Seaboard (SEB) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document and Entity Information
Entity Registrant Name	SEABOARD CORP /DE/
Entity Central Index Key	88,121
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,170,550
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Net sales:
Net sales	$ 1,579	$ 1,399
Cost of sales and operating expenses:
Total cost of sales and operating expenses	1,407	1,261
Gross income	172	138
Selling, general and administrative expenses	75	70
Operating income	97	68
Other income (expense):
Interest expense	(8)	(3)
Interest income	2	2
Interest income from affiliates	1	6
Income (loss) from affiliates	(6)	1
Other investment income (loss), net	(37)	37
Foreign currency gains, net	4	3
Miscellaneous, net	1	(2)
Total other income (loss), net	(43)	44
Earnings before income taxes	54	112
Income tax expense	(22)	(28)
Net earnings	32	84
Less: Net loss attributable to noncontrolling interests		1
Net earnings attributable to Seaboard	$ 32	$ 85
Earnings per common share	$ 26.75	$ 71.84
Other comprehensive income (loss), net of income tax expense of $0 and $(1):
Foreign currency translation adjustment	$ (10)	$ (2)
Unrealized gain on investments		1
Unrecognized pension cost	1	1
Other comprehensive loss, net of tax	(9)
Comprehensive income	23	84
Less: Comprehensive loss attributable to noncontrolling interests		1
Comprehensive income attributable to Seaboard	$ 23	$ 85
Average number of shares outstanding (in shares)	1,170,550	1,170,550
Dividends declared per common share (in dollars per share)	$ 1.50	$ 1.50
Products
Net sales:
Net sales	$ 1,291	$ 1,125
Cost of sales and operating expenses:
Total cost of sales and operating expenses	1,145	1,022
Services
Net sales:
Net sales	264	249
Cost of sales and operating expenses:
Total cost of sales and operating expenses	240	219
Other
Net sales:
Net sales	24	25
Cost of sales and operating expenses:
Total cost of sales and operating expenses	$ 22	$ 20

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Other comprehensive income (loss), income tax benefit (expense)	$ 0	$ (1)
Products
Sales to affiliates	306	259
Services
Sales to affiliates	$ 2	$ 2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 100	$ 116
Short-term investments	1,264	1,576
Receivables, net	608	482
Inventories	797	780
Other current assets	134	174
Total current assets	2,903	3,128
Net property, plant and equipment	1,126	1,077
Investments in and advances to affiliates	866	851
Other non-current assets	360	105
Total assets	5,255	5,161
Current liabilities:
Notes payable to banks	198	162
Current maturities of long-term debt	23	53
Accounts payable	221	272
Deferred revenue	75	81
Other current liabilities	270	250
Total current liabilities	787	818
Long-term debt, less current maturities	522	482
Deferred income taxes	150	112
Long-term income tax liability	111	111
Other liabilities	252	230
Total non-current liabilities	1,035	935
Commitments and contingent liabilities
Stockholders' equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,170,550 shares	1	1
Accumulated other comprehensive loss	(370)	(354)
Retained earnings	3,787	3,750
Total Seaboard stockholders' equity	3,418	3,397
Noncontrolling interests	15	11
Total equity	3,433	3,408
Total liabilities and stockholders' equity	$ 5,255	$ 5,161

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Cash flows from operating activities:
Net earnings	$ 32	$ 84
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	32	27
Deferred income taxes	7	10
Loss (income) from affiliates	6	(1)
Dividends received from affiliates	2	12
Other investment loss (income), net	37	(37)
Other, net	(1)	(2)
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance	(88)	29
Inventories	2	(78)
Other current assets	42	(2)
Current liabilities, exclusive of debt	(67)	(53)
Other, net	4	5
Net cash from operating activities	8	(6)
Cash flows from investing activities:
Purchase of short-term investments	(254)	(191)
Proceeds from the sale of short-term investments	537	198
Proceeds from the maturity of short-term investments	9	25
Capital expenditures	(36)	(36)
Cash paid for acquisition of businesses	(270)	(14)
Investments in and advances to affiliates, net	(17)	(25)
Principal payments received on notes receivable from affiliates	4
Purchase of long-term investments	(3)	(2)
Other, net	1
Net cash from investing activities	(29)	(45)
Cash flows from financing activities:
Notes payable to banks, net	39	21
Proceeds from long-term debt		5
Principal payments of long-term debt	(32)	(5)
Dividends paid	(2)	(2)
Net cash from financing activities	5	19
Effect of exchange rate changes on cash and cash equivalents		(2)
Net change in cash and cash equivalents	(16)	(34)
Cash and cash equivalents at beginning of year	116	77
Cash and cash equivalents at end of period	$ 100	$ 43

Accounting Policies and Basis o

Accounting Policies and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies and Basis of Presentation
Accounting Policies and Basis of Presentation	Note 1 – Accounting Policies and Basis of Presentation The condensed consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries (“Seaboard”). All significant intercompany balances and transactions have been eliminated in consolidation. Seaboard’s investments in non-consolidated affiliates are accounted for by the equity method. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Seaboard for the year ended December 31, 2017 as filed in its annual report on Form 10-K. Seaboard’s first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Seaboard’s year-end is December 31. The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) that, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows. Except for new guidance adopted prospectively as discussed below, Seaboard has consistently applied all accounting policies as disclosed in the annual report on Form 10-K to all periods presented in these condensed consolidated financial statements. Results of operations for interim periods are not necessarily indicative of results to be expected for a full year. As Seaboard conducts its commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, gross margin on non-consolidated affiliates cannot be clearly distinguished without making numerous assumptions primarily with respect to mark-to-market accounting for commodity derivatives. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“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 condensed 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. Supplemental Non-Cash Transaction In conjunction with the January 2018 acquisition discussed further in Note 10, Seaboard incurred debt consisting of a $46 million note payable and contingent consideration estimated at $14 million at the time of acquisition. Recently Issued Accounting Standards Adopted On January 1, 2018, Seaboard adopted guidance that developed a single, comprehensive revenue recognition model for all contracts with customers using the cumulative effect transition method. The adjustment to opening retained earnings, which only included the impact of contracts that were not completed at the date of adoption, was less than $1 million. All of Seaboard’s equity method investments must adopt the new standard by December 31, 2019. See Note 2 for additional details on the impact of adopting this new accounting standard. On January 1, 2018, Seaboard adopted guidance that requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. Only the service cost component is eligible for capitalization in inventory. The other components of net periodic benefit cost are presented outside of operating income and are not capitalizable. Effective in the first quarter of 2018, $2 million of net periodic benefit cost for the three month period of 2017 was reclassified from selling, general and administrative expenses to miscellaneous, net below operating income. Seaboard elected to apply the practical expedient to estimate amounts for comparative periods. On January 1, 2018, Seaboard adopted guidance that eliminated cost method accounting and requires measuring equity investments, other than those accounted for using the equity method of accounting, at fair value and recognizing fair value changes in net income if a readily determinable fair value exists. On January 1, 2018, $7 million of accumulated other comprehensive loss was reclassified to retained earnings by means of a cumulative effect adjustment, and all future gains/losses on these equity investments is reflected in other investment income (loss), net. As of January 1, 2018, Seaboard had minimal investments without readily determinable fair values, which will be recorded at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Recently Issued Accounting Standard Not Yet Adopted 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, for all consolidated subsidiaries and elect to apply all practical expedients, including any optional transition relief that permits the recognition and measurement of leases at the date of adoption. Therefore, Seaboard will not restate comparative period financial information for the effects of this accounting standard. While Seaboard continues its process of assessing its leases and evaluating the effect this guidance will have on its consolidated financial statements, Seaboard expects the adoption will have a material increase in assets and liabilities on the consolidated balance sheets due to the recording of ROU assets and corresponding lease liabilities. See Note 10 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2017, for information about Seaboard’s lease obligations .

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue Recognition
Revenue Recognition	Note 2 – Revenue Recognition Seaboard recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to receive in exchange for those goods or services. A performance obligation, the unit of account in Topic 606 Revenue from Contracts with Customers (“Topic 606”), is a promise in a contract to transfer a distinct good or service to the customer . The majority of Seaboard’s revenue arrangements consist of a single performance obligation as the promise to transfer the individual product or service is not separately identifiable from other promises in the contracts, including shipping and handling and customary storage, and, therefore, not distinct. Seaboard’s transaction prices are mostly fixed, but occasionally include minimal variable consideration for early payment, volume and other similar discounts, which are highly probable based on the history with the respective customers. Taxes assessed by a governmental authority that are collected by Seaboard from a customer are excluded from sales. Seaboard has multiple segments with diverse revenue streams. For additional information on Seaboard’s segments, see Note 10. The following table presents Seaboard’s sales disaggregated by revenue source and segment for the three month period ended March 31, 2018. (Millions of dollars) Pork Commodity Trading & Milling Marine Sugar Power All Other Consolidated Totals Major Products/Services Lines: Products $ 361 $ 781 $ — $ 50 $ — $ 4 $ 1,196 Transportation 4 — 249 — — — 253 Energy 93 — — 1 23 — 117 Other 8 5 — — — — 13 Segment/Consolidated Totals $ 466 $ 786 $ 249 $ 51 $ 23 $ 4 $ 1,579 Revenue from goods and services transferred to customers at a single point in time accounted for approximately 85% of Seaboard’s net sales for the three month period of 2018. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Almost all of Seaboard’s contracts with its customers are short-term, defined as less than one year. As of March 31, 2018, Seaboard had $17 million of remaining performance obligations that extend beyond one year, of which 33% is expected to be recognized as net sales in 2018, an additional 33% in 2019, and the remaining balance thereafter. Seaboard elected to use all practical expedients and therefore will not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which it has the right to invoice for services performed. Also, Seaboard will recognize a financing component only on obligations that extend longer than one year. Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The Commodity Trading and Milling (“CT&M”) segment, which operates internationally with sales in Africa and South America, requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. The Pork segment has a marketing agreement with Triumph Foods, LLC, of which certain fees paid at commencement are recognized over the term of the agreement. Deferred revenue balances are reduced when revenue is recognized. Revenue recognized for the three month period of 2018 that was included in the deferred revenue balance at the beginning of the year was $68 million. The primary impact of adopting the new guidance was the acceleration of revenue related to sales in Seaboard’s CT&M segment that previously had not been recognized as a fixed and determinable price was not established at the time of sale. Under the new guidance, revenue is recognized when control is transferred, and adjustments are made to revenue for pending sale prices dependent upon market fluctuations, further processing, or other factors until sales prices are finalized. The following tables summarize the impacts of adoption on Seaboard’s condensed consolidated financial statements as of and for the three month period ended March 31, 2018. Consolidated Statement of Comprehensive Income Balances without (Millions of dollars) adoption of Topic 606 Adjustments As reported Total net sales $ 1,575 $ 4 $ 1,579 Total cost of sales and operating expenses $ 1,404 $ 3 $ 1,407 Consolidated Balance Sheet Balances without (Millions of dollars) adoption of Topic 606 Adjustments As reported Receivables, net $ 599 $ 9 $ 608 Inventories $ 813 $ (16) $ 797 Deferred revenue $ 82 $ (7) $ 75 Consolidated Statement of Cash Flows Balances without (Millions of dollars) adoption of Topic 606 Adjustments As reported Changes in assets and liabilities, net of acquisitions: Receivables, net of allowance $ (79) $ (9) $ (88) Inventories $ (14) $ 16 $ 2 Current liabilities, exclusive of debt $ (60) $ (7) $ (67)

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments
Investments	Note 3 – Investments The following is a summary of the estimated fair value of short-term investments classified as trading securities held at March 31, 2018 and December 31, 2017. March 31, December 31, (Millions of dollars) 2018 2017 Domestic equity securities $ 744 $ 752 Foreign equity securities 320 319 Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries 135 439 Collateralized loan obligations 28 29 High yield securities 21 21 Money market funds held in trading accounts 8 10 Other trading securities 8 6 Total trading short-term investments $ 1,264 $ 1,576 Seaboard had $111 million of equity securities denominated in foreign currencies at March 31, 2018, with $47 million in euros, $24 million in Japanese yen, $19 million in British pounds, $6 million in Swiss francs and the remaining $15 million in various other currencies. At December 31, 2017, Seaboard had $114 million of equity securities denominated in foreign currencies, with $48 million in euros, $25 million in Japanese yen, $20 million in British pounds, $6 million in Swiss francs and the remaining $15 million in various other currencies. Also, money market funds included less than $1 million denominated in various foreign currencies at March 31, 2018 and December 31, 2017. The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was $(22) million and $38 million for the three months ended March 31, 2018 and April 1, 2017, 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 in the condensed consolidated balance sheets. See Note 6 to the condensed consolidated financial statements for information on the types of trading securities held related to the deferred compensation plans.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2018
Inventories
Inventories	Note 4 – Inventories The following is a summary of inventories at March 31, 2018 and December 31, 2017: March 31, December 31, (Millions of dollars) 2018 2017 At lower of LIFO cost or market: Live hogs and materials $ 332 $ 313 Fresh pork and materials 36 28 368 341 LIFO adjustment (34) (31) Total inventories at lower of LIFO cost or market 334 310 At lower of FIFO cost and net realizable value: Grains, oilseeds and other commodities 209 253 Sugar produced and in process 39 38 Other 76 90 Total inventories at lower of FIFO cost and net realizable value 324 381 Grain, flour and feed at lower of weighted average cost and net realizable value 139 89 Total inventories $ 797 $ 780

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Taxes
Income Taxes	Note 5 – Income Taxes Pursuant to the measurement period permitted in the Securities and Exchange Commission’s Staff Accounting Bulletin 118 for the Tax Cuts and Jobs Act (“2017 Tax Act”), Seaboard had no material updates to its provisional tax impacts related to mandatory deemed repatriated earnings and the revaluation of deferred tax assets and liabilities. The ultimate impact may differ, possibly materially, from Seaboard’s provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions Seaboard has made, additional regulatory guidance that may be issued, and actions Seaboard may take as a result of the 2017 Tax Act. The accounting is expected to be complete during the fourth quarter of 2018 when the 2017 U.S. corporate income tax return is filed. Seaboard’s projected annual income tax rate for the first quarter of 2018 includes less than $1 million of anticipated tax expense associated with the global intangible low-taxed income (“GILTI”) provision and no anticipated tax expense associated with the base-erosion and anti-abuse tax (“BEAT”) provision. During the first quarter of 2018, Seaboard elected to change the tax status of a wholly owned subsidiary from a partnership to a corporation. This change in tax status resulted in an estimated $22 million of additional tax expense and additional deferred tax liabilities that Seaboard recognized in the condensed consolidated financial statements for the period ended March 31, 2018. In February 2018, Congress retroactively extended the Federal blender’s credits for 2017. In accordance with U.S. GAAP, the effects of changes in tax laws, including retroactive changes, are recognized in the financial statements in the period that the changes are enacted. Accordingly, in the first quarter of 2018, a one-time tax benefit of $4 million related to the 2017 Federal blender’s credits was recorded in income tax expense. In addition to this amount, Seaboard recognized $42 million of Federal blender’s credits as non-taxable revenue in the first quarter of 2018. See Note 10 for further discussion on the Federal blender’s credits.

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivatives and Fair Value of Financial Instruments
Derivatives and Fair Value of Financial Instruments	Note 6 – Derivatives and Fair Value of Financial Instruments 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: 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: 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: Unobservable inputs that reflect the reporting entity’s own assumptions. The following table shows assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 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 the first three months of 2018. The trading securities classified as other current assets below are assets held for Seaboard’s deferred compensation plans. Balance March 31, (Millions of dollars) 2018 Level 1 Level 2 Level 3 Assets: Trading securities – short-term investments: Domestic equity securities $ 744 $ 744 $ — $ — Foreign equity securities 320 320 — — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries 135 111 24 — Collateralized loan obligations 28 — 28 — High yield securities 21 21 — — Money market funds held in trading accounts 8 8 — — Other trading securities 8 5 3 — Trading securities – other current assets: Domestic equity securities 34 34 — — Money market fund held in trading accounts 5 5 — — Foreign equity securities 4 4 — — Fixed income securities 3 3 — — Derivatives: Commodities (1) 5 5 — — Total Assets $ 1,315 $ 1,260 $ 55 $ — Liabilities: Derivatives: Commodities (1) $ 11 $ 11 $ — $ — Foreign currencies 1 — 1 — Total Liabilities $ 12 $ 11 $ 1 $ — (1) Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of March 31, 2018, the commodity derivatives had a margin account balance of $23 million resulting in a net other current asset in the condensed consolidated balance sheet of $17 million. The following table shows assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and also the level within the fair value hierarchy used to measure each category of assets and liabilities. Balance December 31, (Millions of dollars) 2017 Level 1 Level 2 Level 3 Assets: Trading securities – short-term investments: Domestic equity securities $ 752 $ 752 $ — $ — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries 439 438 1 — Foreign equity securities 319 319 — — Collateralized loan obligations 29 — 29 — High yield securities 21 21 — — Money market funds held in trading accounts 10 10 — — Other trading securities 6 6 — — Trading securities – other current assets: Domestic equity securities 35 35 — — Money market fund held in trading accounts 5 5 — — Foreign equity securities 4 4 — — Fixed income securities 2 2 — — Derivatives: Commodities (1) 4 4 — — Foreign currencies 3 — 3 — Total Assets $ 1,629 $ 1,596 $ 33 $ — Liabilities: Derivatives: Commodities (1) $ 6 $ 6 $ — $ — Foreign currencies 6 — 6 — Total Liabilities $ 12 $ 6 $ 6 $ — (1) Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2017, the commodity derivatives had a margin account balance of $20 million resulting in a net other current asset in the condensed consolidated balance sheet of $18 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 in its condensed consolidated balance sheets, it would have been classified as level 2 in the fair value hierarchy. The fair value of Seaboard’s contingent consideration recorded in conjunction with the acquisition discussed further in Note 10 was classified as a level 3 in the fair value hierarchy as the calculation is dependent upon a company specific model. 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. As the derivatives discussed below are not accounted for as hedges, fluctuations in the related commodity prices, foreign currency exchange rates and equity prices could have a material impact on earnings in any given period. 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, 2017. Commodity Instruments Seaboard uses various derivative futures and options to manage its risk of price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. At March 31, 2018, Seaboard had open net derivative contracts to purchase 91 million pounds of soybean oil, 30 million bushels of grain and 26 million pounds of hogs, and open net derivative contracts to sell 17 million gallons of heating oil. At December 31, 2017, Seaboard had open net derivative contracts to purchase 29 million bushels of grain and 1 million pounds of soybean oil, and open net derivative contracts to sell 13 million pounds of hogs and 7 million gallons of heating oil. Commodity derivatives are recorded at fair value with any changes in fair value being marked-to-market as a component of cost of sales in the condensed 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 are primarily related to an underlying commodity transaction are recorded at fair value with changes in value marked-to-market as a component of cost of sales in the condensed 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, net in the condensed consolidated statements of comprehensive income. At March 31, 2018 and December 31, 2017, Seaboard had trading foreign currency exchange agreements to cover a portion of its firm sales and purchase commitments and related trade receivables and payables with net notional amounts of $70 million and $20 million, respectively, primarily related to the South African rand, Canadian dollar and euro. Equity Future Contracts Seaboard enters into equity future contracts to manage the equity price risk with respect to certain short-term investments. Equity future contracts are recorded at fair value with changes in value marked-to-market as a component of other investment income (loss) in the condensed consolidated statements of comprehensive income. The notional amounts of these equity future contracts were $371 million and $0 million at March 31, 2018 and December 31, 2017, respectively. Counterparty Credit Risk From time to time Seaboard is subject to counterparty credit risk related to its foreign currency exchange agreements should the counterparties fail to perform according to the terms of the contracts. As of March 31, 2018, Seaboard had a maximum amount of loss due to credit risk of less than $1 million with two counterparties related to foreign currency exchange agreements. Seaboard does not hold any collateral related to these agreements. The following table provides the amount of gain or (loss) recognized in income for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income. Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Commodities Cost of sales $ 9 $ 2 Foreign currencies Cost of sales (6) (5) Equity Other investment income (loss), net (10) — The following table provides the fair value of each type of derivative held and where each derivative is included in the condensed consolidated balance sheets. Asset Derivatives Liability Derivatives March 31, December 31, March 31, December 31, (Millions of dollars) 2018 2017 2018 2017 Commodities (1) Other current assets $ 5 $ 4 Other current liabilities $ 11 $ 6 Foreign currencies Other current assets — 3 Other current liabilities 1 6 Equity (1) — — Short-term investments 1 — (1) Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of March 31, 2018 and December 31, 2017, the commodity derivatives had a margin account balance of $23 million and $20 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $17 million and $18 million, respectively. Seaboard’s equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2018
Employee Benefits
Employee Benefits	Note 7 – Employee Benefits Seaboard has a defined benefit pension plan for its domestic salaried and clerical employees. At this time, no contributions are expected to be made to the plan in 2018. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for these supplemental plans in advance of when the benefits are paid. Of the total net periodic benefit cost presented in the table below, the service cost component is recorded in either cost of sales or selling, general and administrative expenses depending upon the employee. The other components of net periodic benefit cost are recorded in miscellaneous, net in the condensed consolidated statements of comprehensive income. The net periodic benefit cost for all of these plans was as follows: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Components of net periodic benefit cost: Service cost $ 3 $ 2 Interest cost 3 3 Expected return on plan assets (3) (2) Amortization and other 1 1 Net periodic benefit cost $ 4 $ 4

Notes Payable, Long-term Debt,

Notes Payable, Long-term Debt, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies
Notes Payable, Long-term Debt, Commitments and Contingencies	Note 8 – Notes Payable, Long-term Debt, Commitments and Contingencies Notes Payable Notes payable outstanding under uncommitted and committed credit lines was $198 million at March 31, 2018, of which $136 million was related to foreign subsidiaries, with $75 million denominated in South African rand, $33 million denominated in Argentine pesos and $9 million denominated in Zambian kwacha. The weighted average interest rate for outstanding notes payable was 9.57% and 10.48% at March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018, Seaboard had uncommitted credit lines totaling $568 million, of which $483 million related to foreign subsidiaries. The notes payable under the uncommitted credit lines are unsecured and do not require compensating balances. Also, Seaboard has a $100 million committed credit line secured by certain short-term investments, and $30 million was outstanding as of March 31, 2018. Seaboard’s borrowing capacity under its uncommitted and committed lines was reduced by $198 million drawn under the committed and uncommitted lines and letters of credit totaling $23 million as of March 31, 2018. Long-term Debt The following is a summary of long-term debt: March 31, December 31, (Millions of dollars) 2018 2017 Term Loan due 2022 $ 481 $ 484 Foreign subsidiary obligations due 2018 through 2023 65 52 Total long-term debt at face value 546 536 Current maturities of long-term debt and unamortized discount (24) (54) Long-term debt, less current maturities and unamortized discount $ 522 $ 482 The interest rate on the Term Loan due 2022 was 3.50% and 3.20% at March 31, 2018 and December 31, 2017, respectively. The weighted average interest rate on Seaboard’s foreign subsidiary obligations was 7.43% and 21.80% at March 31, 2018 and December 31, 2017, respectively. Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of March 31, 2018. In conjunction with the acquisition discussed in Note 10, Seaboard incurred a euro denominated note payable due to the sellers valued at $48 million at March 31, 2018. This foreign subsidiary obligation bears interest at an annual rate of 3.25%, with interest due annually on the anniversary date, until maturity on January 5, 2021. The discounted value of the note payable will be accreted to the face value over the term and recorded as additional interest expense. Contingencies On September 18, 2014, and subsequently in 2015 and 2016, Seaboard received a number of grand jury subpoenas and informal requests for information from the Department of Justice, Asset Forfeiture and Money Laundering Section (“AFMLS”), seeking records related to specified foreign companies and individuals. The companies and individuals as to which the requested records relate were not affiliated with Seaboard, although Seaboard has also received subpoenas and requests for additional information relating to an affiliate of Seaboard. During 2017, Seaboard received grand jury subpoenas requesting documents and information related to money transfers and bank accounts in the Democratic Republic of Congo (“DRC”) and other African countries and requests to interview certain Seaboard employees and to obtain testimony before a grand jury. 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 LLC 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. 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 condensed 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 Seaboard’s business objectives. Seaboard does not issue guarantees of third parties for compensation. As of March 31, 2018, guarantees outstanding to affiliates and third parties were not material. Seaboard has not accrued a liability for any of the affiliate or third-party guarantees as management considers the likelihood of loss to be remote. See Notes Payable above for discussion of letters of credit.

Stockholders' Equity and Accumu

Stockholders' Equity and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stockholders' Equity and Accumulated Other Comprehensive Loss	Note 9 – Stockholders’ Equity and Accumulated Other Comprehensive Loss Seaboard has a share repurchase program in place that was approved by its Board of Directors and is in effect through October 31, 2019. As of March 31, 2018, the authorized amount of repurchase under the share repurchase program remained at $100 million. Seaboard did not repurchase any shares of common stock for the three months ended March 31, 2018. 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. The changes in the components of other comprehensive loss, net of related taxes, are as follows: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Foreign currency translation adjustment $ (10) $ (2) Unrealized gain on investments (1) — 1 Unrecognized pension cost (2) 1 1 Other comprehensive loss, net of tax $ (9) $ — (1) Effective January 1, 2018, upon adoption of new guidance, all unrealized gains (losses) on investments are included in the condensed consolidated statement of comprehensive income. The accumulated other comprehensive income balance as of December 31, 2017, was reclassified to retained earnings on January 1, 2018. (2) This primarily represents the amortization of actuarial losses that were included in net periodic benefit cost and was recorded in operating income. See Note 7 to the condensed consolidated financial statements for further discussion. The components of accumulated other comprehensive loss, net of related taxes, are as follows: March 31, December 31, (Millions of dollars) 2018 2017 Cumulative foreign currency translation adjustment $ (307) $ (297) Unrealized gain on investments (1) — 7 Unrecognized pension cost (63) (64) Total accumulated other comprehensive loss $ (370) $ (354) The foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar segment. During the first quarter of 2018, Seaboard recognized $11 million of other comprehensive loss related to the devaluation of the Argentine peso. At March 31, 2018, the Sugar segment had $91 million in net assets denominated in Argentine pesos and $1 million in net liabilities denominated in U.S. dollars. Management cannot predict the volatility in the currency exchange rate. For the three month period ended March 31, 2018, less than $1 million of income taxes for foreign currency translation was recorded because substantially all of the cumulative translation adjustment related to foreign subsidiaries for which no tax benefit was recorded. See Note 5 for discussion of the election to change the tax status of a wholly owned subsidiary from a partnership to a corporation. At April 1, 2017, income taxes for the cumulative foreign currency translation adjustment was recorded using a 35% effective tax rate except for $90 million related to certain subsidiaries for which no tax benefit was recorded. At March 31, 2018 and April 1, 2017, income taxes for the cumulative unrecognized pension cost were recorded using a 26% and 39%, respectively, effective tax rate except for unrecognized pension cost of $21 million and $19 million, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Information
Segment Information	Note 10 – Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar, Power and Turkey, each offering a specific product or service. For details on the respective product or services, refer to Note 13 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2017. Below are segment updates from year-end. In February 2018, Congress retroactively extended the Federal blender’s credits for 2017 which resulted in Seaboard’s Pork segment recognizing approximately $42 million of revenue in the first quarter of 2018 for the biodiesel it blends. There was no tax expense on this transaction. On January 5, 2018, Seaboard’s CT&M segment acquired substantially all of the outstanding common shares of Borisniak Corp., Societe Les Grands Moulins d’Abidjan, Les Grands Moulins de Dakar, Eurafrique, and Societe Mediterraneenne de Transport, collectively operating as Groupe Mimran (“Mimran”). Mimran operates three flour mills and an associated grain trading business located in Senegal, Ivory Coast and Monaco. This acquisition is expected to increase Seaboard’s flour and feed milling capacity and annual grain trading volume. The total purchase price for this acquisition is subject to a working capital adjustment and, based on the acquisition date fair values and using the exchange rate in effect at the time of acquisition, was $330 million consisting of: (Millions of U.S. dollars) Fair Value Cash payment, net of $64 million of cash acquired $ 270 Euro denominated note payable due 2021, 3.25% interest 46 Contingent consideration 14 Total fair value of consideration at acquisition date $ 330 See Note 8 for further description of the note payable. The fair value of the contingent consideration, classified in other non-current liabilities on the condensed consolidated balance sheet, is dependent on the probability of Mimran achieving certain financial performance targets using earnings before interest, taxes, depreciation and amortization (“EBITDA”) as a metric. The contingent consideration ranges between zero and $48 million payable between five and eight years following the closing, at the discretion of the seller. Seaboard is in the process of obtaining a third-party valuation of the tangible and intangible assets and therefore the initial allocation of the purchase price is subject to refinement. The purchase was recorded at fair value and preliminarily allocated as follows: (Millions of dollars) Fair Value Current assets $ 84 Property, plant and equipment 57 Intangible assets 100 Goodwill 161 Other long-term assets 4 Total fair value of assets acquired 406 Current liabilities (38) Other long-term liabilities (34) Total fair value of liabilities assumed (72) Less: Noncontrolling interest (4) Net fair value of assets acquired $ 330 The intangible assets include $28 million allocated to trade names, amortizable over 7-9 years, and $72 million allocated to customer relationships, amortizable over 7-11 years. Goodwill represents Mimran’s market presence and an experienced workforce. The intangible assets and goodwill are not deductible for income tax purposes. Certain Mimran entities acquired will be accounted for on a three-month lag and sales, and net earnings from these entities’ operations will be reflected in the second quarter of 2018 results. Net sales of $44 million and net income of $5 million, for Mimran entities not on a lag, were recognized in Seaboard’s condensed consolidated financial statements from the date of acquisition. Acquisition costs, incurred primarily in 2017, of $1 million were expensed in selling, general and administrative expenses. The following unaudited pro forma information presents the combined consolidated financial results for Seaboard as if the acquisition had been completed at January 1, 2017. Three months ended March 31, April 1, (Millions of dollars except per share amounts) 2018 2017 Net sales $ 1,639 $ 1,463 Net earnings $ 36 $ 91 Earnings per common share $ 30.46 $ 76.78 Also during the first quarter of 2018, Seaboard’s CT&M segment invested total consideration of $18 million for a 50% noncontrolling interest in a grain trading and flour milling business in Mauritania. The investment amount is subject to change dependent upon resolution of certain contingencies. The investment will be accounted for using the equity method of accounting and reported on a three-month lag. Seaboard’s first proportionate share of income (loss) from affiliates will be recognized in the second quarter of 2018. The CT&M segment has a 50% noncontrolling interest in a bakery located in the DRC. Seaboard’s investment balance is zero. 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 $13 million and $15 million at March 31, 2018 and December 31, 2017, all classified as long-term in other non-current assets given uncertainty of the timing of payments in the future. The note receivable is 50% guaranteed by the other shareholder in the entity. Beginning with the third quarter of 2017, Seaboard has recorded this entity’s current period losses against the note receivable and the losses were $2 million for the first quarter of 2018. 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 Marine segment has a 36% noncontrolling interest in a holding company that owns a Caribbean start-up terminal operation. During the first quarter of 2017, the holding company’s terminal operations encountered the loss of a customer and defaulted on certain third-party debt obligations. In addition, third-party engineering studies identified significant unexpected construction modifications needed for the terminal operation. As a result, Seaboard evaluated its investment in affiliate and receivables for impairment and recorded a $5 million charge on its investment, a $1 million charge on its convertible note receivable and a $3 million allowance on its affiliate receivables. The holding company is investigating various strategic alternatives, such as additional capital calls, restructuring of the third-party debt and restructuring of the affiliate equity and receivables, which includes the deferral of all affiliated receivable payments until such future time as cash flow is sufficient to pay all third-party debt. If future long-term cash flows do not improve, there is a possibility that there could be additional charges. In March 2017, the Power segment was notified by the Ministry of Environment and Natural Resources (the “Ministry”), a division within the Dominican Republic government, that it would not renew the environmental license for Seaboard’s power plant on a barge located in the Ozama River, which would have required Seaboard to find a new location by the third quarter of 2018. However, during the first quarter of 2018, the Ministry renewed Seaboard’s environmental license to operate the power plant in its current location through 2020. The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of March 31, 2018 and December 31, 2017, Butterball had total assets of $1,061 million and $999 million, respectively. Butterball’s summarized income statement information was as follows: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Net sales $ 321 $ 350 Operating income $ 2 $ 10 Net income $ 2 $ 5 The following tables set forth specific financial information about each segment as reviewed by Seaboard’s management. Operating income for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income, along with income or loss from affiliates for the Pork, CT&M and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax expense on a segment basis. Sales to External Customers: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Pork $ 466 $ 370 Commodity Trading and Milling 786 727 Marine 249 234 Sugar 51 40 Power 23 24 All Other 4 4 Segment/Consolidated Totals $ 1,579 $ 1,399 Operating Income (Loss): Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Pork $ 92 $ 50 Commodity Trading and Milling 11 17 Marine (4) 3 Sugar 2 3 Power — 2 All Other — — Segment Totals 101 75 Corporate (4) (7) Consolidated Totals $ 97 $ 68 Income (Loss) from Affiliates: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Pork $ (7) $ — Commodity Trading and Milling (2) 4 Marine — (6) Sugar — — Power 2 — Turkey 1 3 Segment/Consolidated Totals $ (6) $ 1 Total Assets: March 31, December 31, (Millions of dollars) 2018 2017 Pork $ 1,386 $ 1,309 Commodity Trading and Milling 1,431 964 Marine 347 376 Sugar 175 197 Power 190 188 Turkey 311 315 All Other 6 4 Segment Totals 3,846 3,353 Corporate 1,409 1,808 Consolidated Totals $ 5,255 $ 5,161 Investments in and Advances to Affiliates: March 31, December 31, (Millions of dollars) 2018 2017 Pork $ 224 $ 231 Commodity Trading and Milling 259 240 Marine 29 28 Sugar 4 4 Power 39 38 Turkey 311 310 Segment/Consolidated Totals $ 866 $ 851 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 plans, which are offset by the effect of the mark-to-market adjustments on these investments recorded in other investment income (loss), net.

Accounting Policies and Basis17

Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies and Basis of Presentation
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“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 condensed 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.
Supplemental Non-Cash Transactions	Supplemental Non-Cash Transaction In conjunction with the January 2018 acquisition discussed further in Note 10, Seaboard incurred debt consisting of a $46 million note payable and contingent consideration estimated at $14 million at the time of acquisition.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Adopted On January 1, 2018, Seaboard adopted guidance that developed a single, comprehensive revenue recognition model for all contracts with customers using the cumulative effect transition method. The adjustment to opening retained earnings, which only included the impact of contracts that were not completed at the date of adoption, was less than $1 million. All of Seaboard’s equity method investments must adopt the new standard by December 31, 2019. See Note 2 for additional details on the impact of adopting this new accounting standard. On January 1, 2018, Seaboard adopted guidance that requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. Only the service cost component is eligible for capitalization in inventory. The other components of net periodic benefit cost are presented outside of operating income and are not capitalizable. Effective in the first quarter of 2018, $2 million of net periodic benefit cost for the three month period of 2017 was reclassified from selling, general and administrative expenses to miscellaneous, net below operating income. Seaboard elected to apply the practical expedient to estimate amounts for comparative periods. On January 1, 2018, Seaboard adopted guidance that eliminated cost method accounting and requires measuring equity investments, other than those accounted for using the equity method of accounting, at fair value and recognizing fair value changes in net income if a readily determinable fair value exists. On January 1, 2018, $7 million of accumulated other comprehensive loss was reclassified to retained earnings by means of a cumulative effect adjustment, and all future gains/losses on these equity investments is reflected in other investment income (loss), net. As of January 1, 2018, Seaboard had minimal investments without readily determinable fair values, which will be recorded at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Recently Issued Accounting Standard Not Yet Adopted 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, for all consolidated subsidiaries and elect to apply all practical expedients, including any optional transition relief that permits the recognition and measurement of leases at the date of adoption. Therefore, Seaboard will not restate comparative period financial information for the effects of this accounting standard. While Seaboard continues its process of assessing its leases and evaluating the effect this guidance will have on its consolidated financial statements, Seaboard expects the adoption will have a material increase in assets and liabilities on the consolidated balance sheets due to the recording of ROU assets and corresponding lease liabilities. See Note 10 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2017, for information about Seaboard’s lease obligations .

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue Recognition
Schedule of sales disaggregated by revenue source and segment	(Millions of dollars) Pork Commodity Trading & Milling Marine Sugar Power All Other Consolidated Totals Major Products/Services Lines: Products $ 361 $ 781 $ — $ 50 $ — $ 4 $ 1,196 Transportation 4 — 249 — — — 253 Energy 93 — — 1 23 — 117 Other 8 5 — — — — 13 Segment/Consolidated Totals $ 466 $ 786 $ 249 $ 51 $ 23 $ 4 $ 1,579
ASU 2014-09
Revenue Recognition
Schedule of impacts of adopting ASU 2014-09	Consolidated Statement of Comprehensive Income Balances without (Millions of dollars) adoption of Topic 606 Adjustments As reported Total net sales $ 1,575 $ 4 $ 1,579 Total cost of sales and operating expenses $ 1,404 $ 3 $ 1,407 Consolidated Balance Sheet Balances without (Millions of dollars) adoption of Topic 606 Adjustments As reported Receivables, net $ 599 $ 9 $ 608 Inventories $ 813 $ (16) $ 797 Deferred revenue $ 82 $ (7) $ 75 Consolidated Statement of Cash Flows Balances without (Millions of dollars) adoption of Topic 606 Adjustments As reported Changes in assets and liabilities, net of acquisitions: Receivables, net of allowance $ (79) $ (9) $ (88) Inventories $ (14) $ 16 $ 2 Current liabilities, exclusive of debt $ (60) $ (7) $ (67)

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments
Summary of the amortized cost and estimated fair value of short-term investments classified as trading securities	March 31, December 31, (Millions of dollars) 2018 2017 Domestic equity securities $ 744 $ 752 Foreign equity securities 320 319 Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries 135 439 Collateralized loan obligations 28 29 High yield securities 21 21 Money market funds held in trading accounts 8 10 Other trading securities 8 6 Total trading short-term investments $ 1,264 $ 1,576

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Inventories
Summary of inventories	March 31, December 31, (Millions of dollars) 2018 2017 At lower of LIFO cost or market: Live hogs and materials $ 332 $ 313 Fresh pork and materials 36 28 368 341 LIFO adjustment (34) (31) Total inventories at lower of LIFO cost or market 334 310 At lower of FIFO cost and net realizable value: Grains, oilseeds and other commodities 209 253 Sugar produced and in process 39 38 Other 76 90 Total inventories at lower of FIFO cost and net realizable value 324 381 Grain, flour and feed at lower of weighted average cost and net realizable value 139 89 Total inventories $ 797 $ 780

Derivatives and Fair Value of21

Derivatives and Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	Balance March 31, (Millions of dollars) 2018 Level 1 Level 2 Level 3 Assets: Trading securities – short-term investments: Domestic equity securities $ 744 $ 744 $ — $ — Foreign equity securities 320 320 — — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries 135 111 24 — Collateralized loan obligations 28 — 28 — High yield securities 21 21 — — Money market funds held in trading accounts 8 8 — — Other trading securities 8 5 3 — Trading securities – other current assets: Domestic equity securities 34 34 — — Money market fund held in trading accounts 5 5 — — Foreign equity securities 4 4 — — Fixed income securities 3 3 — — Derivatives: Commodities (1) 5 5 — — Total Assets $ 1,315 $ 1,260 $ 55 $ — Liabilities: Derivatives: Commodities (1) $ 11 $ 11 $ — $ — Foreign currencies 1 — 1 — Total Liabilities $ 12 $ 11 $ 1 $ — (1) Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of March 31, 2018, the commodity derivatives had a margin account balance of $23 million resulting in a net other current asset in the condensed consolidated balance sheet of $17 million. The following table shows assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and also the level within the fair value hierarchy used to measure each category of assets and liabilities. Balance December 31, (Millions of dollars) 2017 Level 1 Level 2 Level 3 Assets: Trading securities – short-term investments: Domestic equity securities $ 752 $ 752 $ — $ — Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries 439 438 1 — Foreign equity securities 319 319 — — Collateralized loan obligations 29 — 29 — High yield securities 21 21 — — Money market funds held in trading accounts 10 10 — — Other trading securities 6 6 — — Trading securities – other current assets: Domestic equity securities 35 35 — — Money market fund held in trading accounts 5 5 — — Foreign equity securities 4 4 — — Fixed income securities 2 2 — — Derivatives: Commodities (1) 4 4 — — Foreign currencies 3 — 3 — Total Assets $ 1,629 $ 1,596 $ 33 $ — Liabilities: Derivatives: Commodities (1) $ 6 $ 6 $ — $ — Foreign currencies 6 — 6 — Total Liabilities $ 12 $ 6 $ 6 $ — (1) Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2017, the commodity derivatives had a margin account balance of $20 million resulting in a net other current asset in the condensed consolidated balance sheet of $18 million.
Schedule of gain or (loss) recognized for each type of derivative and its location in the condensed consolidated statements of comprehensive income	Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Commodities Cost of sales $ 9 $ 2 Foreign currencies Cost of sales (6) (5) Equity Other investment income (loss), net (10) —
Schedule of fair value of each type of derivative and its location in the condensed consolidated balance sheets	Asset Derivatives Liability Derivatives March 31, December 31, March 31, December 31, (Millions of dollars) 2018 2017 2018 2017 Commodities (1) Other current assets $ 5 $ 4 Other current liabilities $ 11 $ 6 Foreign currencies Other current assets — 3 Other current liabilities 1 6 Equity (1) — — Short-term investments 1 — Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of March 31, 2018 and December 31, 2017, the commodity derivatives had a margin account balance of $23 million and $20 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $17 million and $18 million, respectively.

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
Employee Benefits
Schedule of net periodic benefit cost of plans	Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Components of net periodic benefit cost: Service cost $ 3 $ 2 Interest cost 3 3 Expected return on plan assets (3) (2) Amortization and other 1 1 Net periodic benefit cost $ 4 $ 4

Notes Payable, Long-term Debt23

Notes Payable, Long-term Debt, Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Payable, Long-term Debt, Commitments and Contingencies
Summary of long-term debt	March 31, December 31, (Millions of dollars) 2018 2017 Term Loan due 2022 $ 481 $ 484 Foreign subsidiary obligations due 2018 through 2023 65 52 Total long-term debt at face value 546 536 Current maturities of long-term debt and unamortized discount (24) (54) Long-term debt, less current maturities and unamortized discount $ 522 $ 482

Stockholders' Equity and Accu24

Stockholders' Equity and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of changes in the components of other comprehensive loss, net of related taxes	Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Foreign currency translation adjustment $ (10) $ (2) Unrealized gain on investments (1) — 1 Unrecognized pension cost (2) 1 1 Other comprehensive loss, net of tax $ (9) $ — (1) Effective January 1, 2018, upon adoption of new guidance, all unrealized gains (losses) on investments are included in the condensed consolidated statement of comprehensive income. The accumulated other comprehensive income balance as of December 31, 2017, was reclassified to retained earnings on January 1, 2018. (2) This primarily represents the amortization of actuarial losses that were included in net periodic benefit cost and was recorded in operating income. See Note 7 to the condensed consolidated financial statements for further discussion.
Schedule of components of accumulated other comprehensive loss, net of related taxes	March 31, December 31, (Millions of dollars) 2018 2017 Cumulative foreign currency translation adjustment $ (307) $ (297) Unrealized gain on investments (1) — 7 Unrecognized pension cost (63) (64) Total accumulated other comprehensive loss $ (370) $ (354)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of total purchase price for this acquisition subject to working capital adjustment, based on acquisition date fair values and using the exchange rate in effect at the time of acquisition	(Millions of U.S. dollars) Fair Value Cash payment, net of $64 million of cash acquired $ 270 Euro denominated note payable due 2021, 3.25% interest 46 Contingent consideration 14 Total fair value of consideration at acquisition date $ 330
Summary of specific financial information related to sales to external customers	Sales to External Customers: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Pork $ 466 $ 370 Commodity Trading and Milling 786 727 Marine 249 234 Sugar 51 40 Power 23 24 All Other 4 4 Segment/Consolidated Totals $ 1,579 $ 1,399
Summary of specific financial information related to operating income (loss)	Operating Income (Loss): Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Pork $ 92 $ 50 Commodity Trading and Milling 11 17 Marine (4) 3 Sugar 2 3 Power — 2 All Other — — Segment Totals 101 75 Corporate (4) (7) Consolidated Totals $ 97 $ 68
Summary of specific financial information related to income (loss) from affiliates	Income (Loss) from Affiliates: Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Pork $ (7) $ — Commodity Trading and Milling (2) 4 Marine — (6) Sugar — — Power 2 — Turkey 1 3 Segment/Consolidated Totals $ (6) $ 1
Summary of specific financial information related to total assets	Total Assets: March 31, December 31, (Millions of dollars) 2018 2017 Pork $ 1,386 $ 1,309 Commodity Trading and Milling 1,431 964 Marine 347 376 Sugar 175 197 Power 190 188 Turkey 311 315 All Other 6 4 Segment Totals 3,846 3,353 Corporate 1,409 1,808 Consolidated Totals $ 5,255 $ 5,161
Summary of specific financial information related to investments in and advances to affiliates	Investments in and Advances to Affiliates: March 31, December 31, (Millions of dollars) 2018 2017 Pork $ 224 $ 231 Commodity Trading and Milling 259 240 Marine 29 28 Sugar 4 4 Power 39 38 Turkey 311 310 Segment/Consolidated Totals $ 866 $ 851
Butterball, LLC
Schedule of summarized income statement information	Three Months Ended March 31, April 1, (Millions of dollars) 2018 2017 Net sales $ 321 $ 350 Operating income $ 2 $ 10 Net income $ 2 $ 5
Mimran
Schedule of proforma information related to acquisitions	Three months ended March 31, April 1, (Millions of dollars except per share amounts) 2018 2017 Net sales $ 1,639 $ 1,463 Net earnings $ 36 $ 91 Earnings per common share $ 30.46 $ 76.78
Schedule of allocation of purchase price	(Millions of dollars) Fair Value Current assets $ 84 Property, plant and equipment 57 Intangible assets 100 Goodwill 161 Other long-term assets 4 Total fair value of assets acquired 406 Current liabilities (38) Other long-term liabilities (34) Total fair value of liabilities assumed (72) Less: Noncontrolling interest (4) Net fair value of assets acquired $ 330

Accounting Policies and Basis26

Accounting Policies and Basis of Presentations (Details) - USD ($) $ in Millions	Jan. 05, 2018	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2017
Accounting Policies and Basis of Presentation
Retained earnings		$ 3,787		$ 3,750
Selling, general and administrative expenses		75	$ 70
Miscellaneous, net		1	(2)
Accumulated other comprehensive loss		(370)		$ (354)
Supplemental Non-Cash Transaction
Note payable	$ 46
Contingent consideration	$ 14
ASU 2014-09 | Adjustments | Maximum
Accounting Policies and Basis of Presentation
Retained earnings		1
ASU 2017-07
Accounting Policies and Basis of Presentation
Selling, general and administrative expenses			(2)
Miscellaneous, net			$ 2
ASU 2016-01
Accounting Policies and Basis of Presentation
Retained earnings		7
Accumulated other comprehensive loss		$ (7)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Revenue Recognition
Net sales	$ 1,579	$ 1,399
Transferred at point in time | Net sales
Revenue Recognition
Concentration risk percentage	85.00%
Products
Revenue Recognition
Net sales	$ 1,291	1,125
Other
Revenue Recognition
Net sales	24	$ 25
Pork
Revenue Recognition
Net sales	466
Pork | Products
Revenue Recognition
Net sales	361
Pork | Transportation
Revenue Recognition
Net sales	4
Pork | Energy
Revenue Recognition
Net sales	93
Pork | Other
Revenue Recognition
Net sales	8
Commodity Trading and Milling
Revenue Recognition
Net sales	786
Commodity Trading and Milling | Products
Revenue Recognition
Net sales	781
Commodity Trading and Milling | Other
Revenue Recognition
Net sales	5
Marine
Revenue Recognition
Net sales	249
Marine | Transportation
Revenue Recognition
Net sales	249
Sugar
Revenue Recognition
Net sales	51
Sugar | Products
Revenue Recognition
Net sales	50
Sugar | Energy
Revenue Recognition
Net sales	1
Power
Revenue Recognition
Net sales	23
Power | Energy
Revenue Recognition
Net sales	23
All Other
Revenue Recognition
Net sales	4
All Other | Products
Revenue Recognition
Net sales	4
Segment Totals
Revenue Recognition
Net sales	1,579
Segment Totals | Products
Revenue Recognition
Net sales	1,196
Segment Totals | Transportation
Revenue Recognition
Net sales	253
Segment Totals | Energy
Revenue Recognition
Net sales	117
Segment Totals | Other
Revenue Recognition
Net sales	$ 13

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Mar. 31, 2018USD ($)
Revenue Recognition
Performance Obligation	$ 17

Revenue Recognition - Perform29

Revenue Recognition - Performance Obligations (Details)	3 Months Ended
	Mar. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation (as a percent)	33.00%
Expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation (as a percent)	33.00%
Expected timing of satisfaction period	12 months

Revenue Recognition - Practical

Revenue Recognition - Practical Expedient (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue Recognition
Practical expedient, disclosure of performance obligation	true
Contract with Customer, Asset and Liability
Revenue recognized included in deferred revenue at beginning of quarter	$ 68

Revenue Recognition - Cumulativ

Revenue Recognition - Cumulative Effect - Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Revenue - cumulative effect
Total net sales	$ 1,579	$ 1,399
Total cost of sales and operating expenses	1,407	$ 1,261
ASU 2014-09 | Adjustments
Revenue - cumulative effect
Total net sales	4
Total cost of sales and operating expenses	3
ASU 2014-09 | Balances without adoption of Topic 606
Revenue - cumulative effect
Total net sales	1,575
Total cost of sales and operating expenses	$ 1,404

Revenue Recognition - Cumulat32

Revenue Recognition - Cumulative Effect - Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Revenue - cumulative effect
Receivables, net	$ 608	$ 482
Inventory	797	780
Deferred revenue - current	75	$ 81
ASU 2014-09 | Adjustments
Revenue - cumulative effect
Receivables, net	9
Inventory	(16)
Deferred revenue - current	(7)
ASU 2014-09 | Balances without adoption of Topic 606
Revenue - cumulative effect
Receivables, net	599
Inventory	813
Deferred revenue - current	$ 82

Revenue Recognition - Cumulat33

Revenue Recognition - Cumulative Effect - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance	$ (88)	$ 29
Inventories	2	(78)
Current liabilities, exclusive of debt	(67)	$ (53)
ASU 2014-09 | Adjustments
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance	(9)
Inventories	16
Current liabilities, exclusive of debt	(7)
ASU 2014-09 | Balances without adoption of Topic 606
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance	(79)
Inventories	(14)
Current liabilities, exclusive of debt	$ (60)

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2017
Investments
Total trading short-term investments	$ 1,264		$ 1,576
Change in unrealized gains (losses) on trading securities	(22)	$ 38
Domestic equity securities
Investments
Fair Value Equity	744		752
Foreign equity securities
Investments
Fair Value Equity	320		319
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries
Investments
Fair Value	135		439
Collateralized loan obligation
Investments
Fair Value	28		29
High yield securities
Investments
Fair Value	21		21
Money market funds held in trading accounts
Investments
Fair Value	8		10
Other trading securities
Investments
Fair Value	8		6
Denominated in foreign currencies | Money market funds | Maximum
Investments
Fair Value	1		1
Denominated in foreign currencies | Foreign equity securities
Investments
Fair Value Equity	111		114
Denominated in Euros | Foreign equity securities
Investments
Fair Value Equity	47		48
Denominated in Japanese Yen | Foreign equity securities
Investments
Fair Value Equity	24		25
Denominated in British pounds | Foreign equity securities
Investments
Fair Value Equity	19		20
Denominated in Swiss Franc | Foreign equity securities
Investments
Fair Value Equity	6		6
Denominated in other foreign currencies | Foreign equity securities
Investments
Fair Value Equity	$ 15		$ 15

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
At lower of LIFO cost or market:
Live hogs and materials	$ 332	$ 313
Fresh pork and materials	36	28
Inventories at lower of LIFO cost or market, Gross	368	341
LIFO adjustment	(34)	(31)
Total inventories at lower of LIFO cost or market	334	310
At lower of FIFO cost and net realizable value:
Grains, oilseeds and other commodities	209	253
Sugar produced and in process	39	38
Other	76	90
Total inventories at lower of FIFO cost and net realizable value	324	381
Grain, flour and feed at lower of weighted average cost and net realizable value	139	89
Total inventories	$ 797	$ 780

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Net operating loss carry-forwards and tax credit carry-forwards
anticipated tax expense associated with the base-erosion and anti-abuse tax (“BEAT”) provision of the 2017 Tax Act	$ 0
Additional tax expense due to change in tax status	22
Additional deferred tax liabilities due to change in tax status	22
Tax expense on Federal blender’s credits recognized as revenue	4
One-time Federal blender's credits recognized as revenue	42
Maximum
Net operating loss carry-forwards and tax credit carry-forwards
Anticipated tax expense associated with the global intangible low-taxed income (“GILTI”) provision of the 2017 Tax Act	$ 1

Derivatives and Fair Value of37

Derivatives and Fair Value of Financial Instruments-Deferred Comp Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
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
Transfers that occurred into or out of level 2	0
Transfers that occurred into or out of level 3	0
Commodities
Assets:
Margin account	23	$ 20
Domestic equity securities
Assets:
Fair Value Equity	744	752
Foreign equity securities
Assets:
Fair Value Equity	320	319
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries
Assets:
Trading securities	135	439
Collateralized loan obligation
Assets:
Trading securities	28	29
High yield securities
Assets:
Trading securities	21	21
Money market funds held in trading accounts
Assets:
Trading securities	8	10
Other trading securities
Assets:
Trading securities	8	6
Recurring basis | Fair Value
Assets:
Total Assets	1,315	1,629
Liabilities:
Liabilities	12	12
Recurring basis | Fair Value | Commodities
Assets:
Derivatives	5	4
Margin account	23	20
Liabilities:
Derivatives	11	6
Recurring basis | Fair Value | Foreign currencies
Assets:
Derivatives		3
Liabilities:
Derivatives	1	6
Recurring basis | Fair Value | Other current assets | Commodities
Assets:
Derivative assets and liabilities, net basis	17	18
Recurring basis | Fair Value | Domestic equity securities | Short term investments
Assets:
Trading securities		752
Fair Value Equity	744
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities		35
Fair Value Equity	34
Recurring basis | Fair Value | Foreign equity securities | Short term investments
Assets:
Trading securities		319
Fair Value Equity	320
Recurring basis | Fair Value | Foreign equity securities | Other current assets
Assets:
Trading securities		4
Fair Value Equity	4
Recurring basis | Fair Value | Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries | Short term investments
Assets:
Trading securities	135	439
Recurring basis | Fair Value | Collateralized loan obligation | Short term investments
Assets:
Trading securities	28	29
Recurring basis | Fair Value | High yield securities | Short term investments
Assets:
Trading securities	21	21
Recurring basis | Fair Value | Money market funds held in trading accounts | Short term investments
Assets:
Trading securities	8	10
Recurring basis | Fair Value | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities	5	5
Recurring basis | Fair Value | Other trading securities | Short term investments
Assets:
Trading securities	8	6
Recurring basis | Fair Value | Fixed income mutual funds | Other current assets
Assets:
Trading securities	3	2
Recurring basis | Level 1
Assets:
Total Assets	1,260	1,596
Liabilities:
Liabilities	11	6
Recurring basis | Level 1 | Commodities
Assets:
Derivatives	5	4
Liabilities:
Derivatives	11	6
Recurring basis | Level 1 | Domestic equity securities | Short term investments
Assets:
Trading securities		752
Fair Value Equity	744
Recurring basis | Level 1 | Domestic equity securities | Other current assets
Assets:
Trading securities		35
Fair Value Equity	34
Recurring basis | Level 1 | Foreign equity securities | Short term investments
Assets:
Trading securities		319
Fair Value Equity	320
Recurring basis | Level 1 | Foreign equity securities | Other current assets
Assets:
Trading securities		4
Fair Value Equity	4
Recurring basis | Level 1 | Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries | Short term investments
Assets:
Trading securities	111	438
Recurring basis | Level 1 | High yield securities | Short term investments
Assets:
Trading securities	21	21
Recurring basis | Level 1 | Money market funds held in trading accounts | Short term investments
Assets:
Trading securities	8	10
Recurring basis | Level 1 | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities	5	5
Recurring basis | Level 1 | Other trading securities | Short term investments
Assets:
Trading securities	5	6
Recurring basis | Level 1 | Fixed income mutual funds | Other current assets
Assets:
Trading securities	3	2
Recurring basis | Level 2
Assets:
Total Assets	55	33
Liabilities:
Liabilities	1	6
Recurring basis | Level 2 | Foreign currencies
Assets:
Derivatives		3
Liabilities:
Derivatives	1	6
Recurring basis | Level 2 | Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries | Short term investments
Assets:
Trading securities	24	1
Recurring basis | Level 2 | Collateralized loan obligation | Short term investments
Assets:
Trading securities	28	$ 29
Recurring basis | Level 2 | Other trading securities | Short term investments
Assets:
Trading securities	$ 3

Derivatives and Fair Value of38

Derivatives and Fair Value of Financial Instruments-Derivatives (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)lbgalbu	Dec. 31, 2017USD ($)lbgalbu
Equity future contracts
Derivative commodity instruments
Notional amounts | $	$ 371	$ 0
Net commodity purchase contracts | Grain
Derivative commodity instruments
Nonmonetary notional amount | bu	30	29
Net commodity purchase contracts | Hogs
Derivative commodity instruments
Nonmonetary notional amount	26
Net commodity purchase contracts | Soybean oil
Derivative commodity instruments
Nonmonetary notional amount	91	1
Net commodity sale contracts | Hogs
Derivative commodity instruments
Nonmonetary notional amount		13
Net commodity sale contracts | Heating oil
Derivative commodity instruments
Nonmonetary notional amount | gal	17	7
Foreign currencies
Derivative commodity instruments
Notional amounts | $	$ 70	$ 20

Derivatives and Fair Value of39

Derivatives and Fair Value of Financial Instruments-Counterparty Risk (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)item	Apr. 01, 2017USD ($)
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	$ 9	$ 2
Foreign currencies
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Number of counterparties | item	2
Foreign currencies | Maximum
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Credit risk associated with derivative contracts	$ 1
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	(6)	$ (5)
Equity | Other investment income (loss), 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	$ (10)

Derivatives and Fair Value of40

Derivatives and Fair Value of Financial Instruments-Derivatives Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Margin account	$ 23	$ 20
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	5	4
Derivative assets and liabilities, net basis	17	18
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	11	6
Foreign currencies | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives		3
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	1	$ 6
Equity | Short term investments
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	$ 1

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Components of net periodic benefit cost:
Service cost	$ 3	$ 2
Interest cost	3	3
Expected return on plan assets	(3)	(2)
Amortization and other	1	1
Net periodic benefit cost	4	$ 4
Defined benefit pension plan
Target allocation and pension plan asset allocation
Contributions expected to be made to defined benefit pension plans	$ 0

Notes Payable, Long-term Debt42

Notes Payable, Long-term Debt, Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Sep. 19, 2012item
Debt Instrument
Notes payable outstanding	$ 198
Interest rate (as a percent)	3.25%
Total long-term debt at face value	$ 546	$ 536
Current maturities of long-term debt and unamortized discount	(24)	(54)
Long-term debt, less current maturities and unamortized discount	$ 522	482
Contingencies
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. | item			3
Number of civil or criminal proceedings or charges filed | item	0
Notes payable to bank
Debt Instrument
Weighted average interest rate (as a percent)	9.57%
Uncommitted bank lines
Debt Instrument
Maximum capacity	$ 568
Letters of credit outstanding	23
Term loan due 2022
Debt Instrument
Total long-term debt at face value	$ 481	$ 484
Effective interest rate (as a percent)	3.50%	3.20%
Foreign subsidiary obligations due 2018 through 2023
Debt Instrument
Total long-term debt at face value	$ 65	$ 52
Effective interest rate (as a percent)	7.43%	21.80%
Wells Fargo | Committed bank line
Debt Instrument
Maximum capacity	$ 100
Outstanding balance	$ 30
Foreign subsidiaries | Mimran
Debt Instrument
Interest rate (as a percent)	3.25%
Total long-term debt at face value	$ 48
Foreign subsidiaries | Notes payable to bank
Debt Instrument
Notes payable outstanding	198
Weighted average interest rate (as a percent)		10.48%
Foreign subsidiaries | Uncommitted bank lines
Debt Instrument
Notes payable outstanding	136
Maximum capacity	483
Foreign subsidiaries | South African Rand | Notes payable to bank
Debt Instrument
Notes payable outstanding	75
Foreign subsidiaries | Argentine pesos | Notes payable to bank
Debt Instrument
Notes payable outstanding	33
Foreign subsidiaries | Zambian kwacha | Notes payable to bank
Debt Instrument
Notes payable outstanding	$ 9

Stockholders' Equity and Accu43

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2017
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stock repurchase programs, authorized amount	$ 100
Common shares repurchased	0
Changes in the components of other comprehensive loss (OCL), net of related taxes
Foreign currency translation adjustment	$ (10)	$ (2)
Unrealized gain (loss) on investments		1
Unrecognized pension cost	1	1
Other comprehensive loss, net of tax	(9)
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss	(370)		$ (354)
Maximum
Components of accumulated other comprehensive loss, net of related taxes
Tax expense (benefit) recorded on foreign currency translation adjustments	1
Argentine pesos | Sugar
Components of accumulated other comprehensive loss, net of related taxes
Other comprehensive loss recognized related to devaluation of foreign currency	11
Net assets (liabilities)	91
U.S. dollars | Sugar | Maximum
Components of accumulated other comprehensive loss, net of related taxes
Net assets (liabilities)	1
Certain subsidiaries
Components of accumulated other comprehensive loss, net of related taxes
Cumulative foreign currency translation adjustment, net of related taxes		90
Tax expense (benefit) recorded on foreign currency translation adjustments		0
Unrecognized pension cost related to employees at certain subsidiaries	21	19
Tax benefit recorded on unrecognized pension cost	0	$ 0
Foreign currency translation adjustment
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss	(307)		(297)
Unrealized gain on investments
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss			7
Unrecognized pension cost
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss	$ (63)		$ (64)
Effective income tax rate (as a percent)	26.00%	39.00%
Cumulative foreign currency translation adjustment
Components of accumulated other comprehensive loss, net of related taxes
Effective income tax rate (as a percent)		35.00%

Segment Information-Acquisition

Segment Information-Acquisitions (Details) $ / shares in Units, $ in Millions	Jan. 05, 2018USD ($)facility	Mar. 31, 2018USD ($)segment$ / shares	Mar. 31, 2018USD ($)	Apr. 01, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)
Segment Information
Number of reportable segments | segment		6
One-time Federal blender's credits recognized as revenue		$ 42
Tax expense on Federal blender’s credits recognized as revenue		$ 4
Earn-out, high end of range	$ 14
Acquisition
Cash payment, net of $64 million of cash acquired	270
Euro denominated note payable due 2021, 3.25% interest	46
Contingent consideration	14
Total fair value of consideration at acquisition date	330
Cash acquired	64
Interest rate (as a percent)		3.25%	3.25%
Purchase price allocation
Noncontrolling interests		$ 15	$ 15		$ 11
Unaudited pro forma information:
Net sales		1,639		$ 1,463
Net income		$ 36		$ 91
Earnings per common share | $ / shares		$ 30.46		$ 76.78
Pork
Segment Information
One-time Federal blender's credits recognized as revenue		$ 42
Tax expense on Federal blender’s credits recognized as revenue		0
Mimran | Commodity Trading and Milling
Segment Information
Earn-out, low end of range	0
Earn-out, high end of range	$ 48
Earn-out time period following closing, low end of range	5 years
Earn-out time period following closing, high end of range	8 years
Number of flour mills operated | facility	3
Purchase price allocation
Current assets	$ 84
Property, plant and equipment	57
Intangible assets	100
Goodwill	161
Other long-term assets	4
Total assets acquired	406
Current liabilities	(38)
Other long-term liabilities	(34)
Total liabilities assumed	(72)
Less: Noncontrolling interest	(4)
Net fair value of assets acquired	330
Net sales from the date of acquisition			44
Net income from the date of acquisition			$ 5
Unaudited pro forma information:
Acquisition costs					$ 1
Mimran | Commodity Trading and Milling | Trade Names
Purchase price allocation
Intangible Assets	$ 28
Mimran | Commodity Trading and Milling | Trade Names | Minimum
Purchase price allocation
Estimated useful life	7 years
Mimran | Commodity Trading and Milling | Trade Names | Maximum
Purchase price allocation
Estimated useful life	9 years
Mimran | Commodity Trading and Milling | Customer relationships
Purchase price allocation
Intangible Assets	$ 72
Mimran | Commodity Trading and Milling | Customer relationships | Minimum
Purchase price allocation
Estimated useful life	7 years
Mimran | Commodity Trading and Milling | Customer relationships | Maximum
Purchase price allocation
Estimated useful life	11 years
Grain trading and flour milling business | Commodity Trading and Milling
Segment Information
Total consideration invested		$ 18
Percentage of ownership		50.00%	50.00%

Segment Information-DRC (Detail

Segment Information-DRC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2017
Segment Information
Total investment in affiliate	$ 866		$ 851
Income (loss) from affiliates	(6)	$ 1
Commodity Trading and Milling
Segment Information
Total investment in affiliate	259		240
Income (loss) from affiliates	$ (2)	$ 4
Bakery business | Commodity Trading and Milling | Democratic Republic of Congo
Segment Information
Percentage of ownership interest accounted for as equity method investment	50.00%
Total investment in affiliate	$ 0
Notes receivable from affiliates, net	$ 13		$ 15
Percentage of note receivable guaranteed by the other shareholder	50.00%
Income (loss) from affiliates	$ 2

Segment Information- Marine (De

Segment Information- Marine (Details) - Holding company owning interest in Caribbean terminal operation - Marine - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Mar. 31, 2018
Segment Information
Percentage of ownership interest accounted for as equity method investment		36.00%
Write-down on investment	$ 5
Write down on notes receivable from affiliate	1
Write down on receivable from affiliate	$ 3

Segment Information - Turkey (D

Segment Information - Turkey (Details) - Turkey - Butterball, LLC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2017
Segment Information
Total assets	$ 1,061		$ 999
Net sales	321	$ 350
Operating income	2	10
Net income	$ 2	$ 5

Segment Information-Information

Segment Information-Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2017
Segment Information
Sales to External Customers:	$ 1,579	$ 1,399
Operating Income (Loss):	97	68
Income (Loss) from Affiliates:	(6)	1
Total Assets:	5,255		$ 5,161
Investment in and Advances to Affiliates:	866		851
Pork
Segment Information
Sales to External Customers:	466	370
Operating Income (Loss):	92	50
Income (Loss) from Affiliates:	(7)
Investment in and Advances to Affiliates:	224		231
Commodity Trading and Milling
Segment Information
Sales to External Customers:	786	727
Operating Income (Loss):	11	17
Income (Loss) from Affiliates:	(2)	4
Investment in and Advances to Affiliates:	259		240
Marine
Segment Information
Sales to External Customers:	249	234
Operating Income (Loss):	(4)	3
Income (Loss) from Affiliates:		(6)
Investment in and Advances to Affiliates:	29		28
Sugar
Segment Information
Sales to External Customers:	51	40
Operating Income (Loss):	2	3
Investment in and Advances to Affiliates:	4		4
Power
Segment Information
Sales to External Customers:	23	24
Operating Income (Loss):		2
Income (Loss) from Affiliates:	2
Investment in and Advances to Affiliates:	39		38
Turkey
Segment Information
Income (Loss) from Affiliates:	1	3
Investment in and Advances to Affiliates:	311		310
All Other
Segment Information
Sales to External Customers:	4	4
Segment Totals
Segment Information
Operating Income (Loss):	101	75
Total Assets:	3,846		3,353
Segment Totals | Pork
Segment Information
Total Assets:	1,386		1,309
Segment Totals | Commodity Trading and Milling
Segment Information
Total Assets:	1,431		964
Segment Totals | Marine
Segment Information
Total Assets:	347		376
Segment Totals | Sugar
Segment Information
Total Assets:	175		197
Segment Totals | Power
Segment Information
Total Assets:	190		188
Segment Totals | Turkey
Segment Information
Total Assets:	311		315
Segment Totals | All Other
Segment Information
Total Assets:	6		4
Corporate Items
Segment Information
Operating Income (Loss):	(4)	$ (7)
Total Assets:	$ 1,409		$ 1,808