Seaboard (SEB) 10-K 15 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jul. 03, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	1-3390
Entity Registrant Name	SEABOARD CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2260388
Entity Address, Address Line One	9000 West 67th Street
Entity Address, City or Town	Merriam
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66202
City Area Code	913
Local Phone Number	676-8928
Title of 12(b) Security	Common Stock $1.00 Par Value
Trading Symbol	SEB
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,160,779
Entity Public Float			$ 1,004,614,606
Auditor Name	KPMG LLP
Auditor Location	Kansas City, MO
Auditor Firm ID	185
Entity Central Index Key	0000088121
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales:
Total net sales	$ 9,229	$ 7,126	$ 6,840
Cost of sales and operating expenses:
Total cost of sales and operating expenses	8,411	6,552	6,394
Gross income	818	574	446
Selling, general and administrative expenses	360	329	336
Operating income	458	245	110
Other income (expense):
Interest expense	(13)	(19)	(36)
Interest income	22	22	30
Income (loss) from affiliates	7	(18)	(41)
Other investment income, net	133	84	225
Foreign currency gains (losses), net	16	(31)
Miscellaneous, net	13	3	2
Total other income, net	178	41	180
Earnings before income taxes	636	286	290
Income tax expense	(65)	(3)	(3)
Net earnings	571	283	287
Less: Net income attributable to noncontrolling interests	(1)	0	0
Net earnings attributable to Seaboard	$ 570	$ 283	$ 287
Earnings per common share (in dollars per share)	$ 490.36	$ 244.21	$ 246.62
Average number of shares outstanding (in shares)	1,160,779	1,161,526	1,165,758
Other comprehensive income (loss), net of income tax benefit (expense) of $(8), $3 and $4:
Foreign currency translation adjustment	$ 8	$ (7)	$ (20)
Unrecognized pension cost	31	(23)	(10)
Other comprehensive income (loss), net of tax	39	(30)	(30)
Comprehensive income	610	253	257
Less: Comprehensive income attributable to noncontrolling interests	(1)	(1)
Comprehensive income attributable to Seaboard	609	252	257
Products
Net sales:
Total net sales	7,714	5,993	5,610
Cost of sales and operating expenses:
Total cost of sales and operating expenses	7,223	5,580	5,316
Services
Net sales:
Total net sales	1,445	1,058	1,104
Cost of sales and operating expenses:
Total cost of sales and operating expenses	1,124	915	989
Other
Net sales:
Total net sales	70	75	126
Cost of sales and operating expenses:
Total cost of sales and operating expenses	$ 64	$ 57	$ 89

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other comprehensive income (loss), income tax benefit (expense)	$ (8)	$ 3	$ 4
Products
Sales to affiliates	1,396	1,125	1,346
Services
Sales to affiliates	$ 20	$ 21	$ 18

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 75	$ 76
Short-term investments	1,416	1,465
Receivables:
Receivables, net	762	532
Inventories	1,663	1,178
Other current assets	131	103
Total current assets	4,047	3,354
Property, plant and equipment, net	1,892	1,582
Operating lease right of use assets, net	496	390
Investments in and advances to affiliates	651	698
Goodwill	163	167
Other intangible assets, net	45	54
Other non-current assets	209	154
Total assets	7,503	6,399
Current liabilities:
Lines of credit	516	222
Current maturities of long-term debt	8	55
Accounts payable (includes $1 and $7 to affiliates)	404	276
Accrued compensation and benefits	143	110
Deferred revenue (includes $24 and $38 to affiliates)	108	89
Operating lease liabilities	171	111
Accrued voyage costs	60	68
Other current liabilities	142	145
Total current liabilities	1,552	1,076
Long-term debt, less current maturities	708	707
Long-term operating lease liabilities	360	318
Accrued pension liability	131	179
Deferred income taxes	99	103
Other liabilities	219	188
Total non-current liabilities	1,517	1,495
Commitments and contingent liabilities
Stockholders' equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,160,779 shares in 2021 and in 2020	1	1
Accumulated other comprehensive loss	(432)	(471)
Retained earnings	4,847	4,287
Total Seaboard stockholders' equity	4,416	3,817
Noncontrolling interests	18	11
Total equity	4,434	3,828
Total liabilities and stockholders' equity	$ 7,503	$ 6,399

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Accounts payable to affiliates	$ 1	$ 7
Deferred revenue to affiliates	$ 24	$ 38
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares	1,250,000	1,250,000
Common stock, issued shares	1,160,779	1,160,779
Common stock, outstanding shares	1,160,779	1,160,779

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Common Stock	Accumulated Other Comprehensive Loss	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Noncontrolling Interest	Cumulative Effect, Period of Adoption, Adjustment	Total
Balances at Dec. 31, 2018	$ 1	$ (410)		$ 3,770	$ 11		$ 3,372
Comprehensive income (loss):
Net earnings				287			287
Other comprehensive income (loss), net of tax		(30)					(30)
Repurchase of common stock				(17)			(17)
Reduction to noncontrolling interests					(1)		(1)
Dividends on common stock ($9.00/share)				(10)			(10)
Balances at Dec. 31, 2019	1	(440)	$ (3)	4,030	10	$ (3)	3,601
Comprehensive income (loss):
Net earnings				283			283
Other comprehensive income (loss), net of tax		(31)			1		(30)
Repurchase of common stock				(13)			(13)
Dividends on common stock ($9.00/share)				(10)			(10)
Balances at Dec. 31, 2020	1	(471)		4,287	11		3,828
Comprehensive income (loss):
Net earnings				570	1		571
Other comprehensive income (loss), net of tax		39					39
Additions to noncontrolling interest					6		6
Dividends on common stock ($9.00/share)				(10)			(10)
Balances at Dec. 31, 2021	$ 1	$ (432)		$ 4,847	$ 18		$ 4,434

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Changes in Equity
Dividends on common stock (in dollars per share)	$ 9	$ 9	$ 9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net earnings	$ 571	$ 283	$ 287
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	178	172	138
Deferred income taxes	(12)	11	(53)
Loss (income) from affiliates	(7)	18	41
Dividends received from affiliates	44	20	10
Other investment income, net	(133)	(84)	(225)
Other, net	43	(22)	(4)
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance	(228)	104	(84)
Inventories	(462)	(99)	(158)
Other assets	(20)	(10)	27
Accounts payable	117	(99)	114
Other liabilities, exclusive of debt	1	(3)	78
Net cash from operating activities	92	291	171
Cash flows from investing activities:
Purchase of short-term investments	(2,031)	(739)	(1,026)
Proceeds from the sale of short-term investments	2,202	791	973
Proceeds from the maturity of short-term investments	26	47	185
Capital expenditures	(460)	(259)	(349)
Proceeds from sale of property, plant and equipment	39	4	8
Proceeds from sale of non-consolidated affiliate			24
Acquisition of businesses	(7)	(27)	(7)
Investments in and advances to affiliates, net	(1)	(8)	(21)
Principal payments received on notes receivable	21		3
Purchase of long-term investments	(98)	(47)	(38)
Other, net	7	(24)	(5)
Net cash from investing activities	(302)	(262)	(253)
Cash flows from financing activities:
Uncommitted lines of credit, net	135	(18)	34
Draws under committed lines of credit	672	290	100
Repayments of committed lines of credit	(515)	(290)	(100)
Proceeds from long-term debt		37	43
Principal payments of long-term debt	(55)	(69)	(35)
Repurchase of common stock		(13)	(17)
Dividends paid	(10)	(10)	(10)
Other, net	(14)	(9)	(4)
Net cash from financing activities	213	(82)	11
Effect of exchange rate changes on cash and cash equivalents	(4)	4	2
Net change in cash and cash equivalents	(1)	(49)	(69)
Cash and cash equivalents at beginning of year	76	125	194
Cash and cash equivalents at end of year	$ 75	$ 76	$ 125

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 − Su mmary of Significant Accounting Policies Operations of Seaboard Corporation and its Subsidiaries Seaboard Corporation and its subsidiaries (collectively, “Seaboard”) together comprise a diverse group of integrated companies with a broad global presence. Seaboard is primarily engaged in hog production and pork processing in the U.S; commodity trading and grain processing in Africa and South America; cargo shipping services in the U.S., Caribbean and Central and South America; sugar and alcohol production in Argentina; and electric power generation in the Dominican Republic. Seaboard also has an equity method investment in Butterball, LLC (“Butterball”), a producer and processor of turkey products. Approximately 77% of the outstanding common stock of Seaboard is collectively owned by Seaboard Flour LLC and SFC Preferred, LLC. Principles of Consolidation and Investments in Affiliates The consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Financial information from certain foreign subsidiaries and affiliates is reported on a one Use of Estimates The preparation of the consolidated financial statements in conformity with 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Transactions and Translation Seaboard has operations in several foreign countries, and the currencies of the countries fluctuate in relation to the U.S. dollar, resulting in exchange gains and losses. Certain Commodity Trading and Milling (“CT&M”) segment consolidated subsidiaries located in Brazil, Canada, Guyana, Ivory Coast, Senegal, South Africa and Zambia use local currency as their functional currency. Also, certain non-controlled, non-consolidated affiliates of the CT&M and Sugar and Alcohol segments use local currency as their functional currency. Assets and liabilities of these subsidiaries are translated to U.S. dollars at year-end exchange rates, and income and expenses are translated at average rates. Translation gains and losses are recorded as components of other comprehensive income (loss). GAAP requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100%. In mid-2018, the Argentine peso rapidly devalued relative to the U.S. dollar, which along with increased inflation, indicated that the three-year cumulative inflation in that country exceeded 100%. As a result, Seaboard adopted highly inflationary accounting as of July 1, 2018 for Seaboard’s Sugar and Alcohol segment. Under highly inflationary accounting, the Sugar and Alcohol segment’s functional currency became the U.S. dollar, and its income statement and balance sheet are measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities are reflected in foreign currency gains (losses), net. For the years ended December 31, 2021, 2020 and 2019, Seaboard recognized $(1) million, $1 million and $(3) million, respectively, in foreign currency gains (losses) related to the adoption of highly inflationary accounting. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, management considers all demand deposits, overnight investments and other investments with original maturities less than three months as cash equivalents. Supplemental Cash Flow Information The amounts paid for interest and income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ 2019 ​ Interest, net of interest capitalized $ 10 ​ $ 16 ​ $ 36 ​ Income taxes, net of refunds 104 ​ 55 ​ 31 ​ The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve months ended ​ ​ ​ ​ December 31, ​ (Millions of dollars) ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 166 ​ $ 142 ​ $ 137 ​ Operating cash flows from finance leases ​ ​ ​ 5 ​ ​ 4 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ 14 ​ ​ 7 ​ ​ 2 ​ ROU assets obtained in exchange for new lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 244 ​ $ 62 ​ $ 95 ​ Finance leases ​ ​ ​ 54 ​ ​ 50 ​ ​ 46 ​ ​ Other non-cash activities were related to the non-cash consideration paid in the acquisitions discussed further in Note 13 and capital expenditures of $5 million included in accounts payable. Short-Term Investments Short-term investments are categorized as trading securities and reported at their estimated fair value with any unrealized gains and losses included in other investment income (loss), net in the consolidated statements of comprehensive income. Purchases and sales are recorded on a settlement date basis, and gains and losses on investment sales are generally based on the specific identification method. Short-term investments are retained for future use in the business. Accounts Receivable The following table presents the components of Seaboard’s receivables as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Millions of dollars ​ ​ 2021 2020 Receivables: ​ ​ ​ ​ ​ ​ ​ Trade ​ $ 553 ​ $ 381 ​ Due from affiliates ​ 128 ​ 111 ​ Other ​ 112 ​ 68 ​ Total receivables ​ 793 ​ 560 ​ Allowance for credit losses ​ (31) ​ (28) ​ Net receivables ​ $ 762 ​ $ 532 ​ Accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Power segment, however, collects interest on certain past due accounts, and the CT&M segment provides extended payment terms for certain customers in certain countries due to local market conditions. The allowance for credit losses is Seaboard’s best estimate of the amount of probable credit losses using the current expected credit loss model. T his model estimates the lifetime of expected credit loss based on historical experience, current conditions and reasonable supportable forecasts. ​ The activity within the allowance for credit losses was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Transition ​ ​ ​ ​ ​ Balance at (Millions of dollars) ​ beginning of year ​ ​ Adjustment (a) ​ ​ Provision (b) ​ ​ Net deductions (c) ​ ​ end of year Allowance for Credit Losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 28 ​ ​ — ​ ​ 5 ​ (2) ​ ​ $ 31 ​ Year Ended December 31, 2020 ​ $ 28 ​ ​ 3 ​ ​ — ​ (3) ​ ​ $ 28 ​ Year Ended December 31, 2019 ​ $ 33 ​ ​ — ​ ​ 5 ​ (10) ​ ​ $ 28 ​ ​ (a)   (b)   (c)   ​ Notes Receivable Notes receivable are included in other receivables, if current, and other non-current assets, if long-term. Seaboard monitors the credit quality of notes receivable, the majority of which are from its affiliates, using the current expected credit loss model as well. For notes receivable from affiliates, Seaboard obtains and reviews financial information monthly and inquires of Seaboard representatives that serve on their Board of Directors. The activity within the allowance for notes receivable was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ Balance at (Millions of dollars) ​ beginning of year ​ Provision ​ Net deductions ​ end of year Allowance for Notes Receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 17 1 — ​ $ 18 ​ Year Ended December 31, 2020 ​ $ 17 — — ​ $ 17 ​ Year Ended December 31, 2019 ​ $ 17 — — ​ $ 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories Grain, flour and feed inventories at the CT&M segment’s foreign milling operations are valued at the lower of weighted average cost and net realizable value (“NRV”). All other inventories are valued at the lower of first-in, first-out (“FIFO”) cost and NRV. In determining NRV, management makes assumptions regarding estimated sales prices, estimated costs to complete and estimated disposal costs. Changes in future market prices or facts and circumstances could result in a material write down in the value of inventory or decreased future margins on the sale of inventory. Property, Plant and Equipment Property, plant and equipment are carried at cost and are being depreciated on the straight-line method over useful lives, ranging from 3 to 30 years. Property, plant and equipment under finance leases are stated at the present value of minimum lease payments and subsequently amortized using the straight-line method over the earlier of the end of its useful life or the end of the lease term. Routine and planned major maintenance, repairs and minor renewals are expensed as incurred, while major renewals and improvements are capitalized. Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the fourth quarter of 2021, management committed to a plan to dispose of an immaterial CT&M business, which resulted in an impairment of $14 million, primarily foreign currency translation adjustments. Right of Use Assets and Lease Liabilities 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 Seaboard’s leases do not have readily determinable implicit discount rates, Seaboard adjusts its incremental borrowing rate to determine the present value of the lease payments. Seaboard determines the incremental borrowing rate for its leases by adjusting the local risk-free interest rate on its Term Loan due 2028 with a credit risk premium corresponding to Seaboard’s unreported credit rating. 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. Also, Seaboard elected to account for lease and non-lease maintenance components as a single lease component for all classes of underlying assets. Equity Method Investments Investments in non-controlled affiliates where Seaboard has significant influence are accounted for by the equity method. For the CT&M segment, these investments are primarily in foreign countries, which are less developed than the U.S., and therefore, expose Seaboard to greater financial risks. At certain times when there are ongoing losses, local economies are depressed, commodity-based markets are less stable or foreign governments cause challenging business conditions, the fair value of the equity method investments is evaluated by management. The fair value of these investments is not readily determinable as almost all of these investments are not publicly traded. Management will use other methods to determine fair value such as estimated future cash flows, including assumptions on growth rates, for the business and consideration of other local business conditions as applicable. Goodwill and Other Intangible Assets Goodwill is assessed annually for impairment by each reporting unit at the quarter end closest to the anniversary date of the initial acquisition, or more frequently if circumstances indicate that impairment is likely. Any one event or a combination of events such as change in the business climate, a negative change in relationships with significant customers and changes to strategic decisions, could require an interim assessment prior to the next required annual assessment. If qualitative factors indicate more likely than not an impairment is possible, Seaboard performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. During the year ended December 31, 2021, certain immaterial reporting units recorded a total of $4 million of impairment charges. Based on the annual qualitative assessments conducted by the remaining reporting units, there were no other impairment charges recorded. The changes in the carrying amount of goodwill were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pork ​ ​ CT&M ​ ​ ​ (Millions of dollars) ​ Segment ​ Segment ​ ​ Total Balance as of December 31, 2019 ​ $ 18 ​ $ 146 ​ $ 164 Acquisition ​ ​ — ​ ​ 4 ​ ​ 4 Foreign currency translation ​ — ​ (1) ​ ​ (1) Balance as of December 31, 2020 ​ ​ 18 ​ ​ 149 ​ ​ 167 Impairment ​ — ​ (4) ​ ​ (4) Balance as of December 31, 2021 ​ $ 18 ​ $ 145 ​ $ 163 Separable intangible assets with finite lives are amortized over their estimated useful lives and evaluated for impairment similar to property, plant and equipment discussed above. The gross carrying amount and accumulated amortization for finite-lived intangible were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 ​ ​ ​ Customer ​ Trade ​ ​ ​ ​ Customer ​ Trade ​ ​ ​ (Millions of dollars) ​ relationships ​ names ​ Total ​ ​ relationships ​ names ​ Total ​ Gross carrying amount $ 51 $ 28 $ 79 ​ $ 51 $ 28 $ 79 ​ Accumulated amortization and currency translation ​ (22) ​ (12) ​ (34) ​ ​ (16) ​ (9) ​ (25) ​ Net carrying amount $ 29 $ 16 $ 45 ​ $ 35 $ 19 $ 54 ​ Amortization of intangible assets was $9 million and $8 million for the years ended December 31, 2021 and 2020, respectively. Using the exchange rates in effect at year-end, estimated amortization of intangible assets as of December 31, 2021 is $9 million each for next years Accrued Self-Insurance Seaboard is self-insured for certain levels of workers’ compensation, health care coverage, property damage, vehicle, product recall and general liability. The cost of these self-insurance programs is accrued based upon estimated settlements for known and anticipated claims. Changes in estimates to previously recorded reserves are reflected in current operating results. Asset Retirement Obligation Seaboard has recorded long-lived assets and a related liability for the asset retirement obligation costs associated with the closure of the hog lagoons it is legally obligated to close in the future should Seaboard cease operations or plan to close such lagoons voluntarily in accordance with a changed operating plan. Based on detailed assessments and appraisals obtained to estimate the future asset retirement obligation costs, Seaboard recorded the present value of the projected costs in non-current other liabilities in the consolidated balance sheets with the retirement asset depreciated over the economic life of the related asset. The following table shows the changes in the asset retirement obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 Beginning balance ​ $ 27 ​ $ 25 Accretion expense ​ 1 ​ 2 Liability for additional lagoons ​ 1 ​ — Ending balance ​ $ 29 ​ $ 27 Revenue Recognition Seaboard recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The majority of Seaboard’s revenue arrangements consist of a single performance obligation as the promise to transfer the individual product or service is not separately identifiable from other promises in the contracts, including shipping and handling and customary storage, and, therefore, not distinct. Revenue from goods and services transferred to customers at a single point in time account for approximately 85% of Seaboard’s net sales. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Seaboard’s transaction prices are mostly fixed, but occasionally include minimal variable consideration for early payment, volume and other similar discounts, which are highly probable based on the history with the respective customers. Taxes assessed by a governmental authority that are collected by Seaboard from a customer are excluded from sales. Almost all of Seaboard’s contracts with its customers are short-term, defined as less than one year. Seaboard does not disclose the value of unsatisfied performance obligations for: (i) contracts with an original expected length of one Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. Deferred revenue balances are reduced when revenue is recognized. The deferred revenue balance as of December 31, 2020 was recognized as revenue during the first quarter of 2021. Derivative Instruments and Hedging Activities Seaboard recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges for accounting purposes when there is a high correlation between the change in fair value of the instrument and the related change in value of the underlying commitment. Additionally, in order to designate a derivative financial instrument as a hedge for accounting purposes, extensive record keeping is required. For derivatives that qualify as hedges for accounting purposes, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. From time to time, Seaboard uses derivative instruments to manage various types of market risks, including primarily commodity futures and option contracts, foreign currency exchange agreements, interest rate exchange agreements and equity future contracts. While management believes each of these instruments are primarily entered into in order to effectively manage various market risks, as of December 31, 2021, none Research and Development Seaboard conducts continuous research and development activities to develop new products and to improve existing products and processes. Seaboard incurred research and development expenses of $191 million, $134 million and $143 million for the years ended December 31, 2021, 2020 and 2019, respectively. Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Seaboard accounts for the global intangible low-taxed income (“GILTI”) provision and the base-erosion and anti-abuse tax (“BEAT”) provision taxes in the period incurred. Earnings Per Common Share Earnings per common share are based upon the weighted average shares outstanding during the period. Basic and diluted earnings per share are the same for all periods presented. Accounting Standards Recently Adopted On January 1, 2020, Seaboard adopted guidance which requires the use of a new current expected credit loss model in order to determine the allowance for credit losses with respect to receivables, among other financial instruments. This model estimates the lifetime of expected credit loss and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 that decreased retained earnings and increased the allowance for credit losses.

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments
Investments	Note 2 − Investments The following is a summary of the estimated fair value of short-term investments classified as trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ Domestic debt securities ​ ​ $ 542 ​ ​ $ 496 ​ Domestic equity securities ​ ​ 472 ​ ​ 702 ​ Foreign equity securities ​ ​ ​ 193 ​ ​ ​ 133 ​ Foreign debt securities ​ ​ ​ 133 ​ ​ ​ 68 ​ Money market funds held in trading accounts ​ ​ ​ 59 ​ ​ ​ 47 ​ Other trading securities ​ ​ ​ 17 ​ ​ ​ 19 ​ Total trading short-term investments ​ ​ $ 1,416 ​ ​ $ 1,465 ​ The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was $12 million, $74 million and $176 million for the years ended December 31, 2021, 2020 and 2019, respectively. Seaboard had $46 million and $29 million of short-term investments denominated in foreign currencies, primarily euros, as of December 31, 2021 and 2020, respectively. Seaboard had long-term investments of $156 million and $87 million as of December 31, 2021 and 2020, respectively, primarily in a business development company (“BDC”), real estate and renewable energy facilities. The BDC investment is included in the fair value hierarchy table in Note 10 and the other investments are primarily accounted for under the equity method of accounting. Long-term investments are classified in other non-current assets on the consolidated balance sheets.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories
Inventories	Note 3 − Inventories The following table is a summary of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Millions of dollars) ​ 2021 ​ 2020 ​ At lower of FIFO cost and NRV: ​ ​ ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ ​ $ 489 ​ ​ $ 437 ​ Pork products and materials ​ ​ ​ 64 ​ ​ ​ 46 ​ Grains, oilseeds and other commodities ​ ​ 634 ​ ​ 380 ​ Biofuels and related credits ​ ​ ​ 147 ​ ​ ​ 72 ​ Sugar produced and in process ​ ​ 21 ​ ​ 24 ​ Other ​ ​ 71 ​ ​ 61 ​ Total inventories at lower of FIFO cost and NRV ​ ​ 1,426 ​ ​ 1,020 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ ​ 237 ​ ​ 158 ​ Total inventories ​ ​ $ 1,663 ​ ​ $ 1,178 ​ ​

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment
Property, Plant and Equipment	Note 4 − Property, Plant and Equipment The following table is a summary of property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​ December 31, ​ (Millions of dollars) Lives 2021 2020 ​ Land and improvements 3 - 15 years ​ $ 285 ​ $ 268 ​ Buildings and improvements ​ ​ 30 years ​ 739 ​ 712 ​ Machinery and equipment 3 - 20 years ​ 1,445 ​ 1,367 ​ Vessels and vehicles 3 - 18 years ​ 214 ​ 158 ​ Office furniture and fixtures ​ ​ 5 years ​ 45 ​ 43 ​ Contract growers ​ 5 - 15 years ​ ​ 118 ​ ​ 93 ​ Construction in progress ​ ​ ​ ​ ​ ​ 613 ​ 389 ​ Total property, plant and equipment ​ ​ ​ ​ ​ ​ 3,459 ​ 3,030 ​ Accumulated depreciation and amortization ​ ​ ​ ​ ​ ​ (1,567) ​ (1,448) ​ Net property, plant and equipment ​ ​ ​ ​ ​ ​ $ 1,892 ​ $ 1,582 ​ Finance lease ROU assets are included in property, plant and equipment and comprise all of the contract growers’ asset category, with the remaining balance in vessels, machinery and equipment, buildings and land. Finance lease ROU assets were $128 million and $92 million, net of $29 million and $12 million in accumulated amortization as of December 31, 2021 and 2020, respectively. Seaboard’s capitalized interest on construction in progress was $7 million and $10 million for the years ended December 31, 2021 and 2020, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 5 − Leases Seaboard’s operating leases are primarily for ports, vessels, contract grower assets, and to a lesser extent, land, buildings and machinery and equipment. Seaboard’s finance leases are primarily for contract grower assets. Seaboard’s Marine segment leases its Miami, Florida 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’s non-lease 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. As of December 31, 2021, the weighted average remaining lease term for Seaboard’s operating and finance leases was approximately four years and seven 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’s operating lease assets and liabilities are reported separately in the consolidated balance sheet. The classification of Seaboard’s finance leases in the consolidated balance sheet as of December 31, 2021 and 2020, respectively, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Finance lease right of use assets, net ​ Property, plant and equipment, net ​ $ 128 ​ $ 92 ​ Finance lease liabilities ​ Other current liabilities ​ ​ 23 ​ ​ 10 ​ Non-current finance lease liabilities ​ Other liabilities ​ ​ 104 ​ ​ 78 ​ The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ Operating lease cost ​ $ 162 ​ $ 145 ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ Amortization of right of use assets ​ ​ 17 ​ ​ 9 ​ Interest on lease liabilities ​ ​ 5 ​ ​ 4 ​ Variable lease cost ​ ​ 20 ​ ​ 8 ​ Short-term lease cost ​ ​ 27 ​ ​ 25 ​ Sublease income ​ ​ (8) ​ ​ (6) ​ Total lease cost ​ $ 223 ​ $ 185 ​ ​ 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 and changes in indexed charter-hire rates. Short-term leases are primarily for containers and vessels at Seaboard’s Marine segment. Lease cost is included in various line items in the 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. Maturities of lease liabilities as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ (Millions of dollars) Leases ​ ​ Leases 2022 $ 190 ​ $ 27 ​ 2023 ​ 151 ​ 27 ​ 2024 ​ 79 ​ ​ 25 ​ 2025 ​ 52 ​ ​ 17 ​ 2026 ​ 47 ​ ​ 12 ​ Thereafter ​ 84 ​ 43 ​ Total undiscounted lease payments ​ 603 ​ ​ 151 ​ Less imputed interest ​ (72) ​ ​ (24) ​ Total lease liability $ 531 ​ $ 127 ​ Seaboard’s weighted average discount rate for operating and finances leases was 5.37% and 4.16%, respectively, as of December 31, 2021. 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.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2021
Equity Method Investments
Equity Method Investments	Note 6 − Equity Method Investments Seaboard has several investments in and advances to non-controlled, non-consolidated affiliates that are all accounted for using the equity method of accounting. Financial information from certain foreign affiliates is reported on a one ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and ​ Income (Loss) ​ ​ ​ Advances to Affiliates ​ from Affiliates ​ ​ December 31, ​ Years ended December 31, ​ (Millions of dollars) 2021 2020 ​ 2021 2020 2019 ​ Pork ​ $ 142 ​ $ 172 ​ $ 3 ​ $ (9) ​ $ (22) ​ CT&M ​ ​ 224 ​ ​ 222 ​ ​ 18 ​ ​ (2) ​ ​ (5) ​ Marine ​ ​ 33 ​ ​ 30 ​ ​ 6 ​ ​ 2 ​ ​ 3 ​ Sugar and Alcohol ​ 4 ​ 6 ​ — ​ 1 ​ 1 ​ Power ​ ​ 3 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 ​ Turkey ​ 245 ​ 265 ​ (20) ​ (10) ​ (21) ​ Segment/Consolidated Totals ​ $ 651 ​ $ 698 ​ $ 7 ​ $ (18) ​ $ (41) ​ The Pork segment has noncontrolling interests in Daily’s Premium Meats, LLC (“Daily’s”) (50%) and Seaboard Triumph Foods, LLC (“STF”) (50%). Daily’s produces and markets raw and pre-cooked bacon. STF operates a pork processing plant. Seaboard’s Pork segment supplies raw materials to both of these facilities for processing and provides marketing services to STF for its pork products. Beginning in 2022, Daily’s and STF will supply feedstock to the renewable diesel operations. In January 2022, the Pork segment sold 50% of its ham-boning operations in Mexico. The Pork segment will continue to sell raw materials for further processing to this affiliate, and earnings from the Mexico operations will be reflected in Income (loss) from affiliates effective in the first quarter of 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pork Segment ​ December 31, (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Net sales ​ $ 2,010 ​ $ 1,543 ​ $ 1,453 Net income (loss) ​ $ 5 ​ $ (18) ​ $ (43) Total assets ​ $ 584 ​ $ 586 ​ $ 639 Total liabilities ​ $ 302 ​ $ 245 ​ $ 277 Total equity ​ $ 282 ​ $ 341 ​ $ 362 ​ The CT&M segment has noncontrolling interests in foreign businesses conducting flour, maize and feed milling, baking operations, poultry production and processing, and agricultural commodity trading. As of December 31, 2021, the location and percentage ownership of CT&M’s affiliates were as follows: Botswana (50%), Democratic Republic of Congo (50%), Gambia (50%), Kenya (46.92%-49%), Lesotho (50%), Mauritania (50%), Morocco (11.96%-17.86%), Nigeria (25%-48.33%), Senegal (49%), South Africa (50%), Tanzania (49%), Uganda (49%) and Zambia (49%) in Africa; Colombia (40%-42%), Ecuador (25%-50%), Guyana (50%), and Peru (50%) in South America; Jamaica (50%) and Haiti (23.33%) in the Caribbean; Turkey (25%) in Europe; and Canada (45%) and the U.S. (40%) in North America. As of December 31, 2021, the CT&M segment’s carrying value of certain investments in affiliates was more than its share of the affiliates’ book value by $53 million. The excess is attributable primarily to the valuation of property, plant and equipment and intangible assets. Certain basis adjustments are being amortized to income (loss) from affiliates over the remaining life of the assets. Seaboard’s CT&M segment supplies commodities to the majority of its equity method milling affiliates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CT&M Segment ​ December 31, (Millions of dollars) 2021 ​ 2020 ​ 2019 Net sales ​ $ 2,766 $ 2,482 $ 3,129 Net income (loss) ​ $ 47 $ (2) $ (12) Total assets ​ $ 1,798 $ 1,745 $ 1,697 Total liabilities ​ $ 1,199 $ 1,185 $ 1,075 Total equity ​ $ 599 $ 560 $ 622 The Marine segment has noncontrolling interests in businesses that primarily own cargo terminal operations in the Caribbean (16.71%- 22.07%). These affiliates provide terminal and stevedoring services to the Marine segment. As of December 31, 2021, the Marine segment’s carrying value of certain investments in affiliates was less than its share of the affiliates’ book value by $33 million. The difference is attributable primarily to the valuation of property, plant and equipment and impairments taken by Seaboard, but not the respective entity. Certain basis adjustments are being amortized to income (loss) from affiliates over the remaining life of the assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marine Segment ​ December 31, (Millions of dollars) ​ 2021 ​ ​ 2020 ​ ​ 2019 Net sales ​ $ 74 ​ $ 66 ​ $ 70 Net income ​ $ 27 ​ $ 8 ​ $ 12 Total assets ​ $ 245 ​ $ 253 ​ $ 269 Total liabilities ​ $ 88 ​ $ 98 ​ $ 107 Total equity ​ $ 157 ​ $ 155 ​ $ 162 ​ The Sugar and Alcohol segment has noncontrolling interests in two sugar-related businesses in Argentina (50%). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar and Alcohol Segment ​ December 31, (Millions of dollars) 2021 ​ 2020 ​ 2019 Net sales ​ $ 6 $ 7 $ 10 Net income ​ $ — $ 1 $ 3 Total assets ​ $ 8 $ 14 $ 13 Total liabilities ​ $ 1 $ 2 $ 2 Total equity ​ $ 7 $ 12 $ 11 The Power segment has noncontrolling interests in two energy-related businesses in the Dominican Republic (45% and 50%). 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Power Segment ​ December 31, (Millions of dollars) 2021 ​ 2020 ​ 2019 Net sales ​ $ 1 $ 1 $ 143 Net income ​ $ 1 $ — $ 10 Total assets ​ $ 12 $ 12 $ 11 Total liabilities ​ $ 5 $ 6 $ 4 Total equity ​ $ 7 $ 6 $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Turkey segment represents Seaboard’s 50% noncontrolling interest in Butterball. Within total assets, Butterball had trade name intangible assets of $111 million and goodwill of $66 million as of December 31, 2021. Seaboard holds warrants, which upon exercise for a nominal price, would enable Seaboard to acquire an additional 5% equity interest in Butterball. The warrants qualify for equity treatment under accounting standards and are classified as investments in and advances to affiliates in the consolidated balance sheets. Seaboard can exercise these warrants at any time prior to December 31, 2025, when the warrants expire. Butterball has the right to repurchase the warrants for fair market value. The warrant agreement essentially provides Seaboard with a 52.5% economic interest, as these warrants are in substance an additional equity interest. Therefore, Seaboard records 52.5% of Butterball’s earnings as income (loss) from affiliates in the consolidated statements of comprehensive income. However, all significant corporate governance matters would continue to be shared equally between Seaboard and its partner in Butterball even if the warrants were exercised, unless Seaboard already owned a majority of the voting rights at the time of exercise. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Turkey Segment ​ December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ 2019 ​ Net sales ​ $ 1,792 $ 1,675 $ 1,612 ​ Operating loss ​ $ (34) ​ $ (6) ​ $ (20) ​ Net loss ​ $ (38) $ (20) $ (40) ​ Total assets ​ $ 991 $ 993 $ 1,038 ​ Total liabilities ​ $ 517 $ 481 $ 507 ​ Total equity ​ $ 474 $ 512 $ 531 ​ ​

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	Note 7 − Debt Lines of Credit The outstanding balances under uncommitted lines of credit was $359 million and $222 million as of December 31, 2021 and 2020, respectively. Of the outstanding balance as of December 31, 2021, $218 million was denominated in foreign currencies, with $177 million denominated in the South African rand and the remaining in various other currencies. Of the outstanding balance as of December 31, 2020, $142 million was denominated in foreign currencies, with $106 million denominated in the South African rand and the remaining in various other currencies. The uncommitted lines of credit are unsecured and do not require compensating balances. As of December 31, 2021, Seaboard had a committed $250 million line of credit secured by certain short-term investments maturing September 30, 2022. Draws bear interest based on LIBOR plus a spread. There was $157 million outstanding under committed lines of credit as of December 31, 2021 and no balance outstanding as of December 31, 2020. The weighted average interest rate for outstanding lines of credit was 2.71% and 3.89% as of December 31, 2021 and 2020, respectively. Long-term Debt The following table is a summary of long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ Term Loans due 2028 ​ $ 677 ​ $ 684 ​ Foreign subsidiary obligations ​ ​ 1 ​ ​ 49 ​ Other long-term debt ​ ​ 39 ​ ​ 30 ​ Total debt at face value ​ ​ 717 ​ ​ 763 ​ Current maturities and unamortized discount and costs ​ ​ (9) ​ ​ (56) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 708 ​ $ 707 ​ In 2018, Seaboard Foods LLC entered into an Amended and Restated Term Loan Credit Agreement (“Credit Agreement”) with CoBank, ACB, Farm Credit Services of America, PCA, and the lenders party thereto for a $700 million unsecured term loan (“Term Loan”). The Term Loan provides for quarterly payments of the principal balance pursuant to the revised amortization schedule set forth in the Credit Agreement, with the balance due on the maturity date of September 25, 2028. The Term Loan bears interest at fluctuating rates based on various margins over a Base Rate, LIBOR or a Quoted Rate, at the option of the borrower. The interest rate was 1.73% and 1.77% as of December 31, 2021 and 2020, respectively. The Credit Agreement contains customary covenants for credit facilities of this type, including restrictions on the incurrence of indebtedness over a certain threshold, ability to make certain acquisitions, investments and asset dispositions and aggregate dividend payments. Foreign subsidiary obligations as of December 31, 2020, included a $46 million euro-denominated note payable due to the sellers related to a 2018 acquisition. This note payable was repaid in January 2021. In conjunction with the purchase of certain equipment during 2021, $9 million of secured, other long-term debt was assumed. The loan agreement incurs a fixed interest rate of 5.60% and matures in August 2037. In December 2020, Seaboard received a $30 million note that incurs a fixed interest rate of 1.28% and matures in 2027. Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of December 31, 2021. The aggregate minimum principal payments required on long-term debt as of December 31, 2021 were as follows: $8 million in 2022, $7 million in 2023, $7 million in 2024, $7 million in 2025, $7 million in 2026 and $681 million thereafter.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 8 − Commitments and Contingencies Legal Proceedings On July 21, 2021, a lawsuit was filed by an individual, Odette Blanco de Fernandez, who alleges that she owns a claim to confiscated property, related persons who purportedly inherited claims to confiscated property (“Inheritors”) and estates of deceased persons who purportedly own claims to confiscated property (“Estates”) against Seaboard Corporation in the U.S. District Court for the District of Delaware under Title III of the Cuban Liberty and Solidarity Act of 1996, also known as the Helms-Burton Act (the “Act”). The same plaintiffs filed a separate lawsuit against Seaboard Marine Ltd. (“Seaboard Marine”) on December 20, 2020, in the U.S. District Court for the Southern District of Florida. The Act provides that any person who knowingly and intentionally “traffics” in property which was confiscated by the Cuban government may be liable to any U.S. national who owns the claim to such property for money damages in an amount equal to the greater of the current value of the property or the value of the property when confiscated, plus interest from the date of confiscation, reasonable attorneys’ fees and costs, and treble damages under certain circumstances. The Act numerates certain activities that are excluded from liability, including “lawful travel.” The complaint in each of the cases alleges that the plaintiffs hold claims to a 70-year concession to develop port facilities at Mariel Bay, Cuba, and to ownership of surrounding land, and that these and other property rights were confiscated by the Cuban government in 1960. They further allege that Seaboard Corporation and Seaboard Marine knowingly and intentionally “trafficked” within the meaning of the Act in the confiscated property by carrying and/or directing cargo to the Port of Mariel. The Court in the Seaboard Marine case dismissed the claims of the Inheritors and the Estates because they did not acquire the claims prior to March 1996, as required by the Act. The Court denied Plaintiffs’ motion for reconsideration of the dismissal of the Estates. As to the suit against Seaboard Corporation, on October 21, 2021, the plaintiffs filed an Amended Complaint which principally adds allegations that there were additional callings made by Seaboard Marine at the Port of Mariel and that Seaboard Corporation engaged in a pattern of doing business with individuals and entities in contravention of the foreign policy of the U.S. The operative complaints in each lawsuit seek unspecified damages (including treble damages) and pre-filing interest as provided in the Act; pre-judgment interest; attorneys’ fees, costs and expenses; and such other relief as is just and proper. Seaboard believes it has meritorious defenses to the claims alleged in these matters and intends to vigorously defend these matters. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from either of these suits, or to reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the suits. On June 28, 2018, twelve indirect purchasers of pork products filed a class action complaint in the U.S. District Court for the District of Minnesota (the “District Court”) against several pork processors, including Seaboard Foods LLC and Agri Stats, Inc., a company described in the complaint as a data sharing service. The complaint also named Seaboard Corporation as a defendant. Additional class action complaints making similar claims on behalf of putative classes of direct and indirect purchasers were later filed in the District Court, and three additional actions by standalone plaintiffs (including the Commonwealth of Puerto Rico) were filed in or transferred to the District Court. The consolidated actions are styled In re Pork Antitrust Litigation. The operative complaints allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork products in violation of U.S. antitrust laws by coordinating their output and limiting production, allegedly facilitated by the exchange of non-public information about prices, capacity, sales volume and demand through Agri Stats, Inc. The complaints on behalf of the putative classes of indirect purchasers also assert claims under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and common law unjust enrichment. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees. On October 16, 2020, the District Court denied defendants’ motions to dismiss the amended complaints, but the District Court later dismissed all claims against Seaboard Corporation without prejudice. In 2021 and 2022, additional standalone plaintiffs filed similar actions in other federal courts throughout the country, several of which name Seaboard Corporation as a defendant. These actions have been or are expected to be conditionally transferred to Minnesota for pretrial proceedings pursuant to an order by the Judicial Panel on Multidistrict Litigation. Also in 2021, the states of New Mexico and Alaska filed cases in state court against substantially the same defendants, including Seaboard Foods LLC and Seaboard Corporation, based on substantially similar allegations. Seaboard believes that it has meritorious defenses to the claims alleged in these matters and intends to vigorously defend these matters. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from these suits, or to reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the suits. On March 20, 2018, the bankruptcy trustee (the “Trustee”) for Cereoil Uruguay S.A. (“Cereoil”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard Corporation and its subsidiaries, Seaboard Overseas Limited (“SOL”) and Seaboard Uruguay Holdings Ltd. (“Seaboard Uruguay”). Seaboard Corporation has a 45% indirect ownership of Cereoil. The suit seeks an order requiring Seaboard Corporation, SOL and Seaboard Uruguay to reimburse Cereoil the amount of $22 million, contending that deliveries of soybeans to SOL pursuant to purchase agreements should be set aside as fraudulent conveyances. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and its two subsidiaries could be ordered to pay the amount of $22 million plus interest. Any award in this case would offset against any award in the additional case described below filed by the Trustee on April 27, 2018. On April 27, 2018, the Trustee 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 Corporation, SOL, Seaboard Uruguay, all directors of Cereoil, including two individuals employed by Seaboard who served as directors at the behest of Seaboard, and the Chief Financial Officer of Cereoil, an employee of Seaboard who also served at the behest of Seaboard (collectively, the “Cereoil Defendants”). The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Cereoil’s insolvency, and thus should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing lists total liabilities of $53 million and assets of $30 million. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard Corporation and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Cereoil, which based on the bankruptcy schedules would total $23 million. It is possible that the net indebtedness could be higher than this amount if Cereoil’s liabilities are greater than $53 million and/or Cereoil’s assets are worth less than $30 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. Any award in this case would offset against any award in the case described above filed on March 20, 2018. On September 30, 2021, HSBC Bank (Uruguay) SA ("HSBC"), a creditor in the Cereoil bankruptcy proceeding pending in Uruguay, filed a suit in the U.S. District Court for the District of Kansas against Seaboard Corporation alleging claims for breach of contract, promissory estoppel, breach of the duty of good faith and fair dealing, unjust enrichment, fraud, negligent misrepresentation and fraud by concealment based upon a comfort letter, alleged statements by Cereoil personnel (including the chief financial officer serving at the behest of Seaboard), and the same grain transactions that the Trustee challenges as fraudulent conveyances in the Cereoil bankruptcy in Uruguay discussed above. HSBC seeks $10 million plus interest and other relief in excess of $3.2 million. Seaboard believes that is has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. On May 15, 2018, the Trustee for Nolston S.A. (“Nolston”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard and the other Cereoil Defendants. Seaboard has a 45% indirect ownership of Nolston. The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Nolston’s insolvency, and thus should be ordered to pay all liabilities of Nolston, net of assets. The bankruptcy filing lists total liabilities of $29 million and assets of $15 million. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Nolston, which based on the bankruptcy schedules, asset sales and removal of duplicative claims, is estimated to be approximately $8 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. 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 Seaboard’s non-consolidated affiliates have debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of that debt in order to further Seaboard’s business objectives. As of December 31, 2021, guarantees outstanding were not material. Seaboard has not accrued a liability for any of the guarantees as management considers the likelihood of loss to be remote. Commitments As of December 31, 2021, Seaboard had various non-cancelable commitments under contractual agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ (Millions of dollars) 2022 2023 2024 2025 2026 ​ Thereafter Totals Hog procurement contracts (a) ​ $ 129 ​ $ 94 ​ $ 92 ​ $ 95 ​ $ 82 ​ $ 22 ​ $ 514 Grain and feedstock commitments (b) ​ 424 ​ 250 ​ 152 ​ 24 ​ 18 ​ — ​ 868 Grain purchase contracts for resale (c) ​ ​ 1,022 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,025 Fuel supply contracts (d) ​ 87 ​ 55 ​ 69 ​ 79 ​ 91 ​ 373 ​ 754 Capital expenditures (e) ​ ​ 221 ​ ​ 17 ​ ​ 89 ​ ​ — ​ ​ — ​ ​ — ​ ​ 327 Other commitments ​ 177 ​ 4 ​ 4 ​ 3 ​ 3 ​ 24 ​ 215 Total unrecognized non-cancelable commitments ​ $ 2,060 ​ $ 423 ​ $ 406 ​ $ 201 ​ $ 194 ​ $ 419 ​ $ 3,703 (a) The Pork segment has contracted with third parties for the purchase of hogs to support its operations. The amounts are based on projected market prices as of December 31, 2021 . During 2021 , 2020 and 2019 , the Pork segment paid $145 million, $108 million and $121 million, respectively, for hogs purchased under committed contracts. (b) The Pork segment enters into grain purchase and feedstock contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2021 . (c) The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. The amounts are based on projected commodity prices as of December 31, 2021 . (d) The Power segment has a natural gas supply contract for a significant portion of the fuel required for the barge under construction. Also, the Marine segment has a fuel supply agreement to purchase natural gas for the vessels under construction. The variable price components are based on market prices as of December 31, 2021 . (e) The capital expenditures are primarily for the Marine segment’s purchase of two vessels in 2022 and construction of three vessels with expected delivery in 2024, based on contracts. The biogas recovery and other projects in the Pork segment are based on commitments per respective contracts.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2021
Employee Benefits
Employee Benefits	Note 9 − Employee Benefits Seaboard has qualified defined benefit pension plans for its domestic salaried and clerical employees that were hired before January 1, 2014. Benefits are generally based upon the number of years of service and a percentage of final average pay. Seaboard did not make any contributions in 2021 and 2020 and currently does not plan on making any contributions in 2022 to qualified plans. Seaboard also sponsors non-qualified, unfunded supplemental executive plans. Management has no plans to provide funding for these supplemental executive plans in advance of when the benefits are paid. Pursuant to Seaboard’s investment policy for qualified pension plans, assets are invested to achieve a diversified target allocation of approximately 50% in domestic equities, 25% in international equities, 20% in fixed income securities and 5% in alternative investments. The investment strategy is periodically reviewed by management for adherence to policy and performance. The following tables show the qualified plans’ assets measured at estimated fair value as of December 31, 2021 and 2020, respectively, and the level within the fair value hierarchy used to measure each category of assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 113 ​ $ 113 ​ $ — ​ $ — Foreign equity securities ​ 71 ​ 71 ​ — ​ — Domestic fixed income mutual funds ​ ​ 29 ​ ​ 29 ​ ​ — ​ ​ — Foreign fixed income mutual funds ​ 12 ​ ​ 12 ​ ​ — ​ — Money market funds ​ 2 ​ 2 ​ ​ — ​ — Total assets ​ $ 227 ​ $ 227 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 93 ​ $ 93 ​ $ — ​ $ — Foreign equity securities ​ 64 ​ 64 ​ — ​ — Domestic fixed income mutual funds ​ 32 ​ 32 ​ — ​ — Foreign fixed income mutual funds ​ 15 ​ 15 ​ — ​ — Money market funds ​ 2 ​ 2 ​ — ​ — Total assets ​ $ 206 ​ $ 206 ​ $ — ​ $ — Assumptions used in determining pension information for the qualified and nonqualified plans were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2021 ​ 2020 2019 Weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate used to determine obligations ​ 1.20 - 2.90 % 0.70 - 2.60 % 2.15 - 3.50 % Discount rate used to determine net periodic benefit cost ​ 0.70 - 2.60 % 2.15 - 3.50 % 3.50 - 4.50 % Expected return on plan assets ​ ​ ​ 6.25 % ​ ​ 6.25 % ​ ​ 6.25 % Long-term rate of increase in compensation levels ​ ​ ​ 4.00 % ​ ​ 4.00 % ​ ​ 4.00 % Management selected the discount rates based on a model-based result where the timing and amount of cash flows approximates the estimated payouts. The expected return on the qualified plans’ assets assumption is based on the weighted average of asset class expected returns that are consistent with historical returns. The assumed rate of return selected was based on model-based results that reflect the qualified plans’ asset allocation and related long-term projected returns. The measurement date for all plans is December 31. ​ The aggregate changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ 2020 (Millions of dollars) ​ ​ Accumulated benefits exceed assets ​ ​ Accumulated benefits exceed assets ​ Reconciliation of benefit obligation: ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ 379 ​ $ 348 ​ Service cost ​ 10 ​ 9 ​ Interest cost ​ 9 ​ 11 ​ Actuarial losses (gains) ​ (10) ​ 58 ​ Plan settlements ​ ​ (19) ​ ​ (38) ​ Benefits paid ​ (7) ​ (9) ​ Benefit obligation at end of year ​ $ 362 ​ $ 379 ​ Reconciliation of fair value of plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 206 ​ $ 185 ​ Actual return on plan assets ​ 27 ​ 27 ​ Employer contributions ​ 20 ​ 38 ​ Plan settlements ​ ​ (19) ​ ​ (38) ​ Benefits paid ​ (7) ​ (6) ​ Fair value of plan assets at end of year ​ $ 227 ​ $ 206 ​ Funded status ​ $ (135) ​ $ (173) ​ The benefit obligation decreased primarily due to higher discount rates. The accumulated benefit obligation for the qualified and nonqualified plans was $319 million and $336 million as of December 31, 2021 and 2020, respectively. Expected future benefit payments for the qualified and nonqualified plans during each of the next five years and the next five years thereafter were as follows: $26 million, $25 million, $16 million, $11 million, $15 million and $76 million, respectively. The net periodic benefit cost of these plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ (Millions of dollars) 2021 2020 2019 ​ Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ ​ $ 10 ​ $ 9 ​ $ 8 ​ Interest cost ​ ​ 9 ​ 11 ​ 12 ​ Expected return on plan assets ​ ​ (12) ​ (11) ​ (10) ​ Amortization ​ ​ 9 ​ 7 ​ 5 ​ Settlement loss recognized ​ ​ ​ 6 ​ ​ 11 ​ ​ 2 ​ Net periodic benefit cost ​ ​ $ 22 ​ $ 27 ​ $ 17 ​ The service cost component is recorded in either cost of sales or selling, general and administrative expenses depending upon the employee, and the other components of net periodic benefit cost are recorded in miscellaneous, net in the consolidated statements of comprehensive income. The settlements recognized were primarily due to certain participants who received lump sum payments that cumulatively exceeded the service cost plus interest cost for the respective plan. During 2020, Seaboard made a lump sum $32 million pension distribution, related to the passing of Seaboard’s former Chief Executive Officer. The amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss before taxes as of December 31, 2021 and 2020 were $71 million and $112 million, respectively. Such amounts primarily represent the unrecognized net actuarial losses that are generally amortized over the average remaining working lifetime of the active participants for all of these plans. Seaboard has deferred compensation plans that allow certain employees to reduce their compensation in exchange for values in various investments. One plan requires certain individuals to defer compensation over a specific threshold and another plan, which no longer allows contributions, has options that are exercisable. In conjunction with these plans, Seaboard purchases investments that are classified as trading securities and included in other current assets and recognizes the amount payable to the employees in other current liabilities on the consolidated balance sheets. Investments for Seaboard’s deferred compensation plans were $29 million and $26 million as of December 31, 2021 and 2020, respectively. The payable to the employees was $26 million and $23 million as of December 31, 2021 and 2020, respectively. Deferred compensation plan costs recognized in selling, general and administrative expenses are offset by the effect of the marked-to-market adjustments on investments recorded in other investment income (loss). Seaboard’s income (expense) for these plans, which primarily includes amounts related to the change in fair value of the underlying investment accounts, was $(3) million, $(6) million and $(11) million for the years ended December 31, 2021, 2020 and 2019, respectively. Investment income (loss) related to the deferred compensation investments totaled $3 million, $6 million and $11 million, for the years ended December 31, 2021, 2020 and 2019, respectively. Seaboard maintains defined contribution plans covering most of its domestic employees. Contribution expense for these plans was $4 million for each of the years ended December 31, 2021, 2020 and 2019. In 2019, after ratification of a renewed collective bargaining agreement, Seaboard ceased contributing to a multi-employer pension fund, which subsequently terminated Seaboard’s participation. Seaboard recorded a $14 million withdrawal liability in 2019, that is payable in quarterly installments over 20 years. Contribution expense for this fund was $1 million for year ended December 31, 2019.

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivatives and Fair Value of Financial Instruments
Derivatives and Fair Value of Financial Instruments	Note 10 − Derivatives and Fair Value of Financial Instruments The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three broad levels: Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted prices in active markets that are observable either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its assumptions. The following tables show assets and liabilities measured at fair value on a recurring basis and 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic debt securities ​ $ 542 ​ $ 247 ​ $ 295 ​ $ — ​ Domestic equity securities ​ 472 ​ 472 ​ — ​ — ​ Foreign equity securities ​ ​ 193 ​ ​ 193 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 133 ​ ​ 2 ​ ​ 131 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 59 ​ ​ 59 ​ ​ — ​ ​ — ​ Other trading securities ​ ​ 17 ​ ​ — ​ ​ 17 ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 16 ​ 16 ​ — ​ — ​ Other trading securities ​ ​ 13 ​ ​ 12 ​ ​ 1 ​ ​ — ​ Long-term investment - BDC ​ 81 ​ — ​ — ​ 81 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 6 ​ 6 ​ — ​ — ​ Foreign currencies ​ 5 ​ — ​ 5 ​ — ​ Total assets ​ $ 1,537 ​ $ 1,007 ​ $ 449 ​ $ 81 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 18 ​ $ — ​ $ — ​ $ 18 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ — ​ Foreign currencies ​ 5 ​ — ​ 5 ​ — ​ Total liabilities ​ $ 28 ​ $ 5 ​ $ 5 ​ $ 18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 702 ​ $ 702 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 496 ​ ​ 196 ​ ​ 300 ​ ​ — ​ Foreign equity securities ​ ​ 133 ​ ​ 133 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 68 ​ ​ — ​ ​ 68 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 47 ​ ​ 47 ​ ​ — ​ ​ — ​ Other trading securities ​ 19 ​ 3 ​ 16 ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 14 ​ 14 ​ — ​ — ​ Other trading securities ​ ​ 12 ​ ​ 11 ​ ​ 1 ​ ​ — ​ Long-term investment - BDC ​ 31 ​ — ​ — ​ 31 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 28 ​ 28 ​ — ​ — ​ Interest rate swaps ​ 1 ​ — ​ 1 ​ — ​ Total assets ​ $ 1,551 ​ $ 1,134 ​ $ 386 ​ $ 31 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 16 ​ $ — ​ $ — ​ $ 16 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 19 ​ ​ 19 ​ ​ — ​ ​ — ​ Foreign currencies ​ 9 ​ — ​ 9 ​ — ​ Total liabilities ​ $ 44 ​ $ 19 ​ $ 9 ​ $ 16 ​ Financial instruments consisting of cash and cash equivalents, net receivables, lines of credit and accounts payable are carried at cost, which approximates fair value, as a result of the short-term nature of the instruments. The fair value of short-term investments is measured using multiple levels. Debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs. Domestic debt securities categorized as level 2 include corporate bonds, mortgage-backed securities, asset-backed securities, U.S. Treasuries and high-yield securities. Foreign debt securities categorized as level 2 include foreign government or government related securities, corporate bonds, asset-backed securities and high-yield securities with a country of origin concentration outside the U.S. Seaboard has a long-term investment in a BDC that primarily lends to and invests in debt securities of privately held companies. This long-term investment is valued at net asset value (“NAV”), adjusted for a liquidity discount of $1 million, resulting in level 3 classification. The change in value during 2021 was primarily related to an additional contribution of $50 million. Equity market activity is recorded in other investment income (loss). The fair value of long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. As Seaboard’s long-term debt is mostly variable-rate, its carrying amount approximates fair value. If Seaboard’s long-term debt was measured at fair value on its consolidated balance sheets, it would have been classified as level 2 in the fair value hierarchy. See Note 7 for a discussion of Seaboard’s long-term debt. Seaboard’s contingent consideration, classified in other non-current liabilities, is related to a 2018 acquisition. The fair value is dependent on the probability of the acquiree achieving certain financial performance targets using earnings before interest, taxes, depreciation and amortization (“EBITDA”) as a metric. The contingent consideration ranges between zero and $48 million payable between five Derivatives Seaboard has derivatives to manage certain risks. While management believes its derivatives are primarily economic hedges, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. As a result, fluctuations in prices, foreign currency exchange rates and interest rates could have a material impact on earnings in any given reporting period. Credit risks associated with derivative contracts are not significant as Seaboard minimizes counterparty exposure by dealing with credit-worthy counterparties and uses margin accounts for some accounts. As of December 31, 2021, the maximum amount of credit risk, had the counterparties failed to perform according to the terms of the contract, was $5 million. Commodity Instruments Seaboard uses various derivative futures and options to manage its risk to price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. Commodity derivatives are recorded at fair value, with any changes in fair value recognized as a component of cost of sales in the consolidated statements of comprehensive income. Seaboard had the following aggregated outstanding notional amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (Millions) ​ Metric ​ ​ 2021 ​ ​ 2020 ​ Commodities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Grain ​ Bushels ​ ​ 1 ​ ​ 26 ​ Hogs ​ Pounds ​ ​ — ​ ​ 2 ​ Soybean oil ​ Pounds ​ ​ 20 ​ ​ 56 ​ Heating oil ​ Gallons ​ ​ 15 ​ ​ — ​ Foreign Currency Exchange Agreements Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies. Foreign currency exchange agreements that primarily relate to an underlying commodity transaction are recorded at fair value with changes in value recognized as a component of cost of sales. Other foreign currency exchange agreements are recognized as a component of foreign currency gains (losses), net. As of December 31, 2021 and 2020, Seaboard had foreign currency exchange agreements with notional amounts of $95 million and $49 million, respectively, primarily related to the South African rand and euro. Interest Rate Swap Agreements From time to time, Seaboard enters into interest rate swap agreements to manage the interest rate risk with respect to certain variable-rate long-term debt. Interest rate swap agreements are recorded at fair value with changes in value recognized as a component of interest expense, net in the consolidated statements of comprehensive income. During the third quarter of 2021, all of Seaboard’s interest rate swap agreements were terminated resulting in a realized gain of $5 million for the year ended December 31, 2021. Seaboard paid fixed-rate interest payments at a weighted-average interest rate of 0.26% over the life of the agreements and received variable-rate interest payments based on the one-month LIBOR from the counterparty without the exchange of the underlying aggregate notional amounts of $400 million. The following table provides the amount of gain (loss) recorded for each type of derivative and where it was recognized in the consolidated statements of comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 2020 ​ Commodities Cost of sales ​ $ (20) ​ $ 55 ​ Foreign currencies Cost of sales ​ (2) ​ 11 ​ Foreign currencies Foreign currency gains (losses), net ​ 4 ​ (5) ​ Interest rate swaps ​ Interest expense ​ ​ 5 ​ ​ — ​ The following table provides the fair value of each type of derivative held and where each derivative is included in the consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, (Millions of dollars) ​ 2021 2020 ​ 2021 2020 Commodities Other current assets ​ $ 6 ​ $ 28 Other current liabilities ​ $ 5 ​ $ 19 Foreign currencies Other current assets ​ 5 ​ — Other current liabilities ​ 5 ​ 9 Interest rate swaps ​ Other current assets ​ ​ — ​ ​ 1 ​ Other current liabilities ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Seaboard’s commodity derivative assets and liabilities are presented in the consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2021 and 2020, the commodity derivatives had a margin account balance of $28 million and $15 million, respectively, resulting in a net other current asset in the consolidated balance sheets of $29 million and $24 million, respectively.

Stockholders' Equity and Accumu

Stockholders' Equity and Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stockholders' Equity and Accumulated Other Comprehensive Loss	Note 11 − Stockholders’ Equity and Accumulated Other Comprehensive Loss Seaboard’s share repurchase program expired on October 31, 2020. Under this share repurchase program, Seaboard was authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may have been above or below the traded market price. Seaboard repurchased 4,069 and 4,369 shares of common stock during 2020 and 2019, respectively, at a total price of $13 million and $17 million, respectively. Shares repurchased were retired and became authorized and unissued shares. The components of accumulated other comprehensive loss, net of related taxes, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ Foreign ​ Cumulative ​ ​ ​ ​ ​ ​ Currency ​ Unrecognized ​ ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ (Millions of dollars) ​ Adjustment ​ Cost ​ Total ​ Balance December 31, 2019 ​ $ (369) ​ $ (71) ​ $ (440) ​ Other comprehensive loss before reclassifications ​ (7) ​ (38) ​ (45) ​ Amounts reclassified from accumulated other comprehensive loss to net earnings ​ — ​ 14 (a) 14 ​ Other comprehensive loss, net of tax ​ (7) ​ (24) ​ (31) ​ Balance December 31, 2020 ​ $ (376) ​ $ (95) ​ $ (471) ​ Other comprehensive income before reclassifications ​ 8 ​ 18 ​ 26 ​ Amounts reclassified from accumulated other comprehensive loss to net earnings ​ — ​ 13 (a) 13 ​ Other comprehensive income, net of tax ​ 8 ​ 31 ​ 39 ​ Balance December 31, 2021 ​ $ (368) ​ $ (64) ​ $ (432) ​ (a)   ​ ​ The cumulative foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar and Alcohol segment. Since the third quarter of 2018, the Sugar and Alcohol segment’s functional currency has been the U.S. dollar due to highly inflationary accounting. The adjustments for 2021 and 2020 are related to non-USD functional currencies of consolidated and non-consolidated affiliates, primarily in Seaboard’s CT&M segment. The cumulative unrecognized pension cost represents the unamortized net actuarial loss. Income taxes for the cumulative unrecognized pension cost component was recorded using a 25%effective tax rate for 2021 and 2020 and 26% effective tax rate for 2019, except for unrecognized pension cost of $24 million, $34 million and $21 million in 2021, 2020 and 2019, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 12 − Income Taxes Earnings before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 United States ​ $ 337 ​ $ 138 ​ $ 180 Foreign ​ 298 ​ 148 ​ 110 Total earnings before income taxes excluding noncontrolling interests ​ 635 ​ 286 ​ 290 Net income attributable to noncontrolling interests ​ 1 ​ — ​ — Total earnings before income taxes ​ $ 636 ​ $ 286 ​ $ 290 The components of total income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 35 ​ $ (50) ​ $ 12 Foreign ​ 33 ​ 35 ​ 39 State and local ​ 10 ​ 2 ​ (1) Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 3 ​ 26 ​ (39) Foreign ​ (7) ​ (3) ​ (1) State and local ​ (9) ​ (7) ​ (7) Income tax expense ​ 65 ​ 3 ​ 3 Unrealized changes in other comprehensive income (loss) ​ 8 ​ (3) ​ (4) Total income taxes ​ $ 73 ​ $ — ​ $ (1) Income taxes for the years ended December 31, 2021, 2020 and 2019 differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to earnings before income taxes excluding noncontrolling interests for the following reasons: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 Computed “expected” tax expense excluding noncontrolling interests ​ $ 133 ​ $ 60 ​ $ 61 ​ Adjustments to tax expense attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign tax differences ​ (30) ​ (4) ​ 14 ​ Tax-exempt income ​ (15) ​ (17) ​ (29) ​ Federal tax credits ​ (39) ​ (34) ​ (47) ​ Unrecognized tax benefits ​ ​ 14 ​ ​ — ​ ​ — ​ Other ​ 2 ​ (2) ​ 4 ​ Total income tax expense ​ $ 65 ​ $ 3 ​ $ 3 ​ ​ Certain of Seaboard’s foreign operations are subject to no income tax or a tax rate that is lower than the U.S. corporate tax rate. Fluctuation of earnings or losses incurred from certain foreign operations conducting business in these jurisdictions impact the mix of taxable earnings. Tax-exempt income is primarily related to federal blender’s credits on the biodiesel that the Pork segment blends. In December 2019, the President of the U.S. signed into law the Further Consolidated Appropriations Act that extended the federal blender’s credits through 2022, with retroactive recognition for 2018 and 2019. As a result, in the fourth quarter of 2019, Seaboard recognized non-taxable revenue of $136 million related to the 2018 and 2019 federal blender’s credits. In accordance with GAAP, the effects of changes in tax laws, including retroactive changes, are recognized in the financial statements in the period that the changes are enacted. Seaboard has certain investments in various entities that are expected to enable Seaboard to obtain certain federal investment tax credits. Seaboard has invested in limited liability companies that operate refined coal processing plants that generate federal income tax credits based on production levels. Seaboard’s total contributions to these long-term investments were $11 million, $17 million and $15 million during 2021, 2020 and 2019, respectively. Additionally, Seaboard invested $4 million and $20 million during 2021 and 2019, respectively, in limited liability companies involved in a biogas fueled power project that generated federal income tax credits. These alternative long-term investments, accounted for using the equity method of accounting, generated in aggregate $24 million, $22 million and $34 million of investment tax credits for 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, Seaboard had income taxes receivable of $46 million and $18 million, respectively, primarily related to domestic tax jurisdictions, and had income taxes payable of $13 million and $14 million, respectively, primarily related to foreign tax jurisdictions. Historically, Seaboard has considered substantially all foreign profits as being permanently invested in its foreign operations, including all cash and short-term investments held by foreign subsidiaries. Seaboard intends to continue permanently reinvesting these funds outside the U.S. as current plans do not demonstrate a need to repatriate them to fund Seaboard’s U.S. operations and therefore, Seaboard has not recorded deferred taxes for state or foreign withholding taxes that would result upon repatriation of these funds to the U.S. Determination of the tax that might be paid on unremitted earnings if eventually remitted is not practical. Components of the net deferred income tax liability were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Millions of dollars) ​ 2021 ​ 2020 Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ Depreciation $ 121 $ 100 Domestic partnerships ​ ​ 62 ​ ​ 59 Unrealized gain on investments ​ ​ 13 ​ ​ 52 Inventory ​ ​ 7 ​ ​ 10 Other ​ ​ 4 ​ ​ 3 Gross deferred income tax liabilities ​ $ 207 ​ $ 224 Deferred income tax assets: ​ ​ ​ ​ ​ ​ Reserves/accruals ​ $ 66 ​ $ 74 Net operating and capital loss carry-forwards ​ ​ 67 ​ ​ 52 Tax credit carry-forwards ​ ​ 32 ​ ​ 49 Other ​ ​ 5 ​ ​ 5 Gross deferred income tax assets before valuation allowance ​ ​ 170 ​ ​ 180 Less: Valuation allowance ​ ​ 60 ​ ​ 55 Net deferred income tax liability ​ $ 97 ​ $ 99 In 2020, Seaboard elected to change its method for valuing certain inventories of its Seaboard Foods LLC subsidiary from the LIFO method to the FIFO method. For tax purposes, prior to this change, Seaboard had a Tax last-in, first-out (“LIFO”) reserve of approximately $51 million. This Tax LIFO reserve is being recognized as taxable income ratably over a four-year period effective in 2020. A deferred tax liability has been established for the future reversal amount and is included in the inventory lines in the table above. The activity within the valuation allowance account was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charge (credit) Balance at (Millions of dollars) ​ beginning of year ​ to expense ​ end of year Allowance for Deferred Tax Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 55 5 ​ $ 60 ​ Year Ended December 31, 2020 ​ $ 68 (13) ​ $ 55 ​ Year Ended December 31, 2019 ​ $ 59 9 ​ $ 68 ​ ​ Management believes Seaboard’s future taxable income will be sufficient for full realization of the net deferred tax assets. The valuation allowance relates to the tax benefits from state net operating losses and foreign net operating losses and tax credits. Management does not believe these benefits are more likely than not to be realized due to limitations imposed on the utilization of these losses and credits. As of December 31, 2021, Seaboard had state net operating loss carry-forwards of approximately $195 million and foreign net operating loss carry-forwards of approximately $185 million, a portion of which expire in varying amounts between 2022 and 2041, while others have indefinite expiration periods. As of December 31, 2021, Seaboard had state tax credit carry-forwards of approximately $28 million, net of valuation allowance, all of which carry-forward indefinitely. Seaboard’s tax returns are regularly audited by federal, state and foreign tax authorities, which may result in material adjustments. Seaboard’s 2016 U.S. income tax return is currently under IRS examination. U.S. federal tax years prior to 2016 are generally no longer subject to IRS tax assessment. In the U.S., typically the three most recent tax years are subject to IRS audits, unless an agreement is made to extend the statute of limitations for an audit in progress. In Seaboard’s major non-U.S. jurisdictions, including Argentina, the Dominican Republic, Ivory Coast and Senegal, tax years are typically subject to examination for three As of December 31, 2021 and 2020, Seaboard had $41 million and $30 million, respectively, in total unrecognized tax benefits, all of which if recognized would affect the effective tax rate. Seaboard does not have any material uncertain tax positions in which it is reasonably possible that the total amounts of the unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. The following table is a reconciliation of the beginning and ending amount of unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) 2021 2020 Beginning balance at January 1 ​ $ 30 ​ $ 31 Additions for uncertain tax positions of prior years ​ 7 ​ 2 Decreases for uncertain tax positions of prior years ​ (1) ​ (7) Additions for uncertain tax positions of current year ​ 6 ​ 5 Lapse of statute of limitations ​ (1) ​ (1) Ending balance as of December 31 ​ $ 41 ​ $ 30 Seaboard accrues interest related to unrecognized tax benefits and penalties in income tax expense and had approximately $10 million and $8 million accrued for the payment of interest and penalties as of December 31, 2021 and 2020, respectively.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	Note 13 − Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. Seaboard’s reporting segments are based on information used by Seaboard’s Chief Executive Officer in his capacity as chief operating decision maker to determine allocation of resources and assess performance. Each of the six segments is separately managed, and each was started or acquired independent of the other segments. The Pork segment primarily produces hogs to process and sells fresh and frozen pork products to further processors, foodservice operators, distributors and grocery stores throughout the U.S. and to foreign markets. In 2020, this segment purchased a hog production company that previously supplied hogs to the Guymon plant for $27 million, which primarily included hog farms and related assets. This segment also produces biodiesel from pork fat and other animal fats and vegetable oils for sale, along with the related fuel credits, to third parties. The Pork segment is converting an idle ethanol plant in Hugoton, Kansas plant to a renewable diesel production facility, with operations currently expected to begin in 2022. The Pork segment’s biodiesel plants have historically received federal blender’s credits for the biodiesel they blend. As a result of the 2019 Tax Act, Seaboard recognized $60 million of net revenue related to the 2018 and 2019 federal blender’s credits. Revenue was recognized as earned during 2020 and 2021 based on biodiesel production and will be recognized in the same manner for year 2022. The CT&M segment is an integrated agricultural commodity trading, processing and logistics operation that internationally markets wheat, corn, soybean meal and other agricultural commodities in bulk to third-party customers and to non-consolidated affiliates. This segment operates flour, maize and feed mills and bakery operations in numerous foreign countries. In 2021, Seaboard’s CT&M segment increased its ownership interest in a feed manufacturer and hog producer in Ecuador from 50% to 80%. Total consideration for the purchase price included $7 million of cash paid, net of cash acquired, Seaboard’s previously held equity interest and pre-existing affiliate trade receivables remeasured at their acquisition date fair values. The final purchase price allocation primarily included working capital of $30 million and property, plant and equipment of $17 million. In 2019, Seaboard’s CT&M segment increased its ownership in an importer and trader of grains in Peru from 50% to 100%. Total consideration for the purchase price included $7 million of cash paid, net of cash acquired, Seaboard’s previously held equity interest and pre-existing affiliate trade receivables. The purchase price allocation primarily included accounts receivable of $33 million, inventories of $55 million, property, plant and equipment of $12 million and assumed short-term debt of $65 million. The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. The Sugar and Alcohol segment produces and processes sugar and alcohol in Argentina, primarily to be marketed locally. The Power segment is an independent power producer in the Dominican Republic that owns two power generating barges. The barge under construction is expected to begin operations in 2022. The Turkey segment, accounted for using the equity method, produces, processes and sells turkey products. Total assets for the Turkey segment represent Seaboard’s investment in Butterball. See Note 6 for more information on Butterball. The All Other segment represents primarily a jalapeño pepper processing operation. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales: ​ ​ Year Ended December 31, 2021 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 2,091 ​ $ 5,139 ​ $ — ​ $ 113 ​ $ — ​ $ 14 ​ $ 7,357 ​ Transportation ​ ​ 8 ​ ​ — ​ ​ 1,396 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1,405 ​ Energy ​ ​ 357 ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 60 ​ ​ — ​ ​ 427 ​ Other ​ ​ 25 ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 40 ​ Segment/consolidated totals ​ $ 2,481 ​ $ 5,154 ​ $ 1,396 ​ $ 123 ​ $ 60 ​ $ 15 ​ $ 9,229 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales: ​ ​ Year Ended December 31, 2020 (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,682 ​ $ 3,981 ​ $ — ​ $ 95 ​ $ — ​ $ 16 ​ $ 5,774 ​ Transportation ​ ​ 8 ​ ​ — ​ ​ 1,005 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,013 ​ Energy ​ ​ 219 ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 64 ​ ​ — ​ ​ 294 ​ Other ​ ​ 32 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 45 ​ Segment/consolidated totals ​ $ 1,941 ​ $ 3,994 ​ $ 1,005 ​ $ 106 ​ $ 64 ​ $ 16 ​ $ 7,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales: ​ ​ Year Ended December 31, 2019 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,599 ​ $ 3,654 ​ $ — ​ $ 112 ​ $ — ​ $ 17 ​ $ 5,382 ​ Transportation ​ ​ 10 ​ ​ — ​ ​ 1,061 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1,072 ​ Energy ​ ​ 210 ​ ​ — ​ ​ — ​ ​ 9 ​ ​ 117 ​ ​ — ​ ​ 336 ​ Other ​ ​ 32 ​ ​ 18 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ Segment/consolidated totals ​ $ 1,851 ​ $ 3,672 ​ $ 1,061 ​ $ 121 ​ $ 117 ​ $ 18 ​ $ 6,840 ​ The following tables present Seaboard’s operating income (loss) by segment. Operating income for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income, along with income (loss) from affiliates for the Pork, CT&M and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax benefit (expense) on a segment basis. Administrative services provided by the corporate office are allocated to the individual segments and represent corporate services rendered to and costs incurred for each specific segment, with no allocation to individual segments of general corporate management oversight costs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): Years ended December 31, ​ (Millions of dollars) 2021 2020 2019 ​ Pork ​ $ 227 ​ $ 131 ​ $ 60 ​ CT&M ​ 61 ​ 118 ​ 62 ​ Marine ​ 197 ​ 21 ​ 4 ​ Sugar and Alcohol ​ 2 ​ 2 ​ (16) ​ Power ​ (9) ​ 3 ​ 27 ​ All other ​ 1 ​ 1 ​ 2 ​ Segment totals ​ 479 ​ 276 ​ 139 ​ Corporate ​ (21) ​ (31) ​ (29) ​ Consolidated totals ​ $ 458 ​ $ 245 ​ $ 110 ​ The following tables present Seaboard’s total assets and capital expenditures by segment. Corporate assets primarily include cash and short-term investments, other current assets related to deferred compensation plans, long-term investments and other miscellaneous items. Corporate operating results represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation plans, which are offset by the effect of the mark-to-market adjustments on these investments recorded in other investment income (loss), net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ December 31, (Millions of dollars) 2021 2020 Pork ​ ​ $ 2,265 ​ $ 1,927 CT&M ​ ​ 2,054 ​ 1,585 Marine ​ ​ 749 ​ 508 Sugar and Alcohol ​ ​ 155 ​ 153 Power ​ ​ 359 ​ 302 Turkey ​ ​ 245 ​ 265 All other ​ ​ 7 ​ 6 Segment totals ​ ​ 5,834 ​ 4,746 Corporate ​ ​ 1,669 ​ 1,653 Consolidated totals ​ ​ $ 7,503 ​ $ 6,399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Expenditures: ​ Years ended December 31, ​ (Millions of dollars) 2021 2020 2019 ​ Pork ​ $ 343 ​ $ 207 ​ $ 164 ​ CT&M ​ 17 ​ 8 ​ 23 ​ Marine ​ 44 ​ 10 ​ 26 ​ Sugar and Alcohol ​ 8 ​ 5 ​ 15 ​ Power ​ 43 ​ 27 ​ 121 ​ All other ​ 1 ​ 2 ​ — ​ Segment totals ​ 456 ​ 259 ​ 349 ​ Corporate ​ 4 ​ — ​ — ​ Consolidated totals ​ $ 460 ​ $ 259 ​ $ 349 ​ Geographic Information Seaboard had sales in Colombia totaling $1,144 million, $812 million and $778 million for the years ended December 31, 2021, 2020 and 2019, respectively, representing approximately 12%, 11% and 11% of total sales for each respective year. Seaboard had sales in South Africa totaling $917 million, $743 million and $668 million for the years ended December 31, 2021, 2020 and 2019, respectively, representing approximately 10% of total sales for each year. No other individual foreign country accounted for 10% or more of sales to external customers. The following table provides a geographic summary of net sales based on the location of product delivery: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 Caribbean, Central and South America ​ $ 3,566 ​ $ 2,744 ​ $ 2,792 Africa ​ 2,685 ​ 2,099 ​ 1,859 United States ​ 2,031 ​ 1,536 ​ 1,447 Pacific Basin and Far East ​ 545 ​ 435 ​ 370 Canada/Mexico ​ ​ 309 ​ ​ 202 ​ ​ 308 Europe ​ 86 ​ 101 ​ 52 All other ​ 7 ​ 9 ​ 12 Total sales ​ $ 9,229 ​ $ 7,126 ​ $ 6,840 ​ The following table provides a geographic summary of Seaboard’s property, plant and equipment according to their physical location and primary port for the vessels: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (Millions of dollars) 2021 2020 ​ United States ​ $ 1,331 ​ $ 1,053 ​ Dominican Republic ​ 297 ​ 109 ​ Argentina ​ 59 ​ 59 ​ Senegal ​ ​ 40 ​ ​ 42 ​ Ivory Coast ​ ​ 39 ​ ​ 34 ​ Zambia ​ ​ 30 ​ ​ 25 ​ Singapore ​ ​ — ​ ​ 155 ​ All other ​ 96 ​ 105 ​ Total property, plant and equipment, net ​ $ 1,892 ​ $ 1,582 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Principles of Consolidation and Investments in Affiliates	Principles of Consolidation and Investments in Affiliates The consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Financial information from certain foreign subsidiaries and affiliates is reported on a one
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation Seaboard has operations in several foreign countries, and the currencies of the countries fluctuate in relation to the U.S. dollar, resulting in exchange gains and losses. Certain Commodity Trading and Milling (“CT&M”) segment consolidated subsidiaries located in Brazil, Canada, Guyana, Ivory Coast, Senegal, South Africa and Zambia use local currency as their functional currency. Also, certain non-controlled, non-consolidated affiliates of the CT&M and Sugar and Alcohol segments use local currency as their functional currency. Assets and liabilities of these subsidiaries are translated to U.S. dollars at year-end exchange rates, and income and expenses are translated at average rates. Translation gains and losses are recorded as components of other comprehensive income (loss). GAAP requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100%. In mid-2018, the Argentine peso rapidly devalued relative to the U.S. dollar, which along with increased inflation, indicated that the three-year cumulative inflation in that country exceeded 100%. As a result, Seaboard adopted highly inflationary accounting as of July 1, 2018 for Seaboard’s Sugar and Alcohol segment. Under highly inflationary accounting, the Sugar and Alcohol segment’s functional currency became the U.S. dollar, and its income statement and balance sheet are measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities are reflected in foreign currency gains (losses), net. For the years ended December 31, 2021, 2020 and 2019, Seaboard recognized $(1) million, $1 million and $(3) million, respectively, in foreign currency gains (losses) related to the adoption of highly inflationary accounting.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, management considers all demand deposits, overnight investments and other investments with original maturities less than three months as cash equivalents.
Supplemental Cash Flow Information	Supplemental Cash Flow Information The amounts paid for interest and income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ 2019 ​ Interest, net of interest capitalized $ 10 ​ $ 16 ​ $ 36 ​ Income taxes, net of refunds 104 ​ 55 ​ 31 ​ The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve months ended ​ ​ ​ ​ December 31, ​ (Millions of dollars) ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 166 ​ $ 142 ​ $ 137 ​ Operating cash flows from finance leases ​ ​ ​ 5 ​ ​ 4 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ 14 ​ ​ 7 ​ ​ 2 ​ ROU assets obtained in exchange for new lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 244 ​ $ 62 ​ $ 95 ​ Finance leases ​ ​ ​ 54 ​ ​ 50 ​ ​ 46 ​ ​ Other non-cash activities were related to the non-cash consideration paid in the acquisitions discussed further in Note 13 and capital expenditures of $5 million included in accounts payable.
Short-Term Investments	Short-Term Investments Short-term investments are categorized as trading securities and reported at their estimated fair value with any unrealized gains and losses included in other investment income (loss), net in the consolidated statements of comprehensive income. Purchases and sales are recorded on a settlement date basis, and gains and losses on investment sales are generally based on the specific identification method. Short-term investments are retained for future use in the business.
Accounts Receivable	Accounts Receivable The following table presents the components of Seaboard’s receivables as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Millions of dollars ​ ​ 2021 2020 Receivables: ​ ​ ​ ​ ​ ​ ​ Trade ​ $ 553 ​ $ 381 ​ Due from affiliates ​ 128 ​ 111 ​ Other ​ 112 ​ 68 ​ Total receivables ​ 793 ​ 560 ​ Allowance for credit losses ​ (31) ​ (28) ​ Net receivables ​ $ 762 ​ $ 532 ​ Accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Power segment, however, collects interest on certain past due accounts, and the CT&M segment provides extended payment terms for certain customers in certain countries due to local market conditions. The allowance for credit losses is Seaboard’s best estimate of the amount of probable credit losses using the current expected credit loss model. T his model estimates the lifetime of expected credit loss based on historical experience, current conditions and reasonable supportable forecasts. ​ The activity within the allowance for credit losses was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Transition ​ ​ ​ ​ ​ Balance at (Millions of dollars) ​ beginning of year ​ ​ Adjustment (a) ​ ​ Provision (b) ​ ​ Net deductions (c) ​ ​ end of year Allowance for Credit Losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 28 ​ ​ — ​ ​ 5 ​ (2) ​ ​ $ 31 ​ Year Ended December 31, 2020 ​ $ 28 ​ ​ 3 ​ ​ — ​ (3) ​ ​ $ 28 ​ Year Ended December 31, 2019 ​ $ 33 ​ ​ — ​ ​ 5 ​ (10) ​ ​ $ 28 ​ ​ (a)   (b)   (c)   ​
Notes Receivable	Notes Receivable Notes receivable are included in other receivables, if current, and other non-current assets, if long-term. Seaboard monitors the credit quality of notes receivable, the majority of which are from its affiliates, using the current expected credit loss model as well. For notes receivable from affiliates, Seaboard obtains and reviews financial information monthly and inquires of Seaboard representatives that serve on their Board of Directors. The activity within the allowance for notes receivable was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ Balance at (Millions of dollars) ​ beginning of year ​ Provision ​ Net deductions ​ end of year Allowance for Notes Receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 17 1 — ​ $ 18 ​ Year Ended December 31, 2020 ​ $ 17 — — ​ $ 17 ​ Year Ended December 31, 2019 ​ $ 17 — — ​ $ 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Inventories	Inventories Grain, flour and feed inventories at the CT&M segment’s foreign milling operations are valued at the lower of weighted average cost and net realizable value (“NRV”). All other inventories are valued at the lower of first-in, first-out (“FIFO”) cost and NRV. In determining NRV, management makes assumptions regarding estimated sales prices, estimated costs to complete and estimated disposal costs. Changes in future market prices or facts and circumstances could result in a material write down in the value of inventory or decreased future margins on the sale of inventory.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are carried at cost and are being depreciated on the straight-line method over useful lives, ranging from 3 to 30 years. Property, plant and equipment under finance leases are stated at the present value of minimum lease payments and subsequently amortized using the straight-line method over the earlier of the end of its useful life or the end of the lease term. Routine and planned major maintenance, repairs and minor renewals are expensed as incurred, while major renewals and improvements are capitalized. Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the fourth quarter of 2021, management committed to a plan to dispose of an immaterial CT&M business, which resulted in an impairment of $14 million, primarily foreign currency translation adjustments.
Right of Use Assets and Lease Liabilities	Right of Use Assets and Lease Liabilities 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 Seaboard’s leases do not have readily determinable implicit discount rates, Seaboard adjusts its incremental borrowing rate to determine the present value of the lease payments. Seaboard determines the incremental borrowing rate for its leases by adjusting the local risk-free interest rate on its Term Loan due 2028 with a credit risk premium corresponding to Seaboard’s unreported credit rating. 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. Also, Seaboard elected to account for lease and non-lease maintenance components as a single lease component for all classes of underlying assets.
Equity Method Investments	Equity Method Investments Investments in non-controlled affiliates where Seaboard has significant influence are accounted for by the equity method. For the CT&M segment, these investments are primarily in foreign countries, which are less developed than the U.S., and therefore, expose Seaboard to greater financial risks. At certain times when there are ongoing losses, local economies are depressed, commodity-based markets are less stable or foreign governments cause challenging business conditions, the fair value of the equity method investments is evaluated by management. The fair value of these investments is not readily determinable as almost all of these investments are not publicly traded. Management will use other methods to determine fair value such as estimated future cash flows, including assumptions on growth rates, for the business and consideration of other local business conditions as applicable.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is assessed annually for impairment by each reporting unit at the quarter end closest to the anniversary date of the initial acquisition, or more frequently if circumstances indicate that impairment is likely. Any one event or a combination of events such as change in the business climate, a negative change in relationships with significant customers and changes to strategic decisions, could require an interim assessment prior to the next required annual assessment. If qualitative factors indicate more likely than not an impairment is possible, Seaboard performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. During the year ended December 31, 2021, certain immaterial reporting units recorded a total of $4 million of impairment charges. Based on the annual qualitative assessments conducted by the remaining reporting units, there were no other impairment charges recorded. The changes in the carrying amount of goodwill were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pork ​ ​ CT&M ​ ​ ​ (Millions of dollars) ​ Segment ​ Segment ​ ​ Total Balance as of December 31, 2019 ​ $ 18 ​ $ 146 ​ $ 164 Acquisition ​ ​ — ​ ​ 4 ​ ​ 4 Foreign currency translation ​ — ​ (1) ​ ​ (1) Balance as of December 31, 2020 ​ ​ 18 ​ ​ 149 ​ ​ 167 Impairment ​ — ​ (4) ​ ​ (4) Balance as of December 31, 2021 ​ $ 18 ​ $ 145 ​ $ 163 Separable intangible assets with finite lives are amortized over their estimated useful lives and evaluated for impairment similar to property, plant and equipment discussed above. The gross carrying amount and accumulated amortization for finite-lived intangible were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 ​ ​ ​ Customer ​ Trade ​ ​ ​ ​ Customer ​ Trade ​ ​ ​ (Millions of dollars) ​ relationships ​ names ​ Total ​ ​ relationships ​ names ​ Total ​ Gross carrying amount $ 51 $ 28 $ 79 ​ $ 51 $ 28 $ 79 ​ Accumulated amortization and currency translation ​ (22) ​ (12) ​ (34) ​ ​ (16) ​ (9) ​ (25) ​ Net carrying amount $ 29 $ 16 $ 45 ​ $ 35 $ 19 $ 54 ​ Amortization of intangible assets was $9 million and $8 million for the years ended December 31, 2021 and 2020, respectively. Using the exchange rates in effect at year-end, estimated amortization of intangible assets as of December 31, 2021 is $9 million each for next years
Accrued Self-Insurance	Accrued Self-Insurance Seaboard is self-insured for certain levels of workers’ compensation, health care coverage, property damage, vehicle, product recall and general liability. The cost of these self-insurance programs is accrued based upon estimated settlements for known and anticipated claims. Changes in estimates to previously recorded reserves are reflected in current operating results.
Asset Retirement Obligation	Asset Retirement Obligation Seaboard has recorded long-lived assets and a related liability for the asset retirement obligation costs associated with the closure of the hog lagoons it is legally obligated to close in the future should Seaboard cease operations or plan to close such lagoons voluntarily in accordance with a changed operating plan. Based on detailed assessments and appraisals obtained to estimate the future asset retirement obligation costs, Seaboard recorded the present value of the projected costs in non-current other liabilities in the consolidated balance sheets with the retirement asset depreciated over the economic life of the related asset. The following table shows the changes in the asset retirement obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 Beginning balance ​ $ 27 ​ $ 25 Accretion expense ​ 1 ​ 2 Liability for additional lagoons ​ 1 ​ — Ending balance ​ $ 29 ​ $ 27
Revenue Recognition	Revenue Recognition Seaboard recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The majority of Seaboard’s revenue arrangements consist of a single performance obligation as the promise to transfer the individual product or service is not separately identifiable from other promises in the contracts, including shipping and handling and customary storage, and, therefore, not distinct. Revenue from goods and services transferred to customers at a single point in time account for approximately 85% of Seaboard’s net sales. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Seaboard’s transaction prices are mostly fixed, but occasionally include minimal variable consideration for early payment, volume and other similar discounts, which are highly probable based on the history with the respective customers. Taxes assessed by a governmental authority that are collected by Seaboard from a customer are excluded from sales. Almost all of Seaboard’s contracts with its customers are short-term, defined as less than one year. Seaboard does not disclose the value of unsatisfied performance obligations for: (i) contracts with an original expected length of one Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. Deferred revenue balances are reduced when revenue is recognized. The deferred revenue balance as of December 31, 2020 was recognized as revenue during the first quarter of 2021.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Seaboard recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges for accounting purposes when there is a high correlation between the change in fair value of the instrument and the related change in value of the underlying commitment. Additionally, in order to designate a derivative financial instrument as a hedge for accounting purposes, extensive record keeping is required. For derivatives that qualify as hedges for accounting purposes, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. From time to time, Seaboard uses derivative instruments to manage various types of market risks, including primarily commodity futures and option contracts, foreign currency exchange agreements, interest rate exchange agreements and equity future contracts. While management believes each of these instruments are primarily entered into in order to effectively manage various market risks, as of December 31, 2021, none
Research and Development	Research and Development Seaboard conducts continuous research and development activities to develop new products and to improve existing products and processes. Seaboard incurred research and development expenses of $191 million, $134 million and $143 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Income Taxes	Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Seaboard accounts for the global intangible low-taxed income (“GILTI”) provision and the base-erosion and anti-abuse tax (“BEAT”) provision taxes in the period incurred.
Earnings Per Common Share	Earnings Per Common Share Earnings per common share are based upon the weighted average shares outstanding during the period. Basic and diluted earnings per share are the same for all periods presented.
Accounting Standards Recently Adopted	Accounting Standards Recently Adopted On January 1, 2020, Seaboard adopted guidance which requires the use of a new current expected credit loss model in order to determine the allowance for credit losses with respect to receivables, among other financial instruments. This model estimates the lifetime of expected credit loss and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 that decreased retained earnings and increased the allowance for credit losses.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Schedule of amounts paid for interest and income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ 2019 ​ Interest, net of interest capitalized $ 10 ​ $ 16 ​ $ 36 ​ Income taxes, net of refunds 104 ​ 55 ​ 31 ​
Summary of supplemental cash and non-cash information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve months ended ​ ​ ​ ​ December 31, ​ (Millions of dollars) ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 166 ​ $ 142 ​ $ 137 ​ Operating cash flows from finance leases ​ ​ ​ 5 ​ ​ 4 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ 14 ​ ​ 7 ​ ​ 2 ​ ROU assets obtained in exchange for new lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 244 ​ $ 62 ​ $ 95 ​ Finance leases ​ ​ ​ 54 ​ ​ 50 ​ ​ 46 ​
Schedule of accounts receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Millions of dollars ​ ​ 2021 2020 Receivables: ​ ​ ​ ​ ​ ​ ​ Trade ​ $ 553 ​ $ 381 ​ Due from affiliates ​ 128 ​ 111 ​ Other ​ 112 ​ 68 ​ Total receivables ​ 793 ​ 560 ​ Allowance for credit losses ​ (31) ​ (28) ​ Net receivables ​ $ 762 ​ $ 532 ​
Schedule of allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Transition ​ ​ ​ ​ ​ Balance at (Millions of dollars) ​ beginning of year ​ ​ Adjustment (a) ​ ​ Provision (b) ​ ​ Net deductions (c) ​ ​ end of year Allowance for Credit Losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 28 ​ ​ — ​ ​ 5 ​ (2) ​ ​ $ 31 ​ Year Ended December 31, 2020 ​ $ 28 ​ ​ 3 ​ ​ — ​ (3) ​ ​ $ 28 ​ Year Ended December 31, 2019 ​ $ 33 ​ ​ — ​ ​ 5 ​ (10) ​ ​ $ 28 ​ ​ (a)   (b)   (c)
Schedule of allowance for notes receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ Balance at (Millions of dollars) ​ beginning of year ​ Provision ​ Net deductions ​ end of year Allowance for Notes Receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 17 1 — ​ $ 18 ​ Year Ended December 31, 2020 ​ $ 17 — — ​ $ 17 ​ Year Ended December 31, 2019 ​ $ 17 — — ​ $ 17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pork ​ ​ CT&M ​ ​ ​ (Millions of dollars) ​ Segment ​ Segment ​ ​ Total Balance as of December 31, 2019 ​ $ 18 ​ $ 146 ​ $ 164 Acquisition ​ ​ — ​ ​ 4 ​ ​ 4 Foreign currency translation ​ — ​ (1) ​ ​ (1) Balance as of December 31, 2020 ​ ​ 18 ​ ​ 149 ​ ​ 167 Impairment ​ — ​ (4) ​ ​ (4) Balance as of December 31, 2021 ​ $ 18 ​ $ 145 ​ $ 163
Schedule of gross carrying amount and accumulated amortization for finite-lived intangibles	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 ​ ​ ​ Customer ​ Trade ​ ​ ​ ​ Customer ​ Trade ​ ​ ​ (Millions of dollars) ​ relationships ​ names ​ Total ​ ​ relationships ​ names ​ Total ​ Gross carrying amount $ 51 $ 28 $ 79 ​ $ 51 $ 28 $ 79 ​ Accumulated amortization and currency translation ​ (22) ​ (12) ​ (34) ​ ​ (16) ​ (9) ​ (25) ​ Net carrying amount $ 29 $ 16 $ 45 ​ $ 35 $ 19 $ 54 ​
Schedule of changes in the asset retirement obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 Beginning balance ​ $ 27 ​ $ 25 Accretion expense ​ 1 ​ 2 Liability for additional lagoons ​ 1 ​ — Ending balance ​ $ 29 ​ $ 27

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments
Summary of the estimated fair value of short-term investments classified as trading securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ Domestic debt securities ​ ​ $ 542 ​ ​ $ 496 ​ Domestic equity securities ​ ​ 472 ​ ​ 702 ​ Foreign equity securities ​ ​ ​ 193 ​ ​ ​ 133 ​ Foreign debt securities ​ ​ ​ 133 ​ ​ ​ 68 ​ Money market funds held in trading accounts ​ ​ ​ 59 ​ ​ ​ 47 ​ Other trading securities ​ ​ ​ 17 ​ ​ ​ 19 ​ Total trading short-term investments ​ ​ $ 1,416 ​ ​ $ 1,465 ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories
Summary of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Millions of dollars) ​ 2021 ​ 2020 ​ At lower of FIFO cost and NRV: ​ ​ ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ ​ $ 489 ​ ​ $ 437 ​ Pork products and materials ​ ​ ​ 64 ​ ​ ​ 46 ​ Grains, oilseeds and other commodities ​ ​ 634 ​ ​ 380 ​ Biofuels and related credits ​ ​ ​ 147 ​ ​ ​ 72 ​ Sugar produced and in process ​ ​ 21 ​ ​ 24 ​ Other ​ ​ 71 ​ ​ 61 ​ Total inventories at lower of FIFO cost and NRV ​ ​ 1,426 ​ ​ 1,020 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ ​ 237 ​ ​ 158 ​ Total inventories ​ ​ $ 1,663 ​ ​ $ 1,178 ​

Net Property, Plant and Equipme

Net Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment
Summary of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​ December 31, ​ (Millions of dollars) Lives 2021 2020 ​ Land and improvements 3 - 15 years ​ $ 285 ​ $ 268 ​ Buildings and improvements ​ ​ 30 years ​ 739 ​ 712 ​ Machinery and equipment 3 - 20 years ​ 1,445 ​ 1,367 ​ Vessels and vehicles 3 - 18 years ​ 214 ​ 158 ​ Office furniture and fixtures ​ ​ 5 years ​ 45 ​ 43 ​ Contract growers ​ 5 - 15 years ​ ​ 118 ​ ​ 93 ​ Construction in progress ​ ​ ​ ​ ​ ​ 613 ​ 389 ​ Total property, plant and equipment ​ ​ ​ ​ ​ ​ 3,459 ​ 3,030 ​ Accumulated depreciation and amortization ​ ​ ​ ​ ​ ​ (1,567) ​ (1,448) ​ Net property, plant and equipment ​ ​ ​ ​ ​ ​ $ 1,892 ​ $ 1,582 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Summary of classification of finance leases in consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Finance lease right of use assets, net ​ Property, plant and equipment, net ​ $ 128 ​ $ 92 ​ Finance lease liabilities ​ Other current liabilities ​ ​ 23 ​ ​ 10 ​ Non-current finance lease liabilities ​ Other liabilities ​ ​ 104 ​ ​ 78 ​
Summary of components of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ Operating lease cost ​ $ 162 ​ $ 145 ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ Amortization of right of use assets ​ ​ 17 ​ ​ 9 ​ Interest on lease liabilities ​ ​ 5 ​ ​ 4 ​ Variable lease cost ​ ​ 20 ​ ​ 8 ​ Short-term lease cost ​ ​ 27 ​ ​ 25 ​ Sublease income ​ ​ (8) ​ ​ (6) ​ Total lease cost ​ $ 223 ​ $ 185 ​
Summary of maturities of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ (Millions of dollars) Leases ​ ​ Leases 2022 $ 190 ​ $ 27 ​ 2023 ​ 151 ​ 27 ​ 2024 ​ 79 ​ ​ 25 ​ 2025 ​ 52 ​ ​ 17 ​ 2026 ​ 47 ​ ​ 12 ​ Thereafter ​ 84 ​ 43 ​ Total undiscounted lease payments ​ 603 ​ ​ 151 ​ Less imputed interest ​ (72) ​ ​ (24) ​ Total lease liability $ 531 ​ $ 127 ​

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and ​ Income (Loss) ​ ​ ​ Advances to Affiliates ​ from Affiliates ​ ​ December 31, ​ Years ended December 31, ​ (Millions of dollars) 2021 2020 ​ 2021 2020 2019 ​ Pork ​ $ 142 ​ $ 172 ​ $ 3 ​ $ (9) ​ $ (22) ​ CT&M ​ ​ 224 ​ ​ 222 ​ ​ 18 ​ ​ (2) ​ ​ (5) ​ Marine ​ ​ 33 ​ ​ 30 ​ ​ 6 ​ ​ 2 ​ ​ 3 ​ Sugar and Alcohol ​ 4 ​ 6 ​ — ​ 1 ​ 1 ​ Power ​ ​ 3 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 ​ Turkey ​ 245 ​ 265 ​ (20) ​ (10) ​ (21) ​ Segment/Consolidated Totals ​ $ 651 ​ $ 698 ​ $ 7 ​ $ (18) ​ $ (41) ​
Pork
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pork Segment ​ December 31, (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Net sales ​ $ 2,010 ​ $ 1,543 ​ $ 1,453 Net income (loss) ​ $ 5 ​ $ (18) ​ $ (43) Total assets ​ $ 584 ​ $ 586 ​ $ 639 Total liabilities ​ $ 302 ​ $ 245 ​ $ 277 Total equity ​ $ 282 ​ $ 341 ​ $ 362
Commodity Trading and Milling
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CT&M Segment ​ December 31, (Millions of dollars) 2021 ​ 2020 ​ 2019 Net sales ​ $ 2,766 $ 2,482 $ 3,129 Net income (loss) ​ $ 47 $ (2) $ (12) Total assets ​ $ 1,798 $ 1,745 $ 1,697 Total liabilities ​ $ 1,199 $ 1,185 $ 1,075 Total equity ​ $ 599 $ 560 $ 622
Marine
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marine Segment ​ December 31, (Millions of dollars) ​ 2021 ​ ​ 2020 ​ ​ 2019 Net sales ​ $ 74 ​ $ 66 ​ $ 70 Net income ​ $ 27 ​ $ 8 ​ $ 12 Total assets ​ $ 245 ​ $ 253 ​ $ 269 Total liabilities ​ $ 88 ​ $ 98 ​ $ 107 Total equity ​ $ 157 ​ $ 155 ​ $ 162
Sugar and Alcohol
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar and Alcohol Segment ​ December 31, (Millions of dollars) 2021 ​ 2020 ​ 2019 Net sales ​ $ 6 $ 7 $ 10 Net income ​ $ — $ 1 $ 3 Total assets ​ $ 8 $ 14 $ 13 Total liabilities ​ $ 1 $ 2 $ 2 Total equity ​ $ 7 $ 12 $ 11
Power
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Power Segment ​ December 31, (Millions of dollars) 2021 ​ 2020 ​ 2019 Net sales ​ $ 1 $ 1 $ 143 Net income ​ $ 1 $ — $ 10 Total assets ​ $ 12 $ 12 $ 11 Total liabilities ​ $ 5 $ 6 $ 4 Total equity ​ $ 7 $ 6 $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Turkey
Equity method investments
Schedule of combined condensed financial information of non-controlled, non-consolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Turkey Segment ​ December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ 2019 ​ Net sales ​ $ 1,792 $ 1,675 $ 1,612 ​ Operating loss ​ $ (34) ​ $ (6) ​ $ (20) ​ Net loss ​ $ (38) $ (20) $ (40) ​ Total assets ​ $ 991 $ 993 $ 1,038 ​ Total liabilities ​ $ 517 $ 481 $ 507 ​ Total equity ​ $ 474 $ 512 $ 531 ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt
Summary of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (Millions of dollars) ​ ​ 2021 ​ ​ 2020 ​ Term Loans due 2028 ​ $ 677 ​ $ 684 ​ Foreign subsidiary obligations ​ ​ 1 ​ ​ 49 ​ Other long-term debt ​ ​ 39 ​ ​ 30 ​ Total debt at face value ​ ​ 717 ​ ​ 763 ​ Current maturities and unamortized discount and costs ​ ​ (9) ​ ​ (56) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 708 ​ $ 707 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Loss Contingencies [Table]
Summary of non-cancelable commitments under contractual obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ (Millions of dollars) 2022 2023 2024 2025 2026 ​ Thereafter Totals Hog procurement contracts (a) ​ $ 129 ​ $ 94 ​ $ 92 ​ $ 95 ​ $ 82 ​ $ 22 ​ $ 514 Grain and feedstock commitments (b) ​ 424 ​ 250 ​ 152 ​ 24 ​ 18 ​ — ​ 868 Grain purchase contracts for resale (c) ​ ​ 1,022 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,025 Fuel supply contracts (d) ​ 87 ​ 55 ​ 69 ​ 79 ​ 91 ​ 373 ​ 754 Capital expenditures (e) ​ ​ 221 ​ ​ 17 ​ ​ 89 ​ ​ — ​ ​ — ​ ​ — ​ ​ 327 Other commitments ​ 177 ​ 4 ​ 4 ​ 3 ​ 3 ​ 24 ​ 215 Total unrecognized non-cancelable commitments ​ $ 2,060 ​ $ 423 ​ $ 406 ​ $ 201 ​ $ 194 ​ $ 419 ​ $ 3,703 (a) The Pork segment has contracted with third parties for the purchase of hogs to support its operations. The amounts are based on projected market prices as of December 31, 2021 . During 2021 , 2020 and 2019 , the Pork segment paid $145 million, $108 million and $121 million, respectively, for hogs purchased under committed contracts. (b) The Pork segment enters into grain purchase and feedstock contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2021 . (c) The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. The amounts are based on projected commodity prices as of December 31, 2021 . (d) The Power segment has a natural gas supply contract for a significant portion of the fuel required for the barge under construction. Also, the Marine segment has a fuel supply agreement to purchase natural gas for the vessels under construction. The variable price components are based on market prices as of December 31, 2021 . (e) The capital expenditures are primarily for the Marine segment’s purchase of two vessels in 2022 and construction of three vessels with expected delivery in 2024, based on contracts. The biogas recovery and other projects in the Pork segment are based on commitments per respective contracts.

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Employee Benefits
Schedule of Plans' assets measured at estimated fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 113 ​ $ 113 ​ $ — ​ $ — Foreign equity securities ​ 71 ​ 71 ​ — ​ — Domestic fixed income mutual funds ​ ​ 29 ​ ​ 29 ​ ​ — ​ ​ — Foreign fixed income mutual funds ​ 12 ​ ​ 12 ​ ​ — ​ — Money market funds ​ 2 ​ 2 ​ ​ — ​ — Total assets ​ $ 227 ​ $ 227 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 93 ​ $ 93 ​ $ — ​ $ — Foreign equity securities ​ 64 ​ 64 ​ — ​ — Domestic fixed income mutual funds ​ 32 ​ 32 ​ — ​ — Foreign fixed income mutual funds ​ 15 ​ 15 ​ — ​ — Money market funds ​ 2 ​ 2 ​ — ​ — Total assets ​ $ 206 ​ $ 206 ​ $ — ​ $ —
Schedule of assumptions used in determining pension information for plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2021 ​ 2020 2019 Weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate used to determine obligations ​ 1.20 - 2.90 % 0.70 - 2.60 % 2.15 - 3.50 % Discount rate used to determine net periodic benefit cost ​ 0.70 - 2.60 % 2.15 - 3.50 % 3.50 - 4.50 % Expected return on plan assets ​ ​ ​ 6.25 % ​ ​ 6.25 % ​ ​ 6.25 % Long-term rate of increase in compensation levels ​ ​ ​ 4.00 % ​ ​ 4.00 % ​ ​ 4.00 %
Schedule of changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ 2020 (Millions of dollars) ​ ​ Accumulated benefits exceed assets ​ ​ Accumulated benefits exceed assets ​ Reconciliation of benefit obligation: ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ 379 ​ $ 348 ​ Service cost ​ 10 ​ 9 ​ Interest cost ​ 9 ​ 11 ​ Actuarial losses (gains) ​ (10) ​ 58 ​ Plan settlements ​ ​ (19) ​ ​ (38) ​ Benefits paid ​ (7) ​ (9) ​ Benefit obligation at end of year ​ $ 362 ​ $ 379 ​ Reconciliation of fair value of plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 206 ​ $ 185 ​ Actual return on plan assets ​ 27 ​ 27 ​ Employer contributions ​ 20 ​ 38 ​ Plan settlements ​ ​ (19) ​ ​ (38) ​ Benefits paid ​ (7) ​ (6) ​ Fair value of plan assets at end of year ​ $ 227 ​ $ 206 ​ Funded status ​ $ (135) ​ $ (173) ​
Schedule of net periodic benefit cost for all plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ (Millions of dollars) 2021 2020 2019 ​ Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ ​ $ 10 ​ $ 9 ​ $ 8 ​ Interest cost ​ ​ 9 ​ 11 ​ 12 ​ Expected return on plan assets ​ ​ (12) ​ (11) ​ (10) ​ Amortization ​ ​ 9 ​ 7 ​ 5 ​ Settlement loss recognized ​ ​ ​ 6 ​ ​ 11 ​ ​ 2 ​ Net periodic benefit cost ​ ​ $ 22 ​ $ 27 ​ $ 17 ​

Derivatives and Fair Value of_2

Derivatives and Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic debt securities ​ $ 542 ​ $ 247 ​ $ 295 ​ $ — ​ Domestic equity securities ​ 472 ​ 472 ​ — ​ — ​ Foreign equity securities ​ ​ 193 ​ ​ 193 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 133 ​ ​ 2 ​ ​ 131 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 59 ​ ​ 59 ​ ​ — ​ ​ — ​ Other trading securities ​ ​ 17 ​ ​ — ​ ​ 17 ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 16 ​ 16 ​ — ​ — ​ Other trading securities ​ ​ 13 ​ ​ 12 ​ ​ 1 ​ ​ — ​ Long-term investment - BDC ​ 81 ​ — ​ — ​ 81 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 6 ​ 6 ​ — ​ — ​ Foreign currencies ​ 5 ​ — ​ 5 ​ — ​ Total assets ​ $ 1,537 ​ $ 1,007 ​ $ 449 ​ $ 81 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 18 ​ $ — ​ $ — ​ $ 18 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ — ​ Foreign currencies ​ 5 ​ — ​ 5 ​ — ​ Total liabilities ​ $ 28 ​ $ 5 ​ $ 5 ​ $ 18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 702 ​ $ 702 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 496 ​ ​ 196 ​ ​ 300 ​ ​ — ​ Foreign equity securities ​ ​ 133 ​ ​ 133 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 68 ​ ​ — ​ ​ 68 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 47 ​ ​ 47 ​ ​ — ​ ​ — ​ Other trading securities ​ 19 ​ 3 ​ 16 ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 14 ​ 14 ​ — ​ — ​ Other trading securities ​ ​ 12 ​ ​ 11 ​ ​ 1 ​ ​ — ​ Long-term investment - BDC ​ 31 ​ — ​ — ​ 31 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 28 ​ 28 ​ — ​ — ​ Interest rate swaps ​ 1 ​ — ​ 1 ​ — ​ Total assets ​ $ 1,551 ​ $ 1,134 ​ $ 386 ​ $ 31 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 16 ​ $ — ​ $ — ​ $ 16 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 19 ​ ​ 19 ​ ​ — ​ ​ — ​ Foreign currencies ​ 9 ​ — ​ 9 ​ — ​ Total liabilities ​ $ 44 ​ $ 19 ​ $ 9 ​ $ 16 ​
Schedule of aggregated outstanding notional amounts related to derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (Millions) ​ Metric ​ ​ 2021 ​ ​ 2020 ​ Commodities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Grain ​ Bushels ​ ​ 1 ​ ​ 26 ​ Hogs ​ Pounds ​ ​ — ​ ​ 2 ​ Soybean oil ​ Pounds ​ ​ 20 ​ ​ 56 ​ Heating oil ​ Gallons ​ ​ 15 ​ ​ — ​
Schedule of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 2020 ​ Commodities Cost of sales ​ $ (20) ​ $ 55 ​ Foreign currencies Cost of sales ​ (2) ​ 11 ​ Foreign currencies Foreign currency gains (losses), net ​ 4 ​ (5) ​ Interest rate swaps ​ Interest expense ​ ​ 5 ​ ​ — ​
Schedule of fair value of each type of derivative derivative held and where each derivative is included in the condensed consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, (Millions of dollars) ​ 2021 2020 ​ 2021 2020 Commodities Other current assets ​ $ 6 ​ $ 28 Other current liabilities ​ $ 5 ​ $ 19 Foreign currencies Other current assets ​ 5 ​ — Other current liabilities ​ 5 ​ 9 Interest rate swaps ​ Other current assets ​ ​ — ​ ​ 1 ​ Other current liabilities ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stockholders Equity and Accumul

Stockholders Equity and Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of components of accumulated other comprehensive loss, net of related taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ Foreign ​ Cumulative ​ ​ ​ ​ ​ ​ Currency ​ Unrecognized ​ ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ (Millions of dollars) ​ Adjustment ​ Cost ​ Total ​ Balance December 31, 2019 ​ $ (369) ​ $ (71) ​ $ (440) ​ Other comprehensive loss before reclassifications ​ (7) ​ (38) ​ (45) ​ Amounts reclassified from accumulated other comprehensive loss to net earnings ​ — ​ 14 (a) 14 ​ Other comprehensive loss, net of tax ​ (7) ​ (24) ​ (31) ​ Balance December 31, 2020 ​ $ (376) ​ $ (95) ​ $ (471) ​ Other comprehensive income before reclassifications ​ 8 ​ 18 ​ 26 ​ Amounts reclassified from accumulated other comprehensive loss to net earnings ​ — ​ 13 (a) 13 ​ Other comprehensive income, net of tax ​ 8 ​ 31 ​ 39 ​ Balance December 31, 2021 ​ $ (368) ​ $ (64) ​ $ (432) ​ (a)   ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of earnings before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 United States ​ $ 337 ​ $ 138 ​ $ 180 Foreign ​ 298 ​ 148 ​ 110 Total earnings before income taxes excluding noncontrolling interests ​ 635 ​ 286 ​ 290 Net income attributable to noncontrolling interests ​ 1 ​ — ​ — Total earnings before income taxes ​ $ 636 ​ $ 286 ​ $ 290
Schedule of components of total income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 35 ​ $ (50) ​ $ 12 Foreign ​ 33 ​ 35 ​ 39 State and local ​ 10 ​ 2 ​ (1) Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 3 ​ 26 ​ (39) Foreign ​ (7) ​ (3) ​ (1) State and local ​ (9) ​ (7) ​ (7) Income tax expense ​ 65 ​ 3 ​ 3 Unrealized changes in other comprehensive income (loss) ​ 8 ​ (3) ​ (4) Total income taxes ​ $ 73 ​ $ — ​ $ (1)
Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 Computed “expected” tax expense excluding noncontrolling interests ​ $ 133 ​ $ 60 ​ $ 61 ​ Adjustments to tax expense attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign tax differences ​ (30) ​ (4) ​ 14 ​ Tax-exempt income ​ (15) ​ (17) ​ (29) ​ Federal tax credits ​ (39) ​ (34) ​ (47) ​ Unrecognized tax benefits ​ ​ 14 ​ ​ — ​ ​ — ​ Other ​ 2 ​ (2) ​ 4 ​ Total income tax expense ​ $ 65 ​ $ 3 ​ $ 3 ​
Schedule of components of the net deferred income tax liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Millions of dollars) ​ 2021 ​ 2020 Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ Depreciation $ 121 $ 100 Domestic partnerships ​ ​ 62 ​ ​ 59 Unrealized gain on investments ​ ​ 13 ​ ​ 52 Inventory ​ ​ 7 ​ ​ 10 Other ​ ​ 4 ​ ​ 3 Gross deferred income tax liabilities ​ $ 207 ​ $ 224 Deferred income tax assets: ​ ​ ​ ​ ​ ​ Reserves/accruals ​ $ 66 ​ $ 74 Net operating and capital loss carry-forwards ​ ​ 67 ​ ​ 52 Tax credit carry-forwards ​ ​ 32 ​ ​ 49 Other ​ ​ 5 ​ ​ 5 Gross deferred income tax assets before valuation allowance ​ ​ 170 ​ ​ 180 Less: Valuation allowance ​ ​ 60 ​ ​ 55 Net deferred income tax liability ​ $ 97 ​ $ 99
Schedule of activity within the valuation allowance account	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charge (credit) Balance at (Millions of dollars) ​ beginning of year ​ to expense ​ end of year Allowance for Deferred Tax Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 55 5 ​ $ 60 ​ Year Ended December 31, 2020 ​ $ 68 (13) ​ $ 55 ​ Year Ended December 31, 2019 ​ $ 59 9 ​ $ 68 ​
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) 2021 2020 Beginning balance at January 1 ​ $ 30 ​ $ 31 Additions for uncertain tax positions of prior years ​ 7 ​ 2 Decreases for uncertain tax positions of prior years ​ (1) ​ (7) Additions for uncertain tax positions of current year ​ 6 ​ 5 Lapse of statute of limitations ​ (1) ​ (1) Ending balance as of December 31 ​ $ 41 ​ $ 30

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Information
Summary of sales disaggregated by revenue source and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales: ​ ​ Year Ended December 31, 2021 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 2,091 ​ $ 5,139 ​ $ — ​ $ 113 ​ $ — ​ $ 14 ​ $ 7,357 ​ Transportation ​ ​ 8 ​ ​ — ​ ​ 1,396 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1,405 ​ Energy ​ ​ 357 ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 60 ​ ​ — ​ ​ 427 ​ Other ​ ​ 25 ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 40 ​ Segment/consolidated totals ​ $ 2,481 ​ $ 5,154 ​ $ 1,396 ​ $ 123 ​ $ 60 ​ $ 15 ​ $ 9,229 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales: ​ ​ Year Ended December 31, 2020 (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,682 ​ $ 3,981 ​ $ — ​ $ 95 ​ $ — ​ $ 16 ​ $ 5,774 ​ Transportation ​ ​ 8 ​ ​ — ​ ​ 1,005 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,013 ​ Energy ​ ​ 219 ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 64 ​ ​ — ​ ​ 294 ​ Other ​ ​ 32 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 45 ​ Segment/consolidated totals ​ $ 1,941 ​ $ 3,994 ​ $ 1,005 ​ $ 106 ​ $ 64 ​ $ 16 ​ $ 7,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales: ​ ​ Year Ended December 31, 2019 ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,599 ​ $ 3,654 ​ $ — ​ $ 112 ​ $ — ​ $ 17 ​ $ 5,382 ​ Transportation ​ ​ 10 ​ ​ — ​ ​ 1,061 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1,072 ​ Energy ​ ​ 210 ​ ​ — ​ ​ — ​ ​ 9 ​ ​ 117 ​ ​ — ​ ​ 336 ​ Other ​ ​ 32 ​ ​ 18 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ Segment/consolidated totals ​ $ 1,851 ​ $ 3,672 ​ $ 1,061 ​ $ 121 ​ $ 117 ​ $ 18 ​ $ 6,840 ​
Summary of specific financial information related to operating income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): Years ended December 31, ​ (Millions of dollars) 2021 2020 2019 ​ Pork ​ $ 227 ​ $ 131 ​ $ 60 ​ CT&M ​ 61 ​ 118 ​ 62 ​ Marine ​ 197 ​ 21 ​ 4 ​ Sugar and Alcohol ​ 2 ​ 2 ​ (16) ​ Power ​ (9) ​ 3 ​ 27 ​ All other ​ 1 ​ 1 ​ 2 ​ Segment totals ​ 479 ​ 276 ​ 139 ​ Corporate ​ (21) ​ (31) ​ (29) ​ Consolidated totals ​ $ 458 ​ $ 245 ​ $ 110 ​
Summary of specific financial information related to total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ December 31, (Millions of dollars) 2021 2020 Pork ​ ​ $ 2,265 ​ $ 1,927 CT&M ​ ​ 2,054 ​ 1,585 Marine ​ ​ 749 ​ 508 Sugar and Alcohol ​ ​ 155 ​ 153 Power ​ ​ 359 ​ 302 Turkey ​ ​ 245 ​ 265 All other ​ ​ 7 ​ 6 Segment totals ​ ​ 5,834 ​ 4,746 Corporate ​ ​ 1,669 ​ 1,653 Consolidated totals ​ ​ $ 7,503 ​ $ 6,399
Summary of specific financial information related to capital expenditures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Expenditures: ​ Years ended December 31, ​ (Millions of dollars) 2021 2020 2019 ​ Pork ​ $ 343 ​ $ 207 ​ $ 164 ​ CT&M ​ 17 ​ 8 ​ 23 ​ Marine ​ 44 ​ 10 ​ 26 ​ Sugar and Alcohol ​ 8 ​ 5 ​ 15 ​ Power ​ 43 ​ 27 ​ 121 ​ All other ​ 1 ​ 2 ​ — ​ Segment totals ​ 456 ​ 259 ​ 349 ​ Corporate ​ 4 ​ — ​ — ​ Consolidated totals ​ $ 460 ​ $ 259 ​ $ 349 ​
Geographic summary of net sales based on the location of product delivery	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, (Millions of dollars) 2021 2020 2019 Caribbean, Central and South America ​ $ 3,566 ​ $ 2,744 ​ $ 2,792 Africa ​ 2,685 ​ 2,099 ​ 1,859 United States ​ 2,031 ​ 1,536 ​ 1,447 Pacific Basin and Far East ​ 545 ​ 435 ​ 370 Canada/Mexico ​ ​ 309 ​ ​ 202 ​ ​ 308 Europe ​ 86 ​ 101 ​ 52 All other ​ 7 ​ 9 ​ 12 Total sales ​ $ 9,229 ​ $ 7,126 ​ $ 6,840
Geographic summary of the entity's property, plant and equipment according to their physical location and primary port for the vessels	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (Millions of dollars) 2021 2020 ​ United States ​ $ 1,331 ​ $ 1,053 ​ Dominican Republic ​ 297 ​ 109 ​ Argentina ​ 59 ​ 59 ​ Senegal ​ ​ 40 ​ ​ 42 ​ Ivory Coast ​ ​ 39 ​ ​ 34 ​ Zambia ​ ​ 30 ​ ​ 25 ​ Singapore ​ ​ — ​ ​ 155 ​ All other ​ 96 ​ 105 ​ Total property, plant and equipment, net ​ $ 1,892 ​ $ 1,582 ​

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Jun. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operations of Seaboard Corporation and its Subsidiaries
Percentage of ownership interest held by Seaboard Flour LLC and SFC Preferred LLC	77.00%		77.00%
Property, Plant and Equipment
Impairment	$ 14
Goodwill
Goodwill impairment charges			$ 4
Goodwill, beginning balance			167	$ 164
Acquisition				4
Foreign currency translation				(1)
Impairment			(4)
Goodwill, ending balance	163		163	167	$ 164
Intangible assets
Gross carrying amount	79		79	79
Accumulated amortization and currency translation	(34)		(34)	(25)
Net carrying amount	45		45	54
Intangible assets
Amortization of intangible assets			9	8
2022	9		9
2023	9		9
2024	9		9
2025	9		9
2026	9		9
Changes in the asset retirement obligation
Beginning balance			27	25
Accretion expense			1	2
Liability for additional lagoons placed in service			1
Ending balance	29		$ 29	27	25
Revenue Recognition
Practical expedient, disclosure of performance obligation			true
Supplemental Non-Cash Transactions
Interest, net of interest capitalized			$ 10	16	36
Income taxes, net of refunds			104	55	31
Operating cash flows from operating leases			166	142	137
Operating cash flows from finance leases			5	4	1
Financing cash flows from finance leases			14	7	2
ROU assets obtained in exchange for new operating lease liabilities			244	62	95
ROU assets obtained in exchange for new finance lease liabilities			54	50	46
Capital expenditures included in accounts payable			5
Accounts Receivable
Trade	553		553	381
Due from affiliates	128		128	111
Other	112		112	68
Total receivables	793		793	560
Allowance for credit losses	(31)		(31)	(28)
Net receivables	762		762	532
Foreign Currency Transactions and Translation
Period of measurement to determine highly inflationary accounting		3 years
Three-year cumulative inflation rate		100.00%
Foreign currency (losses) gains related to the adoption of highly inflationary accounting			$ (1)	1	(3)
Minimum
Principles of Consolidation and Investments in Affiliates
Time lag for reporting financial information			1 month
Property, Plant and Equipment
Useful Lives			3 years
Maximum
Principles of Consolidation and Investments in Affiliates
Time lag for reporting financial information			3 months
Property, Plant and Equipment
Useful Lives			30 years
Pork
Goodwill
Goodwill, beginning balance			$ 18	18
Goodwill, ending balance	18		18	18	18
Commodity Trading and Milling
Goodwill
Goodwill impairment charges			4
Goodwill, beginning balance			149	146
Acquisition				4
Foreign currency translation				(1)
Impairment			(4)
Goodwill, ending balance	145		145	149	146
Customer relationships
Intangible assets
Gross carrying amount	51		51	51
Accumulated amortization and currency translation	(22)		(22)	(16)
Net carrying amount	29		29	35
Trade names
Intangible assets
Gross carrying amount	28		28	28
Accumulated amortization and currency translation	(12)		(12)	(9)
Net carrying amount	16		16	19
Allowance for Credit Losses
Movement in valuation and qualifying accounts
Balance at beginning of year			28	28	33
Transition Adjustment					3
Provision			5		5
Net deductions			(2)	(3)	(10)
Balance at end of year	31		31	28	28
Allowance for Notes Receivable
Movement in valuation and qualifying accounts
Balance at beginning of year			17	17	17
Provision			1
Balance at end of year	18		18	17	$ 17
Accounts Receivable | Geographic concentration | Foreign Country
Accounts Receivable
Foreign receivables, excluding receivables due from affiliates	$ 578		$ 578	$ 410
Net sales | Transferred at point in time
Revenue Recognition
Percentage of revenue			85.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Research and Development
Research and development expense	$ 191	$ 134	$ 143
Recently issued accounting standards
ROU assets	496	390
Lease liabilities	531
Total equity	4,434	3,828	3,601	$ 3,372
Cumulative Effect, Period of Adoption, Adjustment
Recently issued accounting standards
Total equity			(3)
Cumulative Effect, Period of Adoption, Adjustment | Allowance for Credit Losses
Recently issued accounting standards
Total equity			3
Retained Earnings
Recently issued accounting standards
Total equity	$ 4,847	$ 4,287	4,030	$ 3,770
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Recently issued accounting standards
Total equity			$ (3)
Designated as hedge
Derivative commodity instruments
Number of derivative agreements | item	0

Investments (Details)

Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments
Fair Value	$ 1,416	$ 1,465
Long term investments	156	87
Change in unrealized gains (losses) on trading securities	12	74	$ 176
Domestic debt securities
Investments
Fair Value	542	496
Domestic equity securities
Investments
Fair Value	472	702
Foreign equity securities
Investments
Fair Value	193	133
Foreign debt securities
Investments
Fair Value	133	68
Foreign debt securities | Denominated in Euros
Investments
Fair Value	46	29
Money market funds held in trading accounts
Investments
Fair Value	59	47
Other trading investments
Investments
Fair Value	$ 17	$ 19

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
At lower of FIFO cost and NRV:
Hogs and materials	$ 489	$ 437
Pork products and materials	64	46
Grains, oilseeds and other commodities	634	380
Biofuels and related credits	147	72
Sugar produced and in process	21	24
Other	71	61
Total inventories at lower of FIFO cost and NRV	1,426	1,020
Grain, flour and feed at lower of weighted average cost and NRV	237	158
Total inventories	$ 1,663	$ 1,178

Property, Plant and Equipment (

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Gross property, plant and equipment	$ 3,459	$ 3,030
Accumulated depreciation and amortization	(1,567)	(1,448)
Net property, plant and equipment	1,892	1,582
ROU assets	128	92
Accumulated amortization	$ 1,567	1,448
Minimum
Property, plant and equipment
Useful Lives	3 years
Maximum
Property, plant and equipment
Useful Lives	30 years
Land and improvements
Property, plant and equipment
Gross property, plant and equipment	$ 285	$ 268
Land and improvements | Minimum
Property, plant and equipment
Useful Lives	3 years	3 years
Land and improvements | Maximum
Property, plant and equipment
Useful Lives	15 years	15 years
Buildings and improvements
Property, plant and equipment
Useful Lives	30 years	30 years
Gross property, plant and equipment	$ 739	$ 712
Machinery and equipment
Property, plant and equipment
Gross property, plant and equipment	$ 1,445	$ 1,367
Machinery and equipment | Minimum
Property, plant and equipment
Useful Lives	3 years	3 years
Machinery and equipment | Maximum
Property, plant and equipment
Useful Lives	20 years	20 years
Vessels and vehicles
Property, plant and equipment
Gross property, plant and equipment	$ 214	$ 158
Vessels and vehicles | Minimum
Property, plant and equipment
Useful Lives	3 years	3 years
Vessels and vehicles | Maximum
Property, plant and equipment
Useful Lives	18 years	18 years
Office furniture and fixtures
Property, plant and equipment
Useful Lives	5 years	5 years
Gross property, plant and equipment	$ 45	$ 43
Contract growers
Property, plant and equipment
Gross property, plant and equipment	$ 118	$ 93
Contract growers | Minimum
Property, plant and equipment
Useful Lives	5 years	5 years
Contract growers | Maximum
Property, plant and equipment
Useful Lives	15 years	15 years
Construction in progress
Property, plant and equipment
Gross property, plant and equipment	$ 613	$ 389
Capitalized interest	7	10
Contract growers, land and buildings
Property, plant and equipment
Accumulated depreciation and amortization	(29)	(12)
ROU assets	128	92
Accumulated amortization	$ 29	$ 12

Leases - ROU Assets (Details)

Leases - ROU Assets (Details)	Dec. 31, 2021
Leases
Operating lease weighted average remaining lease term	4 years
Finance lease weighted average remaining lease term	7 years

Leases - Finance Lease Asset an

Leases - Finance Lease Asset and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance lease right of use assets, net	$ 128	$ 92
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance lease liabilities	$ 23	$ 10
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Non-current finance lease liabilities	$ 104	$ 78

Leases - Lease costs (Details)

Leases - Lease costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease cost
Operating lease cost	$ 162	$ 145
Finance lease cost:
Amortization of right of use assets	17	9
Interest on lease liabilities	5	4
Variable lease cost	20	8
Short-term lease cost	27	25
Sublease income	(8)	(6)
Total lease cost	$ 223	$ 185

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Dec. 31, 2021USD ($)
Maturities of operating lease liabilities
2022	$ 190
2023	151
2024	79
2025	52
2026	47
Thereafter	84
Total undiscounted lease payments	603
Less imputed interest	(72)
Total operating lease liability	531
Maturities of finance lease liabilities
2022	27
2023	27
2024	25
2025	17
2026	12
Thereafter	43
Total undiscounted lease payments	151
Less imputed interest	(24)
Total finance lease liability	$ 127
Weighted average discount rate for operating leases	5.37%
Weighted average discount rate for financing leases	4.16%

Equity Method Investments (Deta

Equity Method Investments (Details) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 28, 2019USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 29, 2022	Dec. 31, 2018USD ($)
Equity method investments
Investments in and advances to affiliates		$ 651	$ 698
Income (loss) from affiliates		7	(18)	$ (41)
Dividends received from affiliates		44	20	10
Income tax expense		65	3	3
Proceeds from the sale of controlling interest in a subsidiary				24
Foreign currency translation adjustment		8	(7)	(20)
Due from affiliates		128	111
Principal payments received on notes receivable		21		3
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Operating income (loss)		458	245	110
Net earnings (loss)		571	283	287
Total assets		7,503	6,399
Total equity		$ 4,434	3,828	3,601		$ 3,372
Minimum
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Time lag for reporting financial information		1 month
Maximum
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Time lag for reporting financial information		3 months
Pork
Equity method investments
Investments in and advances to affiliates		$ 142	172
Income (loss) from affiliates		3	(9)	(22)
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Total assets		2,265	1,927
Pork | Equity method investment in non-consolidated affiliates
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales		2,010	1,543	1,453
Net earnings (loss)		5	(18)	(43)
Total assets		584	586	639
Total liabilities		302	245	277
Total equity		$ 282	341	362
Pork | Mexico
Equity method investments
Percentage of ownership interest sold					50.00%
Pork | Daily's
Equity method investments
Percentage of ownership		50.00%
Pork | STF
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling
Equity method investments
Investments in and advances to affiliates		$ 224	222
Income (loss) from affiliates		18	(2)	(5)
Carrying value of investment in affiliates over (under) entity's share of affiliates' book value		53
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Total assets		2,054	1,585
Commodity Trading and Milling | Equity method investment in non-consolidated affiliates
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales		2,766	2,482	3,129
Net earnings (loss)		47	(2)	(12)
Total assets		1,798	1,745	1,697
Total liabilities		1,199	1,185	1,075
Total equity		$ 599	560	622
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Botswana
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Democratic Republic of Congo
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Gambia
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Kenya | Minimum
Equity method investments
Percentage of ownership		46.92%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Kenya | Maximum
Equity method investments
Percentage of ownership		49.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Lesotho
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Mauritania
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Morocco | Minimum
Equity method investments
Percentage of ownership		11.96%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Morocco | Maximum
Equity method investments
Percentage of ownership		17.86%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Nigeria | Minimum
Equity method investments
Percentage of ownership		25.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Nigeria | Maximum
Equity method investments
Percentage of ownership		48.33%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Senegal
Equity method investments
Percentage of ownership		49.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | South Africa
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Tanzania
Equity method investments
Percentage of ownership		49.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Uganda
Equity method investments
Percentage of ownership		49.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Zambia
Equity method investments
Percentage of ownership		49.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Colombia | Minimum
Equity method investments
Percentage of ownership		40.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Colombia | Maximum
Equity method investments
Percentage of ownership		42.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Ecuador | Minimum
Equity method investments
Percentage of ownership		25.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Ecuador | Maximum
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Guyana
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Peru
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Jamaica
Equity method investments
Percentage of ownership		50.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Haiti
Equity method investments
Percentage of ownership		23.33%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Turkey
Equity method investments
Percentage of ownership		25.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | Canada
Equity method investments
Percentage of ownership		45.00%
Commodity Trading and Milling | Businesses conducting flour, maize and feed milling and poultry production and processing | United States
Equity method investments
Percentage of ownership		40.00%
Marine
Equity method investments
Investments in and advances to affiliates		$ 33	30
Income (loss) from affiliates		6	2	3
Carrying value of investment in affiliates over (under) entity's share of affiliates' book value		(33)
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Total assets		749	508
Marine | Equity method investment in non-consolidated affiliates
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales		74	66	70
Net earnings (loss)		27	8	12
Total assets		245	253	269
Total liabilities		88	98	107
Total equity		$ 157	155	162
Marine | Cargo terminal business | Minimum
Equity method investments
Percentage of ownership		16.71%
Marine | Cargo terminal business | Maximum
Equity method investments
Percentage of ownership		22.07%
Sugar and Alcohol
Equity method investments
Investments in and advances to affiliates		$ 4	6
Income (loss) from affiliates			1	1
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Total assets		155	153
Sugar and Alcohol | Equity method investment in non-consolidated affiliates
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales		6	7	10
Net earnings (loss)			1	3
Total assets		8	14	13
Total liabilities		1	2	2
Total equity		$ 7	12	11
Sugar and Alcohol | Argentina
Equity method investments
Percentage of ownership		50.00%
Number of businesses | item		2
Power
Equity method investments
Investments in and advances to affiliates		$ 3	3
Income (loss) from affiliates				3
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Total assets		359	302
Power | Equity method investment in non-consolidated affiliates
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales		1	1	143
Net earnings (loss)		1		10
Total assets		12	12	11
Total liabilities		5	6	4
Total equity		$ 7	6	7
Power | Dominican Republic
Equity method investments
Number of businesses | item		2
Power | Energy related business one | Dominican Republic
Equity method investments
Percentage of ownership		45.00%
Power | Energy related business two | Dominican Republic
Equity method investments
Percentage of ownership		50.00%
Turkey
Equity method investments
Investments in and advances to affiliates		$ 245	265
Income (loss) from affiliates		(20)	(10)	(21)
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Total assets		245	265
Turkey | Equity method investment in non-consolidated affiliates
Combined condensed financial information of the non-controlled, non-consolidated affiliates
Net sales		1,792	1,675	1,612
Operating income (loss)		(34)	(6)	(20)
Net earnings (loss)		(38)	(20)	(40)
Total assets		991	993	1,038
Total liabilities		517	481	507
Total equity		$ 474	$ 512	$ 531
Turkey | Butterball, LLC
Equity method investments
Percentage of ownership		50.00%
Investee's intangible assets for trade name		$ 111
Investee's intangible assets for goodwill		$ 66
Percentage of the Butterball's earnings recorded as income from affiliates in the Consolidated Statements of Comprehensive Income (as a percent)		52.50%
Turkey | Butterball, LLC | Detachable warrants
Equity method investments
Additional equity interest that can be acquired upon exercise of warrants (as a percent)		5.00%
Economic interest (as a percent)		52.50%
Disposed of by sale | Power | Dominican Republic
Equity method investments
Proceeds from sale of affiliate	$ 23
Selling expenses and taxes	$ 1
Percentage of ownership interest sold	29.90%

Debt - Notes payable and bank l

Debt - Notes payable and bank lines (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of credit	$ 516	$ 222
Uncommitted and committed bank lines
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Weighted average interest rate (as a percent)	2.71%	3.89%
Uncommitted bank lines
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of credit	$ 359	$ 222
Uncommitted bank lines | Denominated in foreign currencies
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of credit	218	142
Uncommitted bank lines | South African Rand
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of credit	177	106
Committed bank line
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of credit	157	$ 0
Maximum capacity	$ 250

Debt - Summary of long-term deb

Debt - Summary of long-term debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Debt
Other long-term debt	$ 39	$ 30
Total debt at face value	717	763
Current maturities of long-term debt and unamortized discount	(9)	(56)
Long-term debt, less current maturities	708	707
Term loan due 2028
Debt
Debt at face value	$ 677	$ 684	$ 700
Effective interest rate (as a percent)	1.73%	1.77%
Foreign subsidiary obligations
Debt
Debt at face value	$ 1	$ 49
Foreign subsidiary obligations | Denominated in Euros
Debt
Total debt at face value		46
Equipment loan
Debt
Long-term debt assumed	$ 9
Interest rate (as a percent)	5.60%
Note due 2027
Debt
Debt at face value		$ 30
Interest rate (as a percent)		1.28%

Debt - Maturities and foreign s

Debt - Maturities and foreign subsidiary obligations (Details) $ in Millions	Dec. 31, 2021USD ($)
Maturities of long-term debt
2022	$ 8
2023	7
2024	7
2025	7
2026	7
Thereafter	$ 681

Commitments and Contingencies -

Commitments and Contingencies - Numbers of Items (Details) $ in Millions	Sep. 30, 2021USD ($)	Jul. 21, 2021	Jun. 28, 2018plaintiff	May 15, 2018USD ($)	Apr. 27, 2018USD ($)	Mar. 20, 2018USD ($)	Dec. 31, 2018plaintiff	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Contingencies
Assets								$ 7,503	$ 6,399
Pork Product Purchasers | Pending Litigation
Contingencies
Number of plaintiffs | plaintiff			12				3
Odette Blanco De Fernandez | Pending Litigation
Contingencies
Term of concession to develop port facilities		70 years
HSBC | Pending Litigation
Contingencies
Damages sought	$ 10
Interest and other relief sought	$ 3.2
Cereoil
Contingencies
Percentage of ownership								45.00%
Cereoil | Cereoil Bankruptcy Trustee - Case One | Pending Litigation
Contingencies
Damages sought						$ 22
Cereoil | Cereoil Bankruptcy Trustee - Case Two | Pending Litigation
Contingencies
Damages sought					$ 23
Total liabilities					53
Assets					$ 30
Nolston
Contingencies
Percentage of ownership								45.00%
Nolston | Nolston Bankruptcy Trustee
Contingencies
Damages sought				$ 8
Total liabilities				29
Assets				$ 15

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Commitments
2022	$ 2,060
2023	423
2024	406
2025	201
2026	194
Thereafter	419
Totals	3,703
Conditional and Unconditional Commitments
Total cost of sales and operating expenses	$ 8,411	$ 6,552	$ 6,394
Number of Vessels Purchased | item	2
Number of Vessels Under Construction | item	3
Hog procurement contracts
Commitments
2022	$ 129
2023	94
2024	92
2025	95
2026	82
Thereafter	22
Totals	514
Hog procurement contracts | Pork
Conditional and Unconditional Commitments
Amount paid under the contract	145	$ 108	$ 121
Grain and feedstock commitments
Commitments
2022	424
2023	250
2024	152
2025	24
2026	18
Totals	868
Grain purchase contracts for resale
Commitments
2022	1,022
2023	3
Totals	1,025
Fuel supply contract
Commitments
2022	87
2023	55
2024	69
2025	79
2026	91
Thereafter	373
Totals	754
Capital expenditures
Commitments
2022	221
2023	17
2024	89
Totals	327
Other commitments
Commitments
2022	177
2023	4
2024	4
2025	3
2026	3
Thereafter	24
Totals	$ 215

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Target allocation and pension plan asset allocation
Contributions made to defined benefit pension plans	$ 20	$ 38
Estimated fair value of plan assets	227	206	$ 185
Reconciliation of benefit obligation:
Benefit obligation at beginning of year	379	348
Service cost	10	9	8
Interest cost	9	11	12
Actuarial losses	(10)	58
Plan settlements	(19)	(38)
Benefits paid	(7)	(9)
Benefit obligation at end of year	362	379	348
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	206	185
Actual return on plan assets	27	27
Employer contributions	20	38
Plan settlements	(19)	(38)
Benefits paid	(7)	(6)
Fair value of plan assets at end of year	227	206	185
Funded status	(135)	(173)
Components of net periodic benefit cost:
Service cost	10	9	8
Interest cost	9	11	12
Expected return on plan assets	(12)	(11)	(10)
Amortization	9	7	5
Settlement loss recognized	6	11	2
Net periodic benefit cost	22	27	17
Amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss (AOCL) before taxes
Total accumulated other comprehensive loss	71	112
Other disclosures
Pension distribution		32
Contribution expense			1
Estimated withdrawal liability			$ 14
Time period over which quarterly installment payments will be made			20 years
Defined benefit pension plan
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	$ 227	$ 206
Weighted-average assumptions
Expected return on plan assets (as a percent)	6.25%	6.25%	6.25%
Long-term rate of increase in compensation levels (as a percent)	4.00%	4.00%	4.00%
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	$ 206
Fair value of plan assets at end of year	227	$ 206
Expected future benefit payments
2022	26
2023	25
2024	16
2025	11
2026	15
Next five years after year five	76
Accumulated benefit obligation	319	336
Defined benefit pension plan | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	227	206
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	206
Fair value of plan assets at end of year	$ 227	206
Defined benefit pension plan | Domestic equity securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)	50.00%
Estimated fair value of plan assets	$ 113	93
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	93
Fair value of plan assets at end of year	113	93
Defined benefit pension plan | Domestic equity securities | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	113	93
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	93
Fair value of plan assets at end of year	$ 113	93
Defined benefit pension plan | Foreign equity securities
Target allocation and pension plan asset allocation
Target Allocations (as a percent)	25.00%
Estimated fair value of plan assets	$ 71	64
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	64
Fair value of plan assets at end of year	71	64
Defined benefit pension plan | Foreign equity securities | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	71	64
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	64
Fair value of plan assets at end of year	$ 71	64
Defined benefit pension plan | Fixed income
Target allocation and pension plan asset allocation
Target Allocations (as a percent)	20.00%
Estimated fair value of plan assets	$ 29	32
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	32
Fair value of plan assets at end of year	29	32
Defined benefit pension plan | Fixed income | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	29	32
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	32
Fair value of plan assets at end of year	29	32
Defined benefit pension plan | International fixed income mutual funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	12	15
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	15
Fair value of plan assets at end of year	12	15
Defined benefit pension plan | International fixed income mutual funds | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	12	15
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	15
Fair value of plan assets at end of year	12	15
Defined benefit pension plan | Money market funds
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	2	2
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	2
Fair value of plan assets at end of year	2	2
Defined benefit pension plan | Money market funds | Level 1
Target allocation and pension plan asset allocation
Estimated fair value of plan assets	2	2
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year	2
Fair value of plan assets at end of year	$ 2	$ 2
Defined benefit pension plan | Alternative investments
Target allocation and pension plan asset allocation
Target Allocations (as a percent)	5.00%
Defined benefit pension plan | Minimum
Weighted-average assumptions
Discount rate used to determine obligations (as a percent)	1.20%	0.70%	2.15%
Discount rate used to determine net periodic benefit cost (as a percent)	0.70%	2.15%	3.50%
Defined benefit pension plan | Maximum
Weighted-average assumptions
Discount rate used to determine obligations (as a percent)	2.90%	2.60%	3.50%
Discount rate used to determine net periodic benefit cost (as a percent)	2.60%	3.50%	4.50%

Employee Benefits - Defined Con

Employee Benefits - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred compensation plan
Deferred compensation plan income (expense)	$ (3)	$ (6)	$ (11)
Deferred compensation plan liability included in other liabilities	26	23
Deferred compensation plan assets included in other current assets	29	26
Pension distribution		32
Investment income (expense) related to the mark-to-market of investments treated as trading securities	3	6	11
United States
Defined contribution plans
Contribution expense	$ 4	$ 4	$ 4

Derivatives and Fair Value of_3

Derivatives and Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Trading securities	$ 1,416	$ 1,465
Long term investments	156	87
Investments
Amount invested	$ 98	47	$ 38
Contingent consideration
Minimum contingent consideration payout period	5 years
Maximum contingent consideration payout period	8 years
Mimran
Contingent consideration
Contingent consideration, low end of range	$ 0
Contingent consideration, high end of range	48
Commodities
Assets:
Margin account	28	15
Financial services company
Investments
Amount invested	50
BDC
Investments
Liquidity discount	1
Domestic debt securities
Assets:
Trading securities	542	496
Domestic equity securities
Assets:
Trading securities	472	702
Foreign equity securities
Assets:
Trading securities	193	133
Foreign debt securities.
Assets:
Trading securities	133	68
Money market funds held in trading accounts
Assets:
Trading securities	59	47
Recurring basis | Level 1
Assets:
Total assets	1,007	1,134
Liabilities:
Total liabilities	5	19
Recurring basis | Level 1 | Commodities
Assets:
Derivatives	6	28
Liabilities:
Derivatives	5	19
Recurring basis | Level 2
Assets:
Total assets	449	386
Liabilities:
Total liabilities	5	9
Recurring basis | Level 2 | Interest rate swaps
Assets:
Derivatives		1
Recurring basis | Level 2 | Foreign currencies
Assets:
Derivatives	5
Liabilities:
Derivatives	5	9
Recurring basis | Level 3
Assets:
Total assets	81	31
Liabilities:
Contingent consideration	18	16
Total liabilities	18	16
Recurring basis | BDC | Level 3
Assets:
Long term investments	81	31
Recurring basis | Domestic debt securities | Short-term investments | Level 1
Assets:
Trading securities	247	196
Recurring basis | Domestic debt securities | Short-term investments | Level 2
Assets:
Trading securities	295	300
Recurring basis | Domestic equity securities | Short-term investments | Level 1
Assets:
Trading securities	472	702
Recurring basis | Domestic equity securities | Other current assets | Level 1
Assets:
Trading securities	16	14
Recurring basis | Foreign equity securities | Short-term investments | Level 1
Assets:
Trading securities	193	133
Recurring basis | Foreign debt securities. | Short-term investments | Level 1
Assets:
Trading securities	2
Recurring basis | Foreign debt securities. | Short-term investments | Level 2
Assets:
Trading securities	131	68
Recurring basis | Money market funds held in trading accounts | Short-term investments | Level 1
Assets:
Trading securities	59	47
Recurring basis | Other trading securities | Short-term investments | Level 1
Assets:
Trading securities		3
Recurring basis | Other trading securities | Short-term investments | Level 2
Assets:
Trading securities	17	16
Recurring basis | Other trading securities | Other current assets | Level 1
Assets:
Trading securities	12	11
Recurring basis | Other trading securities | Other current assets | Level 2
Assets:
Trading securities	1	1
Recurring basis | Fair Value
Assets:
Total assets	1,537	1,551
Liabilities:
Contingent consideration	18	16
Total liabilities	28	44
Recurring basis | Fair Value | Commodities
Assets:
Derivatives	6	28
Liabilities:
Derivatives	5	19
Recurring basis | Fair Value | Interest rate swaps
Assets:
Derivatives		1
Recurring basis | Fair Value | Foreign currencies
Assets:
Derivatives	5
Liabilities:
Derivatives	5	9
Recurring basis | Fair Value | BDC
Assets:
Long term investments	81	31
Recurring basis | Fair Value | Domestic debt securities | Short-term investments
Assets:
Trading securities	542	496
Recurring basis | Fair Value | Domestic equity securities | Short-term investments
Assets:
Trading securities	472	702
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities	16	14
Recurring basis | Fair Value | Foreign equity securities | Short-term investments
Assets:
Trading securities	193	133
Recurring basis | Fair Value | Foreign debt securities. | Short-term investments
Assets:
Trading securities	133	68
Recurring basis | Fair Value | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities	59	47
Recurring basis | Fair Value | Other trading securities | Short-term investments
Assets:
Trading securities	17	19
Recurring basis | Fair Value | Other trading securities | Other current assets
Assets:
Trading securities	$ 13	$ 12

Derivatives and Fair Value of_4

Derivatives and Fair Value of Financial Instruments - Instruments and Agreements (Details) bu in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)bu	Dec. 31, 2020USD ($)bu	Jul. 03, 2021USD ($)
Grain
Derivative commodity instruments
Nonmonetary notional amount | bu	1	26
Hogs
Derivative commodity instruments
Nonmonetary notional amount		2
Soybean oil
Derivative commodity instruments
Nonmonetary notional amount	20	56
Heating oil
Derivative commodity instruments
Nonmonetary notional amount	15
Foreign currencies
Derivative commodity instruments
Notional amounts	$ 95	$ 49
Interest rate swaps
Derivative commodity instruments
Gains (losses) on derivatives	$ 5
Notional amounts			$ 400
Interest rate swaps | Weighted Average
Derivative commodity instruments
Fixed rate interest			0.26%

Derivatives and Fair Value of_5

Derivatives and Fair Value of Financial Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	$ (20)	$ 55
Foreign currency gains (losses), net | 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	(2)	11
Foreign currency gains (losses), net | Foreign currency
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	4	$ (5)
Interest rate swaps
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Gains (losses) on derivatives	5
Interest rate swaps | Interest expense
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income
Gains (losses) on derivatives	$ 5

Derivatives and Fair Value of_6

Derivatives and Fair Value of Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Margin account	$ 28	$ 15
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	6	28
Derivative assets and liabilities, net basis	29	24
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	5	19
Foreign currencies | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives	5
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives	5	9
Interest rate swaps
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Credit risk associated with derivative contracts	$ 5
Interest rate swaps | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives		$ 1

Stockholders' Equity and Accu_2

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period	$ (471)	$ (440)
Other comprehensive income (loss) before reclassifications	26	(45)
Amounts reclassified from accumulated other comprehensive loss to net earnings	13	14
Other comprehensive income (loss), net of tax	39	(31)
Balance at end of the period	(432)	$ (471)	$ (440)
Common shares repurchased (in shares)		4,069	4,369
Repurchase of common stock		$ 13	$ 17
Cumulative Foreign Currency Translation Adjustment
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period	(376)	(369)
Other comprehensive income (loss) before reclassifications	8	(7)
Other comprehensive income (loss), net of tax	8	(7)
Balance at end of the period	(368)	(376)	(369)
Unrecognized Pension Cost
Components of and changes in accumulated other comprehensive loss, net of tax
Balance at beginning of the period	(95)	(71)
Other comprehensive income (loss) before reclassifications	18	(38)
Amounts reclassified from accumulated other comprehensive loss to net earnings	13	14
Other comprehensive income (loss), net of tax	31	(24)
Balance at end of the period	$ (64)	$ (95)	$ (71)
All components of AOCL except cumulative foreign currency translation adjustments
Components of and changes in accumulated other comprehensive loss, net of tax
Effective income tax rate (as a percent)	25.00%	25.00%	26.00%
Certain subsidiaries
Components of and changes in accumulated other comprehensive loss, net of tax
Unrecognized pension cost related to employees at certain subsidiaries	$ 24	$ 34	$ 21
Certain subsidiaries | Unrecognized Pension Cost
Components of and changes in accumulated other comprehensive loss, net of tax
Tax benefit recorded on unrecognized pension cost	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of earnings before income taxes
United States		$ 337	$ 138	$ 180
Foreign		298	148	110
Total earnings (loss) excluding non-controlling interest		635	286	290
Net income attributable to noncontrolling interests		1	0	0
Earnings before income taxes		636	286	290
Current:
Federal		35	(50)	12
Foreign		33	35	39
State and local		10	2	(1)
Deferred:
Federal		3	26	(39)
Foreign		(7)	(3)	(1)
State and local		(9)	(7)	(7)
Income tax expense		65	3	3
Unrealized changes in other comprehensive income (loss)		8	$ (3)	(4)
Total income taxes		$ 73		$ (1)
Income taxes
Federal income tax rate (as a percent)		21.00%	21.00%	21.00%
Reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) attributable to continuing operations
Computed "expected" tax expense (benefit) excluding non-controlling interest		$ 133	$ 60	$ 61
Adjustments to tax expense (benefit) attributable to:
Foreign tax differences		(30)	(4)	14
Tax-exempt income		(15)	(17)	(29)
Federal tax credits		(39)	(34)	(47)
Unrecognized tax benefits		14
Other		2	(2)	4
Income tax expense		65	3	3
Income taxes receivable		46	18
Income taxes payable		13	14
Deferred income tax liabilities:
Depreciation		121	100
Domestic partnerships		62	59
Unrealized gain on investments		13	52
Inventory		7	10
Other		4	3
Gross deferred income tax liabilities		207	224
Deferred income tax assets:
Reserves/accruals		66	74
Net operating and capital loss carry-forwards		67	52
Tax credit carry-forwards		32	49
Other		5	5
Gross deferred income tax assets		170	180
Less: Valuation allowance		60	55
Net deferred income tax liability		97	$ 99
Time period to recognize tax LIFO reserve as taxable income			4 years
Accrued interest and penalties on uncertain tax positions		10	$ 8
Unrecognized tax benefits, if recognized, would affect the effective tax rate		41	30
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the year		30	31
Additions for uncertain tax positions of prior years		7	2
Decreases for uncertain tax positions of prior years		(1)	(7)
Additions for uncertain tax positions of current year		6	5
Lapse of statute of limitations		(1)	(1)
Balance at the end of the year	$ 31	41	30	31
Gross non-taxable revenue related to federal blender's credit	136
Other commitments
Contribution to long-term investment		98	47	38
Investment tax credits		$ 24	22	34
Minimum
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Number of tax years typically subject to examination for major non-US jurisdictions		3 years
Maximum
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Number of tax years typically subject to examination for major non-US jurisdictions		6 years
Allowance for Deferred Tax Assets:
Movement in valuation and qualifying accounts
Balance at beginning of year		$ 55	68	59
Charge (credit) to expense		5	(13)	9
Balance at end of year	68	60	55	68
Refined coal processing plant
Other commitments
Contribution to long-term investment		11	$ 17	15
Biogas fueled power project
Other commitments
Contribution to long-term investment		4		20
Tax Period Third Quarter 2020
Deferred income tax assets:
LIFO reserve	$ 51			$ 51
Foreign
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Net operating loss carry-forwards (NOLs)		185
State
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Net operating loss carry-forwards (NOLs)		195
Tax credit carry-forwards		$ 28

Segment Information - Pork and

Segment Information - Pork and Power Segments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)itemsegment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018
Segment Information
Number of reportable segments | segment	6
Cash payment, net of cash acquired	$ 7	$ 27	$ 7
Number of power of generating barges | item	2
Pork
Segment Information
Federal blender's credits recognized as revenue			60
Pork | Hitch Pork Producers, Inc.
Segment Information
Cash payment, net of cash acquired		$ 27
Commodity Trading and Milling | Feed manufacturer and hog producer In Ecuador
Segment Information
Cash payment, net of cash acquired	$ 7
Percentage of ownership	80.00%	50.00%
Working capital	$ 30
Property, plant and equipment	$ 17
Commodity Trading and Milling | CLDP
Segment Information
Cash payment, net of cash acquired			$ 7
Percentage of ownership			100.00%	50.00%
Receivables			$ 33
Inventories			55
Property, plant and equipment			12
Short-term debt			$ 65

Segment Information - Specific

Segment Information - Specific Financial Information About Each Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Information
Sales to External Customers	$ 9,229	$ 7,126	$ 6,840
Operating Income (Loss)	458	245	110
Total assets	7,503	6,399
Capital expenditures	460	259	349
Pork
Segment Information
Sales to External Customers	2,481	1,941	1,851
Total assets	2,265	1,927
Capital expenditures	343	207	164
Commodity Trading and Milling
Segment Information
Sales to External Customers	5,154	3,994	3,672
Total assets	2,054	1,585
Capital expenditures	17	8	23
Marine
Segment Information
Sales to External Customers	1,396	1,005	1,061
Total assets	749	508
Capital expenditures	44	10	26
Sugar and Alcohol
Segment Information
Sales to External Customers	123	106	121
Total assets	155	153
Capital expenditures	8	5	15
Power
Segment Information
Sales to External Customers	60	64	117
Total assets	359	302
Capital expenditures	43	27	121
Turkey.
Segment Information
Total assets	245	265
All Other
Segment Information
Sales to External Customers	15	16	18
Total assets	7	6
Capital expenditures	1	2
Products
Segment Information
Sales to External Customers	7,714	5,993	5,610
Products | Pork
Segment Information
Sales to External Customers	2,091	1,682	1,599
Products | Commodity Trading and Milling
Segment Information
Sales to External Customers	5,139	3,981	3,654
Products | Sugar and Alcohol
Segment Information
Sales to External Customers	113	95	112
Products | All Other
Segment Information
Sales to External Customers	14	16	17
Transportation | Pork
Segment Information
Sales to External Customers	8	8	10
Transportation | Marine
Segment Information
Sales to External Customers	1,396	1,005	1,061
Transportation | All Other
Segment Information
Sales to External Customers	1		1
Energy | Pork
Segment Information
Sales to External Customers	357	219	210
Energy | Sugar and Alcohol
Segment Information
Sales to External Customers	10	11	9
Energy | Power
Segment Information
Sales to External Customers	60	64	117
Other
Segment Information
Sales to External Customers	70	75	126
Other | Pork
Segment Information
Sales to External Customers	25	32	32
Other | Commodity Trading and Milling
Segment Information
Sales to External Customers	15	13	18
Segment Totals
Segment Information
Sales to External Customers	9,229	7,126	6,840
Operating Income (Loss)	479	276	139
Total assets	5,834	4,746
Capital expenditures	456	259	349
Segment Totals | Pork
Segment Information
Operating Income (Loss)	227	131	60
Segment Totals | Commodity Trading and Milling
Segment Information
Operating Income (Loss)	61	118	62
Segment Totals | Marine
Segment Information
Operating Income (Loss)	197	21	4
Segment Totals | Sugar and Alcohol
Segment Information
Operating Income (Loss)	2	2	(16)
Segment Totals | Power
Segment Information
Operating Income (Loss)	(9)	3	27
Segment Totals | All Other
Segment Information
Operating Income (Loss)	1	1	2
Segment Totals | Products
Segment Information
Sales to External Customers	7,357	5,774	5,382
Segment Totals | Transportation
Segment Information
Sales to External Customers	1,405	1,013	1,072
Segment Totals | Energy
Segment Information
Sales to External Customers	427	294	336
Segment Totals | Other
Segment Information
Sales to External Customers	40	45	50
Corporate Items
Segment Information
Operating Income (Loss)	(21)	(31)	$ (29)
Total assets	1,669	$ 1,653
Capital expenditures	$ 4

Segment Information - Geographi

Segment Information - Geographic Concentration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk
Net sales	$ 9,229	$ 7,126	$ 6,840
Net sales | Geographic concentration | Colombia
Concentration Risk
Net sales	$ 1,144	$ 812	$ 778
Concentration risk (as a percent)	12.00%	11.00%	11.00%
Net sales | Geographic concentration | South Africa
Concentration Risk
Net sales	$ 917	$ 743	$ 668
Concentration risk (as a percent)	10.00%	10.00%	10.00%

Segment Information - Geograp_2

Segment Information - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Geographic Information
Net sales	$ 9,229	$ 7,126	$ 6,840
Property, plant and equipment	1,892	1,582
Caribbean, Central and South America
Geographic Information
Net sales	3,566	2,744	2,792
Africa
Geographic Information
Net sales	2,685	2,099	1,859
United States
Geographic Information
Net sales	2,031	1,536	1,447
Property, plant and equipment	1,331	1,053
Pacific Basin and Far East
Geographic Information
Net sales	545	435	370
Canada/Mexico
Geographic Information
Net sales	309	202	308
Europe
Geographic Information
Net sales	86	101	52
Dominican Republic
Geographic Information
Property, plant and equipment	297	109
Argentina
Geographic Information
Property, plant and equipment	59	59
Senegal
Geographic Information
Property, plant and equipment	40	42
Ivory Coast
Geographic Information
Property, plant and equipment	39	34
Zambia
Geographic Information
Property, plant and equipment	30	25
Singapore
Geographic Information
Property, plant and equipment		155
All Other.
Geographic Information
Net sales	7	9	$ 12
Property, plant and equipment	$ 96	$ 105