domestic debt securities
Assets:
Trading securities	$ 399	$ 542
Domestic equity securities
Assets:
Trading securities	433	472
Foreign equity securities
Assets:
Trading securities	169	193
Foreign debt securities.
Assets:
Trading securities	66	133
Money market funds held in trading accounts
Assets:
Trading securities	12	59
Recurring basis \| Level 1
Assets:
Derivatives	$ 26	$ 6
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Total assets	$ 827	$ 1,007
Liabilities:
Derivatives	$ 2	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Total liabilities	$ 2	$ 5
Recurring basis \| Level 2
Assets:
Derivatives		$ 5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Current
Total assets	374	$ 449
Liabilities:
Derivatives	$ 10	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Total liabilities	$ 10	$ 5
Recurring basis \| Level 3
Assets:
Total assets		81
Liabilities:
Contingent consideration	19	18
Total liabilities	19	18
Recurring basis \| Other current assets \| Level 1
Assets:
Trading securities	25	28
Recurring basis \| Other current assets \| Level 2
Assets:
Trading securities	1	1
Recurring basis \| BDC \| Level 2
Assets:
Long term investments	63
Recurring basis \| BDC \| Level 3
Assets:
Long term investments		81
Recurring basis \| Domestic debt securities \| Short-term investments. \| Level 1
Assets:
Trading securities	162	247
Recurring basis \| Domestic debt securities \| Short-term investments. \| Level 2
Assets:
Trading securities	237	295
Recurring basis \| Domestic equity securities \| Short-term investments. \| Level 1
Assets:
Trading securities	433	472
Recurring basis \| Foreign equity securities \| Short-term investments. \| Level 1
Assets:
Trading securities	169	193
Recurring basis \| Foreign debt securities. \| Short-term investments. \| Level 1
Assets:
Trading securities		2
Recurring basis \| Foreign debt securities. \| Short-term investments. \| Level 2
Assets:
Trading securities	66	131
Recurring basis \| Money market funds held in trading accounts \| Short-term investments. \| Level 1
Assets:
Trading securities	12	59
Recurring basis \| Other trading securities \| Short-term investments. \| Level 2
Assets:
Trading securities	7	17
Recurring basis \| Fair Value
Assets:
Derivatives	$ 26	$ 11
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Total assets	$ 1,201	$ 1,537
Liabilities:
Contingent consideration	19	18
Derivatives	$ 12	$ 10
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Total liabilities	$ 31	$ 28
Recurring basis \| Fair Value \| Other current assets
Assets:
Trading securities	26	29
Recurring basis \| Fair Value \| BDC
Assets:
Long term investments	63	81
Recurring basis \| Fair Value \| Domestic debt securities \| Short-term investments.
Assets:
Trading securities	399	542
Recurring basis \| Fair Value \| Domestic equity securities \| Short-term investments.
Assets:
Trading securities	433	472
Recurring basis \| Fair Value \| Foreign equity securities \| Short-term investments.
Assets:
Trading securities	169	193
Recurring basis \| Fair Value \| Foreign debt securities. \| Short-term investments.
Assets:
Trading securities	66	133
Recurring basis \| Fair Value \| Money market funds held in trading accounts \| Short-term investments.
Assets:
Trading securities	12	59
Recurring basis \| Fair Value \| Other trading securities \| Short-term investments.
Assets:
Trading securities	$ 7	$ 17

XML 70 R54.htm IDEA: XBRL DOCUMENT

Derivatives and Fair Value of Financial Instruments - Instruments and Agreements (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) lb bu	Dec. 31, 2021 USD ($) lb gal bu
Grain
Derivative commodity instruments
Nonmonetary notional amount \| bu	8	1
Hogs
Derivative commodity instruments
Nonmonetary notional amount \| lb	16
Soybean oil
Derivative commodity instruments
Nonmonetary notional amount \| lb	26	20
Heating oil
Derivative commodity instruments
Nonmonetary notional amount \| gal		15
Commodities
Derivative commodity instruments
Gains (losses) on derivatives	$ (45)	$ (20)
Foreign currencies
Derivative commodity instruments
Notional amounts	$ 190	95
Interest rate swaps
Derivative commodity instruments
Gains (losses) on derivatives		$ 5

XML 71 R55.htm IDEA: XBRL DOCUMENT

Derivatives and Fair Value of Financial Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commodities
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Gains (losses) on derivatives	$ (45)	$ (20)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Foreign currencies \| Cost of sales
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Gains (losses) on derivatives	$ (17)	$ (2)
Foreign currencies \| Foreign currency gains (losses), net
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Gains (losses) on derivatives	$ 6	4
Interest rate swaps
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Gains (losses) on derivatives		$ 5
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense

XML 72 R56.htm IDEA: XBRL DOCUMENT

Derivatives and Fair Value of Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	$ 26	$ 6
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Liability Derivatives	$ 2	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Margin account	$ 3	$ 28
Commodities \| Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Derivative assets and liabilities, net basis	$ 27	29
Foreign currencies
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives		$ 5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Liability Derivatives	$ 10	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Interest rate swaps \| Maximum
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Credit risk associated with derivative contracts	$ 1

XML 73 R57.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period	$ (432)	$ (471)	$ (440)
Other comprehensive income (loss) before reclassifications	(4)	26	(45)
Amounts reclassified from AOCL to net earnings	14	13	14
Other comprehensive income (loss), net of tax	10	39	(31)
Balance at end of the period	(422)	(432)	$ (471)
Accounts receivable	923	762
Common shares repurchased (in shares)			4,069
Repurchase of common stock			$ 13
Cumulative Foreign Currency Translation Adjustment
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period	(368)	(376)	(369)
Other comprehensive income (loss) before reclassifications	(42)	8	(7)
Amounts reclassified from AOCL to net earnings	9
Other comprehensive income (loss), net of tax	(33)	8	(7)
Balance at end of the period	(401)	(368)	(376)
Cumulative Unrecognized Pension Cost
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period	(64)	(95)	(71)
Other comprehensive income (loss) before reclassifications	38	18	(38)
Amounts reclassified from AOCL to net earnings	5	13	14
Other comprehensive income (loss), net of tax	43	31	(24)
Balance at end of the period	$ (21)	$ (64)	$ (95)
All components of AOCL except cumulative foreign currency translation adjustments
Components of and changes in accumulated other comprehensive loss, net of tax
Effective income tax rate (as a percent)	25.00%	25.00%	25.00%
Certain subsidiaries
Components of and changes in accumulated other comprehensive loss, net of tax
Unrecognized pension cost related to employees at certain subsidiaries	$ 5	$ 24	$ 34
Certain subsidiaries \| Cumulative Unrecognized Pension Cost
Components of and changes in accumulated other comprehensive loss, net of tax
Tax benefit recorded on unrecognized pension cost	$ 0	$ 0	$ 0

XML 74 R58.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of earnings before income taxes
United States	$ (205)	$ 337	$ 138
Foreign	782	298	148
Total earnings before income taxes excluding non-controlling interests	577	635	286
Net income attributable to noncontrolling interests	2	1	0
Earnings before income taxes	579	636	286
Current:
Federal	54	35	(50)
Foreign	42	33	35
State and local	12	10	2
Deferred:
Federal	(94)	3	26
Foreign	5	(7)	(3)
State and local	(22)	(9)	(7)
Income tax expense (benefit)	(3)	65	3
Unrealized changes in other comprehensive income (loss)	8	8	$ (3)
Total income taxes	$ 5	$ 73
Income taxes
Federal income tax rate (as a percent)	21.00%	21.00%	21.00%
Reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense attributable to continuing operations
Computed "expected" tax expense (benefit) excluding non-controlling interest	$ 121	$ 133	$ 60
Adjustments to tax expense attributable to:
Foreign tax differences	(60)	(35)	10
Tax-exempt income	(17)	(15)	(17)
Foreign entity repatriation	10
Federal tax credits	(57)	(39)	(34)
Unrecognized tax benefits	7	14
Valuation allowance	(7)	6	(14)
Other		1	(2)
Income tax expense (benefit)	(3)	65	3
Income taxes receivable	54	46
Income taxes payable	18	13
Deferred income tax liabilities:
Depreciation	106	121
Domestic partnerships	59	62
Unrealized gain on investments		13
Inventory	14	7
Deferred tax liability for incremental tax costs associated with future potential repatriation of previously-taxed foreign undistributed earnings	13
Other	2	4
Gross deferred income tax liabilities	194	207
Deferred income tax assets:
Reserves/accruals	68	66
Sec. 174 Capitalization	75
Unrealized loss on investments	40
Deferred earnings of foreign subsidiaries	3
Net operating and capital loss carry-forwards	28	67
Tax credit carry-forwards	22	32
Other	8	5
Gross deferred income tax assets	244	170
Less: Valuation allowance	33	60
Net deferred income tax asset	(17)
Net deferred income tax liability		97
Accrued interest and penalties on uncertain tax positions	9	10
Unrecognized tax benefits, if recognized, would affect the effective tax rate	51	41
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the year	41	30
Additions for uncertain tax positions of prior years	1	7
Decreases for uncertain tax positions of prior years	(4)	(1)
Additions for uncertain tax positions of current year	23	6
Lapse of statute of limitations	(10)	(1)
Balance at the end of the year	51	41	30
Other commitments
Funding of long-term investment	117	98	47
Investment tax credits	$ 46	24	22
Minimum
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Number of tax years typically subject to examination for major non-US jurisdictions	3 years
Maximum
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Number of tax years typically subject to examination for major non-US jurisdictions	6 years
Allowance for Deferred Tax Assets:
Movement in valuation and qualifying accounts
Balance at beginning of year	$ 60	55	68
Charge (credit) to expense	(27)	5	(13)
Balance at end of year	33	60	55
Refined coal processing plant
Other commitments
Funding of long-term investment		11	17
Solar Renewable Energy Project
Other commitments
Funding of long-term investment	52
Investment tax credits	46
Marine
Deferred income tax liabilities:
Deferred tax liability for incremental tax costs associated with future potential repatriation of previously-taxed foreign undistributed earnings	13
Pork
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Gross non-taxable revenue related to federal blender's credit	79	69	$ 79
Receivable from the U.S. government related to federal blender's credits included in other receivables	53	$ 20
Foreign
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Net operating loss carry-forwards (NOLs)	57
State
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Net operating loss carry-forwards (NOLs)	181
Tax credit carry-forwards	$ 27

XML 75 R59.htm IDEA: XBRL DOCUMENT

Segment Information - Pork and Power Segments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 02, 2022
Segment Information
Number of reportable segments \| segment	6
Total cash consideration	$ 58	$ 7	$ 27
Goodwill	154	163	167
Pork
Segment Information
Goodwill	22	18	18
Pork \| The Maschhoffs Hog Inventory And Hog Farms
Segment Information
Total cash consideration	58
Inventories	9
Property, plant and equipment	45
Goodwill	$ 4
Pork \| Hitch Pork Producers, Inc.
Segment Information
Total cash consideration			27
Power
Segment Information
Number of power of generating barges \| item	2
Commodity Trading and Milling
Segment Information
Goodwill	$ 132	$ 145	$ 149
Commodity Trading and Milling \| Feed manufacturer and hog producer In Ecuador
Segment Information
Percentage of ownership		80.00%	50.00%
Commodity Trading and Milling \| Feed manufacturer and hog producer In Ecuador
Segment Information
Total cash consideration		$ 7
Working capital		30
Property, plant and equipment		$ 17
Commodity Trading and Milling \| Disposed of by sale \| Brazil
Segment Information
Proceeds from sale, net of cash sold	$ 6
Commodity Trading and Milling \| Disposed of by sale \| Protein and commodity trading company
Segment Information
Percentage of ownership interest sold				20.00%

XML 76 R60.htm IDEA: XBRL DOCUMENT

Segment Information - Specific Financial Information About Each Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Information
Sales to External Customers	$ 11,243	$ 9,229	$ 7,126
Operating Income (Loss)	657	458	245
Total assets	7,902	7,503
Capital expenditures	474	460	259
Pork
Segment Information
Sales to External Customers	2,605	2,481	1,941
Total assets	2,698	2,265
Capital expenditures	315	343	207
Commodity Trading and Milling
Segment Information
Sales to External Customers	6,290	5,154	3,994
Total assets	1,915	2,054
Capital expenditures	14	17	8
Marine
Segment Information
Sales to External Customers	2,043	1,396	1,005
Total assets	882	749
Capital expenditures	136	44	10
Sugar and Alcohol
Segment Information
Sales to External Customers	129	123	106
Total assets	165	155
Capital expenditures	9	8	5
Power
Segment Information
Sales to External Customers	158	60	64
Total assets	342	359
Capital expenditures		43	27
Turkey.
Segment Information
Total assets	350	245
All Other
Segment Information
Sales to External Customers	18	15	16
Total assets	6	7
Capital expenditures		1	2
Products
Segment Information
Sales to External Customers	8,979	7,714	5,993
Products \| Pork
Segment Information
Sales to External Customers	1,954	2,091	1,682
Products \| Commodity Trading and Milling
Segment Information
Sales to External Customers	6,275	5,139	3,981
Products \| Sugar and Alcohol
Segment Information
Sales to External Customers	123	113	95
Products \| All Other
Segment Information
Sales to External Customers	16	14	16
Transportation \| Pork
Segment Information
Sales to External Customers	11	8	8
Transportation \| Marine
Segment Information
Sales to External Customers	2,043	1,396	1,005
Transportation \| All Other
Segment Information
Sales to External Customers	2	1
Energy \| Pork
Segment Information
Sales to External Customers	611	357	219
Energy \| Sugar and Alcohol
Segment Information
Sales to External Customers	6	10	11
Energy \| Power
Segment Information
Sales to External Customers	158	60	64
Other
Segment Information
Sales to External Customers	164	70	75
Other \| Pork
Segment Information
Sales to External Customers	29	25	32
Other \| Commodity Trading and Milling
Segment Information
Sales to External Customers	15	15	13
Segment Totals
Segment Information
Sales to External Customers	11,243	9,229	7,126
Operating Income (Loss)	672	479	276
Total assets	6,358	5,834
Capital expenditures	474	456	259
Segment Totals \| Pork
Segment Information
Operating Income (Loss)	(96)	227	131
Segment Totals \| Commodity Trading and Milling
Segment Information
Operating Income (Loss)	151	61	118
Segment Totals \| Marine
Segment Information
Operating Income (Loss)	591	197	21
Segment Totals \| Sugar and Alcohol
Segment Information
Operating Income (Loss)	11	2	2
Segment Totals \| Power
Segment Information
Operating Income (Loss)	14	(9)	3
Segment Totals \| All Other
Segment Information
Operating Income (Loss)	1	1	1
Segment Totals \| Products
Segment Information
Sales to External Customers	8,368	7,357	5,774
Segment Totals \| Transportation
Segment Information
Sales to External Customers	2,056	1,405	1,013
Segment Totals \| Energy
Segment Information
Sales to External Customers	775	427	294
Segment Totals \| Other
Segment Information
Sales to External Customers	44	40	45
Corporate Items
Segment Information
Operating Income (Loss)	(15)	(21)	$ (31)
Total assets	$ 1,544	1,669
Capital expenditures		$ 4

XML 77 R61.htm IDEA: XBRL DOCUMENT

Segment Information - Geographic Concentration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk
Net sales	$ 11,243	$ 9,229	$ 7,126
Net sales \| Geographic concentration \| Colombia
Concentration Risk
Net sales	$ 1,578	$ 1,144	$ 812
Concentration risk (as a percent)	14.00%	12.00%	11.00%
Net sales \| Geographic concentration \| South Africa
Concentration Risk
Net sales	$ 992	$ 917	$ 743
Concentration risk (as a percent)	9.00%	10.00%	10.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

XML 78 R62.htm IDEA: XBRL DOCUMENT

Segment Information - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Geographic Information
Net sales	$ 11,243	$ 9,229	$ 7,126
Property, plant and equipment	2,246	1,892
United States
Geographic Information
Property, plant and equipment	1,682	1,331
Dominican Republic
Geographic Information
Property, plant and equipment	281	297
Argentina
Geographic Information
Property, plant and equipment	59	59
China
Geographic Information
Property, plant and equipment	35
Senegal
Geographic Information
Property, plant and equipment	32	40
Ivory Coast
Geographic Information
Property, plant and equipment	33	39
Zambia
Geographic Information
Property, plant and equipment	31	30
All Other.
Geographic Information
Property, plant and equipment	$ 93	$ 96

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