Seaboard (SEB) 10-K 21 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jul. 02, 2016
Document and Entity Information
Entity Registrant Name	SEABOARD CORP /DE/
Entity Central Index Key	88,121
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 747,309,465
Entity Common Stock, Shares Outstanding		1,170,550
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net sales:
Products (includes sales to affiliates of $993, $831, and $842)	$ 4,334	$ 4,515	$ 5,373
Services (includes sales to affiliates of $8, $4, and $4)	961	973	906
Other	84	106	194
Total net sales	5,379	5,594	6,473
Cost of sales and operating expenses:
Products	3,992	4,244	4,818
Services	822	866	813
Other	68	88	164
Total cost of sales and operating expenses	4,882	5,198	5,795
Gross income	497	396	678
Selling, general and administrative expenses	275	270	254
Operating income	222	126	424
Other income (expense):
Interest expense	(29)	(18)	(20)
Interest income	15	40	14
Interest income from affiliates	24	29	27
Income from affiliates	81	70	37
Other investment income (loss), net	69	(5)	2
Foreign currency gains (losses), net	2	1	(9)
Gain on sale of controlling interest in subsidiary			66
Miscellaneous, net		(2)	(5)
Total other income, net	162	115	112
Earnings before income taxes	384	241	536
Income tax expense	(70)	(69)	(168)
Net earnings	314	172	368
Less: Net income attributable to noncontrolling interests	(2)	(1)	(1)
Net earnings attributable to Seaboard	$ 312	$ 171	$ 367
Earnings per common share	$ 266.50	$ 146.44	$ 311.44
Other comprehensive income (loss), net of income tax benefit of $12, $0, and $27:
Foreign currency translation adjustment	$ (26)	$ (34)	$ (39)
Unrealized gain on investments	1		1
Unrecognized pension cost	(1)	9	(33)
Other comprehensive loss, net of tax	(26)	(25)	(71)
Comprehensive income	288	147	297
Less: Comprehensive income attributable to noncontrolling interests	(2)	(1)	(1)
Comprehensive income attributable to Seaboard	$ 286	$ 146	$ 296
Average number of shares outstanding (in shares)	1,170,550	1,170,550	1,178,441

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other comprehensive income (loss), income tax benefit (expense)	$ 12	$ 0	$ 27
Products
Sales to affiliates	993	831	842
Services
Sales to affiliates	$ 8	$ 4	$ 4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 77	$ 50
Short-term investments	1,277	1,254
Receivables:
Trade	269	330
Due from affiliates	110	86
Notes receivable from affiliate	163
Other	99	115
Total receivables	641	531
Allowance for doubtful accounts	(14)	(21)
Net receivables	627	510
Inventories	762	739
Other current assets	105	111
Total current assets	2,848	2,664
Net property, plant and equipment	1,006	831
Investments in and advances to affiliates	773	671
Notes receivable from affiliates	26	200
Goodwill	19	12
Other intangible assets, net	3	3
Other non-current assets	80	50
Total assets	4,755	4,431
Current liabilities:
Notes payable to banks	121	141
Current maturities of long-term debt	17	4
Accounts payable	194	200
Payables due to affiliates	22	39
Accrued compensation and benefits	118	121
Deferred revenue	66	47
Deferred revenue from affiliates	48	46
Accrued voyage costs	52	44
Accrued commodity inventory	35	26
Other current liabilities	112	98
Total current liabilities	785	766
Long-term debt, less current maturities	499	518
Accrued pension liability	121	132
Deferred income taxes	77	41
Other liabilities and deferred credits	98	92
Total non-current liabilities	795	783
Commitments and contingent liabilities
Stockholders' equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,170,550	1	1
Accumulated other comprehensive loss	(304)	(278)
Retained earnings	3,465	3,153
Total Seaboard stockholders' equity	3,162	2,876
Noncontrolling interests	13	6
Total equity	3,175	2,882
Total liabilities and stockholders' equity	$ 4,755	$ 4,431

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, Authorized shares	1,250,000	1,250,000
Common stock, issued shares	1,170,550	1,170,550
Common stock, outstanding shares	1,170,550	1,170,550

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net earnings	$ 314	$ 172	$ 368
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	102	91	92
Gain from sale of power generating facility assets			(5)
Deferred income taxes	47	(10)	26
Pay-in-kind interest and accretion on notes receivable from affiliates	(3)	(17)	(16)
Reserve on notes receivable from affiliate	16
Loss (income) from affiliates	(81)	(70)	(37)
Dividends received from affiliates	53	69	14
Other investment loss (income), net	(69)	5	(2)
Gain on sale of controlling interest in a subsidiary			(66)
Other, net	12	5	(3)
Changes in assets and liabilities, net of acquisition:
Receivables, net of allowance	18	119	(7)
Inventories	6	(35)	(81)
Other current assets	8	(3)	24
Current liabilities, exclusive of debt	23	75	44
Other, net	(19)	15	23
Net cash from operating activities	427	416	374
Cash flows from investing activities:
Purchase of short-term investments	(691)	(1,320)	(1,097)
Proceeds from the sale of short-term investments	710	526	876
Proceeds from the maturity of short-term investments	34	29	18
Capital expenditures	(158)	(139)	(121)
Proceeds from the sale of fixed assets	47	48	8
Proceeds from the sale of power generating facility assets			8
Acquisition of business	(219)
Investments in and advances to affiliates, net	(71)	(119)	(31)
Notes receivable issued to affiliates	(13)		(1)
Principal payments received on notes receivable from affiliates	12		1
Purchase of long-term investments	(31)	(28)	(3)
Proceeds from the sale of controlling interest in a subsidiary			74
Other, net	6	(1)	3
Net cash from investing activities	(374)	(1,004)	(265)
Cash flows from financing activities:
Notes payable to banks, net	(25)	83	17
Proceeds from long-term debt	3	522
Principal payments of long-term debt	(5)		(91)
Repurchase of common stock			(53)
Other, net			(2)
Net cash from financing activities	(27)	605	(129)
Effect of exchange rate change on cash and cash equivalents	1	(3)	1
Net change in cash and cash equivalents	27	14	(19)
Cash and cash equivalents at beginning of year	50	36	55
Cash and cash equivalents at end of year	$ 77	$ 50	$ 36

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Common Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Noncontrolling Interest	Total
Balances at Dec. 31, 2013	$ 1	$ (182)	$ 2,668	$ 6	$ 2,493
Comprehensive income:
Net earnings			367	1	368
Other comprehensive loss, net of tax		(71)			(71)
Repurchase of common stock			(53)		(53)
Reduction to noncontrolling interests				(2)	(2)
Balances at Dec. 31, 2014	1	(253)	2,982	5	2,735
Comprehensive income:
Net earnings			171	1	172
Other comprehensive loss, net of tax		(25)			(25)
Balances at Dec. 31, 2015	1	(278)	3,153	6	2,882
Comprehensive income:
Net earnings			312	2	314
Other comprehensive loss, net of tax		(26)			(26)
Additions to noncontrolling interests				5	5
Balances at Dec. 31, 2016	$ 1	$ (304)	$ 3,465	$ 13	$ 3,175

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies and Basis of Presentation
Summary of Significant Accounting Policies	Note Summary of Significant Accounting Policies Operations of Seaboard Corporation and its Subsidiaries Seaboard Corporation and its subsidiaries (“Seaboard”) are a diverse global agribusiness and transportation company. In the United States (“U.S.”), Seaboard is primarily engaged in pork production and processing and ocean transportation. Overseas, Seaboard is primarily engaged in commodity merchandising, grain processing, sugar production and electric power generation. Seaboard also has an interest in a turkey operation in the U.S. Seaboard Flour LLC and SFC Preferred LLC, entities owned by the chief executive officer and his family, hold approximately 76% of Seaboard’s outstanding common stock. Principles of Consolidation and Investments in Affiliates 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. Investments in non-controlled affiliates where we have significant influence are accounted for by the equity method. Financial information from certain foreign subsidiaries and affiliates is reported on a one- to three-month lag, depending on the specific entity. Short-Term Investments Short-term investments are retained for future use in the business. Investments held by Seaboard that are categorized as trading securities are reported at their estimated fair value with any unrealized gains and losses included in other investment income (loss), net on the consolidated statements of comprehensive income. Investments held by Seaboard that are categorized as available-for-sale are reported at their estimated fair value with any related unrealized gains and losses reported net of tax, as a component of accumulated other comprehensive loss. Gains and losses on sale of investments are generally based on the specific identification method. Accounts Receivable Accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Power segment, however, collects interest on certain past due accounts, and the Commodity Trading and Milling (“CT&M”) segment provides extended payment terms for certain customers in certain countries due to local market conditions. The allowance for doubtful accounts is Seaboard’s best estimate of the amount of probable credit losses. For most operating segments, Seaboard uses a specific identification approach to determine, in management’s judgment, the collection value of certain past due accounts based on contractual terms. For the Marine segment, the allowance for doubtful accounts is based on an aging percentage methodology primarily based on historical write-off experience. Seaboard reviews its allowance for doubtful accounts monthly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Inventories Seaboard uses the lower of last-in, first-out (“LIFO”) cost or market for determining inventory cost of live hogs, fresh pork product and related materials. Grain, flour and feed inventories at foreign milling operations are valued at the lower of weighted average cost or market. All other inventories are valued at the lower of first-in, first-out (“FIFO”) cost or market. Property, Plant and Equipment Property, plant and equipment are carried at cost and are being depreciated on the straight-line method over useful lives, ranging from 3 to 30 years. Property, plant and equipment leases that are deemed to be installment purchase obligations have been capitalized and included in the property, plant and equipment accounts. Routine and planned major maintenance, repairs and minor renewals are expensed as incurred, while major renewals and improvements are capitalized. Impairment of Long-Lived Assets Long-lived assets, primarily property, plant and equipment, 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 a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment to be recognized is measured by the amount by which 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. Notes Receivable from Affiliates Seaboard monitors the credit quality of notes receivable from its affiliates by obtaining and reviewing financial information for these affiliates on a monthly basis and by having Seaboard representatives serve on the Board of Directors of these affiliates. If based on current information and events it is probable that Seaboard will be unable to collect all amounts due according to the contractual terms of the notes receivable from affiliates and an amount can be reasonably estimated, Seaboard will write down the notes receivable to estimated realizable value. 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 acquisition, or more frequently if circumstances indicate that impairment is likely. Separable intangible assets with finite lives are amortized over their estimated useful lives. Any one event or a combination of events such as change in the business climate, a negative change in relationships with significant customers and changes to strategic decisions, including decisions to expand made in response to economic or competitive conditions, could require an interim assessment prior to the next required annual assessment. Goodwill is primarily related to the repurchase in 2007 of a noncontrolling interest of Seaboard Foods LLC (“Seaboard Foods”) in the Pork segment for a total of $12 million. Due to acquisitions during 2016 in the Pork segment and CT&M segment, goodwill increased $6 million and $1 million, respectively. Based on the annual assessment conducted by these reporting units during 2016, there were no impairment charges recorded for the year ended December 31, 2016. Accrued Self-Insurance Seaboard is self-insured for certain levels of workers’ compensation, health care coverage, property damage and general, vehicle and product recall liability. The cost of these self-insurance programs is accrued based upon estimated settlements for known and anticipated claims. Changes in estimates to previously recorded reserves are reflected in current operating results. Asset Retirement Obligation Seaboard has recorded long-lived assets and a related liability for the asset retirement obligation costs associated with the closure of the hog lagoons it is legally obligated to close in the future should Seaboard cease operations or plan to close such lagoons voluntarily in accordance with a changed operating plan. 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 non-current other liabilities on the consolidated balance sheets with the retirement asset depreciated over the economic life of the related asset. The following table shows the changes in the asset retirement obligation during 2016 and 2015: Years ended December 31, (Millions of dollars) 2016 2015 Beginning balance $ $ Accretion expense Ending balance $ $ Income Taxes 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. However, in the future, as these timing differences reverse, a lower statutory tax rate may apply pursuant to the provisions for domestic manufacturers of the American Jobs Creation Act of 2004. In accordance with U.S. generally accepted accounting principles (“GAAP”), Seaboard will recognize the benefit or cost of this change in the future. Revenue Recognition As a result of a marketing agreement with Triumph Foods, LLC (“Triumph”), Seaboard’s sales prices for its pork products included in product revenues are primarily based on a margin sharing arrangement that considers the average sales price and mix of products sold from both Seaboard’s and Triumph’s hog processing plants. Seaboard earns a fee for marketing the pork products of Triumph, and recognizes this fee as service revenue primarily based on the number of head processed by Triumph. Revenues for the CT&M segment are recognized when the commodity is delivered to the customer, collection is reasonably assured and the sales price is fixed or determinable. Revenues for cargo services in the Marine segment are recognized ratably over the transit time for each voyage, with expenses associated with cargo services recognized as incurred. Revenues for all other commercial exchanges are recognized at the time products are shipped or delivered in accordance with shipping terms or services rendered, the customer takes ownership and assumes risk of loss, collection is reasonably assured and the sales price is fixed or determinable. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP 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. Significant items subject to such estimates and assumptions include those related to allowance for doubtful accounts, valuation of inventories, impairment of long-lived assets, potential write down related to investments in and advances to affiliates and notes receivable from affiliates, income taxes and accrued pension liability. Actual results could differ from those estimates. 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. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, management considers all demand deposits and overnight investments as cash equivalents. The following table shows the amounts paid for interest and income taxes: Years ended December 31, (Millions of dollars) 2016 2015 2014 Interest, net of interest capitalized $ $ $ Income taxes, net of refunds Supplemental Non-Cash Transactions On October 28, 2016, Seaboard obtained control of Belarina Alimentos S. A., a flour production business in Brazil (“Belarina”). No cash or other consideration was transferred to the other shareholder whose ownership was diluted through revision of the shareholders agreement to restructure the affiliate debt and equity of Belarina. See Note 13 for the purchase price allocation table and other details. As more fully described in Note 4, on September 27, 2014, Seaboard’s Pork segment sold to Triumph a 50% interest in its processed meats division, Daily’s Premium Meats, LLC (“Daily’s”). As a result, Seaboard deconsolidated Daily’s from its consolidated balance sheet as of September 27, 2014. The following table summarizes the non-cash transactions resulting from this deconsolidation: (Millions of dollars) Decrease in net working capital $ Increase in investment in and advances to affiliates Decrease in property, plant and equipment Decrease in goodwill Decrease in other intangible assets, net (not subject to amortization) Gain on sale of controlling interest in subsidiary Net proceeds from sale of controlling interest in subsidiary $ Seaboard had notes receivable from affiliates that accrued pay-in-kind interest income, primarily from one affiliate. On January 4, 2016, the interest on this note receivable was modified to eliminate future pay-in-kind interest as discussed in Note 4 to the consolidated financial statements. Non-cash, pay-in-kind interest income and accretion of discount recognized on these notes receivable for the years ended December 31, 2016, 2015 and 2014 was $3 million, $17 million and $16 million, respectively. 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. Certain of the major contracts and transactions, however, are denominated in U.S. dollars. In addition, the value of the U.S. dollar fluctuates in relation to the currencies of countries where certain of Seaboard’s foreign subsidiaries and affiliates primarily conduct business. These fluctuations result in exchange gains and losses. The activities of these foreign subsidiaries and affiliates are primarily conducted with U.S. subsidiaries or operate in hyper-inflationary environments. As a result, the financial statements of certain foreign subsidiaries and affiliates are re-measured using the U.S. dollar as the functional currency. Seaboard’s Sugar segment, four consolidated subsidiaries (CT&M segment businesses in Brazil, Canada, Guyana and Zambia) and eight non-controlled, non-consolidated affiliates (a Marine segment business in Jamaica and CT&M segment businesses in Australia, Colombia, Kenya, Lesotho, South Africa, Turkey 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). For the consolidated subsidiaries and non-consolidated affiliates, U.S. dollar denominated net asset or liability conversions to the local currency are recorded through income. Derivative Instruments and Hedging Activities Seaboard recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges for accounting purposes when there is a high correlation between the change in fair value of the instrument and the related change in value of the underlying commitment. Additionally, in order to designate a derivative financial instrument as a hedge for accounting purposes, extensive record keeping is required. For derivatives that qualify as hedges for accounting purposes, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. Seaboard uses various derivative instruments to manage various types of market risks from its day-to-day operations, primarily including commodity futures and option contracts, foreign currency exchange agreements and interest rate exchange agreements. While management believes each of these instruments primarily are entered into in order to effectively manage various market risks, as of December 31, 2016, none of the derivatives were designated and accounted for as hedges, primarily as a result of the extensive record-keeping requirements. From time to time, Seaboard also enters into speculative derivative transactions not directly related to its raw material requirements. Recently Issued Accounting Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance to develop a single, comprehensive revenue recognition model for all contracts with customers. This guidance requires an entity to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods and services. This guidance supersedes nearly all existing revenue recognition guidance under GAAP. Seaboard will adopt this guidance on January 1, 2018, using the cumulative effect transition method, where any cumulative effect of initially adopting the guidance is recognized at the date of adoption. Based on management’s initial assessment, Seaboard believes the adoption of this guidance will not have a material impact on its financial position or net earnings. In July 2015, the FASB issued guidance to simplify the subsequent measurement of inventory, excluding inventory measured using LIFO or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. Seaboard believes the adoption of this guidance will not have a material impact on its financial position or net earnings. In January 2016, the FASB issued guidance that requires entities to measure equity investments, other than those accounted for using the equity method of accounting, at fair value and recognize any changes in fair value in net income if a readily determinable fair value exists. For investments without readily determinable fair values, the cost method of accounting is eliminated. An entity may elect to record these equity investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The new guidance is effective for interim and annual periods beginning after December 15, 2017. Seaboard believes the adoption of this guidance will not have a material impact on its financial position or net earnings. In February 2016, the FASB issued guidance that a lessee should record a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The recognition, measurement, and presentation of expenses and cash flows arising from a financing lease have not significantly changed from the previous guidance. For operating leases, a lessee is required to: (1) recognize a ROU asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (3) classify all cash payments within operating activities in the statement of cash flows. Seaboard will adopt this guidance on January 1, 2019. In transition, lessees are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that entities may elect to apply. Seaboard is in the preliminary stages of its assessment of the effect the guidance will have on its existing accounting policies and the consolidated financial statements, but expects there will be an increase in assets and liabilities on the consolidated balance sheets at adoption due to the recording of ROU assets and corresponding lease liabilities, which may be material. See Note 10 for information about Seaboard’s lease obligations.

Investments

Investments	12 Months Ended
	Dec. 31, 2016
Investments
Investments	Note 2 Investments The following is a summary of the amortized cost and estimated fair value of short-term investments for both available-for-sale and trading securities at the end of each year: December 31, 2016 December 31, 2015 Amortized Fair Amortized Fair (Millions of dollars) Cost Value Cost Value Money market funds $ — $ — $ $ Total available-for-sale short-term investments — — Domestic equity securities Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries Foreign equity securities High yield securities Collateralized loan obligations Money market funds held in trading accounts Other trading securities Total trading short-term investments Total short-term investments $ $ $ $ Unrealized gains (losses) related to trading securities were $49 million, $(12) million and $(7) million for the years ended December 31, 2016, 2015 and 2014, respectively. Seaboard had $91 million of equity securities denominated in foreign currencies at December 31, 2016, with $35 million in euros, $20 million in Japanese yen, $16 million in the British pound, $6 million in the Swiss franc and the remaining $14 million in various other currencies. Seaboard had $80 million of equity securities denominated in foreign currencies at December 31, 2015, with $25 million in euros, $20 million in Japanese yen, $15 million in the British pound, $7 million in the Swiss franc and the remaining $13 million in various other currencies. Also, money market funds included $1 million and $3 million denominated in various foreign currencies at December 31, 2016 and 2015, respectively. In addition to its short-term investments, Seaboard also has trading securities related to Seaboard’s deferred compensation plans classified in other current assets on the consolidated balance sheets. See Note 8 for information on the types of trading securities held related to the deferred compensation plans. See Note 9 for a discussion of assets held in conjunction with investments related to Seaboard’s defined benefit pension plan. Seaboard had $28 million and $20 million of cost method investments classified in other non-current assets on the consolidated balance sheets as of December 31, 2016 and 2015, respectively. During 2015, Seaboard invested $18 million for a 12% noncontrolling interest in a grain trading and poultry business in Morocco.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2016
Inventories
Inventories	Note 3 Inventories The following table is a summary of inventories at the end of each year: December 31, (Millions of dollars) 2016 2015 At lower of LIFO cost or market: Live hogs and materials $ $ Fresh pork and materials LIFO adjustment Total inventories at lower of LIFO cost or market At lower of FIFO cost or market: Grains, oilseeds and other commodities Sugar produced and in process Other Total inventories at lower of FIFO cost or market Grain, flour and feed at lower of weighted average cost or market Total inventories $ $ The use of the LIFO method increased 2016, 2015 and 2014 net earnings by $5 million ($3.92 per common share), $5 million ($4.39 per common share), and by $16 million ($13.29 per common share), respectively. If the FIFO method had been used for certain inventories of the Pork segment, inventories would have been higher by $21 million and $28 million as of December 31, 2016 and 2015, respectively.

Investments in and Advances to

Investments in and Advances to Affiliates and Notes Receivable from Affiliates	12 Months Ended
	Dec. 31, 2016
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investments in and Advances to Affiliates and Notes Receivable from Affiliates	Note 4 Investments in and Advances to Affiliates and Notes Receivable from Affiliates Seaboard has several investments in and advances to non-controlled, non-consolidated affiliates that are all accounted for using the equity method of accounting. Financial information from certain foreign affiliates is reported on a one- to three-month lag, depending on the specific entity. The Turkey segment represents Seaboard’s 50% noncontrolling voting interest in Butterball, LLC (“Butterball”). Butterball is a vertically integrated producer, processor and marketer of branded and non-branded turkey and other products. As of December 31, 2016, Butterball had intangible assets of $111 million for trade name and $74 million for goodwill. In connection with its initial investment in Butterball in December 2010, Seaboard provided Butterball with a $100 million unsecured subordinated loan (the “subordinated loan”) with a seven-year maturity and interest of 15% per annum, comprised of 5% payable in cash semi-annually, plus 10% pay-in-kind interest, compounded semi-annually, which accumulates and is paid at maturity. Also in connection with providing the subordinated loan, Seaboard received detachable warrants, which upon exercise for a nominal price, would enable Seaboard to acquire an additional 5% equity interest in Butterball. In January 2016, the interest on the subordinated loan was modified to 10% per annum, payable in cash semi-annually and the warrants were also modified, whereby Seaboard can exercise these warrants at any time after December 31, 2018 or prior to December 31, 2025 after which time the warrants expire. Butterball has the right to repurchase the warrants for fair market value. The warrant agreement essentially provides Seaboard with a 52.5% economic interest, as these warrants are in substance an additional equity interest. Therefore, Seaboard records 52.5% of Butterball’s earnings as income from affiliates in the consolidated statements of comprehensive income. However, all significant corporate governance matters would continue to be shared equally between Seaboard and its partner in Butterball even if the warrants were exercised, unless Seaboard already owned a majority of the voting rights at the time of exercise. The warrants qualify for equity treatment under accounting standards. Accordingly, as of December 2010, the warrants were allocated a value of $11 million, classified as investments in and advances to affiliates on the consolidated balance sheets, and the subordinated loan was allocated a discounted value of $89 million, classified as notes receivable from affiliates on the consolidated balance sheets, of the total $100 million subordinated financing discussed above. The discount on the subordinated loan is being accreted monthly in interest income from affiliates through the maturity date of December 6, 2017. At December 31, 2016 and 2015, the recorded balance of this note receivable was $161 million and $158 million, respectively. During 2011, Seaboard provided a term loan of $13 million to Butterball to pay off capital leases for certain fixed assets that originally were financed with third parties. The effective interest rate on this term loan is approximately 12%. Although the term loan expires on January 31, 2018, Butterball can pay off the term loan prior to such expiration date as Butterball has for sale all of the related assets and is required to remit the proceeds from such sale to Seaboard to repay the loan. As of December 31, 2016 and 2015, the balance of the term loan included in notes receivable from affiliates was $8 million. Butterball had operating income in 2016, 2015 and 2014 of $162 million, $231 million and $141 million, respectively, and other condensed financial information for each of Seaboard’s years ended was as follows: Turkey Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $ The Pork segment has a 50% noncontrolling interest in Daily’s and Seaboard Triumph Foods, LLC (“STF”). Daily’s produces and markets raw and pre-cooked bacon, ham and sausage and has three further processing plants located in Salt Lake City, Utah, Missoula, Montana and St. Joseph, Missouri. STF is constructing a new pork processing facility in Sioux City, Iowa, with construction expected to be completed by mid-2017. Seaboard and Triumph formed STF in May 2015 with equal ownership of 50%. Seaboard originally agreed to contribute up to $207 million in connection with the development and operation of the facility, however, in the first quarter of 2016, third-party financing was obtained by STF, and the subscription agreement was amended to require $150 million in contributions. Seaboard contributed $51 million and $26 million during 2016 and 2015, respectively, and the remaining amount of $73 million is expected to be contributed in 2017. As part of the operations, Seaboard agreed to provide a portion of the hogs to be processed at the facility. The Pork segment currently has a business relationship with Triumph under which Seaboard markets substantially all of the pork products produced at Triumph’s plant in St. Joseph, Missouri. In September 2014, the Pork segment sold to Triumph a 50% interest in Daily’s for cash proceeds of $74 million resulting in a gain on sale of controlling interest in subsidiary of $66 million ($40 million net of taxes, or $34.14 per share) in 2014. Through September 27, 2014, Seaboard consolidated the operating results of Daily’s as part of its Pork segment operations. As a result of this transaction, Seaboard deconsolidated Daily’s from its consolidated balance sheet as of September 27, 2014 (see Note 1, Supplemental Non-Cash Transactions, for details of the impact on the consolidated balance sheet from this deconsolidation). Based on the cash consideration received from this transaction and third-party valuations for fixed assets and certain intangible assets, it was determined the fair value of Seaboard’s remaining 50% investment in Daily’s exceeded book value by $33 million, which is included in the gain on sale above, for a total fair value of $74 million. In addition, both Seaboard and Triumph contributed $2 million each to Daily’s as additional equity to provide Daily’s with additional working capital resulting in a beginning total investment in affiliate of $76 million related to Daily’s. Pro forma results of operations are not presented as the effects of deconsolidation are not material to Seaboard’s results of operations, primarily as Seaboard supplies raw product to Daily’s. Triumph also supplies raw product to Daily’s. Daily’s and STF’s combined condensed financial information for each of Seaboard’s years ended was follows: Pork Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $ 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 businesses. As of December 31, 2016, the location and percentage ownership of CT&M’s affiliates were as follows: Botswana (49%), Democratic Republic of Congo (“DRC”) (50%), Gambia (50%), Kenya (35%-49%), Lesotho (50%), Nigeria (16.2%-48.33%), South Africa (30%-50%), and Zambia (50%) in Africa, Colombia (40%-42%), Ecuador (25%-50%), Guyana (50%), Peru (50%) and Uruguay (45%) in South America, Jamaica (50%) and Haiti (33.33%) in the Caribbean, Turkey (25%) in Europe, Australia (25%), Canada (45%), and United States (34.36%). Seaboard generally is the primary provider of choice for grains, feed and supplies purchased by these non-controlled affiliates. As Seaboard conducts its agricultural commodity trading business with third parties, consolidated subsidiaries and affiliates on an interrelated basis, cost of sales on affiliates cannot be clearly distinguished without making numerous assumptions, primarily with respect to mark-to-market accounting for commodity derivatives. The CT&M segment has a 50% noncontrolling interest in a bakery located in the DRC, which has experienced unfavorable local market conditions and operating challenges, including equipment problems, resulting in operating losses and challenges in gaining market share. In 2014, Seaboard recorded a write down of $11 million in loss from affiliate to reduce the remaining equity investment in this business to zero. There was no tax benefit from this transaction. As part of its original investment, Seaboard has an interest bearing long-term note receivable from this affiliate that had a principal and interest balance of approximately $35 million at December 31, 2015. The note receivable is 50% guaranteed by the other shareholder in the entity. The note receivable was restructured during the second quarter of 2016 to extend the maturity to June 2022 and change the bi-annual payments to monthly payments of varying amounts beginning in the fourth quarter of 2016. During the second quarter of 2016, new bakery management reevaluated its business plan and the production and profitability forecast due to the bakery’s failure to meet previous cash flow forecasts and the failure of significant equipment updates to accomplish projected improvement in quality and consistency of the bread. Based on the revised forecast, Seaboard reserved $11 million of this note receivable. During the fourth quarter of 2016, the bakery failed to make its scheduled restructured debt payments and, as a result, the business owners began discussions regarding various strategic alternatives. These alternatives include, but are not limited to, restructuring the note to further extend the term and match payments to revised cash flow estimates, enforce the guarantees from the other owner which may require legal action, sale of the bakery, or Seaboard obtaining control of the bakery at which time the entity would become consolidated. As a result, Seaboard reserved an additional $5 million in the fourth quarter of 2016 based on further revised cash flow scenarios. In aggregate for 2016, Seaboard reserved $16 million in bad debt expense within selling, general and administrative expenses in the consolidated statements of comprehensive income. There was no tax benefit from the transactions. As of December 31, 2016, the recorded balance of this note receivable and previous accrued interest was $19 million, all classified as long-term given uncertainty of the timing of payments in the future. If the future long-term cash flows of this bakery do not improve, more of the recorded value of the note receivable from affiliate could be deemed uncollectible in the future, which could result in a further charge to earnings. The CT&M segment had a 50% noncontrolling interest in Belarina, a flour production business in Brazil, which it accounted for using the equity method of accounting prior to October 28, 2016, the date Seaboard obtained 98% of the equity ownership and control of Belarina. Seaboard accounted for this transaction as a business combination achieved in stages as discussed further in Note 12 to the consolidated financial statements. As an equity method affiliate, Seaboard had contributed a total of $63 million in investments and advances and a $13 million long-term loan, including investment and advances and pay-in-kind interest accretion totaling $14 million, $29 million and $5 million for the years ended December 31, 2016, 2015 and 2014, respectively. Seaboard recorded total losses from affiliate, which included reserves, of $10 million, $60 million and $8 million related to this investment in 2016, 2015 and 2014, respectively, and currency translation adjustment gains (losses) included in other comprehensive income (loss) of $(4) million, $5 million and $(1) million, respectively. Due to the extent of these losses, Seaboard had previously fully reserved all advances and long-term receivable, and as such, Seaboard’s investment, advances and long-term note receivable were zero as of December 31, 2015. Seaboard also had a gross trade receivable due from Belarina related to sales of grain and supplies of $17 million as of December 31, 2015, net of a reserve of $9 million based on an analysis of collectability and working capital. The net trade receivable balance was effectively settled as the entity is now consolidated. During the first quarter of 2016, the CT&M segment provided a $12 million loan to a Peruvian affiliate. The Peruvian affiliate repaid the loan in the third quarter of 2016. Interest was payable monthly and the principal due on August 31, 2017, with no prepayment penalty. During the fourth quarter of 2015, Seaboard contributed $13 million in cash, a small amount of other assets, certain employees and rights to sell certain agricultural commodities that Seaboard had previously sold through its subsidiary, PS International, LLC, for a 40% noncontrolling interest in a commodity trading business in Atlanta, Georgia. Also in 2015, Seaboard invested $10 million in an oilseed crushing business in the Republic of Turkey for a 25% noncontrolling interest, $8 million in a flour milling business in Botswana for a 49% noncontrolling interest, and $10 million for a 45% noncontrolling interest in a commodity trading and flour milling business in Uruguay. At December 31, 2016, Seaboard’s carrying value of certain of CT&M segment’s investments in affiliates was more than its share of the affiliates’ book value by $22 million. The excess is attributable primarily to the valuation of property, plant and equipment and intangible assets. The amortizable assets are being amortized to income (loss) from affiliates over the remaining life of the assets. Combined condensed financial information of all the CT&M segment’s non-controlled, non-consolidated affiliates for their fiscal periods ended within each of Seaboard’s years ended was as follows: Commodity Trading and Milling Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net loss $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $ The Marine segment has a 21% noncontrolling interest in a cargo terminal business in Jamaica and a 36% noncontrolling interest in a holding company that owns a controlling interest in two Haitian start-up projects. During the first quarter of 2016, Seaboard invested $7 million of cash and converted its $8 million note receivable to equity for its investment in the holding company. The start-up projects consist of a marine terminal operation and a free trade zone development, which includes a planned power plant. Seaboard’s first proportionate share of income (loss) from affiliates was recognized in the second quarter of 2016. In September 2014, Seaboard invested $17 million in the Jamaican cargo terminal business. Seaboard’s first proportionate share of income (loss) from affiliates was recognized in the first quarter of 2015. Both investments are reported on a three-month lag. Their combined condensed financial information for each of Seaboard’s years ended was as follows: Marine Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ — Net income $ $ $ — Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $ The Sugar segment has two noncontrolling interests in sugar-related businesses in Argentina (46% and 50%, respectively). Their combined condensed financial information for each of Seaboard’s years ended was as follows: Sugar Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $ The Power segment has a 29.9% noncontrolling interest in an electricity generating facility and two smaller energy related businesses (45% and 50%, respectively), all in the Dominican Republic. During the second quarter of 2015, Seaboard invested an additional $10 million in a business operating a 300 megawatt electricity generating facility in the Dominican Republic that increased Seaboard's ownership interest to 29.9% from less than 20% and changed its method of accounting from a cost method investment to an equity method investment. This change in accounting required Seaboard to present its prior period financial results to reflect the equity method of accounting from the date of the initial investment. See Note 13 for more information. Combined condensed financial information of these entities for each of Seaboard’s years ended was as follows: Power Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $

Net Property, Plant and Equipme

Net Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2016
Net Property, Plant and Equipment
Net Property, Plant and Equipment	Note 5 Net Property, Plant and Equipment The following table is a summary of property, plant and equipment at the end of each year: Useful December 31, (Millions of dollars) Lives 2016 2015 Land and improvements - 15 years $ $ Buildings and improvements 30 years Machinery and equipment - 20 years Vessels and vehicles - 18 years Office furniture and fixtures 5 years Construction in progress Accumulated depreciation and amortization Net property, plant and equipment $ $ Seaboard’s capitalized interest on construction in progress projects was $4 million for the year ended December 31, 2016.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes
Income Taxes	Note 6 Income Taxes Income taxes attributable to continuing operations for the years ended December 31, 2016, 2015 and 2014 differed from the amounts computed by applying the statutory U.S. Federal income tax rate of 35% to earnings before income taxes excluding noncontrolling interests for the following reasons: Years ended December 31, (Millions of dollars) 2016 2015 2014 Computed “expected” tax expense excluding noncontrolling interests $ $ $ Adjustments to tax expense attributable to: Foreign tax differences Tax-exempt income State income taxes, net of federal benefit Federal tax credits Domestic manufacturing deduction Other Total income tax expense $ $ $ Certain of Seaboard's foreign operations are subject to no income tax or a tax rate that is considerably lower than the U.S. corporate tax rate. Fluctuation of earnings or losses incurred from certain foreign operations conducting business in these jurisdictions can impact the mix of taxable earnings for each fiscal year. Earnings before income taxes consisted of the following: Years ended December 31, (Millions of dollars) 2016 2015 2014 United States $ $ $ Foreign Total earnings excluding noncontrolling interests Less: Net income attributable to noncontrolling interests Total earnings before income taxes $ $ $ The components of total income taxes were as follows: Years ended December 31, (Millions of dollars) 2016 2015 2014 Current: Federal $ $ $ Foreign State and local Deferred: Federal Foreign State and local Income tax expense Unrealized changes in other comprehensive income — Total income taxes $ $ $ As of December 31, 2016 and 2015, Seaboard had income taxes receivable of $48 million and $33 million, respectively, primarily related to domestic tax jurisdictions, and had income taxes payable of $6 million and $4 million, respectively, primarily related to foreign tax jurisdictions. Components of the net deferred income tax liability at the end of each year were as follows: December 31, (Millions of dollars) 2016 2015 Deferred income tax liabilities: Depreciation $ $ Domestic partnerships LIFO Cash basis farming adjustment Other $ $ Deferred income tax assets: Reserves/accruals $ $ Deferred earnings of foreign subsidiaries Net operating and capital loss carry-forwards Tax credit carry-forwards Other Valuation allowance Net deferred income tax liability $ $ Seaboard recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense. For the years ended December 31, 2016, 2015 and 2014, such interest and penalties were not material. The Company had approximately $2 million and $4 million accrued for the payment of interest and penalties on uncertain tax positions at December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, Seaboard had $13 million and $7 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) 2016 2015 Beginning balance at January 1 $ $ Additions for uncertain tax positions of prior years Decreases for uncertain tax positions of prior years — Additions for uncertain tax positions of current year Lapse of statute of limitations — Ending balance at December 31 $ $ Seaboard’s tax returns are regularly audited by federal, state and foreign tax authorities, which may result in material adjustments. The IRS examination of Seaboard’s U.S. income tax return for 2013 began in 2016. With the exception of a loss carryback to 2012, tax years prior to 2013 are generally no longer subject to U.S. tax assessment. In Seaboard’s major non-U.S. jurisdictions, including Argentina and the Dominican Republic, tax years are typically subject to examination for three to six years. As of December 31, 2016, Seaboard had not provided for U.S. Federal income and foreign withholding taxes on $1,038 million of undistributed earnings from foreign operations, as Seaboard intends to reinvest such earnings indefinitely outside of the U.S. Determination of the tax that might be paid on these undistributed earnings if eventually remitted is not practical. If Seaboard decided at a later date to repatriate these earnings to the U.S., Seaboard would be required to provide for the net tax effects on these amounts. 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 foreign net operating losses. Management does not believe these benefits are more likely than not to be realized due to limitations imposed on the deduction of these losses. At December 31, 2016, Seaboard had foreign net operating loss carry-forwards of approximately $144 million, a portion of which expire in varying amounts between 2017 and 2033, while others have indefinite expiration periods. As of the result of its 2016 acquisition of Belarina, Seaboard recorded a deferred tax asset of $25 million and a $25 million valuation allowance related to net operating losses with an indefinite expiration period. See Note 12 for further discussion of the acquisition. At December 31, 2016, Seaboard had state tax credit carry-forwards of approximately $20 million, net of valuation allowance, all of which carry-forward indefinitely. Seaboard has certain investments in various limited partnerships as a limited partner that are expected to enable Seaboard to obtain certain tax credits. The balance of the low income housing investments recognized on the consolidated balance sheets as of December 31, 2016 and 2015 was $8 million and $10 million, respectively. Seaboard uses the proportional amortization method of accounting for all of its qualified affordable housing project investments by amortizing the initial cost of the investment in proportion to the income tax credits received and recognizing as a component of income tax expense. Seaboard also has invested in two limited liability companies that operate refined coal processing plants that generate federal income tax credits based on production levels. Seaboard began investing in the Oklahoma plant in February 2015 and the Nebraska plant in January 2016 for total contributions of $14 million and $9 million during 2016 and 2015, respectively. Seaboard’s funding commitments vary depending on production. See Note 10 for Seaboard’s estimate of its funding commitment for both plants. Additionally, Seaboard invested $10 million during 2016 in two limited liability companies that operate solar energy production facilities that generate investment tax credits. These other alternative investments are accounted for using the equity method of accounting. On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 (the “2015 Tax Act”) was signed into law. The 2015 Tax Act reinstated and made permanent certain expired corporate income tax provisions that impact current and deferred taxes for financial reporting purposes. The annual effects of the provisions in this law on current and deferred tax assets and liabilities for Seaboard were recorded in the fourth quarter of 2015. The impact was a tax benefit of $13 million, or $10.92 per common share, primarily related to certain income tax credits. In addition to this amount was a credit of $17 million, or $14.88 per common share, for the 2015 Federal blender’s credits (extended by the 2015 Tax Act through December 31, 2016) that was recognized as revenues in the fourth quarter of 2015. There was no tax expense on these transactions. Since the 2015 Tax Act extended the provisions through December 31, 2016, revenue was recognized ratably throughout 2016. The Federal blender’s credits have not been renewed for 2017. On December 19, 2014, the Tax Increase Prevention Act of 2014 (the “2014 Tax Act”) was signed into law. The 2014 Tax Act extended many expired corporate income tax provisions through December 31, 2014, which impacted current and deferred income taxes for financial reporting purposes. The total annual effects of the provisions in this law on current and deferred tax assets and liabilities for Seaboard were recorded in the fourth quarter of 2014. The impact was a tax benefit of $11 million, or $9.68 per common share, primarily related to certain income tax credits. In addition to this amount was a credit of $15 million for the Federal blender’s credits for 2014 that was recognized as revenues in the fourth quarter of 2014. See Note 13 for further discussion of the Federal blender’s credit.

Notes Payable and Long-Term Deb

Notes Payable and Long-Term Debt	12 Months Ended
	Dec. 31, 2016
Notes Payable and Long-Term Debt
Notes Payable and Long-Term Debt	Note 7 Notes Payable and Long-Term Debt Notes payable under uncommitted credit lines was $121 million and $141 million at December 31, 2016 and 2015, respectively. All of the notes payable outstanding at December 31, 2016 related to foreign subsidiaries, with $74 million denominated in South African rand, $26 million denominated in Argentine pesos, $14 million denominated in Brazilian reais and $7 million denominated in Zambian kwacha. The weighted average interest rate for outstanding notes payable was 14.88% and 11.74% at December 31, 2016 and 2015, respectively. As of December 31, 2016, Seaboard had uncommitted lines of credit totaling $380 million, of which $330 million related to foreign subsidiaries. The notes payable under the credit lines are unsecured and do not require compensating balances. Facility fees on these agreements are not material. In September 2016, Seaboard entered into a $100 million committed line of credit with Wells Fargo Bank, National Association (“Wells Fargo”) that matures on September 29, 2017. Interest is computed at LIBOR plus 0.50%, and Seaboard incurs an unused commitment fee of 0.09% per annum. This line of credit is secured by certain short-term investments. The line of credit is subject to standard representations and covenants. There was no outstanding balance as of December 31, 2016. At December 31, 2016, Seaboard’s borrowing capacity under its uncommitted and committed lines of credit was reduced by $121 million drawn and $4 million of letters of credit. The following table is a summary of long-term debt at the end of each year: December 31, (Millions of dollars) 2016 2015 Term Loan due 2022 $ $ Foreign subsidiary obligations due 2018 through 2023 Total long-term debt at face value Current maturities of long-term debt and unamortized discount Long-term debt, less current maturities and unamortized discount $ $ Seaboard entered into a Term Loan Credit Agreement dated December 4, 2015 (“Credit Agreement”) with CoBank, ACB, Farm Credit Services of America, PCA, and the lenders party thereto, pursuant to which Seaboard Foods obtained a $500 million unsecured term loan (“Term Loan”). Seaboard received proceeds of $499 million, net of a $1 million discount, which will be amortized to interest expense using the effective interest method. Seaboard has guaranteed all obligations of Seaboard Foods under the Term Loan. The Term Loan provides for quarterly payments of the principal balance pursuant to the amortization schedule included in the Credit Agreement, with the balance due on the maturity date, December 4, 2022. The Term Loan bears interest at fluctuating rates based on various margins over a base rate (defined as the highest of (a) the prime rate, (b) the federal funds effective rate plus 0.50% per annum, or (c) an adjusted LIBOR rate for an interest period of one month on such day plus 1.00% per annum) or LIBOR, at the option of Seaboard Foods. The interest rate was 2.40% and 1.90% at December 31, 2016 and 2015. The Term Loan requires, among other terms, the maintenance of certain ratios involving a maximum debt to capitalization ratio, which shall not exceed 50% at the end of any fiscal quarter, and minimum tangible net worth, as defined, of not less than $2 billion plus 25% of cumulative consolidated net income beginning with the quarter ended December 31, 2016. The Term Loan also includes restrictions of certain subsidiaries to grant liens on assets, incur indebtedness over 15% of consolidated tangible net worth, make certain acquisitions, investments and asset dispositions in excess of specified amounts, and limits aggregate dividend payments to $25 million per year under certain circumstances. Seaboard is in compliance with all restrictive debt covenants relating to these agreements as of December 31, 2016. Foreign subsidiary debt is primarily denominated in Argentine pesos, and all interest rates on such obligations are variable. The weighted average interest rate was 22.39% and 30.23% at December 31, 2016 and 2015, respectively. All of the foreign subsidiary debt is guaranteed by Seaboard, except $4 million is secured by property, plant and equipment. The aggregate minimum principal payments required on long-term debt at December 31, 2016 are as follows: $17 million in 2017, $21 million in 2018, $33 million in 2019, $42 million in 2020, $38 million in 2021 and $366 million thereafter. In 2014, Seaboard made an optional prepayment of $86 million related to long-term debt with an original maturity of 2021. As a result, Seaboard paid a $4 million prepayment penalty fee that was charged to interest expense.

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Derivatives and Fair Value of Financial Instruments
Derivatives and Fair Value of Financial Instruments	Note 8 Derivatives and Fair Value of Financial Instruments GAAP discusses valuation techniques, such as the market approach (prices and other relevant information generated by market conditions involving identical or comparable assets or liabilities), the income approach (techniques to convert future amounts to single present amounts based on market expectations including present value techniques and option pricing) and the cost approach (amount that would be required to replace the service capacity of an asset, which is often referred to as replacement cost). Seaboard uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three broad levels: Level 1: Quoted Prices in Active Markets for Identical Assets or Liabilities - Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities that Seaboard has the ability to access at the measurement date. Level 2 : Significant Other Observable Inputs - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Significant Unobservable Inputs - Unobservable inputs that reflect the reporting entity’s own assumptions. The following tables show assets and liabilities measured at fair value (derivatives exclude margin accounts) on a recurring basis as of December 31, 2016 and 2015, respectively, and also the level within the fair value hierarchy used to measure each category of assets and liabilities. Seaboard determines if there are any transfers between levels at the end of a reporting period. There were no transfers between levels that occurred in 2016 and 2015. The trading securities classified as other current assets below are assets held for Seaboard’s deferred compensation plans. Balance December 31, (Millions of dollars) 2016 Level 1 Level 2 Level 3 Assets: Trading securities – short-term investments: Domestic equity securities $ $ $ — $ — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries — — Foreign equity securities — — High yield securities — Collateralized loan obligations — — Money market funds held in trading accounts — — Other trading securities — — Trading securities – other current assets: Domestic equity securities — — Foreign equity securities — — Fixed income mutual funds — — Other — — Derivatives: Commodities (1) — — Foreign currencies — — Total Assets $ $ $ $ — Liabilities: Derivatives: Commodities (1) $ $ $ — $ — Interest rate swaps — — Foreign currencies — — Total Liabilities $ $ $ $ — (1)     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, 2016, the commodity derivatives had a margin account balance of $10 million resulting in a net other current asset on the consolidated balance sheet of $12 million. Balance December 31, (Millions of dollars) 2015 Level 1 Level 2 Level 3 Assets: Available-for-sale securities – short-term investments: Money market funds $ $ $ — $ — Trading securities – short-term investments: Domestic equity securities — — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries — — Foreign equity securities — — High yield securities — — Money market funds held in trading accounts — — Collateralized loan obligations — — Other trading securities — — Trading securities – other current assets: Domestic equity securities — — Foreign equity securities — — Fixed income mutual funds — — Other — Derivatives: Commodities (1) — — Foreign currencies — — Total Assets $ $ $ $ — Liabilities: Derivatives: Commodities (1) $ $ $ — $ — Interest rate swaps — — Total Liabilities $ $ $ $ — (1)     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, 2015, the commodity derivatives had a margin account balance of $29 million resulting in a net other current asset on the consolidated balance sheet of $15 million. Financial instruments consisting of cash and cash equivalents, net receivables, notes payable 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 long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. As Seaboard’s long-term debt is 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. The amortized cost and estimated fair values of short-term investments and long-term debt at December 31, 2016 and 2015, are presented below: December 31, 2016 2015 (Millions of dollars) Amortized Cost Fair Value Amortized Cost Fair Value Short-term investments, available-for-sale $ — $ — $ $ Short-term investments, trading securities Long-term debt While management believes its derivatives 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 types of transactions as hedges for accounting purposes. 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. Seaboard also enters into speculative derivative transactions not directly related to its raw material requirements. The nature of Seaboard’s market risk exposure has not changed materially since December 31, 2015. Commodity derivatives are recorded at fair value, with any changes in fair value being marked-to-market as a component of cost of sales on the consolidated statements of comprehensive income. Since these derivatives are not accounted for as hedges, fluctuations in the related commodity prices could have a material impact on earnings in any given period. At December 31, 2016, Seaboard had open net derivative contracts to purchase 22 million bushels of grain, 14 million pounds of hogs, and open net derivative contracts to sell 35 million pounds of soybean oil and 4 million gallons of heating oil. At December 31, 2015, Seaboard had open net derivative contracts to purchase 25 million pounds of hogs, 22 million bushels of grain, 3 million pounds of sugar, and open net derivative contracts to sell 8 million pounds of soybean oil. For the years ended December 31, 2016, 2015 and 2014, Seaboard recognized net realized and unrealized gains (losses) of $21 million, $(45) million and $18 million, respectively, related to commodity contracts, primarily included in cost of sales on the consolidated statements of comprehensive income. Foreign Currency Exchange Agreements Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to 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 marked-to-market as a component of cost of sales on the consolidated statements of comprehensive income. Foreign currency exchange agreements that are not related to an underlying commodity transaction are recorded at fair value with changes in value marked-to-market as a component of foreign currency gains (losses), net on the consolidated statements of comprehensive income. Since these agreements are not accounted for as hedges, fluctuations in the related foreign currency exchange rates could have a material impact on earnings in any given year. At December 31, 2016 and 2015, Seaboard had foreign currency exchange agreements to cover its firm sales and purchase commitments and related trade receivables and payables, with notional amounts of $81 million and $94 million, respectively, primarily related to the South African rand. Interest Rate Exchange Agreements During 2010, Seaboard entered into three ten-year interest rate exchange agreements, which involve the exchange of fixed-rate and variable-rate interest payments over the life of the agreements without the exchange of the underlying notional amounts to mitigate the effects of fluctuations in interest rates on variable-rate debt. Seaboard pays a fixed rate and receives a variable rate of interest on the notional amounts of $25 million each. During 2014 and 2015, Seaboard entered into four, approximately eight-year interest rate exchange agreements with mandatory early termination dates, which coincided with the anticipated delivery dates in 2015 and 2016 of dry bulk vessels to be leased. These interest rate exchange agreements involved the exchange of fixed-rate and variable-rate interest payments without the exchange of the underlying notional amounts to mitigate the potential effects of fluctuations in interest rates on the anticipated dry bulk vessel leases. Seaboard paid a fixed rate and received a variable rate of interest on the notional amounts. In 2015, two agreements were terminated and not renewed with the delivery of two bulk vessels. As of December 31, 2015, two agreements remained, with an aggregate notional amount of $44 million. In the first quarter of 2016, these agreements were terminated and not renewed with the delivery of the final two bulk vessels. Payments to unwind these agreements totaled $2 million. These interest rate exchange agreements do not qualify as hedges for accounting purposes. Accordingly, the changes in fair value of these agreements are recorded in miscellaneous, net in the consolidated statements of comprehensive income. At December 31, 2016 and 2015, Seaboard had three and five agreements outstanding, respectively, with a total notional value of $75 million and $119 million, respectively. The following table provides the amount of gain (loss) recognized for each type of derivative and where it was recognized in the consolidated statements of comprehensive income for the year ended December 31, 2016 and 2015: (Millions of dollars) 2016 2015 Commodities Cost of sales $ $ Foreign currencies Cost of sales Foreign currencies Foreign currency Interest rate Miscellaneous, net The following table provides the fair value of each type of derivative held as of December 31, 2016 and 2015 and where each derivative is included on the consolidated balance sheets: Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, (Millions of dollars) 2016 2015 2016 2015 Commodities (1) Other current assets $ $ Other current liabilities $ $ Foreign currencies Other current assets Other current liabilities — Interest rate Other current assets — — Other current liabilities (1)     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, 2016 and 2015, the commodity derivatives had a margin account balance of $10 million and $29 million, respectively, resulting in a net other current asset on the consolidated balance sheets of $12 million and $15 million, respectively. Counterparty Credit Risk From time to time Seaboard is subject to counterparty credit risk related to its foreign currency exchange agreements and interest rate swaps should the counterparties fail to perform according to the terms of the contracts. As of December 31, 2016, Seaboard had $1 million of credit risk to two counterparties related to its foreign currency exchange agreements and no credit risk related to its interest rate exchange agreements. Seaboard does not hold any collateral related to these agreements.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2016
Employee Benefits
Employee Benefits	Note 9 Employee Benefits At December 31, 2016, Seaboard maintained two defined benefit pension plans (the “Plans”) for its domestic salaried and clerical employees. Employees hired before January 1, 2014 were eligible to participate in the Plans after one year of service upon attaining the age of 21. Benefits are generally based upon the number of years of service and a percentage of final average pay. Seaboard has historically based pension contributions on minimum funding standards to avoid the Pension Benefit Guaranty Corporation (“PBGC”) variable rate premiums established by the Employee Retirement Income Security Act (“ERISA”) of 1974. During the third quarter of 2016, Seaboard completed future funding analyses for the Plans and in September 2016 made a deductible contribution of $39 million for the 2015 plan year. Management currently does not plan on making any contributions in 2017. Management did not make any contributions in 2015 and 2014. Seaboard has separate investment policies for each plan because one plan has more current retirees and therefore a more conservative portfolio versus the other plan, which can assume greater risk as it will have a longer investment time horizon. Assets are invested in the Plans to achieve a diversified target allocation of approximately 40%-50% in domestic equities, 20%-25% in international equities, 10%-25% in fixed income securities and 10%-15% in alternative investments. The investment strategy provides for investment managers’ discretion, and is periodically reviewed by management for adherence to policy and performance against benchmarks. Effective January 1, 2017, the assets and liabilities of the Plans were merged, so that only one qualified defined benefit pension plan remains. The new investment policy is a weighted average of the two previous policies. As described in Note 8 to the consolidated financial statements, Seaboard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following tables show the Plans’ assets measured at estimated fair value as of December 31, 2016 and 2015, respectively, and also the level within the fair value hierarchy used to measure each category of assets: Balance December 31, (Millions of dollars) 2016 Level 1 Level 2 Level 3 Assets: Domestic equity securities $ $ $ — $ — Foreign equity securities — — Domestic fixed income mutual funds — — Real estate mutual fund — — Commodity mutual funds — — Money market funds — — Foreign fixed income mutual funds — — Other — — Total Assets $ $ $ $ — Balance December 31, (Millions of dollars) 2015 Level 1 Level 2 Level 3 Assets: Domestic equity securities $ $ $ — $ — Foreign equity securities — — Real estate mutual fund — — Domestic fixed income mutual funds — — Commodity mutual funds — — Foreign fixed income mutual funds — — Money market funds — — Other — — Total Assets $ $ $ $ — Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. The unamortized prior service cost is being amortized over the average remaining working lifetime of the active participants for these plans. Management has no plans to provide funding for these supplemental executive plans in advance of when the benefits are paid. Assumptions used in determining pension information for all of the above plans were: Years ended December 31, 2016 2015 2014 Weighted average assumptions Discount rate used to determine obligations 2.90 - 4.65 % 3.20 - 4.80 % 3.15 - 4.40 % Discount rate used to determine net periodic benefit cost 3.20 - 4.80 % 2.70 - 4.40 % 3.55 - 5.20 % Expected return on plan assets 6.75 - 7.00 % 6.75 - 7.50 % 7.00 - 8.00 % Long-term rate of increase in compensation levels 4.00 % 4.00 % 4.00 % Management selected the discount rate based on a model-based result where the timing and amount of cash flows approximates the estimated payouts. The expected returns on the Plans’ assets assumption are based on the weighted average of asset class expected returns that are consistent with historical returns. The assumed rate selected was based on model-based results that reflect the Plans’ asset allocation and related long-term projected returns. The measurement date for all plans is December 31. The unrecognized net actuarial losses are generally amortized over the average remaining working lifetime of the active participants for all of these plans. The changes in the plans’ benefit obligations and fair value of assets for the Plans, supplemental executive plans and retirement agreements and the funded status were as follows: December 31, 2016 2015 (Millions of dollars) Assets exceed accumulated benefits Accumulated benefits exceed assets Total Accumulated benefits exceed assets Reconciliation of benefit obligation: Benefit obligation at beginning of year $ $ $ $ Service cost Interest cost Actuarial losses (gains) — Benefits paid Other — — — Benefit obligation at end of year $ $ $ $ Reconciliation of fair value of plan assets: Fair value of plan assets at beginning of year $ $ $ $ Actual return on plan assets Employer contributions Benefits paid Fair value of plan assets at end of year $ $ $ $ Funded status $ $ $ $ The net funded status of the Plans was $(15) million and $(50) million at December 31, 2016 and 2015, respectively. The benefit obligation increased primarily due to a decrease in discount rates for all plans. The accumulated benefit obligation for the Plans was $142 million and $143 million and for all the other plans was $84 million and $73 million at December 31, 2016 and 2015, respectively. Expected future net benefit payments for all plans during each of the next five years and in aggregate for the five year period beginning with the sixth year are as follows: $14 million, $15 million, $14 million, $16 million, $13 million and $88 million, respectively. The net periodic cost of benefits of these plans was as follows: Years ended December 31, (Millions of dollars) 2016 2015 2014 Components of net periodic benefit cost: Service cost $ $ $ Interest cost Expected return on plan assets Amortization and other Agreement termination gain — — Net periodic benefit cost $ $ $ The amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss (“AOCL”) before taxes at December 31, 2016 and 2015 were $72 million and $72 million, respectively. Such amounts primarily represent accumulated losses, net of gain. The amounts in AOCL expected to be recognized as components of net periodic benefit cost in 2017 are $5 million. Seaboard participates in a multi-employer pension fund, the United Food and Commercial Workers International Union-Industry Pension Fund, which covers certain union employees under a collective bargaining agreement. This fund’s employer identification number is 51-6055922, and this plan’s number is 001. For the plan year beginning July 1, 2016, this plan’s “zone status” is green and is not subject to a funding improvement plan. Seaboard is required to make contributions to this plan in amounts established under the collective bargaining agreement that expires in July 2019. Contribution expense for this plan was $1 million for each of the years ended December 31, 2016, 2015 and 2014, which represents less than five percent of total contributions to this plan. The applicable portion of the total plan benefits and net assets of this plan is not separately identifiable, although Seaboard has received notice that, under certain circumstances, it could be liable for unfunded vested benefits or other expenses of this jointly administered union plan. Seaboard has not established any liabilities for potential future withdrawal, as such withdrawal from this plan is not probable. Seaboard maintains a defined contribution plan covering most of its domestic salaried and clerical employees. In 2016, 2015 and 2014, Seaboard contributed to this plan an amount equal to 50% of the first 6% of each employee’s contributions to the plan. Employee vesting is based upon years of service, with 20% vested after one year of service and an additional 20% vesting with each additional complete year of service. Contribution expense for this plan was $2 million for each of the years ended December 31, 2016, 2015 and 2014. In addition, Seaboard maintains a defined contribution plan covering most of its hourly, non-union employees. Contribution expense for these plans was $1 million for each of the years ended December 31, 2016, 2015 and 2014. Seaboard has a deferred compensation plan that allows certain employees to reduce their compensation in exchange for values in various investments. Seaboard also has an Investment Option Plan that allowed certain employees to reduce their compensation in exchange for an option to acquire interests measured by reference to three investments. However, as a result of U.S. tax legislation passed in 2004, reductions to compensation earned after 2004 are no longer allowed under the Investment Option Plan. The exercise price for each investment option was established based upon the fair market value of the underlying investment on the date of grant. Under both plans, Seaboard contributes 3% of the employees’ reduced compensation. Seaboard’s expense for these two deferred compensation plans, which primarily includes amounts related to the change in fair value of the underlying investment accounts, was $4 million, $0 million and $3 million for the years ended December 31, 2016, 2015 and 2014, respectively. Included in other liabilities at December 31, 2016 and 2015 are $36 million and $38 million, respectively, representing the market value of the payable to the employees upon distribution or exercise for each plan. In conjunction with these plans, Seaboard purchased the specified number of units of the employee-designated investment, plus the applicable option price for the Investment Option Plan. These investments are treated as trading securities and are stated at their fair market values. Accordingly, as of December 31, 2016 and 2015, $40 million and $43 million, respectively, were included in other current assets on the consolidated balance sheets. Investment income related to the mark-to-market of these investments for 2016, 2015 and 2014 totaled $4 million, $0 million and $3 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Notes Payable, Long-term Debt, Commitments and Contingencies
Commitments and Contingencies	Note 10 Commitments and Contingencies On April 29, 2015, Seaboard received from the Department of Justice, Asset Forfeiture and Money Laundering Section (“AFMLS”), a Grand Jury subpoena issued by the U.S. District Court for the District of Columbia (the “DC District Court”) requesting records related to 37 specified foreign companies and five individuals. Seaboard has previously produced documents responsive to Grand Jury subpoenas dated September 18, 2014 and October 17, 2014. The subpoena issued September 18, 2014 requested records related to nine entities and one individual, and the subpoena issued October 17, 2014 requested records with respect to eight additional entities and one additional individual. Two additional subpoenas, each dated July 2, 2015, were received by Seaboard requesting records related to a certain customer. The companies and individuals as to which the requested records relate to are not affiliated with Seaboard. On June 6, 2016, a request was received for additional information relating to an affiliate of Seaboard as to which Seaboard is in the process of responding. Seaboard has retained outside counsel and is cooperating with the government’s investigation. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome or to estimate the amount of potential loss, if any, resulting from the government’s inquiry. On September 19, 2012, the U.S. Immigration and Customs Enforcement (“ICE”) executed three search warrants authorizing the seizure of certain records from Seaboard’s offices in Merriam, Kansas and at the Seaboard Foods employment office and the human resources department in Guymon, Oklahoma. The warrants generally called for the seizure of employment-related files, certain e-mails and other electronic records relating to Medicaid and Medicaid recipients, certain health care providers in the Guymon area, and Seaboard’s health plan and certain personnel issues. The U.S. Attorney’s Office for the Western District of Oklahoma (“USAO”), which has been leading the investigation, previously advised Seaboard that it intended to close its investigation and that no charges would be brought against Seaboard. However, discussions continue with the USAO, ICE and the Oklahoma Attorney General’s office regarding the matter, including the possibility of a settlement. No proceedings have been filed or brought as of the date of this report. It is not possible at this time to determine whether a settlement will be reached or whether Seaboard will incur any material fines, penalties or liabilities in connection with this matter. On February 16, 2016, Seaboard Foods received an information request from the U.S. Environmental Protection Agency (“EPA”) seeking information under the Clean Air Act with regard to various ammonia releases at Seaboard Foods’ pork processing plant in Guymon, Oklahoma. Seaboard has been cooperating with the EPA with regard to the investigation and has responded to the request. It is not possible at this time to determine whether Seaboard will incur any material fines, penalties or liabilities in connection with this matter. Seaboard is subject to various administrative and judicial proceedings and other legal matters related to the normal conduct of its business. In the opinion of management, the ultimate resolution of these items is not expected to have a material adverse effect on the consolidated financial statements of Seaboard. Contingent Obligations Certain of the non-consolidated affiliates and third-party contractors who perform services for Seaboard have bank debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of that debt in order to further business objectives. Seaboard does not issue guarantees of third parties for compensation. As of December 31, 2016, guarantees outstanding to third parties were not material. Seaboard has not accrued a liability for any of the third-party or affiliate guarantees as management considers the likelihood of loss to be remote. See Note 7 for discussion of letters of credit. Commitments As of December 31, 2016 Seaboard had various non-cancelable purchase commitments and commitments under other agreements, arrangements and operating leases, as described in the table below: Years ended December 31, (Millions of dollars) 2017 2018 2019 2020 2021 Thereafter Hog procurement contracts $ $ $ $ $ $ Grain and feed ingredients — — — — Grain purchase contracts for resale — — — — — Fuel supply contracts — — — — — Equipment purchases and facility improvements — — — — — Other purchase commitments — — — — — Total firm purchase commitments Vessel, time and voyage-charters Contract grower agreements Other operating lease payments Investment in affiliates — Total unrecognized non-cancelable commitments $ $ $ $ $ $ Seaboard has contracted with third parties for the purchase of live hogs to process at its pork processing plant, and has entered into grain and feed ingredient purchase contracts to support its live hog operations. The commitment amounts included in the table are based on projected market prices as of December 31, 2016. During 2016, 2015 and 2014, the Pork segment paid $133 million, $171 million and $227 million, respectively, for live hogs purchased under committed contracts. The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. These contracts are valued based on projected commodity prices as of December 31, 2016. The Power segment has a natural gas supply contract for a significant portion of the fuel required for the operation of its dual fuel power generating facility. The commitment for 2017 has both fixed and variable price components, and the amount included in the table above is partially based on market prices as of December 31, 2016. The Marine segment also has fuel purchase contracts. The Marine and CT&M segments enter into contracts to charter vessels for use in their operations, which include short-term time charters for a few months and long-term commitments ranging from one to eleven years. These segments’ charter hire expenses during 2016, 2015 and 2014 totaled $95 million, $99 million and $87 million, respectively. To support the operations of the Pork segment, Seaboard has contract grower agreements in place with farmers to raise a portion of Seaboard’s hogs according to Seaboard’s specifications under long-term service agreements. Under the terms of some older agreements, additional payments would be required if the grower achieves certain performance standards. The contract grower obligations shown above do not reflect these incentive payments which, given current operating performance, total approximately $1 million per year. In the event the farmer is unable to perform at an acceptable level, Seaboard has the right to terminate the contract. During the years ended 2016, 2015 and 2014, Seaboard paid $26 million, $12 million and $13 million, respectively, under contract grower agreements. Seaboard also leases various facilities and equipment under non-cancelable operating lease agreements including a terminal operations agreement at PortMiami, which runs through 2028. Rental expense for operating leases for all segments amounted to $43 million, $42 million and $35 million in 2016, 2015 and 2014, respectively. Investment in affiliates includes obligations made to equity method investments of Seaboard. As discussed in Note 4, Seaboard agreed to contribute up to $150 million to a 50% owned joint venture, STF, to develop and operate a pork processing facility in Sioux City, Iowa. The original subscription agreement was modified in the first quarter of 2016. At December 31, 2016, $73 million remained to be contributed in 2017. During the first quarter of 2017, STF announced plans to expand the pork processing plant to be capable of processing an additional three million market hogs annually by operating a second shift. The expansion is estimated to cost approximately $47 million, of which Seaboard could be required to commit up to 50% of the amount. As part of the operations, Seaboard agreed to provide a portion of the hogs to be processed at the facility. During 2016, the Pork segment acquired hog inventory and related assets that increased Seaboard’s hog production capacity to meet the majority of such hog supply commitment for single shift processing at the new plant. Additionally, Investments in affiliates includes expected funding commitments based on production levels for two limited liability companies that operate refined coal processing plants that generate federal income tax credits.

Stockholders' Equity and Accumu

Stockholders' Equity and Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stockholders' Equity and Accumulated Other Comprehensive Loss	Note 11 Stockholders’ Equity and Accumulated Other Comprehensive Loss In October 2015, the Board of Directors extended through October 31, 2017 the share repurchase program initially approved in November 2009, and increased the authorized amount of repurchases from the $51 million that remained available to $100 million. As of December 31, 2016, $100 million remained available for repurchases under this program. Seaboard did not repurchase any shares of common stock during 2016 and 2015. In May 2014, the Board of Directors increased the dollar amount of Seaboard common stock authorized to be repurchased under the share repurchase program by $20 million, and Seaboard commenced a tender offer to repurchase shares. On June 19, 2014, Seaboard completed the tender offer, pursuant to which it repurchased 16,738 shares of common stock at a price per share of $2,950, for an aggregate cost of $49 million. In total for 2014, Seaboard used cash to repurchase 18,405 shares of common stock at a total price of $53 million. Under this share repurchase program, Seaboard is authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may be above or below the traded market price. During the period that the share repurchase program remains in effect, from time to time, Seaboard may enter into a 10b5-1 plan authorizing a third party to make such purchases on behalf of Seaboard. All stock repurchased will be made in compliance with applicable legal requirements and funded by cash on hand. The timing of the repurchases and the number of shares repurchased at any given time will depend upon market conditions, compliance with Securities and Exchange Commission regulations, and other factors. The Board of Directors’ stock repurchase authorization does not obligate Seaboard to acquire a specific amount of common stock, and the stock repurchase program may be suspended at any time at Seaboard’s discretion. Shares repurchased will be retired and resume the status of authorized and unissued shares. In December 2012, Seaboard declared and paid a dividend of $12.00 per share on the common stock. The increased amount of the dividend (which has historically been $0.75 per share on a quarterly basis or $3.00 per share on an annual basis) represented a prepayment of the annual 2013, 2014, 2015 and 2016 dividends ($3.00 per share per year). Seaboard did not declare or pay a dividend in 2016, 2015 or 2014. On February 2, 2017, Seaboard declared a quarterly dividend of $1.50 per share of common stock payable on February 23, 2017. The components of accumulated other comprehensive loss, net of related taxes, for 2014, 2015 and 2016 are as follows: Cumulative Foreign Unrealized Currency Gain Unrecognized Translation on Pension (Millions of dollars) Adjustment Investments Cost Total Balance December 31, 2014 $ $ $ $ Other comprehensive income (loss) before reclassifications — Amounts reclassified from accumulated other comprehensive loss to net earnings — — (1) Other comprehensive income (loss), net of tax — Balance December 31, 2015 $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income loss to net earnings — — (1) Other comprehensive income (loss), net of tax Balance December 31, 2016 $ $ $ $ (1)     This primarily represents the amortization of actuarial losses that were included in net periodic pension cost and recorded in operating income. See Note 9 for further discussion. The foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar segment. At December 31, 2016, the Sugar segment had $84 million in net assets denominated in Argentine pesos and $3 million in net liabilities denominated in U.S. dollars in Argentina. At December 31, 2015, the Sugar segment had $96 million in net assets denominated in Argentine pesos and $1 million in net assets denominated in U.S. dollars in Argentina. Seaboard accounts for its Sugar segment on a one-month lag basis. Income taxes for cumulative foreign currency translation adjustments were recorded using a 35% effective tax rate, except for $87 million and $82 million in 2016 and 2015, respectively, related to certain subsidiaries for which no tax benefit was recorded. Income taxes for all other components of accumulated other comprehensive loss were recorded using a 39% effective rate, except for unrecognized pension cost of $20 million and $18 million in 2016 and 2015, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
Acquisitions
Acquisitions	Note 12 Acquisitions On September 1, 2016, Seaboard’s Pork segment acquired certain assets of Texas Farm, LLC for total cash consideration of $59 million. Texas Farm, LLC was a hog growing operation with hog inventory, hog farms and a feed mill located in Texas. The additional hog production allows Seaboard to expand and realign its hog production in other states to supply the Guymon, Oklahoma, pork processing plant and the STF processing plant located in Sioux City, Iowa, scheduled to begin operations in mid-2017. See Note 4 for further information on STF. The purchase was recorded at fair value in Seaboard’s Pork segment, and the allocation of the purchase price was as follows. Goodwill is primarily attributable to workforce and the benefits of acquiring an existing operation rather than incurring the costs and time to begin a new hog operation. (Millions of dollars) Inventories $ Property, plant and equipment Goodwill Accounts payable Total consideration transferred $ Operating results have been included in Seaboard’s consolidated financial statements from the date of acquisition. Net sales of $4 million and a $2 million net loss were recognized during 2016. Acquisition costs were less than $1 million. On February 7, 2016, Seaboard’s Pork segment acquired hog inventory, a feed mill, truck washes and certain hog farms in the Central U.S. from Christensen Farms & Feedlots, Inc. and Christensen Farms Midwest, LLC (“Christensen Farms”) for total cash consideration of $148 million. Seaboard had previously agreed to provide a portion of the hogs to be processed at the new pork processing facility being developed through STF. The purchase was recorded at fair value in Seaboard’s Pork segment, and the allocation of the purchase price was as follows. Intangible assets include customer relationships that have a weighted-average useful life of 1.6 years. Goodwill represents the farms’ established processes, workforce and close proximity to the Sioux City, Iowa, processing plant. (Millions of dollars) Inventories $ Property, plant and equipment Intangible assets Goodwill Total consideration transferred $ Operating results have been included in Seaboard’s consolidated financial statements from the date of acquisition. Net sales of $119 million and a $5 million net loss were recognized during 2016. Acquisition costs were less than $1 million. During the last half of 2016, Seaboard’s Pork segment acquired additional hog inventory and sow farms through three additional acquisitions for total cash consideration of $12 million. The purchases were recorded at fair value, and $1 million and $11 million were allocated to inventories and property, plant and equipment, respectively. No material intangible assets were identified, and acquisition costs were less than $1 million. With these purchases, Seaboard increased its sow herd to meet the majority of its hog supply commitment for single shift processing at the new STF plant. The following unaudited pro forma information presents the combined consolidated financial results for Seaboard as if all five acquisitions had been completed at the beginning of January 1, 2015. Twelve months ended (Unaudited) December 31, (Millions of dollars except per share amounts) 2016 2015 Net sales $ $ Net earnings $ $ Earnings per common share $ $ On October 28, 2016, Seaboard’s CT&M segment increased its ownership percentage from 50% to 98% to obtain control of Belarina Alimentos S. A., a flour production business in Brazil (“Belarina”). No cash or other consideration was transferred to the other shareholder whose ownership was diluted through revision of the shareholders agreement to restructure the affiliate debt and equity of Belarina. Seaboard accounted for the transaction as a business combination achieved in stages and included the financial results of Belarina in its consolidated financial statements since the date of acquisition. See Note 4 for a discussion of the previous equity method of accounting for Belarina. As Belarina is recorded on a three-month lag, there was no impact to Seaboard’s sales and net earnings from Belarina’s operations as a result of the consolidation. Since no consideration was transferred to the other owner, Seaboard substituted the acquisition-date fair value of its 50% pre-existing interest in Belarina and the acquisition-date fair value of its pre-existing affiliate trade and note receivable for the acquisition-date fair value of the consideration transferred to measure goodwill. The following table summarizes the preliminary purchase price allocation resulting from this consolidation: (Millions of dollars) Accounts receivable $ Inventories Property, plant and equipment Other assets Goodwill Third-party debt Other liabilities Total business valuation $ Fair value of pre-existing interest $ The valuation of the noncontrolling interest was immaterial. Goodwill primarily represents the assembled workforce. Pro forma results of operations are not presented as the effects of consolidation are not material to Seaboard’s results of operations. Seaboard recorded a gain of $4 million in bad debt expense within selling, general and administrative expenses on the consolidated statement of comprehensive income, related to recognizing the fair value of its pre-existing affiliate receivables.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Information
Segment Information	Note 13 Segment Information Seaboard had six reportable segments through December 31, 2016: Pork, CT&M, Marine, Sugar, 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 main segments is separately managed, and each was started or acquired independent of the other segments. The Pork segment produces and sells fresh and frozen pork products to further processors, foodservice operators, grocery stores, distributors and retail outlets throughout the U.S., and to Japan, Mexico, China and numerous other foreign markets. This segment also produces biodiesel from pork fat and other animal fat or vegetable oil for sale to third parties. Substantially all of Seaboard’s Pork segment’s hourly employees at its Guymon, Oklahoma, processing plant are covered by a collective bargaining agreement. 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 also operates flour, maize and feed mills, baking operations, and poultry production and processing in numerous foreign countries. The Marine segment, based in Miami, Florida, provides cargo shipping services between the U.S., the Caribbean and Central and South America. The Sugar segment produces and processes sugar and alcohol in Argentina, primarily to be marketed locally. The Power segment is an unregulated independent power producer in the Dominican Republic operating a floating power generating facility. The Turkey segment, accounted for using the equity method, produces and sells branded and non-branded turkeys and other products. Total assets for the Turkey segment represents Seaboard’s investment in and notes receivable from this affiliate. Revenues for the All Other segment are primarily derived from a jalapeño pepper processing operation. Below are significant segment events that impact financial results for the periods covered by this report. During 2016, the Pork segment completed the acquisitions of five hog growing operations for total cash consideration of $219 million. These hog operations’ results have been included in Seaboard’s consolidated financial statements from the dates of acquisition. See Note 12 for further information on these acquisitions. The Pork segment’s biodiesel plants have historically received Federal blender’s credits for the biodiesel they blend. The 2015 Tax Act signed into law in December 2015, as discussed in Note 6, renewed the Federal blender’s credit, which had previously expired on December 31, 2014, retroactively to January 1, 2015 with an expiration of December 31, 2016. As a result, in the fourth quarter of 2015 the Pork segment recognized as revenue the 2015 Federal blender’s credits of $17 million. The 2014 Tax Act signed into law in December 2014 as discussed in Note 6, renewed the Federal blender’s credit that had previously expired on December 31, 2013 retroactively to January 1, 2014 with an expiration date of December 31, 2014. As a result, in the fourth quarter of 2014 the Pork segment recognized as revenue the 2014 Federal blender’s credits of $15 million. The Federal blenders credits have not been renewed for 2017. As more fully described in Note 4, on September 27, 2014 the Pork segment sold to Triumph a 50% interest in Daily’s. As a result, Seaboard deconsolidated Daily’s from its consolidated balance sheet as of September 27, 2014. The Pork segment’s remaining 50% investment in Daily’s is accounted for using the equity method of accounting. On October 28, 2016, the CT&M segment obtained control of Belarina, its non-consolidated affiliate with a flour production business in Brazil, and began including its financial results in its consolidated financial statements from the date of acquisition. See Note 12 for further details of the consolidation. In 2016, the CT&M segment reserved $16 million related to a note receivable to an affiliate that operates in the DRC and in 2014 recorded an $11 million write down in loss from affiliate from a decline in value considered other than temporary for this investment. The CT&M segment historically derived a significant portion of its operating income from wheat sales to another non-consolidated affiliate in the DRC. See Note 4 for further discussion of the write down and investments in affiliate in the DRC. During 2015, the Power segment recorded a receivable and interest income of $31 million for interest recognized on certain outstanding customer receivable balances. This interest income related to amounts determined to be collectible as of December 31, 2015, but previously had been considered uncollectable in prior years. This amount was fully collected by Seaboard in early January 2016. Also in 2015, Seaboard invested an additional $10 million in a business operating a 300 megawatt electricity generating facility in the Dominican Republic and changed its method of accounting from a cost method investment at Corporate to an equity method investment in the Power segment. The Power segment had been operating a floating power generating facility (72 megawatts) in the Dominican Republic under a short-term lease agreement. Seaboard ceased operation of the leased facility on September 3, 2014. In conjunction with ceasing operations, Seaboard sold inventory related to these operations, resulting in a $5 million gain from sale of assets in operating income related to these items in 2014. The following tables set forth specific financial information about each segment as reviewed by Seaboard’s management, except for the Turkey segment information previously disclosed in Note 4 to the consolidated financial statements. 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 CT&M and Turkey segments, are used as the measures of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax expense on a segment basis. Sales to External Customers: Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power All Other Segment/Consolidated Totals $ $ $ Operating Income (Loss): Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power All Other Segment Totals Corporate Consolidated Totals $ $ $ Income (Loss) from Affiliates: Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine — Sugar Power Turkey Segment/Consolidated Totals $ $ $ Depreciation and Amortization: Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power Segment Totals Corporate — — — Consolidated Totals $ $ $ Total Assets: December 31, (Millions of dollars) 2016 2015 Pork $ $ Commodity Trading and Milling Marine Sugar Power Turkey All Other Segment Totals Corporate Consolidated Totals $ $ Investments in and Advances to Affiliates: December 31, (Millions of dollars) 2016 2015 Pork $ $ Commodity Trading and Milling Marine Sugar Power Turkey Segment/Consolidated Totals $ $ Capital Expenditures: Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power Segment Totals Corporate — — Consolidated Totals $ $ $ 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. Corporate assets include short-term investments, other current assets related to deferred compensation plans, fixed assets, and other miscellaneous items. Corporate operating losses represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation programs, which are offset by the effect of the mark-to-market adjustments on these investments recorded in other investment income (loss), net. Geographic Information Seaboard had sales in South Africa totaling $650 million, $646 million and $597 million for the years ended December 31, 2016, 2015 and 2014, respectively, representing approximately 12%, 12% and 9% of total sales for each respective year. 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: Years ended December 31, (Millions of dollars) 2016 2015 2014 Caribbean, Central and South America $ $ $ Africa United States Pacific Basin and Far East Canada/Mexico Europe All other Totals $ $ $ The following table provides a geographic summary of Seaboard’s long-lived assets according to their physical location and primary port for the vessels: December 31, (Millions of dollars) 2016 2015 United States $ $ Dominican Republic Argentina All other Totals $ $ Management believes its allowance for doubtful accounts is adequate and reduces receivables recorded to their expected net realizable value. At December 31, 2016 and 2015, Seaboard had approximately $214 million and $275 million, respectively, of foreign receivables, excluding receivables due from affiliates, which generally represent more of a collection risk than the domestic receivables, although as of December 31, 2016 no individual material amounts were deemed to have a heightened risk of collectability.

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Schedule II Valuation and Qualifying Accounts
Schedule II Valuation and Qualifying Accounts	Schedule II SEABOARD CORPORATION AND SUBSIDIARIES Valuation and Qualifying Accounts (In Millions) Balance at Balance at beginning of year Provision (1) Net deductions (2) end of year Allowance for Doubtful Accounts: Year Ended December 31, 2016 $ $ Year Ended December 31, 2015 $ $ Year Ended December 31, 2014 $ — $ (1) The allowance for doubtful accounts provision is charged to selling, general and administrative expenses. (2) Includes write-offs net of recoveries and currency translation adjustments. Balance at Balance at beginning of year Provision (1) Net deductions end of year Allowance for Notes Receivable: Year Ended December 31, 2016 $ — — $ Balance at Charge (credit) Balance at beginning of year to expense end of year Allowance for Deferred Tax Assets: Year Ended December 31, 2016 $ $ Year Ended December 31, 2015 $ $ Year Ended December 31, 2014 $ $ Balance at Credit Balance at beginning of year to expense end of year Reserve for LIFO Valuation: Year Ended December 31, 2016 $ $ Year Ended December 31, 2015 $ $ Year Ended December 31, 2014 $ $

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies and Basis of Presentation
Principles of Consolidation and Investments in Affiliates	Principles of Consolidation and Investments in Affiliates 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. Investments in non-controlled affiliates where we have significant influence are accounted for by the equity method. Financial information from certain foreign subsidiaries and affiliates is reported on a one- to three-month lag, depending on the specific entity.
Short-Term Investments	Short-Term Investments Short-term investments are retained for future use in the business. Investments held by Seaboard that are categorized as trading securities are reported at their estimated fair value with any unrealized gains and losses included in other investment income (loss), net on the consolidated statements of comprehensive income. Investments held by Seaboard that are categorized as available-for-sale are reported at their estimated fair value with any related unrealized gains and losses reported net of tax, as a component of accumulated other comprehensive loss. Gains and losses on sale of investments are generally based on the specific identification method.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Power segment, however, collects interest on certain past due accounts, and the Commodity Trading and Milling (“CT&M”) segment provides extended payment terms for certain customers in certain countries due to local market conditions. The allowance for doubtful accounts is Seaboard’s best estimate of the amount of probable credit losses. For most operating segments, Seaboard uses a specific identification approach to determine, in management’s judgment, the collection value of certain past due accounts based on contractual terms. For the Marine segment, the allowance for doubtful accounts is based on an aging percentage methodology primarily based on historical write-off experience. Seaboard reviews its allowance for doubtful accounts monthly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Inventories	Inventories Seaboard uses the lower of last-in, first-out (“LIFO”) cost or market for determining inventory cost of live hogs, fresh pork product and related materials. Grain, flour and feed inventories at foreign milling operations are valued at the lower of weighted average cost or market. All other inventories are valued at the lower of first-in, first-out (“FIFO”) cost or market.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are carried at cost and are being depreciated on the straight-line method over useful lives, ranging from 3 to 30 years. Property, plant and equipment leases that are deemed to be installment purchase obligations have been capitalized and included in the property, plant and equipment accounts. Routine and planned major maintenance, repairs and minor renewals are expensed as incurred, while major renewals and improvements are capitalized.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, primarily property, plant and equipment, 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 a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment to be recognized is measured by the amount by which 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.
Notes Receivable from Affiliates	Notes Receivable from Affiliates Seaboard monitors the credit quality of notes receivable from its affiliates by obtaining and reviewing financial information for these affiliates on a monthly basis and by having Seaboard representatives serve on the Board of Directors of these affiliates. If based on current information and events it is probable that Seaboard will be unable to collect all amounts due according to the contractual terms of the notes receivable from affiliates and an amount can be reasonably estimated, Seaboard will write down the notes receivable to estimated realizable value.
Goodwill and Other Intangible Assets	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 acquisition, or more frequently if circumstances indicate that impairment is likely. Separable intangible assets with finite lives are amortized over their estimated useful lives. Any one event or a combination of events such as change in the business climate, a negative change in relationships with significant customers and changes to strategic decisions, including decisions to expand made in response to economic or competitive conditions, could require an interim assessment prior to the next required annual assessment. Goodwill is primarily related to the repurchase in 2007 of a noncontrolling interest of Seaboard Foods LLC (“Seaboard Foods”) in the Pork segment for a total of $12 million. Due to acquisitions during 2016 in the Pork segment and CT&M segment, goodwill increased $6 million and $1 million, respectively. Based on the annual assessment conducted by these reporting units during 2016, there were no impairment charges recorded for the year ended December 31, 2016.
Accrued Self-Insurance	Accrued Self-Insurance Seaboard is self-insured for certain levels of workers’ compensation, health care coverage, property damage and general, vehicle and product recall liability. The cost of these self-insurance programs is accrued based upon estimated settlements for known and anticipated claims. Changes in estimates to previously recorded reserves are reflected in current operating results.
Asset Retirement Obligation	Asset Retirement Obligation Seaboard has recorded long-lived assets and a related liability for the asset retirement obligation costs associated with the closure of the hog lagoons it is legally obligated to close in the future should Seaboard cease operations or plan to close such lagoons voluntarily in accordance with a changed operating plan. 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 non-current other liabilities on the consolidated balance sheets with the retirement asset depreciated over the economic life of the related asset. The following table shows the changes in the asset retirement obligation during 2016 and 2015: Years ended December 31, (Millions of dollars) 2016 2015 Beginning balance $ $ Accretion expense Ending balance $ $
Income Taxes	Income Taxes 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. However, in the future, as these timing differences reverse, a lower statutory tax rate may apply pursuant to the provisions for domestic manufacturers of the American Jobs Creation Act of 2004. In accordance with U.S. generally accepted accounting principles (“GAAP”), Seaboard will recognize the benefit or cost of this change in the future.
Revenue Recognition	Revenue Recognition As a result of a marketing agreement with Triumph Foods, LLC (“Triumph”), Seaboard’s sales prices for its pork products included in product revenues are primarily based on a margin sharing arrangement that considers the average sales price and mix of products sold from both Seaboard’s and Triumph’s hog processing plants. Seaboard earns a fee for marketing the pork products of Triumph, and recognizes this fee as service revenue primarily based on the number of head processed by Triumph. Revenues for the CT&M segment are recognized when the commodity is delivered to the customer, collection is reasonably assured and the sales price is fixed or determinable. Revenues for cargo services in the Marine segment are recognized ratably over the transit time for each voyage, with expenses associated with cargo services recognized as incurred. Revenues for all other commercial exchanges are recognized at the time products are shipped or delivered in accordance with shipping terms or services rendered, the customer takes ownership and assumes risk of loss, collection is reasonably assured and the sales price is fixed or determinable.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP 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. Significant items subject to such estimates and assumptions include those related to allowance for doubtful accounts, valuation of inventories, impairment of long-lived assets, potential write down related to investments in and advances to affiliates and notes receivable from affiliates, income taxes and accrued pension liability. Actual results could differ from those estimates.
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.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, management considers all demand deposits and overnight investments as cash equivalents. The following table shows the amounts paid for interest and income taxes: Years ended December 31, (Millions of dollars) 2016 2015 2014 Interest, net of interest capitalized $ $ $ Income taxes, net of refunds
Supplemental Non-Cash Transactions	Years ended December 31, (Millions of dollars) 2016 2015 2014 Interest, net of interest capitalized $ $ $ Income taxes, net of refunds Supplemental Non-Cash Transactions On October 28, 2016, Seaboard obtained control of Belarina Alimentos S. A., a flour production business in Brazil (“Belarina”). No cash or other consideration was transferred to the other shareholder whose ownership was diluted through revision of the shareholders agreement to restructure the affiliate debt and equity of Belarina. See Note 13 for the purchase price allocation table and other details. As more fully described in Note 4, on September 27, 2014, Seaboard’s Pork segment sold to Triumph a 50% interest in its processed meats division, Daily’s Premium Meats, LLC (“Daily’s”). As a result, Seaboard deconsolidated Daily’s from its consolidated balance sheet as of September 27, 2014. The following table summarizes the non-cash transactions resulting from this deconsolidation: (Millions of dollars) Decrease in net working capital $ Increase in investment in and advances to affiliates Decrease in property, plant and equipment Decrease in goodwill Decrease in other intangible assets, net (not subject to amortization) Gain on sale of controlling interest in subsidiary Net proceeds from sale of controlling interest in subsidiary $ Seaboard had notes receivable from affiliates that accrued pay-in-kind interest income, primarily from one affiliate. On January 4, 2016, the interest on this note receivable was modified to eliminate future pay-in-kind interest as discussed in Note 4 to the consolidated financial statements. Non-cash, pay-in-kind interest income and accretion of discount recognized on these notes receivable for the years ended December 31, 2016, 2015 and 2014 was $3 million, $17 million and $16 million, respectively.
Foreign Currency Transactions and Translation	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. Certain of the major contracts and transactions, however, are denominated in U.S. dollars. In addition, the value of the U.S. dollar fluctuates in relation to the currencies of countries where certain of Seaboard’s foreign subsidiaries and affiliates primarily conduct business. These fluctuations result in exchange gains and losses. The activities of these foreign subsidiaries and affiliates are primarily conducted with U.S. subsidiaries or operate in hyper-inflationary environments. As a result, the financial statements of certain foreign subsidiaries and affiliates are re-measured using the U.S. dollar as the functional currency. Seaboard’s Sugar segment, four consolidated subsidiaries (CT&M segment businesses in Brazil, Canada, Guyana and Zambia) and eight non-controlled, non-consolidated affiliates (a Marine segment business in Jamaica and CT&M segment businesses in Australia, Colombia, Kenya, Lesotho, South Africa, Turkey 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). For the consolidated subsidiaries and non-consolidated affiliates, U.S. dollar denominated net asset or liability conversions to the local currency are recorded through income.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Seaboard recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges for accounting purposes when there is a high correlation between the change in fair value of the instrument and the related change in value of the underlying commitment. Additionally, in order to designate a derivative financial instrument as a hedge for accounting purposes, extensive record keeping is required. For derivatives that qualify as hedges for accounting purposes, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. Seaboard uses various derivative instruments to manage various types of market risks from its day-to-day operations, primarily including commodity futures and option contracts, foreign currency exchange agreements and interest rate exchange agreements. While management believes each of these instruments primarily are entered into in order to effectively manage various market risks, as of December 31, 2016, none of the derivatives were designated and accounted for as hedges, primarily as a result of the extensive record-keeping requirements. From time to time, Seaboard also enters into speculative derivative transactions not directly related to its raw material requirements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance to develop a single, comprehensive revenue recognition model for all contracts with customers. This guidance requires an entity to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods and services. This guidance supersedes nearly all existing revenue recognition guidance under GAAP. Seaboard will adopt this guidance on January 1, 2018, using the cumulative effect transition method, where any cumulative effect of initially adopting the guidance is recognized at the date of adoption. Based on management’s initial assessment, Seaboard believes the adoption of this guidance will not have a material impact on its financial position or net earnings. In July 2015, the FASB issued guidance to simplify the subsequent measurement of inventory, excluding inventory measured using LIFO or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. Seaboard believes the adoption of this guidance will not have a material impact on its financial position or net earnings. In January 2016, the FASB issued guidance that requires entities to measure equity investments, other than those accounted for using the equity method of accounting, at fair value and recognize any changes in fair value in net income if a readily determinable fair value exists. For investments without readily determinable fair values, the cost method of accounting is eliminated. An entity may elect to record these equity investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The new guidance is effective for interim and annual periods beginning after December 15, 2017. Seaboard believes the adoption of this guidance will not have a material impact on its financial position or net earnings. In February 2016, the FASB issued guidance that a lessee should record a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The recognition, measurement, and presentation of expenses and cash flows arising from a financing lease have not significantly changed from the previous guidance. For operating leases, a lessee is required to: (1) recognize a ROU asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (3) classify all cash payments within operating activities in the statement of cash flows. Seaboard will adopt this guidance on January 1, 2019. In transition, lessees are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that entities may elect to apply. Seaboard is in the preliminary stages of its assessment of the effect the guidance will have on its existing accounting policies and the consolidated financial statements, but expects there will be an increase in assets and liabilities on the consolidated balance sheets at adoption due to the recording of ROU assets and corresponding lease liabilities, which may be material. See Note 10 for information about Seaboard’s lease obligations.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies and Basis of Presentation
Schedule of changes in the asset retirement obligation	Years ended December 31, (Millions of dollars) 2016 2015 Beginning balance $ $ Accretion expense Ending balance $ $
Schedule of amounts paid for interest and income taxes	Years ended December 31, (Millions of dollars) 2016 2015 2014 Interest, net of interest capitalized $ $ $ Income taxes, net of refunds
Schedule of non-cash transactions resulting from the deconsolidation	(Millions of dollars) Decrease in net working capital $ Increase in investment in and advances to affiliates Decrease in property, plant and equipment Decrease in goodwill Decrease in other intangible assets, net (not subject to amortization) Gain on sale of controlling interest in subsidiary Net proceeds from sale of controlling interest in subsidiary $

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Investments
Summary of the amortized cost and estimated fair value of short-term investments for both available-for-sale and trading securities	December 31, 2016 December 31, 2015 Amortized Fair Amortized Fair (Millions of dollars) Cost Value Cost Value Money market funds $ — $ — $ $ Total available-for-sale short-term investments — — Domestic equity securities Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries Foreign equity securities High yield securities Collateralized loan obligations Money market funds held in trading accounts Other trading securities Total trading short-term investments Total short-term investments $ $ $ $

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2016
Inventories
Summary of inventories	December 31, (Millions of dollars) 2016 2015 At lower of LIFO cost or market: Live hogs and materials $ $ Fresh pork and materials LIFO adjustment Total inventories at lower of LIFO cost or market At lower of FIFO cost or market: Grains, oilseeds and other commodities Sugar produced and in process Other Total inventories at lower of FIFO cost or market Grain, flour and feed at lower of weighted average cost or market Total inventories $ $

Investments in and Advances t26

Investments in and Advances to Affiliates and Notes Receivable from Affiliates (Tables)	12 Months Ended
	Dec. 31, 2016
Turkey
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	Turkey Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $
Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	Pork Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $
Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	Commodity Trading and Milling Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net loss $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $
Marine
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	Marine Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ — Net income $ $ $ — Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $
Sugar
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	Sugar Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $
Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	Power Segment December 31, (Millions of dollars) 2016 2015 2014 Net sales $ $ $ Net income $ $ $ Total assets $ $ $ Total liabilities $ $ $ Total equity $ $ $

Net Property, Plant and Equip27

Net Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Net Property, Plant and Equipment
Summary of property, plant and equipment	Useful December 31, (Millions of dollars) Lives 2016 2015 Land and improvements - 15 years $ $ Buildings and improvements 30 years Machinery and equipment - 20 years Vessels and vehicles - 18 years Office furniture and fixtures 5 years Construction in progress Accumulated depreciation and amortization Net property, plant and equipment $ $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes
Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) attributable to continuing operations	Years ended December 31, (Millions of dollars) 2016 2015 2014 Computed “expected” tax expense excluding noncontrolling interests $ $ $ Adjustments to tax expense attributable to: Foreign tax differences Tax-exempt income State income taxes, net of federal benefit Federal tax credits Domestic manufacturing deduction Other Total income tax expense $ $ $
Schedule of components of earnings before income taxes	Years ended December 31, (Millions of dollars) 2016 2015 2014 United States $ $ $ Foreign Total earnings excluding noncontrolling interests Less: Net income attributable to noncontrolling interests Total earnings before income taxes $ $ $
Schedule of components of total income taxes	Years ended December 31, (Millions of dollars) 2016 2015 2014 Current: Federal $ $ $ Foreign State and local Deferred: Federal Foreign State and local Income tax expense Unrealized changes in other comprehensive income — Total income taxes $ $ $
Schedule of components of the net deferred income tax liability	December 31, (Millions of dollars) 2016 2015 Deferred income tax liabilities: Depreciation $ $ Domestic partnerships LIFO Cash basis farming adjustment Other $ $ Deferred income tax assets: Reserves/accruals $ $ Deferred earnings of foreign subsidiaries Net operating and capital loss carry-forwards Tax credit carry-forwards Other Valuation allowance Net deferred income tax liability $ $
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	(Millions of dollars) 2016 2015 Beginning balance at January 1 $ $ Additions for uncertain tax positions of prior years Decreases for uncertain tax positions of prior years — Additions for uncertain tax positions of current year Lapse of statute of limitations — Ending balance at December 31 $ $

Notes Payable and Long-term D29

Notes Payable and Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Payable and Long-Term Debt
Summary of long-term debt	December 31, (Millions of dollars) 2016 2015 Term Loan due 2022 $ $ Foreign subsidiary obligations due 2018 through 2023 Total long-term debt at face value Current maturities of long-term debt and unamortized discount Long-term debt, less current maturities and unamortized discount $ $

Derivatives and Fair Value of30

Derivatives and Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	Balance December 31, (Millions of dollars) 2016 Level 1 Level 2 Level 3 Assets: Trading securities – short-term investments: Domestic equity securities $ $ $ — $ — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries — — Foreign equity securities — — High yield securities — Collateralized loan obligations — — Money market funds held in trading accounts — — Other trading securities — — Trading securities – other current assets: Domestic equity securities — — Foreign equity securities — — Fixed income mutual funds — — Other — — Derivatives: Commodities (1) — — Foreign currencies — — Total Assets $ $ $ $ — Liabilities: Derivatives: Commodities (1) $ $ $ — $ — Interest rate swaps — — Foreign currencies — — Total Liabilities $ $ $ $ — (1)     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, 2016, the commodity derivatives had a margin account balance of $10 million resulting in a net other current asset on the consolidated balance sheet of $12 million. Balance December 31, (Millions of dollars) 2015 Level 1 Level 2 Level 3 Assets: Available-for-sale securities – short-term investments: Money market funds $ $ $ — $ — Trading securities – short-term investments: Domestic equity securities — — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries — — Foreign equity securities — — High yield securities — — Money market funds held in trading accounts — — Collateralized loan obligations — — Other trading securities — — Trading securities – other current assets: Domestic equity securities — — Foreign equity securities — — Fixed income mutual funds — — Other — Derivatives: Commodities (1) — — Foreign currencies — — Total Assets $ $ $ $ — Liabilities: Derivatives: Commodities (1) $ $ $ — $ — Interest rate swaps — — Total Liabilities $ $ $ $ — (1)     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, 2015, the commodity derivatives had a margin account balance of $29 million resulting in a net other current asset on the consolidated balance sheet of $15 million.
Schedule of amortized cost and estimated fair values of investments and long term debt	December 31, 2016 2015 (Millions of dollars) Amortized Cost Fair Value Amortized Cost Fair Value Short-term investments, available-for-sale $ — $ — $ $ Short-term investments, trading securities Long-term debt
Schedule of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income	(Millions of dollars) 2016 2015 Commodities Cost of sales $ $ Foreign currencies Cost of sales Foreign currencies Foreign currency Interest rate Miscellaneous, net
Schedule of fair value of each type of derivative and its location in the Consolidated Balance Sheets	Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, (Millions of dollars) 2016 2015 2016 2015 Commodities (1) Other current assets $ $ Other current liabilities $ $ Foreign currencies Other current assets Other current liabilities — Interest rate Other current assets — — Other current liabilities (1)     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, 2016 and 2015, the commodity derivatives had a margin account balance of $10 million and $29 million, respectively, resulting in a net other current asset on the consolidated balance sheets of $12 million and $15 million, respectively.

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2016
Employee Benefits
Schedule of Plans' assets measured at estimated fair value	Balance December 31, (Millions of dollars) 2016 Level 1 Level 2 Level 3 Assets: Domestic equity securities $ $ $ — $ — Foreign equity securities — — Domestic fixed income mutual funds — — Real estate mutual fund — — Commodity mutual funds — — Money market funds — — Foreign fixed income mutual funds — — Other — — Total Assets $ $ $ $ — Balance December 31, (Millions of dollars) 2015 Level 1 Level 2 Level 3 Assets: Domestic equity securities $ $ $ — $ — Foreign equity securities — — Real estate mutual fund — — Domestic fixed income mutual funds — — Commodity mutual funds — — Foreign fixed income mutual funds — — Money market funds — — Other — — Total Assets $ $ $ $ —
Schedule of assumptions used in determining pension information for plans	Years ended December 31, 2016 2015 2014 Weighted average assumptions Discount rate used to determine obligations 2.90 - 4.65 % 3.20 - 4.80 % 3.15 - 4.40 % Discount rate used to determine net periodic benefit cost 3.20 - 4.80 % 2.70 - 4.40 % 3.55 - 5.20 % Expected return on plan assets 6.75 - 7.00 % 6.75 - 7.50 % 7.00 - 8.00 % Long-term rate of increase in compensation levels 4.00 % 4.00 % 4.00 %
Schedule of the funded status	December 31, 2016 2015 (Millions of dollars) Assets exceed accumulated benefits Accumulated benefits exceed assets Total Accumulated benefits exceed assets Reconciliation of benefit obligation: Benefit obligation at beginning of year $ $ $ $ Service cost Interest cost Actuarial losses (gains) — Benefits paid Other — — — Benefit obligation at end of year $ $ $ $ Reconciliation of fair value of plan assets: Fair value of plan assets at beginning of year $ $ $ $ Actual return on plan assets Employer contributions Benefits paid Fair value of plan assets at end of year $ $ $ $ Funded status $ $ $ $
Schedule of net periodic benefit cost of plans	Years ended December 31, (Millions of dollars) 2016 2015 2014 Components of net periodic benefit cost: Service cost $ $ $ Interest cost Expected return on plan assets Amortization and other Agreement termination gain — — Net periodic benefit cost $ $ $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Payable, Long-term Debt, Commitments and Contingencies
Schedule of non-cancelable purchase commitments and commitments under other agreements	Years ended December 31, (Millions of dollars) 2017 2018 2019 2020 2021 Thereafter Hog procurement contracts $ $ $ $ $ $ Grain and feed ingredients — — — — Grain purchase contracts for resale — — — — — Fuel supply contracts — — — — — Equipment purchases and facility improvements — — — — — Other purchase commitments — — — — — Total firm purchase commitments Vessel, time and voyage-charters Contract grower agreements Other operating lease payments Investment in affiliates — Total unrecognized non-cancelable commitments $ $ $ $ $ $

Stockholders' Equity and Accu33

Stockholders' Equity and Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of components of accumulated other comprehensive loss, net of related taxes	Cumulative Foreign Unrealized Currency Gain Unrecognized Translation on Pension (Millions of dollars) Adjustment Investments Cost Total Balance December 31, 2014 $ $ $ $ Other comprehensive income (loss) before reclassifications — Amounts reclassified from accumulated other comprehensive loss to net earnings — — (1) Other comprehensive income (loss), net of tax — Balance December 31, 2015 $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income loss to net earnings — — (1) Other comprehensive income (loss), net of tax Balance December 31, 2016 $ $ $ $ (1)     This primarily represents the amortization of actuarial losses that were included in net periodic pension cost and recorded in operating income. See Note 9 for further discussion.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2016
Texas Farm LLC, Christensen Farms and three additional acquisitions
Acquisitions
Schedule of proforma information related to acquisitions	Twelve months ended (Unaudited) December 31, (Millions of dollars except per share amounts) 2016 2015 Net sales $ $ Net earnings $ $ Earnings per common share $ $
Texas Farm LLC
Acquisitions
Schedule of allocation of purchase price	(Millions of dollars) Inventories $ Property, plant and equipment Goodwill Accounts payable Total consideration transferred $
Christensen Farms
Acquisitions
Schedule of allocation of purchase price	(Millions of dollars) Inventories $ Property, plant and equipment Intangible assets Goodwill Total consideration transferred $
Belarina
Acquisitions
Schedule of allocation of purchase price	(Millions of dollars) Accounts receivable $ Inventories Property, plant and equipment Other assets Goodwill Third-party debt Other liabilities Total business valuation $ Fair value of pre-existing interest $

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Information
Summary of specific financial information related to sales to external customers	Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power All Other Segment/Consolidated Totals $ $ $
Summary of specific financial information related to operating income (loss)	Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power All Other Segment Totals Corporate Consolidated Totals $ $ $
Summary of specific financial information related to income (loss) from affiliates	Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine — Sugar Power Turkey Segment/Consolidated Totals $ $ $
Summary of specific financial information related to depreciation and amortization	Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power Segment Totals Corporate — — — Consolidated Totals $ $ $
Summary of specific financial information related to total assets	December 31, (Millions of dollars) 2016 2015 Pork $ $ Commodity Trading and Milling Marine Sugar Power Turkey All Other Segment Totals Corporate Consolidated Totals $ $
Summary of specific financial information related to investments in and advances to affiliates	December 31, (Millions of dollars) 2016 2015 Pork $ $ Commodity Trading and Milling Marine Sugar Power Turkey Segment/Consolidated Totals $ $
Summary of specific financial information related to capital expenditures	Years ended December 31, (Millions of dollars) 2016 2015 2014 Pork $ $ $ Commodity Trading and Milling Marine Sugar Power Segment Totals Corporate — — Consolidated Totals $ $ $
Geographic summary of net sales based on the location of product delivery	Years ended December 31, (Millions of dollars) 2016 2015 2014 Caribbean, Central and South America $ $ $ Africa United States Pacific Basin and Far East Canada/Mexico Europe All other Totals $ $ $
Geographic summary of the entity's long-lived assets according to their physical location and primary port for the vessels	December 31, (Millions of dollars) 2016 2015 United States $ $ Dominican Republic Argentina All other Totals $ $

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details) $ in Millions	Oct. 28, 2016USD ($)	Sep. 27, 2014USD ($)	Sep. 27, 2014USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2007USD ($)
Operations of Seaboard Corporation and its Subsidiaries
Percentage of ownership interest held by Seaboard Flour LLC and SFC Preferred LLC (Parent Companies)				76.00%			76.00%
Goodwill and Other Intangible Assets
Goodwill				$ 19	$ 12		$ 19
Impairment charges				0
Changes in the asset retirement obligation
Beginning balance				18	17		17
Accretion Expense				1	1
Ending balance				19	18	$ 17	$ 19
Cash and Cash Equivalents
Interest				29	17	20
Income taxes (net of refunds)				31	60	135
Supplemental Non-Cash Transactions
Gain on sale of controlling interest in subsidiary						66
Net proceeds from sale of controlling interest in subsidiary						74
Non-cash, pay-in-kind interest income and accretion of discount recognized on a note receivable from an affiliate				$ 3	$ 17	16
Foreign Currency Transactions and Translation
Number of consolidated subsidiaries using local currency as their functional currency | item				4
Number of non-controlled, non-consolidated affiliates using local currency as their functional currency | item				8
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
Belarina
Supplemental Non-Cash Transactions
Acquisition of business, cash consideration	$ 0
Pork
Goodwill and Other Intangible Assets
Goodwill								$ 12
Increase in goodwill				$ 6
Supplemental Non-Cash Transactions
Acquisition of business, cash consideration				219
Pork | Triumph
Supplemental Non-Cash Transactions
Percentage of ownership interest sold		50.00%	50.00%
Commodity Trading and Milling
Goodwill and Other Intangible Assets
Increase in goodwill				$ 1
Commodity Trading and Milling | Belarina
Principles of Consolidation and Investments in Affiliates
Time lag for reporting financial information	3 months
Goodwill and Other Intangible Assets
Goodwill	$ 1
Supplemental Non-Cash Transactions
Acquisition of business, cash consideration	$ 0
Disposed of by Sale | Divestiture of a 50% interest in Daily's
Supplemental Non-Cash Transactions
Decrease in net working capital		$ 21
Increase in investments in and advances to affiliates		(74)
Decrease in property, plant and equipment		16
Decrease in goodwill		28
Decrease in other intangible assets, net (not subject to amortization)		17
Gain on sale of controlling interest in subsidiary		66
Net proceeds from sale of controlling interest in subsidiary		$ 74
Disposed of by Sale | Pork | Triumph | Divestiture of a 50% interest in Daily's
Supplemental Non-Cash Transactions
Percentage of ownership interest sold		50.00%	50.00%
Gain on sale of controlling interest in subsidiary						$ 66
Net proceeds from sale of controlling interest in subsidiary			$ 74

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Derivatives (Details)	Dec. 31, 2016item
Designated as hedge
Derivative commodity instruments
Number of derivative agreements	0

Investments (Details)

Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments
Unrealized gains (losses) on trading securities	$ 49	$ (12)	$ (7)
Total short term investments, amortized cost	1,236	1,269
Total short term investments, fair value	1,277	1,254
Available-for-sale securities
Investments
Amortized Cost		81
Fair Value		81
Money market funds
Investments
Amortized Cost		81
Fair Value		81
Money market funds | Denominated in other foreign currencies
Investments
Fair Value	1	3
Trading securities
Investments
Amortized Cost	1,236	1,188
Fair Value	1,277	1,173
Domestic equity securities
Investments
Amortized Cost	444	475
Fair Value	482	466
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries
Investments
Amortized Cost	437	452
Fair Value	437	450
Foreign equity securities
Investments
Amortized Cost	198	120
Fair Value	199	120
Foreign equity securities | Denominated in foreign currencies
Investments
Fair Value	91	80
Foreign equity securities | Denominated in Euros
Investments
Fair Value	35	25
Foreign equity securities | Denominated in Japanese Yen
Investments
Fair Value	20	20
Foreign equity securities | Denominated in British pounds
Investments
Fair Value	16	15
Foreign equity securities | Denominated in Swiss Franc
Investments
Fair Value	6	7
Foreign equity securities | Denominated in other foreign currencies
Investments
Fair Value	14	13
High yield securities
Investments
Amortized Cost	114	108
Fair Value	115	104
Collateralized loan obligation
Investments
Amortized Cost	25	10
Fair Value	26	10
Money market funds held in trading accounts
Investments
Amortized Cost	13	22
Fair Value	13	22
Other trading investments
Investments
Amortized Cost	5	1
Fair Value	5	$ 1
Morocco | Grain trading and poultry business
Investments
Cost method investment ownership percentage		12.00%
Amount invested under cost method		$ 18
Other non-current assets
Investments
Cost method investments	$ 28	$ 20

Inventories (Details)

Inventories (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
At lower of LIFO cost or market:
Live hogs and materials	$ 273	$ 210
Fresh pork and materials	34	26
Inventories at lower of LIFO cost or market, Gross	307	236
LIFO adjustment	(21)	(28)
Total inventories at lower of LIFO cost or market	286	208
At lower of FIFO cost or market:
Grains, oilseeds and other commodities	279	330
Sugar produced and in process	30	52
Other	62	61
Total inventories at lower of FIFO cost or market	371	443
Grain, flour and feed at lower of weighted average cost or market	105	88
Total inventories	762	739
LIFO method increase (decrease) in earnings	$ 5	$ 5	$ 16
LIFO method increase (decrease) in earnings per share (in dollars per share)	$ 3.92	$ 4.39	$ 13.29
Amount that inventories would have been higher by if the FIFO method had been used	$ 21	$ 28

Investments in and Advances t40

Investments in and Advances to Affiliates and Notes Receivable from Affiliates (Details) $ / shares in Units, $ in Millions	Sep. 27, 2014USD ($)	Sep. 27, 2014USD ($)	Sep. 28, 2013USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2016USD ($)itemMW	Jul. 02, 2016USD ($)	Apr. 02, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 04, 2015USD ($)MW	Oct. 01, 2011USD ($)	Dec. 31, 2016USD ($)projectitemMW	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / shares	Oct. 28, 2016	Oct. 27, 2016USD ($)	Jan. 30, 2016	May 30, 2015USD ($)	May 31, 2013
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Pay-in-kind interest and accretion on notes receivable from affiliates											$ 3	$ 17	$ 16
Investments in and advances to affiliates					$ 773			$ 671			773	671
Notes receivable from affiliates					26			200			26	200
Income tax expense											70	69	168
Proceeds from the sale of controlling interest in a subsidiary													74
Gain on sale of controlling interest in subsidiary													66
Income from affiliates											81	70	37
Foreign currency translation adjustment											(26)	(34)	(39)
Receivables due from affiliates					$ 110			86			$ 110	86
Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership	50.00%	50.00%			50.00%						50.00%
Investments in and advances to affiliates					$ 175			115			$ 175	115
Income from affiliates											11	11	4
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales											319	295	71
Net income											22	22	7
Total assets					364			247			364	247	175
Total liabilities					14			17			14	17	15
Total equity					350			230			350	230	160
Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investments in and advances to affiliates					207			218			207	218
Income from affiliates											(10)	(50)	(24)
Excess of carrying value of investment in affiliates over entity's share of affiliates' book value					22						22
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales											2,871	2,321	2,223
Net income											(6)	(52)	(20)
Total assets					1,201			1,265			1,201	1,265	1,132
Total liabilities					734			809			734	809	732
Total equity					467			456			467	456	400
Marine
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investments in and advances to affiliates					33			19			33	19
Income from affiliates											1	2
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales											47	38
Net income											7	11
Total assets					277			148			277	148	119
Total liabilities					109			30			109	30	36
Total equity					168			118			$ 168	118	83
Time lag for reporting financial information											3 months
Sugar
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investments in and advances to affiliates					4			3			$ 4	3
Income from affiliates											2	1	1
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales											10	9	9
Net income											3	2	2
Total assets					10			9			10	9	8
Total liabilities					2			2			2	2	2
Total equity					8			7			8	7	6
Turkey
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investments in and advances to affiliates					324			282			324	282
Income from affiliates											73	103	54
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales											1,813	1,902	1,833
Net income											139	195	104
Total assets					1,154			1,087			1,154	1,087	1,021
Total liabilities					529			541			529	541	547
Total equity					625			546			625	546	474
Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investments in and advances to affiliates					30			34			30	34
Income from affiliates											4	3	2
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales											146	141	50
Net income											14	12	9
Total assets					261			327			261	327	328
Total liabilities					175			219			175	219	230
Total equity					$ 86			108			$ 86	108	98
Minimum
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Time lag for reporting financial information											1 month
Maximum
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Time lag for reporting financial information											3 months
Triumph | Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership interest sold	50.00%	50.00%
Triumph | Pork | Divestiture of a 50% interest in Daily's
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Gain on sale of controlling interest in subsidiary, net of tax													40
Haiti | Marine
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					36.00%						36.00%
Number of businesses | project											2
Investments in and advances to affiliates							$ 7
Notes receivable from affiliates							8
Dominican Republic | Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Number of businesses | item											2
Businesses conducting flour, maize and feed milling and poultry production and processing | Botswana | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					49.00%						49.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Democratic Republic of Congo | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Gambia | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Kenya | Minimum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					35.00%						35.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Kenya | Maximum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					49.00%						49.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Lesotho | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Nigeria | Minimum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					16.20%						16.20%
Businesses conducting flour, maize and feed milling and poultry production and processing | Nigeria | Maximum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					48.33%						48.33%
Businesses conducting flour, maize and feed milling and poultry production and processing | South Africa | Minimum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					30.00%						30.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | South Africa | Maximum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Turkey | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					25.00%						25.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Zambia | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Colombia | Minimum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					40.00%						40.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Colombia | Maximum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					42.00%						42.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Ecuador | Minimum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					25.00%						25.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Ecuador | Maximum | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Guyana | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Haiti | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					33.33%						33.33%
Businesses conducting flour, maize and feed milling and poultry production and processing | Australia | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					25.00%						25.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Peru | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Uruguay | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					45.00%						45.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Jamaica | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | Canada | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					45.00%						45.00%
Businesses conducting flour, maize and feed milling and poultry production and processing | United States | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					34.36%						34.36%
Bakery business | Commodity Trading and Milling | Notes receivable
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Reserve on receivables from affiliates					$ 5	$ 11
Bakery business | Democratic Republic of Congo | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Investments in and advances to affiliates													0
Notes receivable from affiliates					$ 19			35			$ 19	35
Income tax expense											$ 0
Percentage of note receivable guaranteed by the other shareholder					50.00%						50.00%
Tax benefit on impairment of equity investments													0
Bakery business | Democratic Republic of Congo | Commodity Trading and Milling | Notes receivable
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Reserve on receivables from affiliates											$ 16		11
Cargo terminal business | Jamaica | Marine
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					21.00%						21.00%
Investments in and advances to affiliates	$ 17	$ 17
Sugar related businesses | Argentina | Sugar
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Number of businesses | item											2
Sugar related business one | Argentina | Sugar
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					46.00%						46.00%
Sugar related business two | Argentina | Sugar
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Butterball, LLC
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Investee's intangible assets for trade name					$ 111						$ 111
Investee's intangible assets for goodwill					74						$ 74
Percentage of the Butterball's earnings recorded as income from affiliates in the Consolidated Statements of Comprehensive Income (as a percent)											52.50%
Butterball, LLC | Subordinated loan
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Loan provided to affiliate				$ 100
Maturity period of unsecured subordinated loan provided				7 years
Interest rate on loan provided (as a percent)				15.00%												10.00%
Interest rate on loan provided, portion payable in cash (as a percent)				5.00%
Interest rate on loan provided, portion pay-in-kind (as a percent)				10.00%
Notes receivable from affiliates				$ 89	$ 161			158			$ 161	158
Butterball, LLC | Detachable warrants
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Additional equity interest that can be acquired upon exercise of warrants (as a percent)					5.00%						5.00%
Economic interest (as a percent)					52.50%						52.50%
Notes receivable from affiliates				$ 11
Butterball, LLC | Term loan
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Loan provided to affiliate										$ 13
Interest rate on loan provided (as a percent)					12.00%						12.00%
Notes receivable from affiliates					$ 8			8			$ 8	8
Belarina | Brazil
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Investment in business, advances and long-term note receivable								0				0
Gross receivable due from affiliate								$ 17				17
Reserve on receivables from affiliates												9
Belarina | Brazil | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership			50.00%
Voting equity ownership percentage														98.00%
Investment in equity and long-term advances											14	29	5
Investments in and advances to affiliates															$ 63
Income from affiliates											(10)	(60)	(8)
Foreign currency translation adjustment											(4)	$ 5	(1)
Belarina | Brazil | Term loan | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Loan provided to affiliate			$ 13
Flour milling business | Botswana
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership								49.00%				49.00%
Amount invested under equity method												$ 8
Seaboard Triumph Foods | Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership																		50.00%
Commitment to contribute to joint venture							$ 150										$ 207
Amount invested under equity method											51	$ 26
Expected contribution in next fiscal year					73						73
Commodity trading business | Georgia
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership								40.00%				40.00%
Amount invested under equity method								$ 13
Oilseed crushing business | Turkey
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership								25.00%				25.00%
Amount invested under equity method												$ 10
Commodity trading and flour milling business | Uruguay
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership								45.00%				45.00%
Amount invested under equity method												$ 10
Pork processing facility | Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership							50.00%
Expected contribution in next fiscal year					$ 73						$ 73
Pork processing facility | Maximum | Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Commitment to contribute to joint venture							$ 150
Daily's | Pork
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Number of processing units | item					3						3
Peruvian affiliate | Commodity Trading and Milling
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Loan provided to affiliate							$ 12
Electricity generating facility | Dominican Republic
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Amount invested under equity method									$ 10
Capacity of power facility (in megawatts) | MW									300
Electricity generating facility | Dominican Republic | Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					29.90%				29.90%		29.90%
Amount invested under equity method									$ 10
Capacity of power facility (in megawatts) | MW					300				300		300
Electricity generating facility | Dominican Republic | Maximum | Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership interest accounted as cost method investment									20.00%
Energy related business one | Dominican Republic | Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					45.00%						45.00%
Energy related business two | Dominican Republic | Power
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership					50.00%						50.00%
Disposed of by Sale | Divestiture of a 50% interest in Daily's
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Proceeds from the sale of controlling interest in a subsidiary	74
Gain on sale of controlling interest in subsidiary	66
Decrease (increase) in investments in and advances to affiliates	74
Disposed of by Sale | Pork | Divestiture of a 50% interest in Daily's
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Excess of fair value over book value on sale		33
Fair value of investment	74	74
Additional investment or capital contribution		2
Beginning total investment in affiliate	$ 76	$ 76
Disposed of by Sale | Triumph | Pork | Divestiture of a 50% interest in Daily's
Investments in and Advances to Affiliates and Notes Receivable from Affiliates
Percentage of ownership interest sold	50.00%	50.00%
Proceeds from the sale of controlling interest in a subsidiary		$ 74
Gain on sale of controlling interest in subsidiary													$ 66
Gain on sale of controlling interest in subsidiary, net of tax (in dollars per share) | $ / shares													$ 34.14

Net Property, Plant and Equip41

Net Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended	24 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Gross property, plant and equipment	$ 2,072	$ 2,072	$ 1,830
Accumulated depreciation and amortization	(1,066)	(1,066)	(999)
Net property, plant and equipment	$ 1,006	1,006	831
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	$ 214	$ 214	185
Land and improvements | Minimum
Property, plant and equipment
Useful Lives		3 years
Land and improvements | Maximum
Property, plant and equipment
Useful Lives		15 years
Buildings and improvements
Property, plant and equipment
Useful Lives		30 years
Gross property, plant and equipment	486	$ 486	405
Machinery and equipment
Property, plant and equipment
Gross property, plant and equipment	1,142	$ 1,142	1,025
Machinery and equipment | Minimum
Property, plant and equipment
Useful Lives		3 years
Machinery and equipment | Maximum
Property, plant and equipment
Useful Lives		20 years
Vessels and vehicles
Property, plant and equipment
Gross property, plant and equipment	140	$ 140	150
Vessels and vehicles | Minimum
Property, plant and equipment
Useful Lives		3 years
Vessels and vehicles | Maximum
Property, plant and equipment
Useful Lives		18 years
Office furniture and fixtures
Property, plant and equipment
Useful Lives		5 years
Gross property, plant and equipment	32	$ 32	27
Construction in progress
Property, plant and equipment
Gross property, plant and equipment	58	$ 58	$ 38
Capitalized interest	$ 4

Income Taxes (Details)

Income Taxes (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended			24 Months Ended
	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)item	Dec. 18, 2015USD ($)$ / shares	Dec. 19, 2014USD ($)$ / shares
Net operating loss carry-forwards and tax credit carry-forwards
Federal income tax rate (as a percent)			35.00%	35.00%	35.00%
Reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) attributable to continuing operations
Computed "expected" tax expense excluding non-controlling interest			$ 134	$ 84	$ 187
Adjustments to tax expense attributable to:
Foreign tax differences			(14)	22	4
Tax-exempt income			(15)	(11)	(9)
State income taxes, net of federal benefit			5	1	10
Federal tax credits			(31)	(16)	(12)
Domestic manufacturing deduction			(5)	(8)	(11)
Other			(4)	(3)	(1)
Income tax expense			70	69	168
Components of earnings before income taxes
United States			272	196	472
Foreign			110	44	63
Total earnings excluding non-controlling interest			382	240	535
Less: Net income attributable to noncontrolling interest			(2)	(1)	(1)
Earnings before income taxes			384	241	536
Current:
Federal			(1)	52	111
Foreign			21	20	20
State and local			7	6	12
Deferred:
Federal			36	(14)	20
Foreign			4	8	1
State and local			3	(3)	4
Income tax expense			70	69	168
Unrealized changes in other comprehensive income			(12)	0	(27)
Total income taxes			58	69	141
Income taxes receivable	$ 33		48	33		$ 48
Income taxes payable	4		6	4		6
Deferred income tax liabilities:
Depreciation	112		112	112		112
Domestic partnerships	53		69	53		69
LIFO	11		10	11		10
Cash basis farming adjustment	9		9	9		9
Other	9		18	9		18
Aggregate deferred income tax liabilities	194		218	194		218
Deferred income tax assets:
Reserves/accruals	103		83	103		83
Deferred earnings of foreign subsidiaries	36		45	36		45
Net operating and capital loss carry-forwards	10		50	10		50
Tax credit carry-forwards	14		13	14		13
Other	9		8	9		8
Aggregate deferred income tax assets	172		199	172		199
Valuation allowance	19		58	19		58
Net deferred income tax liability	41		77	41		77
Accrued interest and penalties on uncertain tax positions	4		2	4		2
Unrecognized tax benefits, if recognized, would affect the effective tax rate	7		13	7		13
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the year			7	7		7
Additions for uncertain tax positions of prior years			6	1
Decreases for uncertain tax positions of prior years				(2)
Additions for uncertain tax positions of current year			2	1
Lapse of statute of limitations			(2)
Balance at the end of the year	7	$ 7	13	7	7	13
Undistributed earnings from foreign operations			1,038			1,038
Investments in limited partnerships	10		8	10		8
Tax benefit arising due to difference between current and deferred taxes							$ 13	$ 11
Tax benefit arising due to difference between current and deferred taxes per common share | $ / shares							$ 10.92	$ 9.68
One-time Federal blender's credits recognized as revenue	$ 17	$ 15
One-time Federal blender's credits recognized as revenue per common share | $ / shares	$ 14.88
Tax expense on Federal blender's credits recognized as revenue	$ 0
Other commitments
Contribution to long-term investment			$ 31	28	$ 3
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
Belarina
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Deferred tax asset - net operating losses			$ 25			25
Valuation allowance - net operating losses			$ 25			$ 25
Refined coal processing plant
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Number of limited liability companies invested in | item			2			2
Other commitments
Contribution to long-term investment			$ 14	$ 9
Solar energy production facilities
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Number of limited liability companies invested in | item			2
Other commitments
Contribution to long-term investment			$ 10
Foreign
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Net operating loss carry-forwards (NOLs)			144			$ 144
State
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Tax credit carry-forwards			$ 20			$ 20

Notes Payable and Long-Term D43

Notes Payable and Long-Term Debt - Notes payable and bank lines (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 01, 2016	Dec. 31, 2016	Dec. 31, 2015
Notes payable to bank
Notes Payable and Long Term Debt
Notes payable outstanding		$ 121	$ 141
Weighted average interest rate (as a percent)		14.88%	11.74%
Committed bank line | Wells Fargo
Notes Payable and Long Term Debt
Maximum capacity	$ 100
Basis spread on variable rate (as a percent)	0.50%
Unused commitment fee	0.09%
Outstanding balance		$ 0
Uncommitted bank lines
Notes Payable and Long Term Debt
Maximum capacity		380
Letters of credit outstanding		4
Uncommitted bank lines | Foreign subsidiaries
Notes Payable and Long Term Debt
Notes payable outstanding		121
Maximum capacity		330
Uncommitted bank lines | Foreign subsidiaries | South African Rand
Notes Payable and Long Term Debt
Notes payable outstanding		74
Uncommitted bank lines | Foreign subsidiaries | Argentine pesos
Notes Payable and Long Term Debt
Notes payable outstanding		26
Uncommitted bank lines | Foreign subsidiaries | Brazilian reais
Notes Payable and Long Term Debt
Notes payable outstanding		14
Uncommitted bank lines | Foreign subsidiaries | Zambian kwacha
Notes Payable and Long Term Debt
Notes payable outstanding		$ 7

Notes Payable and Long-Term D44

Notes Payable and Long-Term Debt - Summary of long-term debt (Details) - USD ($) $ in Millions	Dec. 04, 2015	Aug. 29, 2014	Sep. 27, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Notes Payable and Long Term Debt
Total long-term debt at face value				$ 517	$ 523
Current maturities of long-term debt and unamortized discount				(18)	(5)
Long-term debt, less current maturities and unamortized discount				499	518
Payments of long-term debt				5		$ 91
Credit Agreement
Notes Payable and Long Term Debt
Payments of long-term debt		$ 86
Credit Agreement | Interest expense
Notes Payable and Long Term Debt
Fee for early payment			$ 4
Term loan due 2022
Notes Payable and Long Term Debt
Total long-term debt at face value				$ 497	$ 500
Face amount	$ 500
Proceeds from issuance of debt	499
Discount	$ 1
Effective interest rate (as a percent)				2.40%
Adjusted leverage ratio, maximum	50.00%
Minimum net worth base requirement	$ 2,000
Percentage of consolidated net income added to net worth base amount	25.00%
Maximum dividends per year	$ 25
Sum of subsidiary indebtedness and priority indebtedness as a percentage of consolidated tangible net worth, maximum	15.00%
Term loan due 2022 | Federal Funds Effective Rate
Notes Payable and Long Term Debt
Basis spread on variable rate (as a percent)	0.50%
Term loan due 2022 | LIBOR
Notes Payable and Long Term Debt
Basis spread on variable rate (as a percent)	1.00%				1.90%
Variable rate basis				one month
Foreign subsidiary obligations due 2018 through 2023
Notes Payable and Long Term Debt
Total long-term debt at face value				$ 20	$ 23

Notes Payable and Long-Term D45

Notes Payable and Long-Term Debt - Maturities and foreign subsidiary obligations (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Maturities of long-term debt
2,017	$ 17
2,018	21
2,019	33
2,020	42
2,021	38
Thereafter	$ 366
Foreign subsidiary obligations due 2018 through 2023
Notes Payable and Long Term Debt
Weighted average interest rate (as a percent)	22.39%	30.23%
Foreign subsidiary obligations due 2018 through 2023 | Property, Plant and Equipment
Notes Payable and Long Term Debt
Collateral amount	$ 4

Derivatives and Fair Value of46

Derivatives and Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Assets and liabilities measured at fair value on a recurring basis and also its level within the fair value hierarchy
Transfers that occurred into or out of level 1	$ 0	$ 0
Transfers that occurred into or out of level 2	0	0
Transfers that occurred into or out of level 3	0	0
Commodities
Assets:
Margin account	10	29
Money market funds
Assets:
Available-for-sale securities		81
Domestic equity securities
Assets:
Trading securities	482	466
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries
Assets:
Trading securities	437	450
Foreign equity securities
Assets:
Trading securities	199	120
High yield securities
Assets:
Trading securities	115	104
Money market funds held in trading accounts
Assets:
Trading securities	13	22
Fair Value
Assets:
Available-for-sale securities		81
Trading securities	1,277	1,173
Recurring basis | Fair Value
Assets:
Total Assets	1,321	1,309
Liabilities:
Liabilities	9	24
Recurring basis | Fair Value | Commodities
Assets:
Derivatives	3	4
Margin account	10	29
Derivative assets and liabilities, net basis	12	15
Liabilities:
Derivatives	1	18
Recurring basis | Fair Value | Interest rate swaps
Liabilities:
Derivatives	4	6
Recurring basis | Fair Value | Foreign currencies
Assets:
Derivatives	1	8
Liabilities:
Derivatives	4
Recurring basis | Fair Value | Money market funds | Short-term investments
Assets:
Available-for-sale securities		81
Recurring basis | Fair Value | Domestic equity securities | Short-term investments
Assets:
Trading securities	482	466
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities	30	31
Recurring basis | Fair Value | Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries | Short-term investments
Assets:
Trading securities	437	450
Recurring basis | Fair Value | Foreign equity securities | Short-term investments
Assets:
Trading securities	199	120
Recurring basis | Fair Value | Foreign equity securities | Other current assets
Assets:
Trading securities	3	5
Recurring basis | Fair Value | High yield securities | Short-term investments
Assets:
Trading securities	115	104
Recurring basis | Fair Value | Collateralized loan obligations | Short-term investments
Assets:
Trading securities	26	10
Recurring basis | Fair Value | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities	13	22
Recurring basis | Fair Value | Other trading investments | Short-term investments
Assets:
Trading securities	5	1
Recurring basis | Fair Value | Fixed income mutual funds | Other current assets
Assets:
Trading securities	3	4
Recurring basis | Fair Value | Other | Other current assets
Assets:
Trading securities	4	3
Recurring basis | Level 1
Assets:
Total Assets	1,194	1,185
Liabilities:
Liabilities	1	18
Recurring basis | Level 1 | Commodities
Assets:
Derivatives	3	4
Liabilities:
Derivatives	1	18
Recurring basis | Level 1 | Money market funds | Short-term investments
Assets:
Available-for-sale securities		81
Recurring basis | Level 1 | Domestic equity securities | Short-term investments
Assets:
Trading securities	482	466
Recurring basis | Level 1 | Domestic equity securities | Other current assets
Assets:
Trading securities	30	31
Recurring basis | Level 1 | Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries | Short-term investments
Assets:
Trading securities	437	450
Recurring basis | Level 1 | Foreign equity securities | Short-term investments
Assets:
Trading securities	199	120
Recurring basis | Level 1 | Foreign equity securities | Other current assets
Assets:
Trading securities	3	5
Recurring basis | Level 1 | High yield securities | Short-term investments
Assets:
Trading securities	15
Recurring basis | Level 1 | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities	13	22
Recurring basis | Level 1 | Other trading investments | Short-term investments
Assets:
Trading securities	5
Recurring basis | Level 1 | Fixed income mutual funds | Other current assets
Assets:
Trading securities	3	4
Recurring basis | Level 1 | Other | Other current assets
Assets:
Trading securities	4	2
Recurring basis | Level 2
Assets:
Total Assets	127	124
Liabilities:
Liabilities	8	6
Recurring basis | Level 2 | Interest rate swaps
Liabilities:
Derivatives	4	6
Recurring basis | Level 2 | Foreign currencies
Assets:
Derivatives	1	8
Liabilities:
Derivatives	4
Recurring basis | Level 2 | High yield securities | Short-term investments
Assets:
Trading securities	100	104
Recurring basis | Level 2 | Collateralized loan obligations | Short-term investments
Assets:
Trading securities	$ 26	10
Recurring basis | Level 2 | Other trading investments | Short-term investments
Assets:
Trading securities		1
Recurring basis | Level 2 | Other | Other current assets
Assets:
Trading securities		$ 1

Derivatives and Fair Value of47

Derivatives and Fair Value of Financial Instruments - Fair Value of Investments and Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Amortized Cost
Schedule of amortized cost and estimated fair values of investments and long term debt
Short-term investments, available-for-sale		$ 81
Short-term investments, trading debt securities	$ 1,236	1,188
Long-term debt	516	522
Fair Value
Schedule of amortized cost and estimated fair values of investments and long term debt
Short-term investments, available-for-sale		81
Short-term investments, trading debt securities	1,277	1,173
Long-term debt	$ 516	$ 522

Derivatives and Fair Value of48

Derivatives and Fair Value of Financial Instruments - Instruments and Agreements (Details) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 02, 2016USD ($)item	Dec. 31, 2016USD ($)itemagreement	Dec. 31, 2015USD ($)itemagreement	Dec. 31, 2014USD ($)agreement	Dec. 31, 2010USD ($)agreement
Commodities
Derivative commodity instruments
Amount of Gain or (Loss) Recognized in Income on Derivatives | $		$ 21	$ (45)	$ 18
Net commodity purchase contracts | Sugar
Derivative commodity instruments
Nonmonetary notional amount			3,000,000
Net commodity purchase contracts | Hogs
Derivative commodity instruments
Nonmonetary notional amount		14,000,000	25,000,000
Net commodity purchase contracts | Grain
Derivative commodity instruments
Nonmonetary notional amount		22,000,000	22,000,000
Net commodity sale contracts | Heating oil
Derivative commodity instruments
Nonmonetary notional amount		4,000,000
Net commodity sale contracts | Soybean oil
Derivative commodity instruments
Nonmonetary notional amount		35,000,000	8,000,000
Foreign currencies
Derivative commodity instruments
Notional amounts | $		$ 81	$ 94
Interest rate swaps
Derivative commodity instruments
Notional amounts | $		$ 75	$ 119		$ 25
Number of derivative agreements | agreement		3	5		3
Term of derivative contract					10 years
Eight-year interest rate exchange agreements
Derivative commodity instruments
Notional amounts | $			$ 44
Number of derivative agreements | agreement			2	4
Term of derivative contract				8 years
Number of agreements terminated and not renewed | agreement			2
Number of bulk vessels delivered	2		2
Payments to unwind interest rate exchange agreements | $	$ 2

Derivatives and Fair Value of49

Derivatives and Fair Value of Financial Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commodities
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ 21	$ (45)	$ 18
Commodities | Cost of sales
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Amount of Gain or (Loss) Recognized in Income on Derivatives	21	(45)
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
Amount of Gain or (Loss) Recognized in Income on Derivatives	(27)	16
Foreign currencies | Foreign currency
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Amount of Gain or (Loss) Recognized in Income on Derivatives	1	2
Interest rate swaps | Miscellaneous, net
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ (2)	$ (4)

Derivatives and Fair Value of50

Derivatives and Fair Value of Financial Instruments - Fair Value of Derivatives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Number of counterparties | item	2
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Margin account	$ 10	$ 29
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	3	4
Derivative assets and liabilities, net basis	12	15
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	1	18
Foreign currencies
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Credit risk associated with derivative contracts	1
Foreign currencies | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	1	8
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	4
Interest rate swaps
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Credit risk associated with derivative contracts	0
Interest rate swaps | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	$ 4	$ 6

Employee Benefits (Details)

Employee Benefits (Details) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 01, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)plan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Target allocation and pension plan asset allocation
Contributions made to defined benefit pension plans		$ 40	$ 4
Estimated fair value of plan assets		114	122	$ 122	$ 151	$ 114	$ 122
Reconciliation of benefit obligation:
Benefit obligation at beginning of year		249	257
Service cost		9	10	8
Interest cost		11	10	10
Actuarial losses (gains)		6	(18)
Benefits paid		(13)	(8)
Plan settlement			(2)
Benefit obligation at end of year		262	249	257
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		114	122
Actual return on plan assets		10	(4)
Employer contributions		40	4
Benefits paid		(13)	(8)
Fair value of plan assets at end of year		151	114	122
Expected future net benefit payments
2,017					14
2,018					15
2,019					14
2,020					16
2,021					13
2022 - 2026					88
Agreement termination gain, before tax			1
Funded status					(111)	(135)
Components of net periodic benefit cost:
Service cost		9	10	8
Interest cost		11	10	10
Expected return on plan assets		(8)	(8)	(9)
Amortization and other		5	5	2
Agreement termination gain			(1)
Net periodic benefit cost		17	16	11
Amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss (AOCL) before taxes
Total accumulated other comprehensive loss					72	72
Amounts in AOCL expected to be recognized as components of net periodic benefit cost in 2017
Amounts in AOCL expected to be recognized as components of net periodic benefit cost in 2017		5
Contribution expense for multi-employer pension fund, the United Food & Commercial Workers International Union-Industry Pension Fund, which covers certain union employees under a collective bargaining agreement		$ 1	$ 1	$ 1
Maximum percentage of total contributions to multi-employer pension fund		5.00%	5.00%	5.00%
Assets exceed accumulated benefits
Target allocation and pension plan asset allocation
Contributions made to defined benefit pension plans		$ 39
Estimated fair value of plan assets		46	$ 46		87	46
Reconciliation of benefit obligation:
Benefit obligation at beginning of year		70
Service cost		4
Interest cost		3
Benefits paid		(4)
Benefit obligation at end of year		73	70
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		46
Actual return on plan assets		6
Employer contributions		39
Benefits paid		(4)
Fair value of plan assets at end of year		87	46
Expected future net benefit payments
Funded status					14
Components of net periodic benefit cost:
Service cost		4
Interest cost		3
Accumulated benefits exceed assets
Target allocation and pension plan asset allocation
Contributions made to defined benefit pension plans		1
Estimated fair value of plan assets		68	68		64	68
Reconciliation of benefit obligation:
Benefit obligation at beginning of year		179
Service cost		5
Interest cost		8
Actuarial losses (gains)		6
Benefits paid		(9)
Benefit obligation at end of year		189	179
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		68
Actual return on plan assets		4
Employer contributions		1
Benefits paid		(9)
Fair value of plan assets at end of year		64	68
Expected future net benefit payments
Funded status					$ (125)
Components of net periodic benefit cost:
Service cost		5
Interest cost		$ 8
Defined benefit pension plan
Target allocation and pension plan asset allocation
Number of defined benefit plans | plan					2
Requisite service period upon attaining age of 21 to be eligible for participation		1 year
Requisite age of employees to be eligible for participation		21 years
Contributions made to defined benefit pension plans	$ 39
Estimated fair value of plan assets		$ 114	$ 114		$ 151	114
Weighted-average assumptions
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		$ 114
Employer contributions	$ 39
Fair value of plan assets at end of year		151	$ 114
Expected future net benefit payments
Funded status					(15)	(50)
Accumulated benefit obligation					142	143
Defined benefit pension plan | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		109	109		146	109
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		109
Fair value of plan assets at end of year		146	109
Defined benefit pension plan | Level 2
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		5	5		5	5
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		5
Fair value of plan assets at end of year		5	5
Defined benefit pension plan | Foreign equity securities
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		27	27		35	27
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		27
Fair value of plan assets at end of year		35	27
Defined benefit pension plan | Foreign equity securities | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		27	27		35	27
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		27
Fair value of plan assets at end of year		35	27
Defined benefit pension plan | Domestic equity securities
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		64	64		76	64
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		64
Fair value of plan assets at end of year		76	64
Defined benefit pension plan | Domestic equity securities | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		64	64		76	64
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		64
Fair value of plan assets at end of year		76	64
Defined benefit pension plan | Real estate mutual fund
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		8	8		8	8
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		8
Fair value of plan assets at end of year		8	8
Defined benefit pension plan | Real estate mutual fund | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		8	8		8	8
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		8
Fair value of plan assets at end of year		8	8
Defined benefit pension plan | Fixed income mutual funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		5	5		17	5
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		5
Fair value of plan assets at end of year		17	5
Defined benefit pension plan | Fixed income mutual funds | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		5	5		17	5
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		5
Fair value of plan assets at end of year		17	5
Defined benefit pension plan | Commodity mutual funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		2	2		4	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		4	2
Defined benefit pension plan | Commodity mutual funds | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		2	2		4	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		4	2
Defined benefit pension plan | Foreign fixed income mutual funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		2	2		2	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		2	2
Defined benefit pension plan | Foreign fixed income mutual funds | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		2	2		2	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		2	2
Defined benefit pension plan | Money market funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		1	1		4	1
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		1
Fair value of plan assets at end of year		4	1
Defined benefit pension plan | Money market funds | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		1	1		4	1
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		1
Fair value of plan assets at end of year		4	1
Defined benefit pension plan | Other
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		5	5		5	5
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		5
Fair value of plan assets at end of year		5	5
Defined benefit pension plan | Other | Level 2
Target allocation and pension plan asset allocation
Estimated fair value of plan assets		5	5		$ 5	$ 5
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		5
Fair value of plan assets at end of year		$ 5	$ 5
Defined benefit pension plan | Minimum
Weighted-average assumptions
Discount rate used to determine obligations (as a percent)					2.90%	3.20%	3.15%
Discount rate used to determine net periodic benefit cost (as a percent)		3.20%	2.70%	3.55%
Expected return on plan assets (as a percent)		6.75%	6.75%	7.00%
Defined benefit pension plan | Minimum | Foreign equity securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					20.00%
Defined benefit pension plan | Minimum | Fixed income
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					10.00%
Defined benefit pension plan | Minimum | Alternative investments
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					10.00%
Defined benefit pension plan | Minimum | Domestic equity securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					40.00%
Defined benefit pension plan | Maximum
Weighted-average assumptions
Discount rate used to determine obligations (as a percent)					4.65%	4.80%	4.40%
Discount rate used to determine net periodic benefit cost (as a percent)		4.80%	4.40%	5.20%
Expected return on plan assets (as a percent)		7.00%	7.50%	8.00%
Defined benefit pension plan | Maximum | Foreign equity securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					25.00%
Defined benefit pension plan | Maximum | Fixed income
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					25.00%
Defined benefit pension plan | Maximum | Alternative investments
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					15.00%
Defined benefit pension plan | Maximum | Domestic equity securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)					50.00%
Supplemental executive plans and retirement agreements
Expected future net benefit payments
Accumulated benefit obligation					$ 84	$ 73

Employee Benefits - Defined Con

Employee Benefits - Defined Contribution Plan (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Deferred compensation plan
Number of investments, which are taken as reference to measure the interest that may be acquired | item	3
Employer contribution as percentage of the employees' reduced compensation	3.00%
Number of deferred compensation plans | item	2
Deferred compensation plan expense	$ 4	$ 0	$ 3
Deferred compensation plan liability included in other liabilities	36	38
Deferred compensation plan assets included in other current assets	40	43
Investment income related to the mark-to-market of investments treated as trading securities	$ 4	$ 0	$ 3
Defined contribution plan covering domestic, salaried and clerical employees
Defined contribution plans
Employer contribution (as a percent of employee contributions)	50.00%	50.00%	50.00%
Employer contribution limit per calendar year (as a percent of compensation)	6.00%	6.00%	6.00%
Vesting percentage after one year of service	20.00%	20.00%	20.00%
Additional vesting percentage with each additional complete year of service	20.00%	20.00%	20.00%
Contribution expense	$ 2	$ 2	$ 2
Defined contribution plan covering hourly, non-union employees
Defined contribution plans
Contribution expense	$ 1	$ 1	$ 1

Commitments and Contingencies -

Commitments and Contingencies - Numbers of Items (Details) - item	Jul. 02, 2015	Apr. 29, 2015	Oct. 17, 2014	Sep. 18, 2014	Dec. 31, 2016	Sep. 19, 2012
Notes Payable, Long-term Debt, Commitments and Contingencies
Number of foreign companies, where records requested by court		37
Number of individuals, where records requested by court		5	1	1
Number of entities, where records requested by court			8	9
Number of search warrants executed authorizing the seizure of certain records from Seaboard's offices in Merriam, Kansas and at the Seaboard Foods employment office and the human resources department in Guymon, Oklahoma.						3
Number of civil or criminal proceedings or charges filed					0
Number of subpoenas received	2

Commitments and Contingencies54

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended			24 Months Ended
	Apr. 01, 2017USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)item	Apr. 02, 2016USD ($)	May 30, 2015USD ($)	Sep. 27, 2014	May 31, 2013
Commitments
2,017		$ 836			$ 836
2,018		154			154
2,019		129			129
2,020		121			121
2,021		113			113
Thereafter		349			349
Operating Leases
2,017		31			31
2,018		27			27
2,019		27			27
2,020		24			24
2,021		22			22
Thereafter		176			$ 176
Rental expense for operating leases		$ 43	$ 42	$ 35
Refined coal processing plant
Conditional and Unconditional Commitments
Number of limited liability companies invested in | item		2			2
Pork
Conditional and Unconditional Commitments
Percentage of ownership		50.00%			50.00%			50.00%
Pork | Seaboard Triumph Foods
Conditional and Unconditional Commitments
Commitment to contribute to joint venture						$ 150	$ 207
Expected contribution in next fiscal year		$ 73			$ 73
Percentage of ownership									50.00%
Pork | Pork processing facility
Conditional and Unconditional Commitments
Expected contribution in next fiscal year		73			73
Percentage of ownership						50.00%
Pork | Pork processing facility | Subsequent Event | Forecast
Conditional and Unconditional Commitments
Annual additional market hog processing capacity | item	3,000,000
Plant expansion costs	$ 47
Pork | Pork processing facility | Maximum
Conditional and Unconditional Commitments
Commitment to contribute to joint venture						$ 150
Pork | Pork processing facility | Maximum | Subsequent Event | Forecast
Conditional and Unconditional Commitments
Commitment percentage	50.00%
Hog procurement contracts
Commitments
2,017		103			103
2,018		59			59
2,019		44			44
2,020		43			43
2,021		43			43
Thereafter		118			118
Hog procurement contracts | Pork
Conditional and Unconditional Commitments
Amount paid under the contract		133	171	227
Grain and feed ingredients
Commitments
2,017		122			122
2,018		2			2
Grain purchase contracts for resale
Commitments
2,017		310			310
Fuel supply contract
Commitments
2,017		49			49
Equipment purchases and facility improvements
Commitments
2,017		21			21
Other purchase commitments
Commitments
2,017		33			33
Total firm purchase commitments
Commitments
2,017		638			638
2,018		61			61
2,019		44			44
2,020		43			43
2,021		43			43
Thereafter		118			118
Vessel, time and voyage-charters
Commitments
2,017		47			47
2,018		27			27
2,019		26			26
2,020		26			26
2,021		26			26
Thereafter		46			46
Vessel, time and voyage-charters | Marine
Conditional and Unconditional Commitments
Amount paid under the contract		$ 95	99	87
Vessel, time and voyage-charters | Marine | Minimum
Conditional and Unconditional Commitments
Contract period		1 year
Vessel, time and voyage-charters | Marine | Maximum
Conditional and Unconditional Commitments
Contract period		11 years
Contract grower finishing agreements
Commitments
2,017		$ 29			29
2,018		24			24
2,019		16			16
2,020		12			12
2,021		10			10
Thereafter		9			9
Contract grower finishing agreements | Pork
Conditional and Unconditional Commitments
Amount paid under the agreement		26	$ 12	$ 13
Incentive payments for achieving certain performance standards		1
Investment in pork processing facility joint venture and refined coal investment commitments
Commitments
2,017		91			91
2,018		15			15
2,019		16			16
2,020		16			16
2,021		$ 12			$ 12

Stockholders' Equity and Accu55

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2017	Jun. 19, 2014	May 24, 2014	Dec. 31, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012	Oct. 31, 2015	Oct. 03, 2015
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period					$ (278)	$ (253)
Other comprehensive income (loss) before reclassifications					(29)	(29)
Amounts reclassified from accumulated other comprehensive loss to net earnings					3	4
Other comprehensive income (loss), net of tax					(26)	(25)	$ (71)
Balance at end of the period					(304)	(278)	$ (253)
Cumulative foreign currency translation adjustment, net of related taxes					87	$ 82
Additional authorized repurchase amount under the November 2009 share repurchase program			$ 20
Common shares repurchased		16,738					18,405
Repurchase price (in dollars per share)		$ 2,950
Share price of common stock under repurchase program (in dollars per share)		$ 49					$ 53
Remaining authorized repurchase amount before additional amount authorized under the share repurchase program										$ 51
Remaining authorized repurchase amount					$ 100				$ 100
Common stock dividend declared and paid (in dollars per share)				$ 12
Common stock dividend declared (in dollars per share)	$ 1.50
Common stock dividend historical amount on a quarterly basis (in dollars per share)								$ 0.75
Common stock dividend historical amount on annual basis (in dollars per share)								3
Portion of dividend serving as prepayment for next succeeding year (in dollars per share)								3
Portion of dividend serving as prepayment for second succeeding year (in dollars per share)								3
Portion of dividend serving as prepayment for third succeeding year (in dollars per share)								3
Portion of dividend serving as prepayment for fourth succeeding year (in dollars per share)								$ 3
Income tax rate for foreign currency translation gains and losses (as a percent)					35.00%	35.00%	35.00%
Tax benefit recorded on unrecognized pension cost					$ 0	$ 0
Effective income tax rate (as a percent)					39.00%	39.00%
Unrecognized pension cost related to employees at certain subsidiaries					$ 20	$ 18
Argentine pesos | Sugar
Components of and changes in accumulated other comprehensive loss, net of tax
Net assets					84	96
U.S. dollars | Sugar
Components of and changes in accumulated other comprehensive loss, net of tax
Net assets					3	1
Cumulative Foreign Currency Translation Adjustment
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period					(228)	(194)
Other comprehensive income (loss) before reclassifications					(26)	(34)
Other comprehensive income (loss), net of tax					(26)	(34)
Balance at end of the period					(254)	(228)	$ (194)
Unrealized Gain (Loss) on Investments
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period					1	1
Other comprehensive income (loss) before reclassifications					1
Other comprehensive income (loss), net of tax					1
Balance at end of the period					2	1	1
Unrecognized Pension Cost
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period					(51)	(60)
Other comprehensive income (loss) before reclassifications					(4)	5
Amounts reclassified from accumulated other comprehensive loss to net earnings					3	4
Other comprehensive income (loss), net of tax					(1)	9
Balance at end of the period					$ (52)	$ (51)	$ (60)

Acquisitions (Details)

Acquisitions (Details) $ / shares in Units, $ in Millions	Oct. 28, 2016USD ($)	Sep. 01, 2016USD ($)	Feb. 07, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)item$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Oct. 27, 2016	Sep. 27, 2014	Dec. 31, 2007USD ($)
Acquisitions
Goodwill				$ 19	$ 19	$ 19	$ 19	$ 12
Net sales							5,379	5,594	$ 6,473
Net earnings							$ 314	$ 172	$ 368
Earnings per common share | $ / shares							$ 266.50	$ 146.44	$ 311.44
Maximum
Acquisitions
Time lag for reporting financial information							3 months
Belarina
Acquisitions
Acquisition of business, cash consideration	$ 0
Pork
Acquisitions
Acquisition of business, cash consideration							$ 219
Number of acquisitions | item							5
Goodwill												$ 12
Percentage of ownership				50.00%	50.00%	50.00%	50.00%				50.00%
Pork | Texas Farm LLC, Christensen Farms and three additional acquisitions
Acquisitions
Number of acquisitions | item							5
Net sales							$ 5,455	$ 5,866
Net earnings							$ 303	$ 145
Earnings per common share | $ / shares							$ 257.10	$ 123.37
Pork | Texas Farm LLC
Acquisitions
Acquisition of business, cash consideration		$ 59
Inventories		16
Property, plant and equipment		42
Goodwill		3
Accounts payable		(2)
Total		59
Net sales				$ 4
Net earnings				2
Pork | Texas Farm LLC | Maximum
Acquisitions
Acquisition costs		$ 1
Pork | Christensen Farms
Acquisitions
Acquisition of business, cash consideration			$ 148
Inventories			33
Property, plant and equipment			111
Intangible assets			1
Goodwill			3
Total			148
Net sales						$ 119
Net earnings						(5)
Pork | Christensen Farms | Maximum
Acquisitions
Acquisition costs			$ 1
Pork | Christensen Farms | Customer relationships
Acquisitions
Weighted average useful life (in years)			1 year 7 months 6 days
Pork | Additional acquisitions
Acquisitions
Acquisition of business, cash consideration					$ 12
Number of acquisitions | item					3
Inventories				1	$ 1	1	$ 1
Property, plant and equipment				11	11	11	11
Intangible assets				$ 0	0	$ 0	$ 0
Pork | Additional acquisitions | Maximum
Acquisitions
Acquisition costs					$ 1
Commodity Trading and Milling | Belarina
Acquisitions
Acquisition of business, cash consideration	0
Accounts receivable	7
Inventories	6
Property, plant and equipment	25
Other assets	4
Goodwill	1
Third-party debt	(14)
Other liabilities	(11)
Total	18
Fair value of pre-existing interest	18
Net sales	$ 0
Percentage of ownership										50.00%
Voting equity ownership percentage	98.00%
Time lag for reporting financial information	3 months
Commodity Trading and Milling | Belarina | Selling, general and administrative expenses
Acquisitions
Gain related to recognizing the fair value of pre-existing affiliate receivables	$ 4

Segment Information - Pork Segm

Segment Information - Pork Segment (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)segmentitem	Dec. 31, 2014USD ($)	Sep. 27, 2014
Segment Information
Number of reportable segments | segment			6
One-time Federal blender's credits recognized as revenue	$ 17	$ 15
Pork
Segment Information
Number of acquisitions | item			5
Acquisition of business, cash consideration			$ 219
Percentage of ownership interest accounted as equity method investment			50.00%		50.00%
One-time Federal blender's credits recognized as revenue	$ 17			$ 15
Pork | Triumph
Segment Information
Percentage of ownership interest sold					50.00%

Segment Information - CT&M and

Segment Information - CT&M and Turkey Segments (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Jul. 02, 2016	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commodity Trading and Milling | Bakery business | Notes receivable
Segment Information
Reserve on receivables from affiliates	$ 5	$ 11
Commodity Trading and Milling | Bakery business | Democratic Republic of Congo
Segment Information
Write-down on investment			$ 11
Commodity Trading and Milling | Bakery business | Democratic Republic of Congo | Notes receivable
Segment Information
Reserve on receivables from affiliates				$ 16		$ 11
Turkey
Segment Information
Operating income				$ 162	$ 231	$ 141

Segment Information - Power Seg

Segment Information - Power Segment (Details) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2015USD ($)	Jul. 04, 2015USD ($)MW	Sep. 27, 2014USD ($)	Dec. 31, 2016USD ($)segmentMW	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 29, 2014MW
Segment Information
Number of reportable segments | segment				6
Gain on sale of assets						$ 5
Interest income recorded for interest recognized on certain customer receivable balances				$ 15	$ 40	$ 14
Electricity generating facility | Dominican Republic
Segment Information
Amount invested under equity method		$ 10
Capacity of power facility (in megawatts) | MW		300
Power | Electricity generating facility | Dominican Republic
Segment Information
Percentage of ownership interest accounted as equity method investment		29.90%		29.90%
Amount invested under equity method		$ 10
Capacity of power facility (in megawatts) | MW		300		300
Power | Floating power generating facility | Dominican Republic
Segment Information
Capacity of power facility leased (in megawatts) | MW							72
Gain on sale of assets			$ 5
Power | Accounts Receivable
Segment Information
Interest income recorded for interest recognized on certain customer receivable balances	$ 31

Segment Information - Specific

Segment Information - Specific Financial Information About Each Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Information
Sales to External Customers:	$ 5,379	$ 5,594	$ 6,473
Operating Income (Loss):	222	126	424
Income from affiliates	81	70	37
Depreciation and amortization	102	91	92
Total Assets:	4,755	4,431
Investment in and Advances to Affiliates:	773	671
Capital expenditures	158	139	121
Pork
Segment Information
Sales to External Customers:	1,443	1,332	1,717
Operating Income (Loss):	175	116	349
Income from affiliates	11	11	4
Depreciation and amortization	56	44	46
Total Assets:	1,157	858
Investment in and Advances to Affiliates:	175	115
Capital expenditures	69	40	54
Commodity Trading and Milling
Segment Information
Sales to External Customers:	2,778	3,022	3,499
Operating Income (Loss):	38	2	54
Income from affiliates	(10)	(50)	(24)
Depreciation and amortization	6	5	5
Total Assets:	989	988
Investment in and Advances to Affiliates:	207	218
Capital expenditures	35	40	21
Marine
Segment Information
Sales to External Customers:	916	940	853
Operating Income (Loss):	33	19	(3)
Income from affiliates	1	2
Depreciation and amortization	26	26	25
Total Assets:	314	296
Investment in and Advances to Affiliates:	33	19
Capital expenditures	19	43	30
Sugar
Segment Information
Sales to External Customers:	147	188	200
Operating Income (Loss):	(12)	2	27
Income from affiliates	2	1	1
Depreciation and amortization	6	8	8
Total Assets:	166	202
Investment in and Advances to Affiliates:	4	3
Capital expenditures	33	15	14
Power
Segment Information
Sales to External Customers:	79	97	189
Operating Income (Loss):	7	7	19
Income from affiliates	4	3	2
Depreciation and amortization	8	8	8
Total Assets:	196	271
Investment in and Advances to Affiliates:	30	34
Capital expenditures	1	1	2
Turkey
Segment Information
Income from affiliates	73	103	54
Total Assets:	493	448
Investment in and Advances to Affiliates:	324	282
All Other
Segment Information
Sales to External Customers:	16	15	15
Operating Income (Loss):	2	2	1
Total Assets:	6	6
Segment Totals
Segment Information
Operating Income (Loss):	243	148	447
Depreciation and amortization	102	91	92
Total Assets:	3,321	3,069
Capital expenditures	157	139	121
Corporate Items
Segment Information
Operating Income (Loss):	(21)	(22)	$ (23)
Total Assets:	1,434	$ 1,362
Capital expenditures	$ 1

Segment Information - Geographi

Segment Information - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Geographic Information
Net sales	$ 5,379	$ 5,594	$ 6,473
Long-lived assets	1,008	833
Caribbean, Central and South America
Geographic Information
Net sales	1,990	2,112	2,414
Africa
Geographic Information
Net sales	1,572	1,606	1,706
United States
Geographic Information
Net sales	1,161	1,135	1,397
Long-lived assets	713	553
Pacific Basin and Far East
Geographic Information
Net sales	309	357	425
Canada/Mexico
Geographic Information
Net sales	236	242	348
Europe
Geographic Information
Net sales	40	71	98
Dominican Republic
Geographic Information
Long-lived assets	122	128
Argentina
Geographic Information
Long-lived assets	67	69
All Other
Geographic Information
Net sales	71	71	$ 85
Long-lived assets	$ 106	$ 83

Segment Information - Geograp62

Segment Information - Geographic Concentration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Concentration Risk
Sales	$ 5,379	$ 5,594	$ 6,473
South Africa
Concentration Risk
Sales	$ 650	$ 646	$ 597
Sales | Geographic concentration | South Africa
Concentration Risk
Concentration risk (as a percent)	12.00%	12.00%	9.00%
Accounts Receivable | Geographic concentration | Foreign Country
Concentration Risk
Foreign receivables, excluding receivables due from affiliates	$ 214	$ 275

Schedule II Valuation and Qua63

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts:
Movement in valuation and qualifying accounts
Balance at beginning of year	$ 21	$ 12	$ 13
Provision / charged (credit) to expense	(1)	13
Net deductions/ Other	(6)	(4)	(1)
Balance at end of year	14	21	12
Allowance for Notes Receivable
Movement in valuation and qualifying accounts
Provision / charged (credit) to expense	16
Balance at end of year	16
Allowance for Deferred Tax Assets:
Movement in valuation and qualifying accounts
Balance at beginning of year	19	21	18
Provision / charged (credit) to expense	39	(2)	3
Balance at end of year	58	19	21
Reserve for LIFO Valuation:
Movement in valuation and qualifying accounts
Balance at beginning of year	28	37	62
Net deductions/ Other	(7)	(9)	(25)
Balance at end of year	$ 21	$ 28	$ 37