Seaboard (SEB) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 28, 2019	Oct. 23, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2019
Document Transition Report	false
Entity File Number	1-3390
Entity Registrant Name	Seaboard Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2260388
Entity Address, Address Line One	9000 West 67th Street
Entity Address, City or Town	Merriam
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66202
City Area Code	913
Local Phone Number	676-8800
Title of 12(b) Security	Common Stock $1.00 Par Value
Trading Symbol	SEB
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,164,848
Entity Central Index Key	0000088121
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Net sales:
Net sales	$ 1,663	$ 1,651	$ 5,028	$ 4,921
Cost of sales and operating expenses:
Total cost of sales and operating expenses	1,589	1,529	4,768	4,511
Gross income	74	122	260	410
Selling, general and administrative expenses	80	85	247	244
Operating income (loss)	(6)	37	13	166
Other income (expense):
Interest expense	(9)	(12)	(27)	(31)
Interest income	10	3	25	9
Loss from affiliates	(15)	(18)	(49)	(40)
Other investment income, net	2	40	152	15
Foreign currency gains, net	1	9	3	7
Miscellaneous, net	(1)	1	(1)	(1)
Total other income (expense), net	(12)	23	103	(41)
Earnings (loss) before income taxes	(18)	60	116	125
Income tax benefit (expense)	11	(26)	(8)	(52)
Net earnings (loss)	(7)	34	108	73
Less: Net loss attributable to noncontrolling interests	0	1	0	1
Net earnings (loss) attributable to Seaboard	$ (7)	$ 35	$ 108	$ 74
Earnings (loss) per common share	$ (6)	$ 29.93	$ 92.97	$ 62.96
Average number of shares outstanding (in shares)	1,165,081	1,170,550	1,166,073	1,170,550
Other comprehensive income (loss), net of income tax benefit of $0, $(1), $0 and $0:
Foreign currency translation adjustment	$ 2	$ (25)	$ (9)	$ (52)
Unrecognized pension cost	1	1	7	(1)
Other comprehensive income (loss), net of tax	3	(24)	(2)	(53)
Comprehensive income (loss)	(4)	10	106	20
Less: Comprehensive loss attributable to noncontrolling interests	0	1	0	1
Comprehensive income (loss) attributable to Seaboard	(4)	11	106	21
Products
Net sales:
Net sales	1,359	1,338	4,117	4,011
Cost of sales and operating expenses:
Total cost of sales and operating expenses	1,329	1,267	3,981	3,721
Services
Net sales:
Net sales	270	273	814	815
Cost of sales and operating expenses:
Total cost of sales and operating expenses	239	235	717	717
Other
Net sales:
Net sales	34	40	97	95
Cost of sales and operating expenses:
Total cost of sales and operating expenses	$ 21	$ 27	$ 70	$ 73

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Other comprehensive income (loss), income tax benefit	$ 0	$ (1)	$ 0	$ 0
Products
Sales to affiliates	339	295	1,017	944
Services
Sales to affiliates	$ 5	$ 3	$ 13	$ 8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 28, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 121	$ 194
Short-term investments	1,418	1,336
Receivables, net	529	551
Inventories	916	815
Other current assets	112	131
Total current assets	3,096	3,027
Property, plant and equipment, net	1,358	1,160
Operating lease right of use assets, net	443
Investments in and advances to affiliates	734	804
Goodwill	165	167
Other non-current assets	150	149
Total assets	5,946	5,307
Current liabilities:
Lines of credit	210	148
Current maturities of long-term debt	58	39
Accounts payable	235	238
Deferred revenue	46	39
Deferred revenue from affiliates	34	31
Operating lease liabilities	97
Other current liabilities	279	289
Total current liabilities	959	784
Long-term debt, less current maturities	733	739
Long-term operating lease liabilities	382
Deferred income taxes	127	127
Long-term income tax liability	73	73
Other liabilities	262	255
Total non-current liabilities	1,577	1,194
Commitments and contingent liabilities
Stockholders' equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,164,848 shares in 2019 and 1,169,217 shares in 2018	1	1
Accumulated other comprehensive loss	(412)	(410)
Retained earnings	3,811	3,727
Total Seaboard stockholders' equity	3,400	3,318
Noncontrolling interests	10	11
Total equity	3,410	3,329
Total liabilities and stockholders' equity	$ 5,946	$ 5,307

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2019	Dec. 31, 2018
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	1,164,848	1,169,217
Common stock, outstanding shares	1,164,848	1,169,217

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash flows from operating activities:
Net earnings	$ 108	$ 73
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	103	101
Deferred income taxes	(9)	2
Loss from affiliates	49	40
Dividends received from affiliates	7	20
Other investment income, net	(152)	(15)
Other, net	7	16
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance	15	(8)
Inventories	(96)	(106)
Other assets	26	60
Current liabilities, exclusive of debt	12	(17)
Net cash from operating activities	70	166
Cash flows from investing activities:
Purchase of short-term investments	(863)	(685)
Proceeds from the sale of short-term investments	762	667
Proceeds from the maturity of short-term investments	174	32
Capital expenditures	(261)	(95)
Proceeds from the sale of non-consolidated affiliate	24
Cash paid for acquisition of business		(270)
Investments in and advances to affiliates, net	(11)	(26)
Issuance of notes receivable	(16)
Purchase of long-term investments	(14)	(17)
Other, net	10	8
Net cash from investing activities	(195)	(386)
Cash flows from financing activities:
Lines of credit, net	63	13
Proceeds from long-term debt	36	222
Principal payments of long-term debt	(20)	(43)
Repurchase of common stock	(17)
Dividends paid	(7)	(6)
Other, net	(3)	(1)
Net cash from financing activities	52	185
Effect of exchange rate changes on cash and cash equivalents	0	(3)
Net change in cash and cash equivalents	(73)	(38)
Cash and cash equivalents at beginning of year	194	116
Cash and cash equivalents at end of period	$ 121	$ 78

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Common Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Noncontrolling Interest	Total
Increase (Decrease) in Stockholders' Equity
Adoption of accounting guidance		$ (7)	$ 7
Balances at Dec. 31, 2017	$ 1	(354)	3,750	$ 11	$ 3,408
Increase (Decrease) in Stockholders' Equity
Addition to noncontrolling interests				4	4
Comprehensive income:
Net earnings (loss)			32		32
Other comprehensive income (loss), net of tax		(9)			(9)
Dividends on common stock ($1.50/share for 2018 and $2.25/share for 2019)			(2)		(2)
Balances at Mar. 31, 2018	1	(370)	3,787	15	3,433
Balances at Dec. 31, 2017	1	(354)	3,750	11	3,408
Comprehensive income:
Net earnings (loss)					73
Other comprehensive income (loss), net of tax					(53)
Balances at Sep. 29, 2018	1	(414)	3,825	14	3,426
Balances at Mar. 31, 2018	1	(370)	3,787	15	3,433
Comprehensive income:
Net earnings (loss)			7		7
Other comprehensive income (loss), net of tax		(20)			(20)
Dividends on common stock ($1.50/share for 2018 and $2.25/share for 2019)			(2)		(2)
Balances at Jun. 30, 2018	1	(390)	3,792	15	3,418
Comprehensive income:
Net earnings (loss)			35	(1)	34
Other comprehensive income (loss), net of tax		(24)			(24)
Dividends on common stock ($1.50/share for 2018 and $2.25/share for 2019)			(2)		(2)
Balances at Sep. 29, 2018	1	(414)	3,825	14	3,426
Balances at Dec. 31, 2018	1	(410)	3,727	11	3,329
Increase (Decrease) in Stockholders' Equity
Reduction to noncontrolling interests				(1)	(1)
Comprehensive income:
Net earnings (loss)			57		57
Other comprehensive income (loss), net of tax		1			1
Repurchase of common stock			(13)		(13)
Dividends on common stock ($1.50/share for 2018 and $2.25/share for 2019)			(3)		(3)
Balances at Mar. 30, 2019	1	(409)	3,768	10	3,370
Balances at Dec. 31, 2018	1	(410)	3,727	11	3,329
Comprehensive income:
Net earnings (loss)					108
Other comprehensive income (loss), net of tax					(2)
Repurchase of common stock					(17)
Balances at Sep. 28, 2019	1	(412)	3,811	10	3,410
Balances at Mar. 30, 2019	1	(409)	3,768	10	3,370
Comprehensive income:
Net earnings (loss)			58		58
Other comprehensive income (loss), net of tax		(6)			(6)
Repurchase of common stock			(1)		(1)
Dividends on common stock ($1.50/share for 2018 and $2.25/share for 2019)			(2)		(2)
Balances at Jun. 29, 2019	1	(415)	3,823	10	3,419
Comprehensive income:
Net earnings (loss)			(7)		(7)
Other comprehensive income (loss), net of tax		3			3
Repurchase of common stock			(3)		(3)
Dividends on common stock ($1.50/share for 2018 and $2.25/share for 2019)			(2)		(2)
Balances at Sep. 28, 2019	$ 1	$ (412)	$ 3,811	$ 10	$ 3,410

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018
Condensed Consolidated Statements of Changes in Equity
Dividends on common stock (in dollars per share)	$ 2.25	$ 2.25	$ 2.25	$ 1.50	$ 1.50	$ 1.50

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 28, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	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, 2018 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, lease liabilities and right of use (“ROU”) assets and accrued pension liability. Actual results could differ from those estimates. Supplemental Cash Flow Information Non-cash investing and financing activities for the nine months ended September 28, 2019, included leased assets obtained in exchange for new operating and finance lease liabilities of $62 million and $31 million, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $101 million, all included in net cash from operating activities. Cash paid for amounts included in the measurement of finance lease liabilities was $2 million. Seaboard reports the amortization of ROU assets and the change in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statement of cash flows. Goodwill and Other Intangible Assets The change in the carrying amount of goodwill of $2 million from year-end to September 28, 2019 was related to foreign currency exchange differences within the Commodity Trading and Milling (“CT&M”) segment. As of September 28, 2019, intangible assets were $62 million, net of accumulated amortization of $13 million. Recently Issued Accounting Standard Adopted On January 1, 2019, Seaboard adopted guidance which requires the recognition of ROU assets and lease liabilities for most leases. As a result of this adoption, Seaboard recorded operating lease ROU assets of $460 million, adjusted for the deferred rent liability balance at year-end, and lease liabilities of $498 million. The adoption of the new guidance did not have a material impact on the condensed consolidated statement of comprehensive income and the condensed consolidated statement of cash flows. The accounting for finance leases, formerly called capital leases, remained substantially unchanged. Seaboard adopted the new guidance using the effective date method and, therefore, prior period financials were not revised. Seaboard elected the package of practical expedients available upon transition, which permitted Seaboard to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. See Note 4 for additional details on the impact of adopting this new accounting standard. Recently Issued Accounting Standard Not Yet Adopted In June 2016, the Financial Accounting Standards Board issued guidance on the measurement of financial instrument credit losses that requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine the allowance for doubtful accounts with respect to accounts receivable and notes receivable. The CECL model requires estimation of lifetime expected credit loss based on historical experience, current conditions and reasonable supportable forecasts. The new guidance replaces the existing incurred loss model and will be effective for Seaboard on January 1, 2020. The adoption of this standard will be through a cumulative-effect adjustment to retained earnings as of the effective date. Seaboard is currently evaluating the impact of the new guidance on the consolidated financial statements.

Investments

Investments	9 Months Ended
	Sep. 28, 2019
Investments
Investments	​ Note 2 – Investments The following is a summary of the estimated fair value of short-term investments classified as trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) 2019 ​ 2018 Domestic equity securities ​ $ 669 ​ $ 632 ​ Domestic debt securities ​ ​ 413 ​ ​ 268 ​ Foreign equity securities ​ 191 ​ 218 ​ High yield securities ​ ​ 57 ​ ​ 19 ​ Foreign debt securities ​ ​ 39 ​ ​ 16 ​ Collateralized loan obligations ​ ​ 27 ​ ​ 28 ​ Money market funds held in trading securities ​ 13 ​ 146 ​ Term deposits ​ ​ 4 ​ ​ 9 ​ Other trading securities ​ ​ 5 ​ ​ — ​ Total trading short-term investments ​ $ 1,418 ​ $ 1,336 ​ ​ The change in unrealized gains related to trading securities still held at the end of the respective reporting period was $2 million and $124 million for the three and nine months ended September 28, 2019, respectively, and $37 million and $15 million for the three and nine months ended September 29, 2018, respectively. Seaboard had $57 million of equity securities denominated in foreign currencies as of September 28, 2019, with $29 million in euros, $11 million in Japanese yen, $8 million in British pounds, $3 million in Swiss francs and the remaining $6 million in various other currencies. As of December 31, 2018, Seaboard had $66 million of equity securities denominated in foreign currencies, with $25 million in euros, $20 million in Japanese yen, $9 million in British pounds, $3 million in Swiss francs and the remaining $9 million in various other currencies. Also, money market funds included $2 million and $10 million denominated in various foreign currencies as of September 28, 2019 and December 31, 2018, respectively. Term deposits are denominated in the West African franc.

Inventories

Inventories	9 Months Ended
	Sep. 28, 2019
Inventories
Inventories	Note 3 – Inventories The following is a summary of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 ​ At lower of LIFO cost or market: ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ $ 376 ​ $ 361 ​ Fresh pork and materials ​ 35 ​ 36 ​ LIFO adjustment ​ (66) ​ (58) ​ Total inventories at lower of LIFO cost or market ​ 345 ​ 339 ​ At lower of FIFO cost and net realizable value: ​ ​ ​ ​ ​ ​ ​ Grains, oilseeds and other commodities ​ 306 ​ 229 ​ Sugar produced and in process ​ 25 ​ 17 ​ Other ​ 78 ​ 81 ​ Total inventories at lower of FIFO cost and net realizable value ​ 409 ​ 327 ​ Grain, flour and feed at lower of weighted average cost and net realizable value ​ 162 ​ 149 ​ Total inventories ​ $ 916 ​ $ 815 ​ ​

Leases

Leases	9 Months Ended
	Sep. 28, 2019
Leases
Leases	Note 4 – Leases Seaboard’s operating leases are primarily for ports, vessels, contract grower assets, and to a lesser extent, other land, buildings, and machinery and equipment. Seaboard’s finance leases are primarily for contract grower assets. Seaboard’s Marine segment leases its PortMiami terminal, among other ports. The Marine and CT&M segments lease vessels for use in operations. The Pork segment has contract grower agreements in place with farmers to raise a portion of Seaboard’s hogs using the farmer’s buildings, land and equipment. Seaboard elected to account for lease and nonlease maintenance components as a single lease component for all classes of underlying assets. Seaboard’s nonlease components are primarily for services related to labor associated with caring for hogs in its contract grower agreements and crew services on vessel charter arrangements. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. As of September 28, 2019, the weighted average remaining lease term for Seaboard’s operating and finance leases was approximately 7 years and 9 years, respectively. Seaboard’s lease terms vary depending upon the class of asset and some leases include options to extend or terminate. Since Seaboard is not reasonably certain to exercise these renewal or termination options, the options are not considered in determining the lease term, and associated potential option payments or penalties are excluded from lease payments. Seaboard has elected not to recognize ROU assets and lease liabilities for short-term leases for all classes of underlying assets. Short-term leases are leases with terms greater than 1 month, but less than 12 months. The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three ​ Nine ​ ​ ​ ​ Months ​ Months ​ ​ ​ ​ Ended ​ Ended ​ (Millions of dollars) ​ September 28, 2019 ​ September 28, 2019 ​ Operating lease cost ​ ​ $ 33 ​ $ 100 ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right of use assets ​ ​ ​ 1 ​ ​ 2 ​ Interest on lease liabilities ​ ​ ​ 1 ​ ​ 1 ​ Variable lease cost ​ ​ ​ 3 ​ ​ 7 ​ Short-term lease cost ​ ​ ​ 12 ​ ​ 35 ​ Total lease cost ​ ​ $ 50 ​ $ 145 ​ ​ Operating lease cost and short-term lease cost are recognized on a straight-line basis over the lease term. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset. Variable lease payments are recognized when the circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are primarily for payments in excess of minimums with regards to throughput of shipping containers. Short-term leases are primarily for containers and vessels at Seaboard’s Marine segment. Lease cost is included in various line items in the condensed consolidated statements of comprehensive income or capitalized to inventory. Rental expense for leases with terms of a month or less are excluded from the total lease cost above. Seaboard’s operating lease assets and liabilities are reported separately in the condensed consolidated balance sheet. The classification of Seaboard’s finance leases in the condensed consolidated balance sheet as of September 28, 2019 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ Description ​ Balance Sheet Classification ​ ​ (Millions of dollars) ​ Finance lease right of use assets, net ​ Property, plant and equipment, net ​ $ 39 ​ Finance lease liabilities ​ Other current liabilities ​ ​ 4 ​ Non-current finance lease liabilities ​ Other liabilities ​ ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of lease liabilities as of September 28, 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ (Millions of dollars) Leases ​ ​ Leases Remainder of 2019 $ 41 ​ $ 1 ​ 2020 ​ 117 ​ 6 ​ 2021 ​ 103 ​ ​ 6 ​ 2022 ​ 77 ​ ​ 6 ​ 2023 ​ 56 ​ ​ 5 ​ Thereafter ​ 205 ​ 23 ​ Total undiscounted lease payments ​ 599 ​ ​ 47 ​ Less imputed interest ​ (120) ​ ​ (13) ​ Total lease liability $ 479 ​ $ 34 ​ ​ Seaboard’s weighted average discount rate for operating and finances leases was 6.63% and 6.96%, respectively, as of September 28, 2019. There were estimates and judgments made in determining Seaboard’s multiple discount rates based on term, country and currency, including developing a secured credit rating and spreading market yield data across maturities and country risk-free rates. Below is Seaboard’s commitments table as of December 31, 2018 that disclosed operating lease payments for the next five years and thereafter. Seaboard had no material capital leases as of December 31, 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ (Millions of dollars) ​ ​ 2019 2020 2021 2022 2023 Thereafter ​ Ports ​ ​ ​ $ 18 ​ $ 18 ​ $ 19 ​ $ 19 ​ $ 20 ​ $ 109 ​ Vessel, time and voyage-charters ​ ​ ​ 58 ​ 27 ​ 26 ​ 13 ​ 8 ​ 25 ​ Contract grower agreements ​ ​ ​ ​ 47 ​ 41 ​ 37 ​ 27 ​ 18 ​ 61 ​ Other operating lease payments ​ ​ ​ 18 ​ 13 ​ 9 ​ 8 ​ 6 ​ 15 ​ Total unrecognized non-cancelable commitments ​ ​ ​ $ 141 ​ $ 99 ​ $ 91 ​ $ 67 ​ $ 52 ​ $ 210 ​

Lines of Credit, Long-Term Debt

Lines of Credit, Long-Term Debt, Commitments and Contingencies	9 Months Ended
	Sep. 28, 2019
Lines of Credit, Long-term Debt, Commitments and Contingencies
Lines of Credit, Long-Term Debt, Commitments and Contingencies	Note 5 – Lines of Credit, Long-Term Debt, Commitments and Contingencies Lines of Credit The outstanding balance under uncommitted lines of credit was $210 million as of September 28, 2019, with $127 million denominated in South African rand, $22 million denominated in Canadian dollars, $18 million denominated in Zambian kwacha and $3 million denominated in Brazilian real. The weighted average interest rate for outstanding uncommitted lines of credit was 7.30% and 7.76% as of September 28, 2019 and December 31, 2018, respectively. The uncommitted lines of credit are unsecured and do not require compensating balances. Also, Seaboard has a $100 million committed credit line secured by certain short-term investments with no balance outstanding as of September 28, 2019. During the third quarter of 2019, Seaboard renewed this credit line through September 25, 2020, with no other changes to the agreement. S eaboard’s borrowing capacity under its uncommitted and committed lines of credit was reduced by the outstanding balances and letters of credit totaling $18 million as of September 28, 2019. Long-Term Debt Long-term debt includes borrowings under term loans and other contractual obligations for payment, including notes payable. The following is a summary of long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) ​ ​ 2019 ​ 2018 Term Loan due 2028 ​ $ 695 ​ $ 698 ​ Foreign subsidiary obligations due 2019 through 2023 ​ ​ 97 ​ ​ 81 ​ Total long-term debt at face value ​ ​ 792 ​ ​ 779 ​ Current maturities of long-term debt and unamortized discount and costs ​ ​ (59) ​ ​ (40) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 733 ​ $ 739 ​ ​ The interest rate on the Term Loan due 2028 was 3.74% and 4.15% as of September 28, 2019 and December 31, 2018, respectively. The weighted average interest rate on Seaboard’s foreign subsidiary obligations was 3.76% and 3.80% as of September 28, 2019 and December 31, 2018, respectively. Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of September 28, 2019. Contingencies On June 28, 2018, Wanda Duryea and eleven other indirect purchasers of pork products, acting on behalf of themselves and a putative class of indirect purchasers of pork products, filed a class action complaint in the U.S. District Court for the District of Minnesota against several pork processors, including Seaboard Foods LLC and Agri Stats, Inc., a company described in the complaint as a data sharing service. Subsequent to the filing of this initial complaint, additional class action complaints making similar claims on behalf of putative classes of direct and indirect purchasers were filed in the U.S. District Court for the District of Minnesota. The complaints were amended and consolidated, for pre-trial purposes, into three consolidated putative class actions brought on behalf of (a) direct purchasers, (b) consumer indirect purchasers and (c) commercial and institutional indirect purchasers. The amended complaints named Seaboard Corporation as an additional defendant. The consolidated actions are styled In re Pork Antitrust Litigation On March 20, 2018, the bankruptcy trustee (the “Trustee”) for Cereoil Uruguay S.A. (“Cereoil”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard and Seaboard’s subsidiaries, Seaboard Overseas Limited (“SOL”) and Seaboard Uruguay Holdings Ltd. (“Seaboard Uruguay”). Seaboard has a 45% indirect ownership of Cereoil. The suit seeks an order requiring Seaboard, SOL, and Seaboard Uruguay to reimburse Cereoil the amount of $22 million, contending that deliveries of soybeans to SOL pursuant to purchase agreements should be set aside as fraudulent conveyances. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and its two subsidiaries could be ordered to pay the amount of $22 million. Any award in this case would offset against any award in the additional case described below filed by the Trustee on April 27, 2018. On April 27, 2018, the Trustee for Cereoil filed another suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard, SOL, Seaboard Uruguay, all directors of Cereoil, including two individuals employed by Seaboard who served as directors at the behest of Seaboard, and the Chief Financial Officer of Cereoil, an employee of Seaboard who also served at the behest of Seaboard (collectively, the “Cereoil Defendants”). The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Cereoil’s insolvency, and thus should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing lists total liabilities of $53 million and assets of $30 million. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Cereoil, which based on the bankruptcy schedules would total $23 million. It is possible that the net indebtedness could be higher than this amount if Cereoil’s liabilities are greater than $53 million and/or Cereoil’s assets are worth less than $30 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. Any award in this case would offset against any award in the case described above filed on March 20, 2018. A creditor of Cereoil which has a claim in the bankruptcy proceeding pending in Uruguay of approximately $10 million, plus accrued interest, has threatened to bring legal action in the United States against Seaboard alleging on various legal theories that Seaboard is responsible for this same indebtedness. Seaboard is evaluating this claim. On May 15, 2018, the Trustee for Nolston S.A. (“Nolston”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard and the other Cereoil Defendants. Seaboard has a 45% indirect ownership of Nolston. The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Nolston’s insolvency, and thus should be ordered to pay all liabilities of Nolston, net of assets. The bankruptcy filing lists total liabilities of $29 million and assets of $15 million. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Nolston, which based on the bankruptcy schedules would total $14 million. It is possible that the net indebtedness could be higher than this amount if Nolston’s liabilities are greater than $29 million and/or Nolston’s assets are worth less than $15 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. 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 reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the government’s inquiry. 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. Guarantees 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 September 28, 2019, 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 Lines of Credit above for discussion of letters of credit .

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 28, 2019
Employee Benefits
Employee Benefits	Note 6 – Employee Benefits Seaboard has a defined benefit pension plan for certain domestic salaried and clerical employees. At this time, no contributions are expected to be made to the plan in 2019. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has 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. The net periodic benefit cost for all of these plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, (Millions of dollars) 2019 2018 2019 2018 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2 ​ $ 2 ​ $ 6 ​ $ 7 ​ Interest cost ​ 3 ​ 3 ​ 9 ​ 8 ​ Expected return on plan assets ​ (2) ​ (3) ​ (7) ​ (8) ​ Amortization and other ​ 1 ​ 2 ​ 5 ​ 5 ​ Net periodic benefit cost ​ $ 4 ​ $ 4 ​ $ 13 ​ $ 12 ​ ​ Seaboard participated in a multi-employer pension fund, the United Food and Commercial Workers International Union-Industry Pension Fund (the “Fund”). Pursuant to a collective bargaining agreement, Seaboard made contributions to the Fund based on hours worked by certain union employees who are participants in the Fund. Effective July 22, 2019, after ratification of a renewed collective bargaining agreement, Seaboard ceased contributing to the Fund, which will result in the termination of participation in the Fund. Seaboard recorded an estimated $14 million withdrawal liability during the third quarter of 2019, that will be payable in quarterly installments over 20 years .

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments	9 Months Ended
	Sep. 28, 2019
Derivatives and Fair Value of Financial Instruments
Derivatives and Fair Value of Financial Instruments	Note 7 – Derivatives and Fair Value of Financial Instruments The following tables shows assets and liabilities measured at fair value on a recurring basis as of September 28, 2019 and December 31, 2018, and also the level within the fair value hierarchy used to measure each category of assets and liabilities. The trading securities classified as other current assets below are assets held for Seaboard’s deferred compensation plans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2019 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 669 ​ $ 669 ​ $ — ​ $ — ​ Domestic debt securities ​ 413 ​ 115 ​ 298 ​ — ​ Foreign equity securities ​ ​ 191 ​ ​ 191 ​ ​ — ​ ​ — ​ High yield securities ​ ​ 57 ​ ​ 10 ​ ​ 47 ​ ​ — ​ Foreign debt securities ​ ​ 39 ​ ​ — ​ ​ 39 ​ ​ — ​ Collateralized loan obligations ​ 27 ​ — ​ ​ 27 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 13 ​ ​ 13 ​ ​ — ​ ​ — ​ Term deposits ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ — ​ Other trading securities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 37 ​ 37 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 5 ​ ​ 5 ​ — ​ — ​ Foreign equity securities ​ 2 ​ 2 ​ — ​ — ​ Fixed income securities ​ 2 ​ 2 ​ — ​ — ​ Other ​ 1 ​ — ​ 1 ​ — ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ 6 ​ 6 ​ — ​ — ​ Foreign currencies ​ 1 ​ — ​ 1 ​ — ​ Total Assets ​ $ 1,472 ​ $ 1,059 ​ $ 413 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 12 ​ $ — ​ $ — ​ $ 12 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ ​ 6 ​ ​ 6 ​ ​ — ​ ​ — ​ Foreign currencies ​ 1 ​ — ​ 1 ​ — ​ Total Liabilities ​ $ 19 ​ $ 6 ​ $ 1 ​ $ 12 ​ ​ (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 September 28, 2019, the commodity derivatives had a margin account balance of $19 million resulting in a net other current asset in the condensed consolidated balance sheet of $19 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2018 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 632 ​ $ 632 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 268 ​ ​ 215 ​ ​ 53 ​ ​ — ​ Foreign equity securities ​ ​ 218 ​ ​ 218 ​ ​ — ​ ​ — ​ Money market funds held in trading accounts ​ 146 ​ 146 ​ — ​ — ​ Collateralized loan obligations ​ ​ 28 ​ ​ — ​ ​ 28 ​ ​ — ​ High yield securities ​ ​ 19 ​ ​ 7 ​ ​ 12 ​ ​ — ​ Foreign debt securities ​ ​ 16 ​ ​ 2 ​ ​ 14 ​ ​ — ​ Term deposits ​ ​ 9 ​ ​ 9 ​ ​ — ​ ​ — ​ Other trading securities ​ 5 ​ 5 ​ — ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 32 ​ 32 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 5 ​ ​ 5 ​ ​ — ​ — ​ Foreign equity securities ​ 3 ​ 3 ​ — ​ — ​ Fixed income securities ​ 3 ​ 3 ​ — ​ — ​ Other ​ 1 ​ 1 ​ — ​ — ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ 6 ​ 4 ​ 2 ​ — ​ Foreign currencies ​ 2 ​ — ​ 2 ​ — ​ Total Assets ​ $ 1,393 ​ $ 1,282 ​ $ 111 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other trading securities ​ $ 5 ​ $ — ​ $ 5 ​ $ — ​ Contingent consideration ​ ​ 13 ​ ​ — ​ ​ — ​ ​ 13 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ ​ 4 ​ $ 4 ​ $ — ​ $ — ​ Total Liabilities ​ $ 22 ​ $ 4 ​ $ 5 ​ $ 13 ​ ​ (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, 2018, the commodity derivatives had a margin account balance of $15 million resulting in a net other current asset in the condensed consolidated balance sheet of $17 million. ​ Financial instruments consisting of cash and cash equivalents, net receivables, lines of credit and accounts payable are carried at cost, which approximates fair value as a result of the short-term nature of the instruments. The fair value of short-term investments is measured using multiple levels. Domestic debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs. Domestic debt securities categorized as level 2 include corporate bonds, mortgage-backed securities, asset-backed securities and U.S. Treasuries. Foreign debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs with a country of origin concentration outside the U.S. Foreign debt securities categorized as level 2 include foreign government or government related securities and asset-backed securities with a country of origin concentration outside the U.S. High yield securities categorized as level 1 in the fair value hierarchy include high yield securities held in mutual funds and ETFs, and level 2 includes corporate bonds and bank loans. The fair value of long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. As Seaboard’s long-term debt is mostly variable-rate, the 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 related to a 2018 acquisition was classified as a level 3 in the fair value hierarchy since the calculation is dependent upon projected company specific inputs using a Monte Carlo simulation. Seaboard will remeasure the estimated fair value of the contingent consideration liability until settled. 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 reporting period. The nature of Seaboard’s market risk exposure has not changed materially since December 31, 2018. 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. As of September 28, 2019, Seaboard had open net derivative contracts to purchase 34 million pounds of hogs and 32 million bushels of grain and open net derivative contracts to sell 84 million pounds of soybean oil and 4 million gallons of heating oil. As of December 31, 2018, Seaboard had open net derivative contracts to purchase 33 million bushels of grain and 8 million pounds of soybean oil and open net derivative contracts to sell 26 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 (losses), net in the condensed consolidated statements of comprehensive income. As of September 28, 2019 and December 31, 2018, 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 $34 million and $82 million, respectively, primarily related to the South African rand and euro. 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 applicable agreements. As of September 28, 2019, Seaboard had a maximum aggregate amount of loss due to credit risk of $1 million with three counterparties related to foreign currency exchange agreements. Seaboard does not hold any collateral related to these agreements. Equity Futures Contracts Seaboard enters into equity futures contracts to manage the equity price risk with respect to certain short-term investments. Equity futures contracts are recorded at fair value with changes in value marked-to-market as a component of other investment income (loss), net in the condensed consolidated statements of comprehensive income. The notional amounts of these equity futures contracts were $2 million and $97 million as of September 28, 2019 and December 31, 2018, respectively. ​ 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 ​ Nine Months Ended ​ ​ ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, ​ (Millions of dollars) ​ 2019 2018 2019 2018 Commodities Cost of sales ​ $ (17) ​ $ — ​ $ (48) ​ $ (16) ​ Foreign currencies Cost of sales ​ 1 ​ 2 ​ 5 ​ (2) ​ Equity ​ Other investment income (loss), net ​ ​ — ​ ​ — ​ ​ (3) ​ ​ (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 ​ ​ ​ ​ ​ September 28, ​ December 31, ​ ​ ​ September 28, ​ December 31, ​ (Millions of dollars) ​ 2019 2018 ​ 2019 2018 ​ Commodities (1) Other current assets ​ $ 6 ​ $ 6 Other current liabilities ​ $ 6 ​ $ 4 ​ Foreign currencies Other current assets ​ 1 ​ 2 Other current liabilities ​ 1 ​ — ​ Equity (1) Short-term investments ​ — ​ — Short-term investments ​ — ​ 5 ​ ​ (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. Seaboard’s equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.

Stockholders' Equity and Accumu

Stockholders' Equity and Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 28, 2019
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stockholders' Equity and Accumulated Other Comprehensive Loss	Note 8 – Stockholders’ Equity and Accumulated Other Comprehensive Loss In October 2019, the Board of Directors extended through October 31, 2020 Seaboard’s share repurchase program. 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, 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 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. As of September 28, 2019, $78 million remained available for repurchase under this program. Seaboard repurchased 4,369 shares of common stock at a total price of $17 million during the nine months ended September 28, 2019. The changes in the components of other comprehensive income (loss), net of related taxes, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ September 28, ​ ​ September 29, ​ ​ September 28, ​ ​ September 29, (Millions of dollars) 2019 ​ 2018 ​ 2019 ​ 2018 Foreign currency translation adjustment $ 2 ​ $ (25) ​ $ (9) ​ $ (52) ​ Unrecognized pension cost (1) ​ 1 ​ ​ 1 ​ ​ 7 ​ ​ (1) ​ Other comprehensive income (loss), net of tax $ 3 ​ $ (24) ​ $ (2) ​ $ (53) ​ ​ (1) This primarily represents the amortization of actuarial losses that were included in net periodic benefit cost. Amounts for the nine months ended September 29, 2018 included other actuarial adjustments. ​ ​ The components of accumulated other comprehensive loss, net of related taxes, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 Cumulative foreign currency translation adjustment ​ $ (358) ​ $ (349) ​ Unrecognized pension cost ​ (54) ​ (61) ​ Total accumulated other comprehensive loss ​ $ (412) ​ $ (410) ​ ​ The cumulative foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar & Alcohol segment. However, effective in the third quarter of 2018, the Sugar & Alcohol segment’s functional currency changed from the Argentine peso to the U.S. dollar due to highly inflationary accounting. As of September 28, 2019 and September 29, 2018, income taxes for the cumulative unrecognized pension cost were recorded using an effective tax rate of 26% except for unrecognized pension cost of $20 million and $23 million, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 28, 2019
Revenue Recognition
Revenue Recognition	Note 9 – Revenue Recognition ​ Seaboard has multiple segments with diverse revenue streams. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 28, 2019 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 381 ​ $ 906 ​ $ — ​ $ 32 ​ $ — ​ $ 5 ​ $ 1,324 ​ Transportation ​ ​ — ​ ​ — ​ ​ 256 ​ ​ — ​ ​ — ​ ​ — ​ ​ 256 ​ Energy ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 30 ​ ​ — ​ ​ 69 ​ Other ​ ​ 7 ​ ​ 7 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14 ​ Segment/Consolidated Totals ​ $ 423 ​ $ 913 ​ $ 256 ​ $ 36 ​ $ 30 ​ $ 5 ​ $ 1,663 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 29, 2018 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 334 ​ $ 894 ​ $ — ​ $ 39 ​ $ — ​ $ 5 ​ $ 1,272 ​ Transportation ​ ​ 4 ​ ​ — ​ ​ 259 ​ ​ — ​ ​ — ​ ​ — ​ ​ 263 ​ Energy ​ ​ 66 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 34 ​ ​ — ​ ​ 104 ​ Other ​ ​ 8 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 412 ​ $ 898 ​ $ 259 ​ $ 43 ​ $ 34 ​ $ 5 ​ $ 1,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 28, 2019 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,165 ​ $ 2,731 ​ $ — ​ $ 86 ​ $ — ​ $ 13 ​ $ 3,995 ​ Transportation ​ ​ 7 ​ ​ — ​ ​ 769 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 777 ​ Energy ​ ​ 122 ​ ​ — ​ ​ — ​ ​ 5 ​ ​ 92 ​ ​ — ​ ​ 219 ​ Other ​ ​ 24 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ Segment/Consolidated Totals ​ $ 1,318 ​ $ 2,744 ​ $ 769 ​ $ 91 ​ $ 92 ​ $ 14 ​ $ 5,028 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 29, 2018 (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,060 ​ $ 2,560 ​ $ — ​ $ 149 ​ $ — ​ $ 13 ​ $ 3,782 ​ Transportation ​ ​ 12 ​ ​ — ​ ​ 771 ​ ​ — ​ ​ — ​ ​ — ​ ​ 783 ​ Energy ​ ​ 225 ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 88 ​ ​ — ​ ​ 319 ​ Other ​ ​ 23 ​ ​ 14 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ Segment/Consolidated Totals ​ $ 1,320 ​ $ 2,574 ​ $ 771 ​ $ 155 ​ $ 88 ​ $ 13 ​ $ 4,921 ​ ​ 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 and nine months ended September 28, 2019 and September 29, 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 September 28, 2019, Seaboard had $8 million of remaining performance obligations that extend beyond one year, of which 20% is expected to be recognized as net sales in 2019 and the remaining balance in 2020. Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment, which operates internationally with sales in Africa, South America, the Caribbean and Asia, 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. Except for the long-term performance obligation discussed above, the deferred revenue balance as of December 31, 2018 was fully recognized as revenue during the three months ended March 30, 2019.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2019
Income Taxes
Income Taxes	Note 10 – Income Taxes Seaboard computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. Seaboard’s projected annual income tax rate for the third quarter of 2019 included $3 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. In the normal course of business, Seaboard’s tax filings are subject to audit by federal, state and foreign tax authorities. The Internal Revenue Service began an examination of Seaboard’s 2016 U.S. income tax return during the third quarter of 2019.

Segment Information

Segment Information	9 Months Ended
	Sep. 28, 2019
Segment Information
Segment Information	​ Note 11 – Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar & Alcohol, Power and Turkey, each offering a specific product or service. For details on the respective products or services, see Note 14 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2018. Below are segment updates from year-end. In February 2019, the Pork segment entered into an asset purchase agreement to buy an idle ethanol plant in Hugoton, Kansas for approximately $40 million. Seaboard accounted for this transaction as an asset acquisition as no workforce or substantive processes were acquired. The purchase price was allocated to property, plant and equipment based on a relative fair value basis. In September 2019, Seaboard’s Power segment sold its 29.9% noncontrolling interest in a Dominican Republic electricity generation facility for $23 million cash, net of $1 million in selling expenses and taxes and recorded a $6 million note receivable in other non-current assets in the condensed consolidated balance sheet. There was no gain or loss recognized in the condensed consolidated statements of comprehensive income upon the sale. The Power segment is currently constructing a new floating power barge for use in the Dominican Republic that is anticipated to begin operations in 2021. The total project is expected to exceed $160 million. Seaboard’s Power segment continues to explore strategic alternatives, including the possible sale or relocation of the existing power barge. The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). In August 2019, Seaboard provided approximately $8 million in loans to Butterball that mature on October 30, 2020. Interest accrues on the principal outstanding balance at the prime rate plus 2% per annum and is payable monthly. Notes receivable issued to affiliates are presented in receivables, net or other non-current assets in the condensed consolidated balance sheet depending upon the remaining maturity. As of September 28, 2019 and December 31, 2018, Butterball had total assets of $1,193 million and $1,072 million, respectively. Butterball’s summarized income statement information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 28, ​ ​ September 29, ​ ​ September 28, ​ ​ September 29, ​ (Millions of dollars) ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ Net sales ​ $ 416 ​ $ 399 ​ $ 1,062 ​ $ 1,046 ​ Operating loss ​ $ (15) ​ $ (19) ​ $ (42) ​ $ (29) ​ Net loss ​ $ (22) ​ $ (23) ​ $ (59) ​ $ (36) ​ ​ The following tables set forth specific financial information about each segment as reviewed by Seaboard’s management. Operating income (loss) for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income (loss), 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 benefit (expense) on a segment basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales to External Customers: ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, (Millions of dollars) 2019 2018 2019 2018 Pork ​ $ 423 ​ $ 412 ​ $ 1,318 ​ $ 1,320 ​ CT&M ​ 913 ​ 898 ​ 2,744 ​ 2,574 ​ Marine ​ 256 ​ 259 ​ 769 ​ 771 ​ Sugar & Alcohol ​ 36 ​ 43 ​ 91 ​ 155 ​ Power ​ 30 ​ 34 ​ 92 ​ 88 ​ All Other ​ 5 ​ 5 ​ 14 ​ 13 ​ Segment/Consolidated Totals ​ $ 1,663 ​ $ 1,651 ​ $ 5,028 ​ $ 4,921 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ Nine Months Ended ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, ​ (Millions of dollars) 2019 2018 2019 2018 Pork ​ $ (22) ​ $ 2 ​ $ (31) ​ $ 111 ​ CT&M ​ 14 ​ 21 ​ 50 ​ 30 ​ Marine ​ (2) ​ 9 ​ 2 ​ 9 ​ Sugar & Alcohol ​ (1) ​ 5 ​ (9) ​ 17 ​ Power ​ 9 ​ 7 ​ 21 ​ 13 ​ All Other ​ 1 ​ 1 ​ 2 ​ 2 ​ Segment Totals ​ (1) ​ 45 ​ 35 ​ 182 ​ Corporate ​ (5) ​ (8) ​ (22) ​ (16) ​ Consolidated Totals ​ $ (6) ​ $ 37 ​ $ 13 ​ $ 166 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, (Millions of dollars) 2019 2018 2019 2018 Pork ​ $ (5) ​ $ (8) ​ $ (19) ​ $ (21) ​ CT&M ​ ​ (1) ​ ​ (4) ​ ​ (6) ​ ​ (10) ​ Marine ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 1 ​ Sugar & Alcohol ​ — ​ 1 ​ 1 ​ 1 ​ Power ​ ​ 1 ​ ​ 4 ​ ​ 3 ​ ​ 7 ​ Turkey ​ (11) ​ (11) ​ (30) ​ (18) ​ Segment/Consolidated Totals ​ $ (15) ​ $ (18) ​ $ (49) ​ $ (40) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 Pork ​ $ 1,577 ​ $ 1,304 ​ CT&M ​ 1,527 ​ 1,423 ​ Marine ​ 535 ​ 345 ​ Sugar & Alcohol ​ 143 ​ 138 ​ Power ​ 250 ​ 203 ​ Turkey ​ 272 ​ 295 ​ All Other ​ 11 ​ 8 ​ Segment Totals ​ 4,315 ​ 3,716 ​ Corporate ​ 1,631 ​ 1,591 ​ Consolidated Totals ​ $ 5,946 ​ $ 5,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 Pork ​ $ 180 ​ $ 192 ​ CT&M ​ ​ 250 ​ ​ 255 ​ Marine ​ ​ 32 ​ ​ 28 ​ Sugar & Alcohol ​ 5 ​ 4 ​ Power ​ ​ 3 ​ ​ 30 ​ Turkey ​ 264 ​ 295 ​ Segment/Consolidated Totals ​ $ 734 ​ $ 804 ​ ​ 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 Basis o

Accounting Policies and Basis of Presentation (Policies)	9 Months Ended
	Sep. 28, 2019
Summary of Significant Accounting Policies
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, lease liabilities and right of use (“ROU”) assets and accrued pension liability. Actual results could differ from those estimates.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Non-cash investing and financing activities for the nine months ended September 28, 2019, included leased assets obtained in exchange for new operating and finance lease liabilities of $62 million and $31 million, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $101 million, all included in net cash from operating activities. Cash paid for amounts included in the measurement of finance lease liabilities was $2 million. Seaboard reports the amortization of ROU assets and the change in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statement of cash flows.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The change in the carrying amount of goodwill of $2 million from year-end to September 28, 2019 was related to foreign currency exchange differences within the Commodity Trading and Milling (“CT&M”) segment. As of September 28, 2019, intangible assets were $62 million, net of accumulated amortization of $13 million.
Recently Issued Accounting Standards	Recently Issued Accounting Standard Adopted On January 1, 2019, Seaboard adopted guidance which requires the recognition of ROU assets and lease liabilities for most leases. As a result of this adoption, Seaboard recorded operating lease ROU assets of $460 million, adjusted for the deferred rent liability balance at year-end, and lease liabilities of $498 million. The adoption of the new guidance did not have a material impact on the condensed consolidated statement of comprehensive income and the condensed consolidated statement of cash flows. The accounting for finance leases, formerly called capital leases, remained substantially unchanged. Seaboard adopted the new guidance using the effective date method and, therefore, prior period financials were not revised. Seaboard elected the package of practical expedients available upon transition, which permitted Seaboard to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. See Note 4 for additional details on the impact of adopting this new accounting standard. Recently Issued Accounting Standard Not Yet Adopted In June 2016, the Financial Accounting Standards Board issued guidance on the measurement of financial instrument credit losses that requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine the allowance for doubtful accounts with respect to accounts receivable and notes receivable. The CECL model requires estimation of lifetime expected credit loss based on historical experience, current conditions and reasonable supportable forecasts. The new guidance replaces the existing incurred loss model and will be effective for Seaboard on January 1, 2020. The adoption of this standard will be through a cumulative-effect adjustment to retained earnings as of the effective date. Seaboard is currently evaluating the impact of the new guidance on the consolidated financial statements.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 28, 2019
Investments
Summary of the estimated fair value of short-term investments classified as trading securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) 2019 ​ 2018 Domestic equity securities ​ $ 669 ​ $ 632 ​ Domestic debt securities ​ ​ 413 ​ ​ 268 ​ Foreign equity securities ​ 191 ​ 218 ​ High yield securities ​ ​ 57 ​ ​ 19 ​ Foreign debt securities ​ ​ 39 ​ ​ 16 ​ Collateralized loan obligations ​ ​ 27 ​ ​ 28 ​ Money market funds held in trading securities ​ 13 ​ 146 ​ Term deposits ​ ​ 4 ​ ​ 9 ​ Other trading securities ​ ​ 5 ​ ​ — ​ Total trading short-term investments ​ $ 1,418 ​ $ 1,336 ​

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 28, 2019
Inventories
Summary of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 ​ At lower of LIFO cost or market: ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ $ 376 ​ $ 361 ​ Fresh pork and materials ​ 35 ​ 36 ​ LIFO adjustment ​ (66) ​ (58) ​ Total inventories at lower of LIFO cost or market ​ 345 ​ 339 ​ At lower of FIFO cost and net realizable value: ​ ​ ​ ​ ​ ​ ​ Grains, oilseeds and other commodities ​ 306 ​ 229 ​ Sugar produced and in process ​ 25 ​ 17 ​ Other ​ 78 ​ 81 ​ Total inventories at lower of FIFO cost and net realizable value ​ 409 ​ 327 ​ Grain, flour and feed at lower of weighted average cost and net realizable value ​ 162 ​ 149 ​ Total inventories ​ $ 916 ​ $ 815 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 28, 2019
Leases
Summary of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three ​ Nine ​ ​ ​ ​ Months ​ Months ​ ​ ​ ​ Ended ​ Ended ​ (Millions of dollars) ​ September 28, 2019 ​ September 28, 2019 ​ Operating lease cost ​ ​ $ 33 ​ $ 100 ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right of use assets ​ ​ ​ 1 ​ ​ 2 ​ Interest on lease liabilities ​ ​ ​ 1 ​ ​ 1 ​ Variable lease cost ​ ​ ​ 3 ​ ​ 7 ​ Short-term lease cost ​ ​ ​ 12 ​ ​ 35 ​ Total lease cost ​ ​ $ 50 ​ $ 145 ​
Summary of finance leases in condensed consolidated balance sheet	The classification of Seaboard’s finance leases in the condensed consolidated balance sheet as of September 28, 2019 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ Description ​ Balance Sheet Classification ​ ​ (Millions of dollars) ​ Finance lease right of use assets, net ​ Property, plant and equipment, net ​ $ 39 ​ Finance lease liabilities ​ Other current liabilities ​ ​ 4 ​ Non-current finance lease liabilities ​ Other liabilities ​ ​ 30 ​ ​ ​ ​ ​ ​ ​ ​
Summary of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ (Millions of dollars) Leases ​ ​ Leases Remainder of 2019 $ 41 ​ $ 1 ​ 2020 ​ 117 ​ 6 ​ 2021 ​ 103 ​ ​ 6 ​ 2022 ​ 77 ​ ​ 6 ​ 2023 ​ 56 ​ ​ 5 ​ Thereafter ​ 205 ​ 23 ​ Total undiscounted lease payments ​ 599 ​ ​ 47 ​ Less imputed interest ​ (120) ​ ​ (13) ​ Total lease liability $ 479 ​ $ 34 ​ ​
Summary of maturities of financing lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ (Millions of dollars) Leases ​ ​ Leases Remainder of 2019 $ 41 ​ $ 1 ​ 2020 ​ 117 ​ 6 ​ 2021 ​ 103 ​ ​ 6 ​ 2022 ​ 77 ​ ​ 6 ​ 2023 ​ 56 ​ ​ 5 ​ Thereafter ​ 205 ​ 23 ​ Total undiscounted lease payments ​ 599 ​ ​ 47 ​ Less imputed interest ​ (120) ​ ​ (13) ​ Total lease liability $ 479 ​ $ 34 ​
Schedule of commitments as of December 31, 2018	Below is Seaboard’s commitments table as of December 31, 2018 that disclosed operating lease payments for the next five years and thereafter. Seaboard had no material capital leases as of December 31, 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ (Millions of dollars) ​ ​ 2019 2020 2021 2022 2023 Thereafter ​ Ports ​ ​ ​ $ 18 ​ $ 18 ​ $ 19 ​ $ 19 ​ $ 20 ​ $ 109 ​ Vessel, time and voyage-charters ​ ​ ​ 58 ​ 27 ​ 26 ​ 13 ​ 8 ​ 25 ​ Contract grower agreements ​ ​ ​ ​ 47 ​ 41 ​ 37 ​ 27 ​ 18 ​ 61 ​ Other operating lease payments ​ ​ ​ 18 ​ 13 ​ 9 ​ 8 ​ 6 ​ 15 ​ Total unrecognized non-cancelable commitments ​ ​ ​ $ 141 ​ $ 99 ​ $ 91 ​ $ 67 ​ $ 52 ​ $ 210 ​

Lines of Credit, Long-term De_2

Lines of Credit, Long-term Debt, Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 28, 2019
Lines of Credit, Long-term Debt, Commitments and Contingencies
Summary of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) ​ ​ 2019 ​ 2018 Term Loan due 2028 ​ $ 695 ​ $ 698 ​ Foreign subsidiary obligations due 2019 through 2023 ​ ​ 97 ​ ​ 81 ​ Total long-term debt at face value ​ ​ 792 ​ ​ 779 ​ Current maturities of long-term debt and unamortized discount and costs ​ ​ (59) ​ ​ (40) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 733 ​ $ 739 ​

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 28, 2019
Employee Benefits
Schedule of net periodic benefit cost of plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, (Millions of dollars) 2019 2018 2019 2018 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2 ​ $ 2 ​ $ 6 ​ $ 7 ​ Interest cost ​ 3 ​ 3 ​ 9 ​ 8 ​ Expected return on plan assets ​ (2) ​ (3) ​ (7) ​ (8) ​ Amortization and other ​ 1 ​ 2 ​ 5 ​ 5 ​ Net periodic benefit cost ​ $ 4 ​ $ 4 ​ $ 13 ​ $ 12 ​

Derivatives and Fair Value of_2

Derivatives and Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 28, 2019
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2019 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 669 ​ $ 669 ​ $ — ​ $ — ​ Domestic debt securities ​ 413 ​ 115 ​ 298 ​ — ​ Foreign equity securities ​ ​ 191 ​ ​ 191 ​ ​ — ​ ​ — ​ High yield securities ​ ​ 57 ​ ​ 10 ​ ​ 47 ​ ​ — ​ Foreign debt securities ​ ​ 39 ​ ​ — ​ ​ 39 ​ ​ — ​ Collateralized loan obligations ​ 27 ​ — ​ ​ 27 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 13 ​ ​ 13 ​ ​ — ​ ​ — ​ Term deposits ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ — ​ Other trading securities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 37 ​ 37 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 5 ​ ​ 5 ​ — ​ — ​ Foreign equity securities ​ 2 ​ 2 ​ — ​ — ​ Fixed income securities ​ 2 ​ 2 ​ — ​ — ​ Other ​ 1 ​ — ​ 1 ​ — ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ 6 ​ 6 ​ — ​ — ​ Foreign currencies ​ 1 ​ — ​ 1 ​ — ​ Total Assets ​ $ 1,472 ​ $ 1,059 ​ $ 413 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 12 ​ $ — ​ $ — ​ $ 12 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ ​ 6 ​ ​ 6 ​ ​ — ​ ​ — ​ Foreign currencies ​ 1 ​ — ​ 1 ​ — ​ Total Liabilities ​ $ 19 ​ $ 6 ​ $ 1 ​ $ 12 ​ ​ (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 September 28, 2019, the commodity derivatives had a margin account balance of $19 million resulting in a net other current asset in the condensed consolidated balance sheet of $19 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2018 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 632 ​ $ 632 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 268 ​ ​ 215 ​ ​ 53 ​ ​ — ​ Foreign equity securities ​ ​ 218 ​ ​ 218 ​ ​ — ​ ​ — ​ Money market funds held in trading accounts ​ 146 ​ 146 ​ — ​ — ​ Collateralized loan obligations ​ ​ 28 ​ ​ — ​ ​ 28 ​ ​ — ​ High yield securities ​ ​ 19 ​ ​ 7 ​ ​ 12 ​ ​ — ​ Foreign debt securities ​ ​ 16 ​ ​ 2 ​ ​ 14 ​ ​ — ​ Term deposits ​ ​ 9 ​ ​ 9 ​ ​ — ​ ​ — ​ Other trading securities ​ 5 ​ 5 ​ — ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 32 ​ 32 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 5 ​ ​ 5 ​ ​ — ​ — ​ Foreign equity securities ​ 3 ​ 3 ​ — ​ — ​ Fixed income securities ​ 3 ​ 3 ​ — ​ — ​ Other ​ 1 ​ 1 ​ — ​ — ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ 6 ​ 4 ​ 2 ​ — ​ Foreign currencies ​ 2 ​ — ​ 2 ​ — ​ Total Assets ​ $ 1,393 ​ $ 1,282 ​ $ 111 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other trading securities ​ $ 5 ​ $ — ​ $ 5 ​ $ — ​ Contingent consideration ​ ​ 13 ​ ​ — ​ ​ — ​ ​ 13 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities (1) ​ ​ 4 ​ $ 4 ​ $ — ​ $ — ​ Total Liabilities ​ $ 22 ​ $ 4 ​ $ 5 ​ $ 13 ​ ​ (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, 2018, the commodity derivatives had a margin account balance of $15 million resulting in a net other current asset in the condensed consolidated balance sheet of $17 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 ​ Nine Months Ended ​ ​ ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, ​ (Millions of dollars) ​ 2019 2018 2019 2018 Commodities Cost of sales ​ $ (17) ​ $ — ​ $ (48) ​ $ (16) ​ Foreign currencies Cost of sales ​ 1 ​ 2 ​ 5 ​ (2) ​ Equity ​ Other investment income (loss), net ​ ​ — ​ ​ — ​ ​ (3) ​ ​ (10) ​
Schedule of fair value of each type of derivative and its location in the condensed consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ ​ September 28, ​ December 31, ​ ​ ​ September 28, ​ December 31, ​ (Millions of dollars) ​ 2019 2018 ​ 2019 2018 ​ Commodities (1) Other current assets ​ $ 6 ​ $ 6 Other current liabilities ​ $ 6 ​ $ 4 ​ Foreign currencies Other current assets ​ 1 ​ 2 Other current liabilities ​ 1 ​ — ​ Equity (1) Short-term investments ​ — ​ — Short-term investments ​ — ​ 5 ​ ​ (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. Seaboard’s equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.

Stockholders' Equity and Accu_2

Stockholders' Equity and Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 28, 2019
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of changes in the components of other comprehensive loss, net of related taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ September 28, ​ ​ September 29, ​ ​ September 28, ​ ​ September 29, (Millions of dollars) 2019 ​ 2018 ​ 2019 ​ 2018 Foreign currency translation adjustment $ 2 ​ $ (25) ​ $ (9) ​ $ (52) ​ Unrecognized pension cost (1) ​ 1 ​ ​ 1 ​ ​ 7 ​ ​ (1) ​ Other comprehensive income (loss), net of tax $ 3 ​ $ (24) ​ $ (2) ​ $ (53) ​ ​ (1) This primarily represents the amortization of actuarial losses that were included in net periodic benefit cost. Amounts for the nine months ended September 29, 2018 included other actuarial adjustments. ​
Schedule of components of accumulated other comprehensive loss, net of related taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 Cumulative foreign currency translation adjustment ​ $ (358) ​ $ (349) ​ Unrecognized pension cost ​ (54) ​ (61) ​ Total accumulated other comprehensive loss ​ $ (412) ​ $ (410) ​ ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 28, 2019
Revenue Recognition
Schedule of sales disaggregated by revenue source and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 28, 2019 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 381 ​ $ 906 ​ $ — ​ $ 32 ​ $ — ​ $ 5 ​ $ 1,324 ​ Transportation ​ ​ — ​ ​ — ​ ​ 256 ​ ​ — ​ ​ — ​ ​ — ​ ​ 256 ​ Energy ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 30 ​ ​ — ​ ​ 69 ​ Other ​ ​ 7 ​ ​ 7 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14 ​ Segment/Consolidated Totals ​ $ 423 ​ $ 913 ​ $ 256 ​ $ 36 ​ $ 30 ​ $ 5 ​ $ 1,663 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 29, 2018 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 334 ​ $ 894 ​ $ — ​ $ 39 ​ $ — ​ $ 5 ​ $ 1,272 ​ Transportation ​ ​ 4 ​ ​ — ​ ​ 259 ​ ​ — ​ ​ — ​ ​ — ​ ​ 263 ​ Energy ​ ​ 66 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 34 ​ ​ — ​ ​ 104 ​ Other ​ ​ 8 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 412 ​ $ 898 ​ $ 259 ​ $ 43 ​ $ 34 ​ $ 5 ​ $ 1,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 28, 2019 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,165 ​ $ 2,731 ​ $ — ​ $ 86 ​ $ — ​ $ 13 ​ $ 3,995 ​ Transportation ​ ​ 7 ​ ​ — ​ ​ 769 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 777 ​ Energy ​ ​ 122 ​ ​ — ​ ​ — ​ ​ 5 ​ ​ 92 ​ ​ — ​ ​ 219 ​ Other ​ ​ 24 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ Segment/Consolidated Totals ​ $ 1,318 ​ $ 2,744 ​ $ 769 ​ $ 91 ​ $ 92 ​ $ 14 ​ $ 5,028 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 29, 2018 (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar & Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,060 ​ $ 2,560 ​ $ — ​ $ 149 ​ $ — ​ $ 13 ​ $ 3,782 ​ Transportation ​ ​ 12 ​ ​ — ​ ​ 771 ​ ​ — ​ ​ — ​ ​ — ​ ​ 783 ​ Energy ​ ​ 225 ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 88 ​ ​ — ​ ​ 319 ​ Other ​ ​ 23 ​ ​ 14 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ Segment/Consolidated Totals ​ $ 1,320 ​ $ 2,574 ​ $ 771 ​ $ 155 ​ $ 88 ​ $ 13 ​ $ 4,921 ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 28, 2019
Summary of specific financial information related to sales to external customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales to External Customers: ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, (Millions of dollars) 2019 2018 2019 2018 Pork ​ $ 423 ​ $ 412 ​ $ 1,318 ​ $ 1,320 ​ CT&M ​ 913 ​ 898 ​ 2,744 ​ 2,574 ​ Marine ​ 256 ​ 259 ​ 769 ​ 771 ​ Sugar & Alcohol ​ 36 ​ 43 ​ 91 ​ 155 ​ Power ​ 30 ​ 34 ​ 92 ​ 88 ​ All Other ​ 5 ​ 5 ​ 14 ​ 13 ​ Segment/Consolidated Totals ​ $ 1,663 ​ $ 1,651 ​ $ 5,028 ​ $ 4,921 ​
Summary of specific financial information related to operating income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ Nine Months Ended ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, ​ (Millions of dollars) 2019 2018 2019 2018 Pork ​ $ (22) ​ $ 2 ​ $ (31) ​ $ 111 ​ CT&M ​ 14 ​ 21 ​ 50 ​ 30 ​ Marine ​ (2) ​ 9 ​ 2 ​ 9 ​ Sugar & Alcohol ​ (1) ​ 5 ​ (9) ​ 17 ​ Power ​ 9 ​ 7 ​ 21 ​ 13 ​ All Other ​ 1 ​ 1 ​ 2 ​ 2 ​ Segment Totals ​ (1) ​ 45 ​ 35 ​ 182 ​ Corporate ​ (5) ​ (8) ​ (22) ​ (16) ​ Consolidated Totals ​ $ (6) ​ $ 37 ​ $ 13 ​ $ 166 ​
Summary of specific financial information related to income (loss) from affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 28, ​ September 29, ​ September 28, ​ September 29, (Millions of dollars) 2019 2018 2019 2018 Pork ​ $ (5) ​ $ (8) ​ $ (19) ​ $ (21) ​ CT&M ​ ​ (1) ​ ​ (4) ​ ​ (6) ​ ​ (10) ​ Marine ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 1 ​ Sugar & Alcohol ​ — ​ 1 ​ 1 ​ 1 ​ Power ​ ​ 1 ​ ​ 4 ​ ​ 3 ​ ​ 7 ​ Turkey ​ (11) ​ (11) ​ (30) ​ (18) ​ Segment/Consolidated Totals ​ $ (15) ​ $ (18) ​ $ (49) ​ $ (40) ​
Summary of specific financial information related to total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 Pork ​ $ 1,577 ​ $ 1,304 ​ CT&M ​ 1,527 ​ 1,423 ​ Marine ​ 535 ​ 345 ​ Sugar & Alcohol ​ 143 ​ 138 ​ Power ​ 250 ​ 203 ​ Turkey ​ 272 ​ 295 ​ All Other ​ 11 ​ 8 ​ Segment Totals ​ 4,315 ​ 3,716 ​ Corporate ​ 1,631 ​ 1,591 ​ Consolidated Totals ​ $ 5,946 ​ $ 5,307 ​
Summary of specific financial information related to investments in and advances to affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ September 28, ​ December 31, (Millions of dollars) 2019 2018 Pork ​ $ 180 ​ $ 192 ​ CT&M ​ ​ 250 ​ ​ 255 ​ Marine ​ ​ 32 ​ ​ 28 ​ Sugar & Alcohol ​ 5 ​ 4 ​ Power ​ ​ 3 ​ ​ 30 ​ Turkey ​ 264 ​ 295 ​ Segment/Consolidated Totals ​ $ 734 ​ $ 804 ​
Butterball, LLC
Summary of specific financial information related to equity method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 28, ​ ​ September 29, ​ ​ September 28, ​ ​ September 29, ​ (Millions of dollars) ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ Net sales ​ $ 416 ​ $ 399 ​ $ 1,062 ​ $ 1,046 ​ Operating loss ​ $ (15) ​ $ (19) ​ $ (42) ​ $ (29) ​ Net loss ​ $ (22) ​ $ (23) ​ $ (59) ​ $ (36) ​

Accounting Policies and Basis_2

Accounting Policies and Basis of Presentations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2019	Jan. 01, 2019
Supplemental Cash Flow Information
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$ 62
Finance lease ROU assets obtained in exchange for new finance lease liabilities	31
Cash paid for amounts included in the measurement of operating lease liabilities	101
Cash paid for amounts included in the measurement of finance lease liabilities	2
Goodwill and Other Intangible Assets
Intangible assets, net	62
Accumulated amortization	13
Recently issued accounting standards
ROU assets	443
Lease liabilities	479
ASU 2016-02
Recently issued accounting standards
ROU assets		$ 460
Lease liabilities		$ 498
CT&M
Goodwill and Other Intangible Assets
Change in carrying amount of goodwill	$ 2

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 31, 2018
Investments
Fair Value	$ 1,418		$ 1,418		$ 1,336
Total trading short-term investments	1,418		1,418		1,336
Change in unrealized gains (losses) on trading securities	2	$ 37	124	$ 15
Domestic equity securities
Investments
Fair Value Equity	669		669		632
Domestic debt securities
Investments
Fair Value	413		413		268
Foreign equity securities
Investments
Fair Value Equity	191		191		218
Foreign equity securities | Denominated in foreign currencies
Investments
Fair Value Equity	57		57		66
Foreign equity securities | Denominated in Euros
Investments
Fair Value Equity	29		29		25
Foreign equity securities | Denominated in Japanese Yen
Investments
Fair Value Equity	11		11		20
Foreign equity securities | Denominated in British pounds
Investments
Fair Value Equity	8		8		9
Foreign equity securities | Denominated in Swiss Franc
Investments
Fair Value Equity	3		3		3
Foreign equity securities | Denominated in other foreign currencies
Investments
Fair Value Equity	6		6		9
High yield securities
Investments
Fair Value	57		57		19
Foreign debt securities
Investments
Fair Value	39		39		16
Collateralized loan obligation
Investments
Fair Value	27		27		28
Money market funds held in trading accounts
Investments
Fair Value	13		13		146
Money market funds held in trading accounts | Denominated in foreign currencies
Investments
Fair Value	2		2		10
Term deposits
Investments
Fair Value	4		4		$ 9
Other trading securities
Investments
Fair Value	$ 5		$ 5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 28, 2019	Dec. 31, 2018
At lower of LIFO cost or market:
Hogs and materials	$ 376	$ 361
Fresh pork and materials	35	36
LIFO adjustment	(66)	(58)
Total inventories at lower of LIFO cost or market	345	339
At lower of FIFO cost and net realizable value:
Grains, oilseeds and other commodities	306	229
Sugar produced and in process	25	17
Other	78	81
Total inventories at lower of FIFO cost and net realizable value	409	327
Grain, flour and feed at lower of weighted average cost and net realizable value	162	149
Total inventories	$ 916	$ 815

Leases - ROU Assets (Details)

Leases - ROU Assets (Details)	Sep. 28, 2019
Leases
Operating lease weighted average remaining lease term	7 years
Finance lease weighted average remaining lease term	9 years

Leases - Lease costs (Details)

Leases - Lease costs (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2019	Sep. 28, 2019
Lease cost
Operating lease cost	$ 33	$ 100
Finance lease cost:
Amortization of right of use assets	1	2
Interest on lease liabilities	1	1
Variable lease cost	3	7
Short-term lease cost	12	35
Total lease cost	$ 50	$ 145

Leases - Finance Lease Asset an

Leases - Finance Lease Asset and Liabilities (Details) $ in Millions	Sep. 28, 2019USD ($)
Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Finance lease right of use assets, net	$ 39
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Finance lease liabilities	$ 4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Non-current finance lease liabilities	$ 30

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Sep. 28, 2019USD ($)
Maturities of operating lease liabilities
Remainder of 2019	$ 41
2020	117
2021	103
2022	77
2023	56
Thereafter	205
Total undiscounted lease payments	599
Less imputed interest	(120)
Total operating lease liability	479
Maturities of finance lease liabilities
Remainder of 2019	1
2020	6
2021	6
2022	6
2023	5
Thereafter	23
Total undiscounted lease payments	47
Less imputed interest	(13)
Total finance lease liability	$ 34

Leases - Commitments (Details)

Leases - Commitments (Details) - USD ($) $ in Millions	Sep. 28, 2019	Dec. 31, 2018
Commitments
2019		$ 141
2020		99
2021		91
2022		67
2023		52
Thereafter		210
Operating Leases
Weighted average discount rate for operating leases	6.63%
Weighted average discount rate for financing leases	6.96%
Ports
Commitments
2019		18
2020		18
2021		19
2022		19
2023		20
Thereafter		109
Vessel, time and voyage-charters
Commitments
2019		58
2020		27
2021		26
2022		13
2023		8
Thereafter		25
Contract grower agreements
Commitments
2019		47
2020		41
2021		37
2022		27
2023		18
Thereafter		61
Other operating lease payments
Operating Leases
2019		18
2020		13
2021		9
2022		8
2023		6
Thereafter		$ 15

Lines of Credit, Long-Term De_3

Lines of Credit, Long-Term Debt, Commitments and Contingencies (Details) $ in Millions	Jun. 28, 2018item	May 15, 2018USD ($)	Apr. 27, 2018USD ($)	Mar. 20, 2018USD ($)	Sep. 28, 2019USD ($)	Sep. 29, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument
Notes payable outstanding					$ 210		$ 148
Total long-term debt at face value					792		779
Current maturities of long-term debt and unamortized discount					(59)		(40)
Long-term debt, less current maturities					733		739
Proceeds from long-term debt					36	$ 222
Short-term loan					58		39
Contingencies
Assets					5,946		$ 5,307
Pork Product Purchasers | Pending Litigation
Contingencies
Number of plaintiffs | item	11
Number of consolidated putative class actions | item	3
Cereoil Bankruptcy Trustee - Case One | Pending Litigation
Contingencies
Damages sought				$ 22
Cereoil
Contingencies
Percentage of ownership				45.00%
Cereoil | Cereoil Bankruptcy Trustee - Case Two | Pending Litigation
Contingencies
Damages sought			$ 23
Liabilities			53
Assets			$ 30
Pending claim in bankruptcy proceeding, included the net indebtedness of Cereoil					10
Nolston
Contingencies
Percentage of ownership		45.00%
Nolston | Nolston Bankruptcy Trustee | Pending Litigation
Contingencies
Damages sought		$ 14
Liabilities		29
Assets		$ 15
Uncommitted bank lines
Debt Instrument
Notes payable outstanding					$ 210
Weighted average interest rate (as a percent)					7.30%		7.76%
Letters of credit outstanding					$ 18
Committed bank line
Debt Instrument
Maximum capacity					100
Outstanding balance					0
Term loan due 2028
Debt Instrument
Total long-term debt at face value					$ 695		$ 698
Effective interest rate (as a percent)					3.74%		4.15%
Foreign subsidiary obligations due 2019 through 2023
Debt Instrument
Total long-term debt at face value					$ 97		$ 81
Effective interest rate (as a percent)					3.76%		3.80%
Foreign subsidiaries | Uncommitted bank lines | Denominated in South African Rand
Debt Instrument
Notes payable outstanding					$ 127
Foreign subsidiaries | Uncommitted bank lines | Denominated in Canadian dollars
Debt Instrument
Notes payable outstanding					22
Foreign subsidiaries | Uncommitted bank lines | Denominated in Zambian kwacha
Debt Instrument
Notes payable outstanding					18
Foreign subsidiaries | Uncommitted bank lines | Denominated in Brazilian real
Debt Instrument
Notes payable outstanding					$ 3

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Components of net periodic benefit cost:
Service cost	$ 2	$ 2	$ 6	$ 7
Interest cost	3	3	9	8
Expected return on plan assets	(2)	(3)	(7)	(8)
Amortization and other	1	2	5	5
Net periodic benefit cost	4	$ 4	13	$ 12
Estimated withdrawal liability	$ 14		14
Time period over which quarterly installment payments will be made	20 years
Defined benefit pension plan
Target allocation and pension plan asset allocation
Contributions expected to be made to defined benefit pension plans	$ 0		$ 0

Derivatives and Fair Value of_3

Derivatives and Fair Value of Financial Instruments-Deferred Comp Securities (Details) - USD ($) $ in Millions	Sep. 28, 2019	Dec. 31, 2018
Assets:
Trading securities	$ 1,418	$ 1,336
Domestic equity securities
Assets:
Fair Value Equity	669	632
Domestic debt securities
Assets:
Trading securities	413	268
Foreign equity securities
Assets:
Fair Value Equity	191	218
High yield securities
Assets:
Trading securities	57	19
Foreign debt securities
Assets:
Trading securities	39	16
Collateralized loan obligation
Assets:
Trading securities	27	28
Money market funds held in trading accounts
Assets:
Trading securities	13	146
Term deposits
Assets:
Trading securities	4	9
Other trading securities
Assets:
Trading securities	5
Recurring basis | Level 1
Assets:
Total assets	1,059	1,282
Liabilities:
Total liabilities	6	4
Recurring basis | Level 1 | Commodities
Assets:
Derivatives	6	4
Liabilities:
Derivatives	6	4
Recurring basis | Level 1 | Domestic equity securities | Short term investments
Assets:
Trading securities	669	632
Recurring basis | Level 1 | Domestic equity securities | Other current assets
Assets:
Trading securities	37	32
Recurring basis | Level 1 | Domestic debt securities | Short term investments
Assets:
Trading securities	115	215
Recurring basis | Level 1 | Foreign equity securities | Short term investments
Assets:
Trading securities	191	218
Recurring basis | Level 1 | Foreign equity securities | Other current assets
Assets:
Trading securities	2	3
Recurring basis | Level 1 | High yield securities | Short term investments
Assets:
Trading securities	10	7
Recurring basis | Level 1 | Foreign debt securities | Short term investments
Assets:
Trading securities		2
Recurring basis | Level 1 | Money market funds held in trading accounts | Short term investments
Assets:
Trading securities	13	146
Recurring basis | Level 1 | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities	5	5
Recurring basis | Level 1 | Term deposits | Short term investments
Assets:
Trading securities	4	9
Recurring basis | Level 1 | Other trading securities | Short term investments
Assets:
Trading securities	5	5
Recurring basis | Level 1 | Fixed income securities | Other current assets
Assets:
Trading securities	2	3
Recurring basis | Level 1 | Other | Short term investments
Assets:
Trading securities		1
Recurring basis | Level 2
Assets:
Total assets	413	111
Liabilities:
Total liabilities	1	5
Recurring basis | Level 2 | Commodities
Assets:
Derivatives		2
Recurring basis | Level 2 | Foreign currencies
Assets:
Derivatives	1	2
Liabilities:
Derivatives	1
Recurring basis | Level 2 | Domestic debt securities | Short term investments
Assets:
Trading securities	298	53
Recurring basis | Level 2 | High yield securities | Short term investments
Assets:
Trading securities	47	12
Recurring basis | Level 2 | Foreign debt securities | Short term investments
Assets:
Trading securities	39	14
Recurring basis | Level 2 | Collateralized loan obligation | Short term investments
Assets:
Trading securities	27	28
Recurring basis | Level 2 | Other trading securities | Short term investments
Liabilities:
Derivatives		5
Recurring basis | Level 2 | Other | Other current assets
Assets:
Trading securities	1
Recurring basis | Level 3
Liabilities:
Contingent consideration	12	13
Total liabilities	12	13
Recurring basis | Fair Value
Assets:
Total assets	1,472	1,393
Liabilities:
Contingent consideration	12	13
Total liabilities	19	22
Recurring basis | Fair Value | Commodities
Assets:
Derivatives	6	6
Margin account	19	15
Liabilities:
Derivatives	6	4
Recurring basis | Fair Value | Foreign currencies
Assets:
Derivatives	1	2
Liabilities:
Derivatives	1
Recurring basis | Fair Value | Other current assets | Commodities
Assets:
Derivative assets and liabilities, net basis	19	17
Recurring basis | Fair Value | Domestic equity securities | Short term investments
Assets:
Trading securities	669	632
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities	37	32
Recurring basis | Fair Value | Domestic debt securities | Short term investments
Assets:
Trading securities	413	268
Recurring basis | Fair Value | Foreign equity securities | Short term investments
Assets:
Trading securities	191	218
Recurring basis | Fair Value | Foreign equity securities | Other current assets
Assets:
Trading securities	2	3
Recurring basis | Fair Value | High yield securities | Short term investments
Assets:
Trading securities	57	19
Recurring basis | Fair Value | Foreign debt securities | Short term investments
Assets:
Trading securities	39	16
Recurring basis | Fair Value | Collateralized loan obligation | Short term investments
Assets:
Trading securities	27	28
Recurring basis | Fair Value | Money market funds held in trading accounts | Short term investments
Assets:
Trading securities	13	146
Recurring basis | Fair Value | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities	5	5
Recurring basis | Fair Value | Term deposits | Short term investments
Assets:
Trading securities	4	9
Recurring basis | Fair Value | Other trading securities | Short term investments
Assets:
Trading securities	5	5
Liabilities:
Derivatives		5
Recurring basis | Fair Value | Fixed income securities | Other current assets
Assets:
Trading securities	2	3
Recurring basis | Fair Value | Other | Short term investments
Assets:
Trading securities		$ 1
Recurring basis | Fair Value | Other | Other current assets
Assets:
Trading securities	$ 1

Derivatives and Fair Value of_4

Derivatives and Fair Value of Financial Instruments-Derivatives (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 28, 2019USD ($)lbgalbu	Dec. 31, 2018USD ($)lbgalbu
Equity future contracts
Derivative commodity instruments
Notional amounts | $	$ 2	$ 97
Net commodity purchase contracts | Grain
Derivative commodity instruments
Nonmonetary notional amount | bu	32	33
Net commodity purchase contracts | Hogs
Derivative commodity instruments
Nonmonetary notional amount	34
Net commodity purchase contracts | Soybean oil
Derivative commodity instruments
Nonmonetary notional amount		8
Net commodity sale contracts | Hogs
Derivative commodity instruments
Nonmonetary notional amount		26
Net commodity sale contracts | Soybean oil
Derivative commodity instruments
Nonmonetary notional amount	84
Net commodity sale contracts | Heating oil
Derivative commodity instruments
Nonmonetary notional amount | gal	4	7
Foreign currencies
Derivative commodity instruments
Notional amounts | $	$ 34	$ 82

Derivatives and Fair Value of_5

Derivatives and Fair Value of Financial Instruments-Counterparty Risk (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019USD ($)item	Sep. 29, 2018USD ($)	Sep. 28, 2019USD ($)item	Sep. 29, 2018USD ($)
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
Gains (losses) on derivatives	$ (17)		$ (48)	$ (16)
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	3		3
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
Gains (losses) on derivatives	$ 1	$ 2	5	(2)
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
Gains (losses) on derivatives			$ (3)	$ (10)

Derivatives and Fair Value of_6

Derivatives and Fair Value of Financial Instruments-Derivatives Fair Value (Details) - USD ($) $ in Millions	Sep. 28, 2019	Dec. 31, 2018
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	$ 6	$ 6
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	6	4
Foreign currencies | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	1	2
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	$ 1
Equity | Short term investments
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives		$ 5

Stockholders' Equity and Accu_3

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended		21 Months Ended
	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Dec. 31, 2018
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stock repurchase programs, authorized amount	$ 78						$ 78		$ 78
Common shares repurchased (in shares)							4,369
Repurchase of common stock	3	$ 1	$ 13				$ 17
Changes in the components of other comprehensive loss (OCL), net of related taxes
Foreign currency translation adjustment	2			$ (25)			(9)	$ (52)
Unrecognized pension cost	1			1			7	(1)
Other comprehensive income (loss), net of tax	3	$ (6)	$ 1	(24)	$ (20)	$ (9)	(2)	(53)
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss	(412)						(412)		(412)	$ (410)
Certain subsidiaries
Components of accumulated other comprehensive loss, net of related taxes
Unrecognized pension cost related to employees at certain subsidiaries	20			$ 23			20	$ 23	20
Tax benefit recorded on unrecognized pension cost							0
Foreign currency translation adjustment
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss	(358)						(358)		(358)	(349)
Unrecognized pension cost
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss	$ (54)						$ (54)		$ (54)	$ (61)
Effective income tax rate (as a percent)									26.00%

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Revenue Recognition
Net sales	$ 1,663	$ 1,651	$ 5,028	$ 4,921
Transferred at point in time | Net sales
Revenue Recognition
Concentration risk percentage	85.00%	85.00%	85.00%	85.00%
Products
Revenue Recognition
Net sales	$ 1,359	$ 1,338	$ 4,117	$ 4,011
Other
Revenue Recognition
Net sales	34	40	97	95
Pork
Revenue Recognition
Net sales	423	412	1,318	1,320
Pork | Products
Revenue Recognition
Net sales	381	334	1,165	1,060
Pork | Transportation
Revenue Recognition
Net sales		4	7	12
Pork | Energy
Revenue Recognition
Net sales	35	66	122	225
Pork | Other
Revenue Recognition
Net sales	7	8	24	23
CT&M
Revenue Recognition
Net sales	913	898	2,744	2,574
CT&M | Products
Revenue Recognition
Net sales	906	894	2,731	2,560
CT&M | Other
Revenue Recognition
Net sales	7	4	13	14
Marine
Revenue Recognition
Net sales	256	259	769	771
Marine | Transportation
Revenue Recognition
Net sales	256	259	769	771
Sugar and Alcohol
Revenue Recognition
Net sales	36	43	91	155
Sugar and Alcohol | Products
Revenue Recognition
Net sales	32	39	86	149
Sugar and Alcohol | Energy
Revenue Recognition
Net sales	4	4	5	6
Power
Revenue Recognition
Net sales	30	34	92	88
Power | Energy
Revenue Recognition
Net sales	30	34	92	88
All Other
Revenue Recognition
Net sales	5	5	14	13
All Other | Products
Revenue Recognition
Net sales	5	5	13	13
All Other | Transportation
Revenue Recognition
Net sales			1
Segment Totals
Revenue Recognition
Net sales	1,663	1,651	5,028	4,921
Segment Totals | Products
Revenue Recognition
Net sales	1,324	1,272	3,995	3,782
Segment Totals | Transportation
Revenue Recognition
Net sales	256	263	777	783
Segment Totals | Energy
Revenue Recognition
Net sales	69	104	219	319
Segment Totals | Other
Revenue Recognition
Net sales	$ 14	12	$ 37	$ 37
Segment Totals | Pork
Revenue Recognition
Net sales		412
Segment Totals | CT&M
Revenue Recognition
Net sales		898
Segment Totals | Marine
Revenue Recognition
Net sales		259
Segment Totals | Sugar and Alcohol
Revenue Recognition
Net sales		43
Segment Totals | Power
Revenue Recognition
Net sales		34
Segment Totals | All Other
Revenue Recognition
Net sales		$ 5

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Sep. 28, 2019USD ($)
Revenue Recognition
Performance Obligation	$ 8

Revenue Recognition - Perform_2

Revenue Recognition - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-06-30	Sep. 28, 2019
Revenue Recognition
Performance obligation (as a percent)	20.00%
Expected timing of satisfaction period	3 months

Income Taxes (Details)

Income Taxes (Details) $ in Millions	9 Months Ended
	Sep. 28, 2019USD ($)
Income Taxes
Anticipated tax expense associated with the global intangible low-taxed income ("GILTI") provision of the 2017 Tax Act	$ 3
Anticipated tax expense associated with the base-erosion and anti-abuse tax ("BEAT") provision of the 2017 Tax Act	$ 0

Segment Information-Acquisition

Segment Information-Acquisitions and Dispositions (Details) $ in Millions	1 Months Ended		9 Months Ended
	Sep. 28, 2019USD ($)	Feb. 23, 2019USD ($)	Sep. 28, 2019USD ($)segment
Segment Information
Number of reportable segments | segment			6
Power barge | Minimum
Segment Information
Project cost	$ 160		$ 160
Ethanol plant | Pork
Acquisition
Asset purchase		$ 40
Disposed of by sale | Power
Segment Information
Percentage of ownership	29.90%		29.90%
Disposal
Percentage of ownership	29.90%		29.90%
Proceeds from sale of affiliate	$ 23
Selling expenses and taxes on sale of affiliate	1
Long term notes receivable	6		$ 6
Gain (loss) on sale of affiliate	$ 0

Segment Information - Turkey (D

Segment Information - Turkey (Details) - Butterball, LLC - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 24, 2019	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 31, 2018
Segment Information
Notes receivable from affiliates	$ 8
Prime Rate [Member]
Segment Information
Basis spread on variable rate (as a percent)	2.00%
Turkey
Segment Information
Total assets		$ 1,193		$ 1,193		$ 1,072
Net sales		416	$ 399	1,062	$ 1,046
Operating income (loss)		(15)	(19)	(42)	(29)
Net income (loss)		$ (22)	$ (23)	$ (59)	$ (36)

Segment Information-Information

Segment Information-Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 31, 2018
Segment Information
Sales to External Customers	$ 1,663	$ 1,651	$ 5,028	$ 4,921
Operating Income (Loss)	(6)	37	13	166
Income (loss) from affiliates	(15)	(18)	(49)	(40)
Total Assets	5,946		5,946		$ 5,307
Investment in and Advances to Affiliates	734		734		804
Pork
Segment Information
Sales to External Customers	423	412	1,318	1,320
Operating Income (Loss)	(22)	2	(31)	111
Income (loss) from affiliates	(5)	(8)	(19)	(21)
Investment in and Advances to Affiliates	180		180		192
CT&M
Segment Information
Sales to External Customers	913	898	2,744	2,574
Operating Income (Loss)	14	21	50	30
Income (loss) from affiliates	(1)	(4)	(6)	(10)
Investment in and Advances to Affiliates	250		250		255
Marine
Segment Information
Sales to External Customers	256	259	769	771
Operating Income (Loss)	(2)	9	2	9
Income (loss) from affiliates	1		2	1
Investment in and Advances to Affiliates	32		32		28
Sugar and Alcohol
Segment Information
Sales to External Customers	36	43	91	155
Operating Income (Loss)	(1)	5	(9)	17
Income (loss) from affiliates		1	1	1
Investment in and Advances to Affiliates	5		5		4
Power
Segment Information
Sales to External Customers	30	34	92	88
Operating Income (Loss)	9	7	21	13
Income (loss) from affiliates	1	4	3	7
Investment in and Advances to Affiliates	3		3		30
Turkey
Segment Information
Income (loss) from affiliates	(11)	(11)	(30)	(18)
Investment in and Advances to Affiliates	264		264		295
All Other
Segment Information
Sales to External Customers	5	5	14	13
Operating Income (Loss)	1	1	2	2
Segment Totals
Segment Information
Sales to External Customers	1,663	1,651	5,028	4,921
Operating Income (Loss)	(1)	45	35	182
Income (loss) from affiliates	(15)	(18)	(49)	(40)
Total Assets	4,315		4,315		3,716
Segment Totals | Pork
Segment Information
Sales to External Customers		412
Total Assets	1,577		1,577		1,304
Segment Totals | CT&M
Segment Information
Sales to External Customers		898
Total Assets	1,527		1,527		1,423
Segment Totals | Marine
Segment Information
Sales to External Customers		259
Total Assets	535		535		345
Segment Totals | Sugar and Alcohol
Segment Information
Sales to External Customers		43
Total Assets	143		143		138
Segment Totals | Power
Segment Information
Sales to External Customers		34
Total Assets	250		250		203
Segment Totals | Turkey
Segment Information
Total Assets	272		272		295
Segment Totals | All Other
Segment Information
Sales to External Customers		5
Total Assets	11		11		8
Corporate Items
Segment Information
Operating Income (Loss)	(5)	$ (8)	(22)	$ (16)
Total Assets	$ 1,631		$ 1,631		$ 1,591