Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 17, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'SEABOARD CORP /DE/ | ' |
Entity Central Index Key | '0000088121 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,170,550 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net sales: | ' | ' | ' | ' |
Products (includes sales to affiliates of $205,644, $183,968, $580,661 and $531,051) | $1,350,329 | $1,352,158 | $3,981,200 | $3,986,573 |
Service revenues | 218,988 | 221,619 | 655,148 | 705,579 |
Other | 53,324 | 74,328 | 160,520 | 222,288 |
Total net sales | 1,622,641 | 1,648,105 | 4,796,868 | 4,914,440 |
Cost of sales and operating expenses: | ' | ' | ' | ' |
Products | 1,228,624 | 1,276,966 | 3,583,456 | 3,742,792 |
Services | 198,276 | 211,914 | 595,265 | 653,006 |
Other | 34,798 | 58,272 | 134,189 | 175,373 |
Total cost of sales and operating expenses | 1,461,698 | 1,547,152 | 4,312,910 | 4,571,171 |
Gross income | 160,943 | 100,953 | 483,958 | 343,269 |
Selling, general and administrative expenses | 64,857 | 67,183 | 188,330 | 192,492 |
Operating income | 96,086 | 33,770 | 295,628 | 150,777 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -8,408 | -2,568 | -17,084 | -7,330 |
Interest income | 2,344 | 2,171 | 11,148 | 10,529 |
Interest income from affiliates | 6,775 | 5,476 | 20,011 | 17,001 |
Income (loss) from affiliates | 9,492 | -4,989 | 23,939 | -12,386 |
Other investment income (loss), net | -2,990 | 3,020 | 370 | 3,274 |
Foreign currency losses, net | -530 | -180 | -9,217 | -1,460 |
Gain on sale of controlling interest in a subsidiary | 64,392 | ' | 64,392 | ' |
Miscellaneous, net | 655 | 59 | -1,598 | 4,751 |
Total other income, net | 71,730 | 2,989 | 91,961 | 14,379 |
Earnings before income taxes | 167,816 | 36,759 | 387,589 | 165,156 |
Income tax expense | -63,536 | -5,394 | -140,421 | -36,008 |
Net earnings | 104,280 | 31,365 | 247,168 | 129,148 |
Less: Net loss (income) attributable to noncontrolling interests | 469 | -396 | -576 | -1,178 |
Net earnings attributable to Seaboard | 104,749 | 30,969 | 246,592 | 127,970 |
Earnings per common share (in dollars per share) | $89.49 | $25.99 | $208.76 | $107.09 |
Other comprehensive income (loss), net of income tax benefit of $1,506, $4,012, $11,894 and $9,552: | ' | ' | ' | ' |
Foreign currency translation adjustment | -3,120 | -14,067 | -32,685 | -26,888 |
Unrealized gain (loss) on investments | -105 | 227 | 919 | -1,481 |
Unrealized gain on cash flow hedges | 149 | ' | 235 | ' |
Unrecognized pension cost | 320 | 1,192 | 960 | 4,929 |
Other comprehensive loss, net of tax | -2,756 | -12,648 | -30,571 | -23,440 |
Comprehensive income | 101,524 | 18,717 | 216,597 | 105,708 |
Less: Comprehensive loss (income) attributable to noncontrolling interests | 476 | -398 | -568 | -1,217 |
Comprehensive income attributable to Seaboard | $102,000 | $18,319 | $216,029 | $104,491 |
Average number of shares outstanding (in shares) | 1,170,550 | 1,191,744 | 1,181,217 | 1,195,006 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Products, sales to affiliates | $205,644 | $183,968 | $580,661 | $531,051 |
Other comprehensive income (loss), income tax benefit | $1,506 | $4,012 | $11,894 | $9,552 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $56,033 | $55,055 |
Short-term investments | 362,965 | 290,649 |
Receivables, net of allowance | 535,013 | 651,404 |
Inventories | 733,640 | 698,998 |
Deferred income taxes | 27,642 | 23,449 |
Other current assets | 128,651 | 134,394 |
Total current assets | 1,843,944 | 1,853,949 |
Net property, plant and equipment | 846,178 | 863,573 |
Investments in and advances to affiliates | 522,071 | 406,900 |
Notes receivable from affiliates | 194,244 | 180,386 |
Goodwill | 14,846 | 43,218 |
Other intangible assets, net | 4,060 | 18,997 |
Other assets | 44,726 | 51,025 |
Total assets | 3,470,069 | 3,418,048 |
Current liabilities: | ' | ' |
Notes payable to banks | 28,834 | 67,699 |
Current maturities of long-term debt | ' | 11,697 |
Accounts payable | 165,882 | 200,242 |
Deferred revenue | 72,471 | 46,192 |
Other current liabilities | 301,035 | 289,497 |
Total current liabilities | 568,222 | 615,327 |
Long-term debt, less current maturities | ' | 80,480 |
Deferred income taxes | 81,276 | 73,336 |
Other liabilities and deferred credits | 177,992 | 168,935 |
Total non-current liabilities | 259,268 | 322,751 |
Commitments and contingent liabilities | ' | ' |
Stockholders' equity: | ' | ' |
Common stock of $1 par value, Authorized 1,250,000 shares; issued and outstanding 1,170,550 and 1,188,955 shares | 1,171 | 1,189 |
Accumulated other comprehensive loss | -212,368 | -181,797 |
Retained earnings | 2,848,686 | 2,655,857 |
Total Seaboard stockholders' equity | 2,637,489 | 2,475,249 |
Noncontrolling interests | 5,090 | 4,721 |
Total equity | 2,642,579 | 2,479,970 |
Total liabilities and stockholders' equity | $3,470,069 | $3,418,048 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Condensed Consolidated Balance Sheets | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, Authorized shares | 1,250,000 | 1,250,000 |
Common stock, issued shares | 1,170,550 | 1,188,955 |
Common stock, outstanding shares | 1,170,550 | 1,188,955 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $247,168 | $129,148 |
Adjustments to reconcile net earnings to cash from operating activities: | ' | ' |
Depreciation and amortization | 69,322 | 70,182 |
Gain from sale of fixed assets | -1,631 | -2,856 |
Gain from sale of power generating facility assets | -4,953 | ' |
Deferred income taxes | 14,690 | 15,702 |
Pay-in-kind interest and accretion on notes receivable from affiliates | -11,511 | -9,828 |
Loss (income) from affiliates | -23,939 | 12,386 |
Dividends received from affiliates | 1,823 | 11,129 |
Other investment income, net | -370 | -3,274 |
Gain on sale of controlling interest in a subsidiary | -64,392 | ' |
Other, net | -735 | 806 |
Changes in assets and liabilities: | ' | ' |
Receivables, net of allowance | 89,718 | -70,669 |
Inventories | -74,971 | -40,739 |
Other current assets | 3,781 | -12,579 |
Current liabilities, exclusive of debt | 22,016 | -95,233 |
Other, net | 17,250 | 857 |
Net cash from operating activities | 283,266 | 5,032 |
Cash flows from investing activities: | ' | ' |
Purchase of short-term investments | -922,902 | -480,085 |
Proceeds from the sale of short-term investments | 842,294 | 540,456 |
Proceeds from the maturity of short-term investments | 5,794 | 4,270 |
Principal payments received on notes receivable | 1,684 | 14,425 |
Capital expenditures | -94,665 | -110,943 |
Proceeds from the sale of fixed assets | 2,639 | 10,552 |
Proceeds from the sale of power generating facility assets | 7,715 | ' |
Investments in and advances to affiliates, net | -22,083 | -37,751 |
Long-term notes receivable issued to affiliates | ' | -17,224 |
Principal payments received on long-term notes receivable from affiliates | ' | 81,272 |
Purchase of long-term investments | -2,333 | -4,032 |
Proceeds from the sale of controlling interest in a subsidiary | 72,500 | ' |
Other, net | 1,073 | -316 |
Net cash from investing activities | -108,284 | 624 |
Cash flows from financing activities: | ' | ' |
Notes payable to banks, net | -31,815 | 27,020 |
Principal payments of long-term debt | -91,403 | -29,909 |
Repurchase of common stock | -53,781 | -17,349 |
Other, net | -48 | -1,096 |
Net cash from financing activities | -177,047 | -21,334 |
Effect of exchange rate change on cash | 3,043 | -220 |
Net change in cash and cash equivalents | 978 | -15,898 |
Cash and cash equivalents at beginning of year | 55,055 | 47,651 |
Cash and cash equivalents at end of period | $56,033 | $31,753 |
Accounting_Policies_and_Basis_
Accounting Policies and Basis of Presentation | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Accounting Policies and Basis of Presentation | ' | |||||
Accounting Policies and Basis of Presentation | ' | |||||
Note 1 –Accounting Policies and Basis of Presentation | ||||||
The Condensed Consolidated Financial Statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries (“Seaboard”). All significant intercompany balances and transactions have been eliminated in consolidation. Seaboard’s investments in non-consolidated affiliates are accounted for by the equity method. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements of Seaboard for the year ended December 31, 2013 as filed in its Annual Report on Form 10-K. Seaboard’s first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Seaboard’s year-end is December 31. | ||||||
The accompanying unaudited Condensed Consolidated Financial Statements include all adjustments (consisting only of normal recurring accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations for interim periods are not necessarily indicative of results to be expected for a full year. As Seaboard conducts its commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, gross margin on non-consolidated affiliates cannot be clearly distinguished without making numerous assumptions primarily with respect to mark-to-market accounting for commodity derivatives. | ||||||
Use of Estimates | ||||||
The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to allowance for doubtful accounts, valuation of inventories, impairment of long-lived assets, income taxes and accrued pension liability. Actual results could differ from those estimates. | ||||||
Supplemental Non-Cash Transactions | ||||||
As more fully described in Note 9, as of September 27, 2014 Seaboard’s Pork segment sold to Triumph Foods LLC (Triumph) a 50% interest in its processed meats division, Daily’s Premium Meats (Daily’s). As a result, Seaboard deconsolidated Daily’s from its Condensed Consolidated Balance Sheet as of September 27, 2014. The following table summarizes the non-cash transactions resulting from this deconsolidation: | ||||||
(Thousands of dollars) | September 27, 2014 | |||||
Decrease in net working capital | $ | 19,349 | ||||
Increase in investment in and advances to affiliates | (72,500 | ) | ||||
Decrease in fixed assets | 16,038 | |||||
Decrease in goodwill | 28,372 | |||||
Decrease in other intangible assets, net (not subject to amortization) | 17,000 | |||||
Decrease in noncontrolling interest | (151 | ) | ||||
Gain on sale of controlling interest in subsidiary | 64,392 | |||||
Net proceeds from sale of controlling interest in subsidiary | $ | 72,500 | ||||
Seaboard has notes receivable from affiliates which accrue pay-in-kind interest income, primarily from one affiliate as discussed in Note 9. Seaboard recognized $3,976,000 and $11,511,000, respectively, of non-cash, pay-in-kind interest income and accretion of discount for the three and nine months ended September 27, 2014 and $3,397,000 and $9,828,000, respectively, for the three and nine months ended September 28, 2013, respectively, related to these notes receivable. | ||||||
Recently Issued Accounting Standards Not Yet Adopted | ||||||
In May 2014, the Financial Accounting Standards Board issued guidance to develop a single, comprehensive revenue recognition model for all contracts with customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Seaboard is currently evaluating the impact this new guidance will have on its consolidated financial statements and related disclosures. Seaboard will be required to adopt this guidance on January 1, 2017 and it is currently anticipated that Seaboard will apply this guidance using the cumulative effect transition method. |
Investments
Investments | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Investments | ' | |||||||||||||
Investments | ' | |||||||||||||
Note 2 – Investments | ||||||||||||||
Seaboard’s short-term investments are treated as either available-for-sale securities or trading securities. All of Seaboard’s available-for-sale and trading securities are classified as current assets as they are readily available to support Seaboard’s current operating needs. Available-for-sale securities are recorded at their estimated fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive loss. Trading securities are recorded at their estimated fair value with unrealized gains and losses reflected in other investment income (loss), net. At September 27, 2014 and December 31, 2013, amortized cost and estimated fair value were not materially different for these investments. At September 27, 2014, money market funds included $4,875,000 denominated in Canadian dollars. | ||||||||||||||
The following is a summary of the amortized cost and estimated fair value of short-term investments for both available-for-sale and trading securities at September 27, 2014 and December 31, 2013. | ||||||||||||||
2014 | 2013 | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
(Thousands of dollars) | Cost | Value | Cost | Value | ||||||||||
Money market funds | $ | 62,965 | $ | 62,965 | $ | 88,430 | $ | 88,430 | ||||||
Corporate bonds | 10,389 | 10,439 | 69,591 | 70,258 | ||||||||||
U.S. Government agency securities | 10,376 | 10,355 | 27,299 | 27,147 | ||||||||||
Asset backed debt securities | 2,224 | 2,244 | 8,446 | 8,477 | ||||||||||
Collateralized mortgage obligations | 1,192 | 1,214 | 7,597 | 7,600 | ||||||||||
U.S. Treasury securities | 521 | 521 | 5,258 | 5,223 | ||||||||||
Emerging markets debt mutual fund | - | - | 17,693 | 16,941 | ||||||||||
Total available-for-sale short-term investments | 87,667 | 87,738 | 224,314 | 224,076 | ||||||||||
High yield trading debt securities | 191,459 | 188,645 | 49,352 | 50,428 | ||||||||||
Equity mutual fund | 65,088 | 65,050 | - | - | ||||||||||
Domestic equity ETF | 14,877 | 15,203 | - | - | ||||||||||
Emerging markets trading debt mutual fund | 3,309 | 2,849 | 3,202 | 2,858 | ||||||||||
Emerging markets trading debt securities | 1,678 | 1,660 | 1,300 | 1,336 | ||||||||||
Money market funds held in trading accounts | 390 | 390 | 11,033 | 11,033 | ||||||||||
Other trading investments | 1,435 | 1,430 | 841 | 918 | ||||||||||
Total available-for-sale and trading short-term investments | $ | 365,903 | $ | 362,965 | $ | 290,042 | $ | 290,649 | ||||||
The following table summarizes the estimated fair value of fixed rate securities designated as available-for-sale classified by the contractual maturity date of the security as of September 27, 2014. | ||||||||||||||
2014 | ||||||||||||||
(Thousands of dollars) | ||||||||||||||
Due within one year | $ | 815 | ||||||||||||
Due after one year through three years | 8,374 | |||||||||||||
Due after three years | 11,229 | |||||||||||||
Total fixed rate securities | $ | 20,418 | ||||||||||||
In addition to its short-term investments, Seaboard also has trading securities related to Seaboard’s deferred compensation plans classified in other current assets on the Condensed Consolidated Balance Sheets. See Note 5 to the Condensed Consolidated Financial Statements for information on the types of trading securities held related to the deferred compensation plans. |
Inventories
Inventories | 9 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Inventories | ' | ||||||||||
Inventories | ' | ||||||||||
Note 3 – Inventories | |||||||||||
The following is a summary of inventories at September 27, 2014 and December 31, 2013: | |||||||||||
September 27, | December 31, | ||||||||||
(Thousands of dollars) | 2014 | 2013 | |||||||||
At lower of LIFO cost or market: | |||||||||||
Live hogs and materials | $ | 202,802 | $ | 207,310 | |||||||
Fresh pork and materials | 34,199 | 33,485 | |||||||||
237,001 | 240,795 | ||||||||||
LIFO adjustment | (42,880 | ) | (62,236 | ) | |||||||
Total inventories at lower of LIFO cost or market | 194,121 | 178,559 | |||||||||
At lower of FIFO cost or market: | |||||||||||
Grains, oilseeds and other commodities | 354,653 | 299,229 | |||||||||
Sugar produced and in process | 45,570 | 53,325 | |||||||||
Other | 54,003 | 74,289 | |||||||||
Total inventories at lower of FIFO cost or market | 454,226 | 426,843 | |||||||||
Grain, flour and feed at lower of weighted average cost or market | 85,293 | 93,596 | |||||||||
Total inventories | $ | 733,640 | $ | 698,998 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Note 4 – Income Taxes | |
Seaboard’s tax returns are regularly audited by federal, state and foreign tax authorities, which may result in material adjustments. Seaboard’s U.S. federal income tax years’ are closed through 2009. The Internal Revenue Service (IRS) examination of Seaboard’s 2010 U.S. income tax return has been finalized. There have not been any material changes in unrecognized income tax benefits since December 31, 2013. Interest related to unrecognized tax benefits and penalties was not material for the nine months ended September 27, 2014. | |
On January 2, 2013, the American Taxpayer Relief Act of 2012 (the Tax Act) was signed into law. The Tax Act extended many expired corporate income tax provisions that impact current and deferred taxes for financial reporting purposes. In accordance with U.S. GAAP, the determination of current and deferred taxes is based on the provisions of the enacted law as of the balance sheet date; the effects of future changes in tax law are not anticipated. The effects of changes in tax laws, including retroactive changes, are recognized in the financial statements in the period that the changes are enacted. Accordingly, as the Tax Act was signed into law in 2013, the effects of the retroactive provisions in the new law on current and deferred tax assets and liabilities for Seaboard were recorded in the first quarter of 2013. The total impact was a one-time tax benefit of $7,945,000 recorded in the first quarter of 2013 related to certain 2012 income tax credits. In addition to this amount is a one-time credit of approximately $11,260,000 for 2012 Federal blender’s credits that was recognized as revenues in the first quarter of 2013. See Note 9 for further discussion of this Federal blender’s credit. |
Derivatives_and_Fair_Value_of_
Derivatives and Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Derivatives and Fair Value of Financial Instruments | ' | |||||||||||||||||||
Derivatives and Fair Value of Financial Instruments | ' | |||||||||||||||||||
Note 5 – Derivatives and Fair Value of Financial Instruments | ||||||||||||||||||||
U.S. GAAP discusses valuation techniques, such as the market approach (prices and other relevant information generated by market conditions involving identical or comparable assets or liabilities), the income approach (techniques to convert future amounts to single present amounts based on market expectations including present value techniques and option-pricing), and the cost approach (amount that would be required to replace the service capacity of an asset which is often referred to as replacement cost). U.S. GAAP utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | ||||||||||||||||||||
Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||||||
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||||||
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | ||||||||||||||||||||
The following table shows assets and liabilities measured at fair value on a recurring basis as of September 27, 2014 and also the level within the fair value hierarchy used to measure each category of assets. Seaboard uses the end of the reporting period to determine if there were any transfers between levels. There were no transfers between levels that occurred in the first nine months of 2014. The trading securities classified as other current assets below are assets held for Seaboard’s deferred compensation plans. | ||||||||||||||||||||
Balance | ||||||||||||||||||||
September 27, | ||||||||||||||||||||
(Thousands of dollars) | 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities - short-term investments: | ||||||||||||||||||||
Money market funds | $ | 62,965 | $ | 62,965 | $ | - | $ | - | ||||||||||||
Corporate bonds | 10,439 | - | 10,439 | - | ||||||||||||||||
U.S. Government agency securities | 10,355 | - | 10,355 | - | ||||||||||||||||
Asset backed debt securities | 2,244 | - | 2,244 | - | ||||||||||||||||
Collateralized mortgage obligations | 1,214 | - | 1,214 | - | ||||||||||||||||
U.S. Treasury securities | 521 | - | 521 | - | ||||||||||||||||
Trading securities - short-term investments: | ||||||||||||||||||||
High yield debt securities | 188,645 | - | 188,645 | - | ||||||||||||||||
Equity mutual fund | 65,050 | 65,050 | - | - | ||||||||||||||||
Domestic equity ETF | 15,203 | 15,203 | - | - | ||||||||||||||||
Emerging markets trading debt mutual fund | 2,849 | 2,849 | - | - | ||||||||||||||||
Emerging markets trading debt securities | 1,660 | - | 1,660 | - | ||||||||||||||||
Money market funds held in trading accounts | 390 | 390 | - | - | ||||||||||||||||
Other trading investments | 1,430 | - | 1,430 | - | ||||||||||||||||
Trading securities - other current assets: | ||||||||||||||||||||
Domestic equity securities | 29,632 | 29,632 | - | - | ||||||||||||||||
Foreign equity securities | 8,018 | 8,018 | - | - | ||||||||||||||||
Fixed income mutual funds | 4,362 | 4,362 | - | - | ||||||||||||||||
Money market funds | 2,727 | 2,727 | - | - | ||||||||||||||||
Other | 1,357 | 616 | 741 | - | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | 20,394 | 20,394 | - | - | ||||||||||||||||
Interest rate swaps | - | - | - | - | ||||||||||||||||
Foreign currencies | 4,674 | - | 4,674 | - | ||||||||||||||||
Total Assets | $ | 434,129 | $ | 212,206 | $ | 221,923 | $ | - | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | $ | 16,083 | $ | 15,974 | $ | 109 | $ | - | ||||||||||||
Interest rate swaps | 5,766 | - | 5,766 | - | ||||||||||||||||
Foreign currencies | 218 | - | 218 | - | ||||||||||||||||
Total Liabilities | $ | 22,067 | $ | 15,974 | $ | 6,093 | $ | - | ||||||||||||
(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of September 27, 2014, the commodity derivatives had a margin account balance of $13,006,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $17,426,000 and an other current liability of $109,000. | ||||||||||||||||||||
The following table shows assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and also the level within the fair value hierarchy used to measure each category of assets. | ||||||||||||||||||||
Balance | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(Thousands of dollars) | 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities - short-term investments: | ||||||||||||||||||||
Money market funds | $ | 88,430 | $ | 88,430 | $ | - | $ | - | ||||||||||||
Corporate bonds | 70,258 | - | 70,258 | - | ||||||||||||||||
U.S. Government agency securities | 27,147 | - | 27,147 | - | ||||||||||||||||
Emerging markets debt mutual fund | 16,941 | 16,941 | - | - | ||||||||||||||||
Asset backed debt securities | 8,477 | - | 8,477 | - | ||||||||||||||||
Collateralized mortgage obligations | 7,600 | - | 7,600 | - | ||||||||||||||||
U.S. Treasury securities | 5,223 | - | 5,223 | - | ||||||||||||||||
Trading securities - short term investments: | ||||||||||||||||||||
High yield debt securities | 50,428 | - | 50,428 | - | ||||||||||||||||
Money market funds held in trading accounts | 11,033 | 11,033 | - | - | ||||||||||||||||
Emerging markets trading debt mutual fund | 2,858 | 2,858 | - | - | ||||||||||||||||
Emerging markets trading debt securities | 1,336 | - | 1,336 | - | ||||||||||||||||
Other trading investments | 918 | - | 918 | - | ||||||||||||||||
Trading securities - other current assets: | ||||||||||||||||||||
Domestic equity securities | 26,672 | 26,672 | - | - | ||||||||||||||||
Foreign equity securities | 9,570 | 7,317 | 2,253 | - | ||||||||||||||||
Fixed income mutual funds | 3,974 | 3,974 | - | - | ||||||||||||||||
Money market funds | 1,931 | 1,931 | - | - | ||||||||||||||||
Other | 3,203 | 1,628 | 1,575 | - | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | 2,331 | 2,331 | - | - | ||||||||||||||||
Foreign currencies | 2,763 | - | 2,763 | - | ||||||||||||||||
Total Assets | $ | 341,093 | $ | 163,115 | $ | 177,978 | $ | - | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | $ | 16,014 | $ | 15,422 | $ | 592 | $ | - | ||||||||||||
Interest rate swaps | 4,103 | - | 4,103 | - | ||||||||||||||||
Foreign currencies | 101 | - | 101 | - | ||||||||||||||||
Total Liabilities | $ | 20,218 | $ | 15,422 | $ | 4,796 | $ | - | ||||||||||||
(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2013, the commodity derivatives had a margin account balance of $29,822,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $16,731,000 and an other current liability of $592,000. | ||||||||||||||||||||
Financial instruments consisting of cash and cash equivalents, net receivables, notes payable, and accounts payable are carried at cost, which approximates fair value, as a result of the short-term nature of the instruments. | ||||||||||||||||||||
The fair value of long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. If Seaboard’s debt was measured at fair value on its Condensed Consolidated Balance Sheets, it would have been classified as level 2 in the fair value hierarchy. The amortized cost and estimated fair values of investments and long-term debt at September 27, 2014 and December 31, 2013 are presented below. | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(Thousands of dollars) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||
Short-term investments, available-for-sale | $ 87,667 | $ 87,738 | $ 224,314 | $ 224,076 | ||||||||||||||||
Short-term investments, trading securities | 278,236 | 275,227 | 65,728 | 66,573 | ||||||||||||||||
Long-term debt | - | - | 92,177 | 94,578 | ||||||||||||||||
While management believes its derivatives are primarily economic hedges of its firm purchase and sales contracts or anticipated sales contracts, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. Since these derivatives and interest rate exchange agreements discussed below are not accounted for as hedges, fluctuations in the related commodity prices, currency exchange rates and interest rates could have a material impact on earnings in any given period. Seaboard also enters into speculative derivative transactions not directly related to its raw material requirements. The nature of Seaboard’s market risk exposure has not changed materially since December 31, 2013. | ||||||||||||||||||||
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. At September 27, 2014, Seaboard had open net derivative contracts to purchase 37,980,000 pounds of soybean oil, 466,000 pounds of sugar and 44,000 pounds of dry whey powder and open net derivative contracts to sell 23,200,000 pounds of hogs, 9,427,000 bushels of grain, 5,838,000 gallons of heating oil and 48,000 tons of soybean meal. At December 31, 2013, Seaboard had open net derivative contracts to purchase 51,184,000 pounds of sugar, 32,440,000 pounds of hogs, 6,540,000 bushels of grain, 440,000 pounds of cheese and 308,000 pounds of dry whey powder and open net derivative contracts to sell 12,125,000 pounds of palm oil and 76,000 tons of soybean meal. Commodity derivatives are recorded at fair value with any changes in fair value being marked to market as a component of cost of sales on the Condensed Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||
Foreign Currency Exchange Agreements | ||||||||||||||||||||
Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies. Foreign currency exchange agreements that were primarily related to an underlying commodity transaction were recorded at fair value with changes in value marked to market as a component of cost of sales on the Condensed Consolidated Statements of Comprehensive Income. Foreign exchange agreements that were not related to an underlying commodity transaction were recorded at fair value with changes in value marked to market as a component of foreign currency losses, net on the Condensed Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||
At September 27, 2014 and December 31, 2013, Seaboard had trading foreign currency exchange agreements to cover its firm sales and purchase commitments and related trade receivables and payables with net notional amounts of $88,295,000 and $127,389,000, respectively, primarily related to the South African Rand. | ||||||||||||||||||||
Interest Rate Exchange Agreements | ||||||||||||||||||||
During 2014, Seaboard put into place four, approximately eight-year interest rate exchange agreements with mandatory early termination dates in the second half of 2014 and early 2015 for one of the agreements. Two of these agreements have since been terminated that had mandatory early termination dates in the second half of 2014. Payments made by Seaboard to unwind these agreements were not material. Also in the second half of 2014, Seaboard entered into two new interest rate exchange agreements to replace the two that were terminated as noted above, each with a mandatory early termination date in early 2015 and similar terms as the interest rate exchange agreements terminated. These four exchange agreements, still outstanding as of September 27, 2014, involve the exchange of fixed-rate and variable-rate interest payments without the exchange of the underlying notional amounts to mitigate the potential effects of fluctuations in interest rates on the anticipated dry bulk vessel leases in the last half of 2014 and early 2015. Seaboard pays a fixed rate and receives a variable rate of interest on these four notional amounts of $22,000,000 each. In 2010, Seaboard entered into three ten-year interest rate exchange agreements which involve the exchange of fixed-rate and variable-rate interest payments over the life of the agreements without the exchange of the underlying notional amounts to mitigate the effects of fluctuations in interest rates on variable rate debt. Seaboard pays a fixed rate and receives a variable rate of interest on these three notional amounts of $25,000,000 each. All seven of these interest rate exchange agreements do not qualify as hedges for accounting purposes. Accordingly, the changes in fair value of these agreements are recorded in miscellaneous, net in the Condensed Consolidated Statements of Comprehensive Income. At September 27, 2014 and December 31, 2013, Seaboard had seven and three interest rate exchange agreements outstanding, respectively, with a total notional value of $163,000,000 and $75,000,000, respectively. | ||||||||||||||||||||
Counterparty Credit Risk | ||||||||||||||||||||
From time to time Seaboard is subject to counterparty credit risk related to its foreign currency exchange agreements and interest rate swaps, should the counterparties fail to perform according to the terms of the contracts. As of September 27, 2014, Seaboard’s foreign currency exchange agreements have a maximum amount of loss due to credit risk in the amount of $4,674,000 with six counterparties and no such exposures related to the interest rate swaps. Seaboard does not hold any collateral related to these agreements. | ||||||||||||||||||||
The following table provides the amount of gain or (loss) recognized in income for each type of derivative and where it was recognized in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 27, 2014 and September 28, 2013. | ||||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Commodities | Cost of sales | $ | (296 | ) | $ | (8,790 | ) | $ | 3,082 | $ | -7,731 | |||||||||
Foreign currencies | Cost of sales | 1,957 | 1,528 | 4,770 | 15,027 | |||||||||||||||
Foreign currencies | Foreign currency | 3,145 | (926 | ) | 2,725 | 4,961 | ||||||||||||||
Interest rate | Miscellaneous, net | 91 | (570 | ) | (3,804 | ) | 2,864 | |||||||||||||
The following table provides the fair value of each type of derivative held as of September 27, 2014 and December 31, 2013 and where each derivative is included on the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||
(Thousands of dollars) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
September 27, | December 31, | September 27, | December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Commodities(1) | Other current assets | $ 20,394 | $ 2,331 | Other current liabilities | $ 16,083 | $ 16,014 | ||||||||||||||
Foreign currencies | Other current assets | 4,674 | 2,763 | Other current liabilities | 218 | 101 | ||||||||||||||
Interest rate | Other current assets | - | - | Other current liabilities | 5,766 | 4,103 | ||||||||||||||
(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of September 27, 2014 and December 31, 2013, the commodity derivatives had a margin account balance of $13,006,000 and $29,822,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $17,426,000 and $16,731,000, respectively and other current liabilities of $109,000 and $592,000, respectively. | ||||||||||||||||||||
Employee_Benefits
Employee Benefits | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Employee Benefits | ' | |||||||||||||
Employee Benefits | ' | |||||||||||||
Note 6 – Employee Benefits | ||||||||||||||
Seaboard maintains two defined benefit pension plans for its domestic salaried and clerical employees. At this time, no contributions are expected to be made to these plans for the remainder of 2014. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for these supplemental plans in advance of when the benefits are paid. | ||||||||||||||
The net periodic benefit cost for all of these plans was as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ 1,924 | $ 2,342 | $ 5,784 | $ 7,026 | ||||||||||
Interest cost | 2,404 | 2,028 | 7,225 | 6,131 | ||||||||||
Expected return on plan assets | (2,173 | ) | (1,615 | ) | (6,537 | ) | (4,841 | ) | ||||||
Amortization and other | 524 | 1,565 | 1,575 | 4,744 | ||||||||||
Agreement termination gain | - | - | - | (3,204 | ) | |||||||||
Net periodic benefit cost | $ 2,679 | $ 4,320 | $ 8,047 | $ 9,856 | ||||||||||
In late April 2013, Mr. Joseph E. Rodrigues, Seaboard’s board member and retired former Executive Vice President and Treasurer of Seaboard Corporation, passed away. During retirement, Mr. Rodrigues received retirement payments under an individual, non-qualified, unfunded supplemental retirement agreement. Upon his death, this agreement terminated which eliminated the remaining accrued pension liability. This resulted in a one-time agreement termination gain of $3,204,000, or $1,954,000 net of tax, which was recognized in net earnings in addition to a gain of $2,148,000, or $1,310,000 net of tax, from the elimination of unrecognized pension cost in other comprehensive income during the second quarter of 2013. |
Notes_Payable_LongTerm_Debt_Co
Notes Payable, Long-Term Debt, Commitments and Contingencies | 9 Months Ended |
Sep. 27, 2014 | |
Notes Payable, Long-Term Debt, Commitments and Contingencies | ' |
Notes Payable, Long-Term Debt, Commitments and Contingencies | ' |
Note 7 – Notes Payable, Long-Term Debt, Commitments and Contingencies | |
On October 24, 2014, Seaboard entered into a Credit Agreement for a committed line of credit totaling $50,000,000 related to a foreign subsidiary for the Commodity Trading and Milling segment. This credit facility matures October 23, 2015 and does not change existing debt covenants. | |
In July 2014, Seaboard provided notice of optional prepayment to its lenders related to a credit agreement with an original maturity date of 2021. As a result, $74,100,000 was reclassified from long-term debt to current maturities of long-term debt as of June 28, 2014. The total principal payment of $85,500,000 was made on August 29, 2014. At that time, Seaboard paid a $3,760,000 fee for early payment which was charged to interest expense in the third quarter of 2014. | |
Contingencies | |
On September 19, 2012, the United States Immigration and Customs Enforcement (“ICE”) executed three search warrants authorizing the seizure of certain records from Seaboard’s offices in Merriam, Kansas and at the Seaboard Foods employment office and the human resources department in Guymon, Oklahoma. The warrants generally called for the seizure of employment-related files, certain e-mails and other electronic records relating to Medicaid and Medicaid recipients, certain health care providers in the Guymon area, and Seaboard’s health plan and certain personnel issues. The United States Attorney’s Office for the Western District of Oklahoma (“USAO”), which has been leading the investigation, previously advised Seaboard that it intended to close its investigation and that no charges would be brought against Seaboard. However, discussions with the USAO continue regarding the status of the investigation and the possibility of proceedings by the USAO, ICE and/or the Oklahoma Attorney General’s office remains. No proceedings have been filed or brought as of this time. It is not possible at this time to determine whether any agencies will continue to pursue an investigation or whether Seaboard will incur any material fines, penalties or liabilities in connection with this matter. | |
Seaboard is subject to various administrative and judicial proceedings and other legal matters related to the normal conduct of its business. In the opinion of management, the ultimate resolutions of these items are not expected to have a material adverse effect on the Condensed Consolidated Financial Statements of Seaboard. | |
Contingent Obligations | |
Certain of the non-consolidated affiliates and third party contractors who perform services for Seaboard have bank debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of that debt in order to further Seaboard’s business objectives. Seaboard does not issue guarantees of third parties for compensation. As of September 27, 2014, guarantees outstanding to third parties were not material. Seaboard has not accrued a liability for any of the third party or affiliate guarantees as management considers the likelihood of loss to be remote. | |
As of September 27, 2014, Seaboard’s borrowing capacity under its uncommitted lines was reduced by letters of credit totaling $1,386,000. The notes payable to banks under the committed and uncommitted credit lines are unsecured. These lines of credit do not require compensating balances. |
Stockholders_Equity_and_Accumu
Stockholders' Equity and Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||
Stockholders' Equity and Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
Stockholders' Equity and Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
Note 8 – Stockholders’ Equity and Accumulated Other Comprehensive Loss | |||||||||||||||||||
Seaboard has a share repurchase program in place which was initially approved by its Board of Directors in November 2009, and is in effect through October 31, 2015. In May 2014, the Board of Directors increased the dollar amount of Seaboard common stock authorized to be repurchased under the share repurchase program by $20,000,000, and Seaboard commenced a tender offer to repurchase shares. On June 19, 2014, Seaboard completed the tender offer, pursuant to which it repurchased 16,738 shares of common stock at a price per share of $2,950, for a total cost of $49,377,000. As of September 27, 2014, $50,846,000 remained available for repurchases under the share repurchase program. For the nine months ended September 27, 2014, Seaboard repurchased 18,405 shares of common stock at a total cost of $53,781,000. Under this share repurchase program, Seaboard is authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may be above or below the traded market price. During the period that the share repurchase program remains in effect, from time to time Seaboard may enter into a 10b5-1 plan authorizing a third party to make such purchases on behalf of Seaboard. The stock repurchases are being funded by cash on hand, and shares repurchased are being retired and resume the status of authorized and unissued shares. All stock repurchases are being made in compliance with applicable legal requirements and the timing of the repurchases and the number of shares repurchased at any given time depend upon market conditions, compliance with Securities and Exchange Commission regulations and other factors. The Board of Directors stock repurchase authorization does not obligate Seaboard to acquire a specific amount of common stock and the stock repurchase program may be suspended at any time at Seaboard’s discretion. | |||||||||||||||||||
In December 2012, Seaboard declared and paid a dividend of $12.00 per share on the common stock. The increased amount of the dividend (which has historically been $0.75 per share on a quarterly basis or $3.00 per share on an annual basis) represented a prepayment of the annual 2013, 2014, 2015 and 2016 dividends ($3.00 per share per year). Seaboard did not declare or pay a dividend in 2013. Seaboard does not currently intend to declare any further dividends for the years 2014-2016. | |||||||||||||||||||
The changes in the components of other comprehensive loss (OCL), net of related taxes, are as follows: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation adjustment | $ (3,120 | ) | $ (14,067 | ) | $ (32,685 | ) | $ (26,888 | ) | |||||||||||
Investments: | |||||||||||||||||||
Unrealized gain (loss) | 274 | 376 | 842 | (933 | ) | ||||||||||||||
Amounts reclassified from OCL to net earnings | (379 | ) | -1 | (149 | ) | -1 | 77 | -1 | (548 | ) | -1 | ||||||||
Unrealized gain (loss) on investments | (105 | ) | 227 | 919 | (1,481 | ) | |||||||||||||
Unrealized gain on cash flow hedges | 149 | - | 235 | - | |||||||||||||||
Pension cost: | |||||||||||||||||||
Unrealized gain | - | - | - | 1,310 | |||||||||||||||
Amounts reclassified from OCL to net earnings | 320 | -2 | 1,192 | -2 | 960 | -2 | 3,619 | -2 | |||||||||||
Unrecognized pension cost | 320 | 1,192 | 960 | 4,929 | |||||||||||||||
Other Comprehensive Loss, Net of Tax | $ (2,756 | ) | $ (12,648 | ) | $ (30,571 | ) | $ (23,440 | ) | |||||||||||
(1) This represents realized gains on the sale of available-for-sale securities and was recorded in other investment income (loss), net. | |||||||||||||||||||
(2) This primarily represents the amortization of actuarial losses that were included in net periodic pension cost and was recorded in operating income. See Note 6 for further discussion. | |||||||||||||||||||
As discussed in Note 6 to the Condensed Consolidated Financial Statements, Seaboard recognized a one-time retirement agreement termination gain of $1,310,000 net of tax, in unrecognized pension cost in other comprehensive income during the second quarter of 2013. | |||||||||||||||||||
The components of accumulated other comprehensive loss, net of related taxes, are as follows: | |||||||||||||||||||
September 27, | December 31, | ||||||||||||||||||
(Thousands of dollars) | 2014 | 2013 | |||||||||||||||||
Cumulative Foreign Currency Translation Adjustment: | $ (188,098 | ) | $ (155,413 | ) | |||||||||||||||
Unrealized Gain on Investments: | 1,400 | 481 | |||||||||||||||||
Unrealized Gain (Loss) on Cash Flow Hedges: | 122 | (113 | ) | ||||||||||||||||
Unrecognized Pension Cost: | (25,792 | ) | (26,752 | ) | |||||||||||||||
Total Accumulated Other Comprehensive Loss | $ (212,368 | ) | $ (181,797 | ) | |||||||||||||||
The foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar segment. At September 27, 2014, the Sugar segment had $122,145,000 in net assets denominated in Argentine pesos and $2,556,000 in net assets denominated in U.S. dollars. Management anticipates that the Argentine peso may continue to weaken against the U.S. dollar and thus it is anticipated that Seaboard could incur additional foreign currency translation adjustment losses in other comprehensive loss during the remainder of 2014. | |||||||||||||||||||
At September 27, 2014 and September 28, 2013, income taxes for cumulative foreign currency translation adjustments were recorded using a 35% effective tax rate except for $50,801,000 and $10,514,000, respectively, related to certain subsidiaries for which no tax benefit was recorded. At September 27, 2014 and September 28, 2013, income taxes for all other components of accumulated other comprehensive loss were recorded using a 39% effective rate except for unrecognized pension cost of $8,415,000 and $19,954,000, respectively, related to employees at certain subsidiaries for which no tax benefit has been recorded. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Segment Information | ' | |||||||||||||
Segment Information | ' | |||||||||||||
Note 9 –Segment Information | ||||||||||||||
As of September 27, 2014, Seaboard’s Pork segment sold to Triumph a 50% interest in Daily’s for cash proceeds of $72,500,000 plus a receivable of $1,720,000 for preliminary working capital adjustments, resulting in a gain on sale of controlling interest in subsidiary of $64,392,000 ($39,279,000 net of taxes, or $33.56 per share) in the third quarter of 2014. The final sale price is subject to agreement on the final working capital adjustments but any such remaining adjustment is not anticipated to be significant. Daily’s produces and markets raw and pre-cooked bacon, ham and sausage and has two further processing plants located in Salt Lake City, Utah and Missoula, Montana. The Pork segment currently has a business relationship with Triumph under which Seaboard markets substantially all of the pork products produced at Triumph’s plant in St. Joseph, Missouri. Through September 27, 2014, Seaboard consolidated the operating results of Daily’s as part of its Pork segment operations. As a result of this transaction, Seaboard deconsolidated Daily’s from its Condensed Consolidated Balance Sheet as of September 27, 2014 (see Note 1, Supplemental Non-Cash Transactions, for details of the impact on the Condensed Consolidated Balance Sheet from this deconsolidation). Seaboard’s remaining 50% investment in Daily’s will be accounted for in the Pork segment by using the equity method of accounting. Based on the cash consideration received for this transaction and preliminary third party valuations for fixed assets and certain intangible assets, it was determined the fair value of Seaboard’s remaining 50% investment in Daily’s exceeded book value by $31,336,000, which is included in the gain on sale above, for a total fair value of $72,500,000. In addition, both Seaboard and Triumph contributed $2,000,000 each to Daily’s as additional equity to provide Daily’s with additional working capital resulting in a total investment in affiliate of $74,500,000 related to Daily’s for Seaboard as of September 27, 2014. Pro forma results of operations are not presented as the effects of deconsolidation are not material to Seaboard’s results of operations, primarily as Seaboard supplies raw product to Daily’s. Triumph also supplies raw product to Daily’s. It is expected that both Seaboard and Triumph will continue to sell raw product to Daily’s. | ||||||||||||||
The Tax Act signed into law in January 2013 as discussed in Note 4, renewed and extended the Federal blender’s credits that Seaboard was entitled to receive for biodiesel it blends which had previously expired on December 31, 2011 and renewed retroactively to January 1, 2012 with an expiration of December 31, 2013. As a result, in the first quarter of 2013 the Pork segment recognized a one-time credit of approximately $11,260,000 as revenues related to this Federal blender’s tax incentive for gallons produced and sold in fiscal 2012. The Federal blender’s credits have not been renewed for 2014. | ||||||||||||||
The Commodity Trading and Milling segment has a 50% non-controlling interest in a bakery located in the Democratic Republic of Congo which began start-up operations in the fourth quarter of 2012. As part of its investment in this bakery, Seaboard has an interest bearing long-term note receivable from this bakery which has a decreasing balance with the first payment due in June 2015 and a final maturity date of December 2020. Repayment of this note is dependent upon this business improving existing operations to generate adequate future cash flows to make scheduled payments when due. In addition, the bakery has been incurring operating losses since it began operations as it continues to resolve equipment problems and attempt to gain market share. As of September 27, 2014, the recorded balance of this Note Receivable from Affiliates was $34,556,000 and Seaboard’s equity investment in this bakery was $11,869,000. If the current operating results of this bakery do not improve in the future, there is a possibility that some of the recorded value of the Note Receivable from Affiliate could be deemed uncollectible or there could be a decline in value deemed other than temporary for the related equity investment, or both, during some future period which may result in a material charge to earnings. Including this investment, as of September 27, 2014 Seaboard had a total of $71,593,000 of investments in, advances to and notes receivable from all of its affiliates in the Democratic Republic of Congo, which represents the single largest foreign country risk exposure for Seaboard’s equity method investments. One of the other affiliates, to which Seaboard sells wheat, is the only supplier of flour to this bakery. | ||||||||||||||
On September 24, 2014, Seaboard invested $17,333,000 in a cargo terminal business in Jamaica for a 21% non-controlling interest. This investment will be accounted for in the Marine segment using the equity method reported on a three-month lag basis and thus Seaboard’s first proportionate share of earnings will not be recognized until the first quarter of 2015. | ||||||||||||||
The Power segment had been operating a floating power generating facility (72 megawatts) in the Dominican Republic under a short-term lease agreement. On April 1, 2014, Seaboard provided notice to cancel the lease. Seaboard ceased operations of the leased facility on September 3, 2014. Seaboard had previously sold this facility to the current owner in 2011. In conjunction with ceasing operations, Seaboard sold inventory related to these operations, the sale of which had been deferred until the end of the lease term. In addition, $1,500,000 of the original sale price for this facility, which remained in escrow as security for the lease, was paid to Seaboard. Finalization of the transfer of the leased facility to the owner and related settlement of all items occurred on September 18, 2014. As a result, Seaboard recognized a $4,953,000 gain from sale of assets in operating income related to these items in the third quarter of 2014. | ||||||||||||||
The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (Butterball). Butterball had total net sales for the three and nine months ended September 27, 2014 of $486,971,000 and $1,218,402,000, respectively, compared to total net sales for the three and nine months ended September 28, 2013 of $444,787,000 and $1,169,301,000, respectively. Butterball had operating income for the three and nine months ended September 27, 2014 of $35,881,000 and $85,311,000, respectively, compared to operating income (loss) for the three and nine months ended September 28, 2013 of $1,282,000 and $(3,238,000), respectively. In the first and third quarters of 2013, Butterball incurred additional charges for impairment of fixed assets related to the planned sale of its Longmont, Colorado facility of which Seaboard’s proportionate share of these charges represented $(1,155,000) and $(3,859,000) recognized in loss from affiliates, for the three and nine months ended September 28, 2013, respectively. This facility was sold in the second quarter of 2014 for approximately the remaining net book value. As of September 27, 2014 and December 31, 2013, the Turkey segment had total assets of $1,073,196,000 and $907,004,000, respectively. | ||||||||||||||
On December 31, 2012, Seaboard provided a loan of $81,231,000 to Butterball, which was included in Notes Receivable from Affiliates. This loan was made to fund Butterball’s purchase of assets from Gusto Packing Company, Inc., a pork and turkey further processor located in Montgomery, Illinois. In late March 2013, Butterball renegotiated its third party financing and on March 28, 2013 repaid in full this loan from Seaboard. | ||||||||||||||
In conjunction with Seaboard’s initial investment in Butterball in December 2010, Seaboard has a long-term note receivable from Butterball which had a balance of $137,105,000 as of September 27, 2014. Part of the interest earned on this note is pay-in-kind interest, which accumulates and is paid at maturity in December 2017. | ||||||||||||||
The following tables set forth specific financial information about each segment as reviewed by Seaboard’s management. Operating income for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income, along with income or losses from affiliates for the Commodity Trading and Milling segment, is used as the measure of evaluating segment performance because management does not consider interest, other investment income and income tax expense on a segment basis. | ||||||||||||||
Sales to External Customers: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Pork | $ | 454,927 | $ | 435,981 | $ | 1,303,752 | $ | 1,262,083 | ||||||
Commodity Trading and Milling | 858,497 | 857,994 | 2,562,001 | 2,553,510 | ||||||||||
Marine | 205,260 | 219,466 | 616,684 | 676,347 | ||||||||||
Sugar | 47,786 | 58,500 | 145,128 | 192,554 | ||||||||||
Power | 51,622 | 73,607 | 158,503 | 221,386 | ||||||||||
All Other | 4,549 | 2,557 | 10,800 | 8,560 | ||||||||||
Segment/Consolidated Totals | $ | 1,622,641 | $ | 1,648,105 | $ | 4,796,868 | $ | 4,914,440 | ||||||
Operating Income (Loss): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Pork | $ | 70,400 | $ | 34,099 | $ | 241,090 | $ | 89,997 | ||||||
Commodity Trading and Milling | 13,309 | 8,808 | 43,502 | 29,746 | ||||||||||
Marine | (4,564 | ) | (15,033 | ) | (15,013 | ) | (22,413 | ) | ||||||
Sugar | 6,280 | 193 | 22,695 | 28,312 | ||||||||||
Power | 15,044 | 13,429 | 19,489 | 41,405 | ||||||||||
All Other | 531 | 216 | 860 | 354 | ||||||||||
Segment Totals | 101,000 | 41,712 | 312,623 | 167,401 | ||||||||||
Corporate Items | (4,914 | ) | (7,942 | ) | (16,995 | ) | (16,624 | ) | ||||||
Consolidated Totals | $ | 96,086 | $ | 33,770 | $ | 295,628 | $ | 150,777 | ||||||
Income (Loss) from Affiliates: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Commodity Trading and Milling | $ | (4,729 | ) | $ | (999 | ) | $ | (6,934 | ) | $ | (1,187 | ) | ||
Sugar | (112 | ) | 54 | 636 | 171 | |||||||||
Turkey | 14,333 | (4,044 | ) | 30,237 | (11,370 | ) | ||||||||
Segment/Consolidated Totals | $ | 9,492 | $ | (4,989 | ) | $ | 23,939 | $ | (12,386 | ) | ||||
Total Assets: | ||||||||||||||
September 27, | December 31, | |||||||||||||
(Thousands of dollars) | 2014 | 2013 | ||||||||||||
Pork | $ | 790,645 | $ | 773,641 | ||||||||||
Commodity Trading and Milling | 1,112,976 | 1,056,930 | ||||||||||||
Marine | 278,418 | 271,012 | ||||||||||||
Sugar | 184,589 | 226,245 | ||||||||||||
Power | 238,609 | 267,431 | ||||||||||||
Turkey | 383,344 | 342,083 | ||||||||||||
All Other | 7,289 | 6,428 | ||||||||||||
Segment Totals | 2,995,870 | 2,943,770 | ||||||||||||
Corporate Items | 474,199 | 474,278 | ||||||||||||
Consolidated Totals | $ | 3,470,069 | $ | 3,418,048 | ||||||||||
Investments in and Advances to Affiliates: | ||||||||||||||
September 27, | December 31, | |||||||||||||
(Thousands of dollars) | 2014 | 2013 | ||||||||||||
Pork | $ | 74,500 | $ | - | ||||||||||
Commodity Trading and Milling | 190,271 | 197,036 | ||||||||||||
Marine | 17,333 | - | ||||||||||||
Sugar | 2,634 | 2,768 | ||||||||||||
Turkey | 237,333 | 207,096 | ||||||||||||
Segment/Consolidated Totals | $ | 522,071 | $ | 406,900 | ||||||||||
Administrative services provided by the corporate office allocated to the individual segments represent corporate services rendered to and costs incurred for each specific segment with no allocation to individual segments of general corporate management oversight costs. Corporate assets include short-term investments, other current assets related to deferred compensation plans, fixed assets, deferred tax amounts and other miscellaneous items. Corporate operating losses represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation programs (which are offset by the effect of the mark-to-market investments recorded in Other Investment Income (Loss), Net). |
Accounting_Policies_and_Basis_1
Accounting Policies and Basis of Presentation (Policies) | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Accounting Policies and Basis of Presentation | ' | |||||
Use of Estimates | ' | |||||
Use of Estimates | ||||||
The preparation of the Condensed 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 Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to allowance for doubtful accounts, valuation of inventories, impairment of long-lived assets, income taxes and accrued pension liability. Actual results could differ from those estimates. | ||||||
Supplemental Non-Cash Transactions | ' | |||||
Supplemental Non-Cash Transactions | ||||||
As more fully described in Note 9, as of September 27, 2014 Seaboard’s Pork segment sold to Triumph Foods LLC (Triumph) a 50% interest in its processed meats division, Daily’s Premium Meats (Daily’s). As a result, Seaboard deconsolidated Daily’s from its Condensed Consolidated Balance Sheet as of September 27, 2014. The following table summarizes the non-cash transactions resulting from this deconsolidation: | ||||||
(Thousands of dollars) | September 27, 2014 | |||||
Decrease in net working capital | $ | 19,349 | ||||
Increase in investment in and advances to affiliates | (72,500 | ) | ||||
Decrease in fixed assets | 16,038 | |||||
Decrease in goodwill | 28,372 | |||||
Decrease in other intangible assets, net (not subject to amortization) | 17,000 | |||||
Decrease in noncontrolling interest | (151 | ) | ||||
Gain on sale of controlling interest in subsidiary | 64,392 | |||||
Net proceeds from sale of controlling interest in subsidiary | $ | 72,500 | ||||
Seaboard has notes receivable from affiliates which accrue pay-in-kind interest income, primarily from one affiliate as discussed in Note 9. Seaboard recognized $3,976,000 and $11,511,000, respectively, of non-cash, pay-in-kind interest income and accretion of discount for the three and nine months ended September 27, 2014 and $3,397,000 and $9,828,000, respectively, for the three and nine months ended September 28, 2013, respectively, related to these notes receivable. | ||||||
Recently Issued Accounting Standards Not Yet Adopted | ' | |||||
Recently Issued Accounting Standards Not Yet Adopted | ||||||
In May 2014, the Financial Accounting Standards Board issued guidance to develop a single, comprehensive revenue recognition model for all contracts with customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Seaboard is currently evaluating the impact this new guidance will have on its consolidated financial statements and related disclosures. Seaboard will be required to adopt this guidance on January 1, 2017 and it is currently anticipated that Seaboard will apply this guidance using the cumulative effect transition method. |
Accounting_Policies_and_Basis_2
Accounting Policies and Basis of Presentation (Tables) | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Accounting Policies and Basis of Presentation | ' | |||||
Schedule of non-cash transactions resulting from the deconsolidation | ' | |||||
(Thousands of dollars) | September 27, 2014 | |||||
Decrease in net working capital | $ | 19,349 | ||||
Increase in investment in and advances to affiliates | (72,500 | ) | ||||
Decrease in fixed assets | 16,038 | |||||
Decrease in goodwill | 28,372 | |||||
Decrease in other intangible assets, net (not subject to amortization) | 17,000 | |||||
Decrease in noncontrolling interest | (151 | ) | ||||
Gain on sale of controlling interest in subsidiary | 64,392 | |||||
Net proceeds from sale of controlling interest in subsidiary | $ | 72,500 | ||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Investments | ' | |||||||||||||
Summary of the amortized cost and estimated fair value of short-term investments for both available-for-sale and trading securities | ' | |||||||||||||
2014 | 2013 | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
(Thousands of dollars) | Cost | Value | Cost | Value | ||||||||||
Money market funds | $ | 62,965 | $ | 62,965 | $ | 88,430 | $ | 88,430 | ||||||
Corporate bonds | 10,389 | 10,439 | 69,591 | 70,258 | ||||||||||
U.S. Government agency securities | 10,376 | 10,355 | 27,299 | 27,147 | ||||||||||
Asset backed debt securities | 2,224 | 2,244 | 8,446 | 8,477 | ||||||||||
Collateralized mortgage obligations | 1,192 | 1,214 | 7,597 | 7,600 | ||||||||||
U.S. Treasury securities | 521 | 521 | 5,258 | 5,223 | ||||||||||
Emerging markets debt mutual fund | - | - | 17,693 | 16,941 | ||||||||||
Total available-for-sale short-term investments | 87,667 | 87,738 | 224,314 | 224,076 | ||||||||||
High yield trading debt securities | 191,459 | 188,645 | 49,352 | 50,428 | ||||||||||
Equity mutual fund | 65,088 | 65,050 | - | - | ||||||||||
Domestic equity ETF | 14,877 | 15,203 | - | - | ||||||||||
Emerging markets trading debt mutual fund | 3,309 | 2,849 | 3,202 | 2,858 | ||||||||||
Emerging markets trading debt securities | 1,678 | 1,660 | 1,300 | 1,336 | ||||||||||
Money market funds held in trading accounts | 390 | 390 | 11,033 | 11,033 | ||||||||||
Other trading investments | 1,435 | 1,430 | 841 | 918 | ||||||||||
Total available-for-sale and trading short-term investments | $ | 365,903 | $ | 362,965 | $ | 290,042 | $ | 290,649 | ||||||
Summary of estimated fair value of fixed rate securities designated as available-for-sale, classified by the contractual maturity date of the security | ' | |||||||||||||
2014 | ||||||||||||||
(Thousands of dollars) | ||||||||||||||
Due within one year | $ | 815 | ||||||||||||
Due after one year through three years | 8,374 | |||||||||||||
Due after three years | 11,229 | |||||||||||||
Total fixed rate securities | $ | 20,418 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Inventories | ' | ||||||||||
Summary of inventories | ' | ||||||||||
September 27, | December 31, | ||||||||||
(Thousands of dollars) | 2014 | 2013 | |||||||||
At lower of LIFO cost or market: | |||||||||||
Live hogs and materials | $ | 202,802 | $ | 207,310 | |||||||
Fresh pork and materials | 34,199 | 33,485 | |||||||||
237,001 | 240,795 | ||||||||||
LIFO adjustment | (42,880 | ) | (62,236 | ) | |||||||
Total inventories at lower of LIFO cost or market | 194,121 | 178,559 | |||||||||
At lower of FIFO cost or market: | |||||||||||
Grains, oilseeds and other commodities | 354,653 | 299,229 | |||||||||
Sugar produced and in process | 45,570 | 53,325 | |||||||||
Other | 54,003 | 74,289 | |||||||||
Total inventories at lower of FIFO cost or market | 454,226 | 426,843 | |||||||||
Grain, flour and feed at lower of weighted average cost or market | 85,293 | 93,596 | |||||||||
Total inventories | $ | 733,640 | $ | 698,998 |
Derivatives_and_Fair_Value_of_1
Derivatives and Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Derivatives and Fair Value of Financial Instruments | ' | |||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||
Balance | ||||||||||||||||||||
September 27, | ||||||||||||||||||||
(Thousands of dollars) | 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities - short-term investments: | ||||||||||||||||||||
Money market funds | $ | 62,965 | $ | 62,965 | $ | - | $ | - | ||||||||||||
Corporate bonds | 10,439 | - | 10,439 | - | ||||||||||||||||
U.S. Government agency securities | 10,355 | - | 10,355 | - | ||||||||||||||||
Asset backed debt securities | 2,244 | - | 2,244 | - | ||||||||||||||||
Collateralized mortgage obligations | 1,214 | - | 1,214 | - | ||||||||||||||||
U.S. Treasury securities | 521 | - | 521 | - | ||||||||||||||||
Trading securities - short-term investments: | ||||||||||||||||||||
High yield debt securities | 188,645 | - | 188,645 | - | ||||||||||||||||
Equity mutual fund | 65,050 | 65,050 | - | - | ||||||||||||||||
Domestic equity ETF | 15,203 | 15,203 | - | - | ||||||||||||||||
Emerging markets trading debt mutual fund | 2,849 | 2,849 | - | - | ||||||||||||||||
Emerging markets trading debt securities | 1,660 | - | 1,660 | - | ||||||||||||||||
Money market funds held in trading accounts | 390 | 390 | - | - | ||||||||||||||||
Other trading investments | 1,430 | - | 1,430 | - | ||||||||||||||||
Trading securities - other current assets: | ||||||||||||||||||||
Domestic equity securities | 29,632 | 29,632 | - | - | ||||||||||||||||
Foreign equity securities | 8,018 | 8,018 | - | - | ||||||||||||||||
Fixed income mutual funds | 4,362 | 4,362 | - | - | ||||||||||||||||
Money market funds | 2,727 | 2,727 | - | - | ||||||||||||||||
Other | 1,357 | 616 | 741 | - | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | 20,394 | 20,394 | - | - | ||||||||||||||||
Interest rate swaps | - | - | - | - | ||||||||||||||||
Foreign currencies | 4,674 | - | 4,674 | - | ||||||||||||||||
Total Assets | $ | 434,129 | $ | 212,206 | $ | 221,923 | $ | - | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | $ | 16,083 | $ | 15,974 | $ | 109 | $ | - | ||||||||||||
Interest rate swaps | 5,766 | - | 5,766 | - | ||||||||||||||||
Foreign currencies | 218 | - | 218 | - | ||||||||||||||||
Total Liabilities | $ | 22,067 | $ | 15,974 | $ | 6,093 | $ | - | ||||||||||||
(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of September 27, 2014, the commodity derivatives had a margin account balance of $13,006,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $17,426,000 and an other current liability of $109,000. | ||||||||||||||||||||
Balance | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(Thousands of dollars) | 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities - short-term investments: | ||||||||||||||||||||
Money market funds | $ | 88,430 | $ | 88,430 | $ | - | $ | - | ||||||||||||
Corporate bonds | 70,258 | - | 70,258 | - | ||||||||||||||||
U.S. Government agency securities | 27,147 | - | 27,147 | - | ||||||||||||||||
Emerging markets debt mutual fund | 16,941 | 16,941 | - | - | ||||||||||||||||
Asset backed debt securities | 8,477 | - | 8,477 | - | ||||||||||||||||
Collateralized mortgage obligations | 7,600 | - | 7,600 | - | ||||||||||||||||
U.S. Treasury securities | 5,223 | - | 5,223 | - | ||||||||||||||||
Trading securities - short term investments: | ||||||||||||||||||||
High yield debt securities | 50,428 | - | 50,428 | - | ||||||||||||||||
Money market funds held in trading accounts | 11,033 | 11,033 | - | - | ||||||||||||||||
Emerging markets trading debt mutual fund | 2,858 | 2,858 | - | - | ||||||||||||||||
Emerging markets trading debt securities | 1,336 | - | 1,336 | - | ||||||||||||||||
Other trading investments | 918 | - | 918 | - | ||||||||||||||||
Trading securities - other current assets: | ||||||||||||||||||||
Domestic equity securities | 26,672 | 26,672 | - | - | ||||||||||||||||
Foreign equity securities | 9,570 | 7,317 | 2,253 | - | ||||||||||||||||
Fixed income mutual funds | 3,974 | 3,974 | - | - | ||||||||||||||||
Money market funds | 1,931 | 1,931 | - | - | ||||||||||||||||
Other | 3,203 | 1,628 | 1,575 | - | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | 2,331 | 2,331 | - | - | ||||||||||||||||
Foreign currencies | 2,763 | - | 2,763 | - | ||||||||||||||||
Total Assets | $ | 341,093 | $ | 163,115 | $ | 177,978 | $ | - | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Commodities(1) | $ | 16,014 | $ | 15,422 | $ | 592 | $ | - | ||||||||||||
Interest rate swaps | 4,103 | - | 4,103 | - | ||||||||||||||||
Foreign currencies | 101 | - | 101 | - | ||||||||||||||||
Total Liabilities | $ | 20,218 | $ | 15,422 | $ | 4,796 | $ | - | ||||||||||||
(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2013, the commodity derivatives had a margin account balance of $29,822,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $16,731,000 and an other current liability of $592,000. | ||||||||||||||||||||
Schedule of amortized cost and estimated fair values of investments and long term debt | ' | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(Thousands of dollars) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||
Short-term investments, available-for-sale | $ 87,667 | $ 87,738 | $ 224,314 | $ 224,076 | ||||||||||||||||
Short-term investments, trading securities | 278,236 | 275,227 | 65,728 | 66,573 | ||||||||||||||||
Long-term debt | - | - | 92,177 | 94,578 | ||||||||||||||||
Schedule of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income | ' | |||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Commodities | Cost of sales | $ | (296 | ) | $ | (8,790 | ) | $ | 3,082 | $ | -7,731 | |||||||||
Foreign currencies | Cost of sales | 1,957 | 1,528 | 4,770 | 15,027 | |||||||||||||||
Foreign currencies | Foreign currency | 3,145 | (926 | ) | 2,725 | 4,961 | ||||||||||||||
Interest rate | Miscellaneous, net | 91 | (570 | ) | (3,804 | ) | 2,864 | |||||||||||||
Schedule of fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | |||||||||||||||||||
(Thousands of dollars) | Asset Derivatives | Liability Derivatives | ||||||||||||||||||
September 27, | December 31, | September 27, | December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Commodities(1) | Other current assets | $ 20,394 | $ 2,331 | Other current liabilities | $ 16,083 | $ 16,014 | ||||||||||||||
Foreign currencies | Other current assets | 4,674 | 2,763 | Other current liabilities | 218 | 101 | ||||||||||||||
Interest rate | Other current assets | - | - | Other current liabilities | 5,766 | 4,103 | ||||||||||||||
(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of September 27, 2014 and December 31, 2013, the commodity derivatives had a margin account balance of $13,006,000 and $29,822,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $17,426,000 and $16,731,000, respectively and other current liabilities of $109,000 and $592,000, respectively. | ||||||||||||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Employee Benefits | ' | |||||||||||||
Schedule of net periodic benefit cost of plans | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ 1,924 | $ 2,342 | $ 5,784 | $ 7,026 | ||||||||||
Interest cost | 2,404 | 2,028 | 7,225 | 6,131 | ||||||||||
Expected return on plan assets | (2,173 | ) | (1,615 | ) | (6,537 | ) | (4,841 | ) | ||||||
Amortization and other | 524 | 1,565 | 1,575 | 4,744 | ||||||||||
Agreement termination gain | - | - | - | (3,204 | ) | |||||||||
Net periodic benefit cost | $ 2,679 | $ 4,320 | $ 8,047 | $ 9,856 | ||||||||||
Stockholders_Equity_and_Accumu1
Stockholders' Equity and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||
Stockholders' Equity and Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
Schedule of changes in the components of other comprehensive loss (OCL), net of related taxes | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation adjustment | $ (3,120 | ) | $ (14,067 | ) | $ (32,685 | ) | $ (26,888 | ) | |||||||||||
Investments: | |||||||||||||||||||
Unrealized gain (loss) | 274 | 376 | 842 | (933 | ) | ||||||||||||||
Amounts reclassified from OCL to net earnings | (379 | ) | -1 | (149 | ) | -1 | 77 | -1 | (548 | ) | -1 | ||||||||
Unrealized gain (loss) on investments | (105 | ) | 227 | 919 | (1,481 | ) | |||||||||||||
Unrealized gain on cash flow hedges | 149 | - | 235 | - | |||||||||||||||
Pension cost: | |||||||||||||||||||
Unrealized gain | - | - | - | 1,310 | |||||||||||||||
Amounts reclassified from OCL to net earnings | 320 | -2 | 1,192 | -2 | 960 | -2 | 3,619 | -2 | |||||||||||
Unrecognized pension cost | 320 | 1,192 | 960 | 4,929 | |||||||||||||||
Other Comprehensive Loss, Net of Tax | $ (2,756 | ) | $ (12,648 | ) | $ (30,571 | ) | $ (23,440 | ) | |||||||||||
(1) This represents realized gains on the sale of available-for-sale securities and was recorded in other investment income (loss), net. | |||||||||||||||||||
(2) This primarily represents the amortization of actuarial losses that were included in net periodic pension cost and was recorded in operating income. See Note 6 for further discussion. | |||||||||||||||||||
Schedule of components of accumulated other comprehensive loss, net of related taxes | ' | ||||||||||||||||||
September 27, | December 31, | ||||||||||||||||||
(Thousands of dollars) | 2014 | 2013 | |||||||||||||||||
Cumulative Foreign Currency Translation Adjustment: | $ (188,098 | ) | $ (155,413 | ) | |||||||||||||||
Unrealized Gain on Investments: | 1,400 | 481 | |||||||||||||||||
Unrealized Gain (Loss) on Cash Flow Hedges: | 122 | (113 | ) | ||||||||||||||||
Unrecognized Pension Cost: | (25,792 | ) | (26,752 | ) | |||||||||||||||
Total Accumulated Other Comprehensive Loss | $ (212,368 | ) | $ (181,797 | ) | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Segment Information | ' | |||||||||||||
Summary of specific financial information related to sales to external customers | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Pork | $ | 454,927 | $ | 435,981 | $ | 1,303,752 | $ | 1,262,083 | ||||||
Commodity Trading and Milling | 858,497 | 857,994 | 2,562,001 | 2,553,510 | ||||||||||
Marine | 205,260 | 219,466 | 616,684 | 676,347 | ||||||||||
Sugar | 47,786 | 58,500 | 145,128 | 192,554 | ||||||||||
Power | 51,622 | 73,607 | 158,503 | 221,386 | ||||||||||
All Other | 4,549 | 2,557 | 10,800 | 8,560 | ||||||||||
Segment/Consolidated Totals | $ | 1,622,641 | $ | 1,648,105 | $ | 4,796,868 | $ | 4,914,440 | ||||||
Summary of specific financial information related to operating income (loss) | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Pork | $ | 70,400 | $ | 34,099 | $ | 241,090 | $ | 89,997 | ||||||
Commodity Trading and Milling | 13,309 | 8,808 | 43,502 | 29,746 | ||||||||||
Marine | (4,564 | ) | (15,033 | ) | (15,013 | ) | (22,413 | ) | ||||||
Sugar | 6,280 | 193 | 22,695 | 28,312 | ||||||||||
Power | 15,044 | 13,429 | 19,489 | 41,405 | ||||||||||
All Other | 531 | 216 | 860 | 354 | ||||||||||
Segment Totals | 101,000 | 41,712 | 312,623 | 167,401 | ||||||||||
Corporate Items | (4,914 | ) | (7,942 | ) | (16,995 | ) | (16,624 | ) | ||||||
Consolidated Totals | $ | 96,086 | $ | 33,770 | $ | 295,628 | $ | 150,777 | ||||||
Summary of specific financial information related to income (loss) from affiliates | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||
(Thousands of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Commodity Trading and Milling | $ | (4,729 | ) | $ | (999 | ) | $ | (6,934 | ) | $ | (1,187 | ) | ||
Sugar | (112 | ) | 54 | 636 | 171 | |||||||||
Turkey | 14,333 | (4,044 | ) | 30,237 | (11,370 | ) | ||||||||
Segment/Consolidated Totals | $ | 9,492 | $ | (4,989 | ) | $ | 23,939 | $ | (12,386 | ) | ||||
Summary of specific financial information related to total assets | ' | |||||||||||||
September 27, | December 31, | |||||||||||||
(Thousands of dollars) | 2014 | 2013 | ||||||||||||
Pork | $ | 790,645 | $ | 773,641 | ||||||||||
Commodity Trading and Milling | 1,112,976 | 1,056,930 | ||||||||||||
Marine | 278,418 | 271,012 | ||||||||||||
Sugar | 184,589 | 226,245 | ||||||||||||
Power | 238,609 | 267,431 | ||||||||||||
Turkey | 383,344 | 342,083 | ||||||||||||
All Other | 7,289 | 6,428 | ||||||||||||
Segment Totals | 2,995,870 | 2,943,770 | ||||||||||||
Corporate Items | 474,199 | 474,278 | ||||||||||||
Consolidated Totals | $ | 3,470,069 | $ | 3,418,048 | ||||||||||
Summary of specific financial information related to investments in and advances to affiliates | ' | |||||||||||||
September 27, | December 31, | |||||||||||||
(Thousands of dollars) | 2014 | 2013 | ||||||||||||
Pork | $ | 74,500 | $ | - | ||||||||||
Commodity Trading and Milling | 190,271 | 197,036 | ||||||||||||
Marine | 17,333 | - | ||||||||||||
Sugar | 2,634 | 2,768 | ||||||||||||
Turkey | 237,333 | 207,096 | ||||||||||||
Segment/Consolidated Totals | $ | 522,071 | $ | 406,900 |
Accounting_Policies_and_Basis_3
Accounting Policies and Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | |
affiliate | Divestiture of a 50% interest in Daily's | Pork segment | Pork segment | ||||
Divestiture of a 50% interest in Daily's | Triumph | ||||||
Divestiture of a 50% interest in Daily's | |||||||
Transactions resulting from deconsolidation | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest sold | ' | ' | ' | ' | ' | ' | 50.00% |
Non-cash transactions resulting from deconsolidation | ' | ' | ' | ' | ' | ' | ' |
Decrease in net working capital | ' | ' | ' | ' | $19,349,000 | ' | ' |
Increase in investments in and advances to affiliates | ' | ' | ' | ' | -72,500,000 | ' | ' |
Decrease in fixed assets | ' | ' | ' | ' | 16,038,000 | ' | ' |
Decrease in goodwill | ' | ' | ' | ' | 28,372,000 | ' | ' |
Decrease in other intangible assets, net (not subject to amortization) | ' | ' | ' | ' | 17,000,000 | ' | ' |
Decrease in noncontrolling interest | ' | ' | ' | ' | -151,000 | ' | ' |
Gain on sale of controlling interest in a subsidiary | 64,392,000 | ' | 64,392,000 | ' | 64,392,000 | 64,392,000 | ' |
Net proceeds from sale of controlling interest in subsidiary | ' | ' | 72,500,000 | ' | 72,500,000 | ' | 72,500,000 |
Supplemental Non-Cash Transactions | ' | ' | ' | ' | ' | ' | ' |
Number of affiliates | ' | ' | 1 | ' | ' | ' | ' |
Non-cash, pay-in-kind interest income and accretion of discount recognized on a note receivable from an affiliate | $3,976,000 | $3,397,000 | $11,511,000 | $9,828,000 | ' | ' | ' |
Investments_Details
Investments (Details) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Investments | ' | ' |
Total available-for-sale and trading short term investments, amortized cost | $365,903,000 | $290,042,000 |
Total available-for-sale and trading short term investments, fair value | 362,965,000 | 290,649,000 |
Estimated fair value of fixed rate securities designated as available-for-sale, classified by the contractual maturity date of the security | ' | ' |
Due within one year | 815,000 | ' |
Due after one year through three years | 8,374,000 | ' |
Due after three years | 11,229,000 | ' |
Total fixed rate securities | 20,418,000 | ' |
Available-for-sale securities | ' | ' |
Investments | ' | ' |
Amortized Cost | 87,667,000 | 224,314,000 |
Fair Value | 87,738,000 | 224,076,000 |
Money market funds | ' | ' |
Investments | ' | ' |
Amortized Cost | 62,965,000 | 88,430,000 |
Fair Value | 62,965,000 | 88,430,000 |
Money market funds | Denominated in Canadian dollars | ' | ' |
Investments | ' | ' |
Fair Value | 4,875,000 | ' |
Corporate bonds | ' | ' |
Investments | ' | ' |
Amortized Cost | 10,389,000 | 69,591,000 |
Fair Value | 10,439,000 | 70,258,000 |
U.S. Government agency securities | ' | ' |
Investments | ' | ' |
Amortized Cost | 10,376,000 | 27,299,000 |
Fair Value | 10,355,000 | 27,147,000 |
Asset backed debt securities | ' | ' |
Investments | ' | ' |
Amortized Cost | 2,224,000 | 8,446,000 |
Fair Value | 2,244,000 | 8,477,000 |
Collateralized mortgage obligations | ' | ' |
Investments | ' | ' |
Amortized Cost | 1,192,000 | 7,597,000 |
Fair Value | 1,214,000 | 7,600,000 |
U.S. Treasury securities | ' | ' |
Investments | ' | ' |
Amortized Cost | 521,000 | 5,258,000 |
Fair Value | 521,000 | 5,223,000 |
Emerging markets debt mutual fund | ' | ' |
Investments | ' | ' |
Amortized Cost | ' | 17,693,000 |
Fair Value | ' | 16,941,000 |
High yield trading debt securities | ' | ' |
Investments | ' | ' |
Amortized Cost | 191,459,000 | 49,352,000 |
Fair Value | 188,645,000 | 50,428,000 |
Equity mutual fund | ' | ' |
Investments | ' | ' |
Amortized Cost | 65,088,000 | ' |
Fair Value | 65,050,000 | ' |
Domestic equity ETF | ' | ' |
Investments | ' | ' |
Amortized Cost | 14,877,000 | ' |
Fair Value | 15,203,000 | ' |
Emerging markets trading debt mutual fund | ' | ' |
Investments | ' | ' |
Amortized Cost | 3,309,000 | 3,202,000 |
Fair Value | 2,849,000 | 2,858,000 |
Emerging markets trading debt securities | ' | ' |
Investments | ' | ' |
Amortized Cost | 1,678,000 | 1,300,000 |
Fair Value | 1,660,000 | 1,336,000 |
Money market funds held in trading accounts | ' | ' |
Investments | ' | ' |
Amortized Cost | 390,000 | 11,033,000 |
Fair Value | 390,000 | 11,033,000 |
Other trading investments | ' | ' |
Investments | ' | ' |
Amortized Cost | 1,435,000 | 841,000 |
Fair Value | $1,430,000 | $918,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
At lower of LIFO cost or market: | ' | ' |
Live hogs and materials | $202,802 | $207,310 |
Fresh pork and materials | 34,199 | 33,485 |
Inventories at lower of LIFO cost or market, Gross | 237,001 | 240,795 |
LIFO adjustment | -42,880 | -62,236 |
Total inventories at lower of LIFO cost or market | 194,121 | 178,559 |
At lower of FIFO cost or market: | ' | ' |
Grains, oilseeds and other commodities | 354,653 | 299,229 |
Sugar produced and in process | 45,570 | 53,325 |
Other | 54,003 | 74,289 |
Total inventories at lower of FIFO cost or market | 454,226 | 426,843 |
Grain, flour and feed at lower of weighted average cost or market | 85,293 | 93,596 |
Total inventories | $733,640 | $698,998 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 30, 2013 |
Income Taxes | ' |
One-time tax benefit on enactment of law | $7,945,000 |
One-time Federal blender's credits recognized as revenue | $11,260,000 |
Derivatives_and_Fair_Value_of_2
Derivatives and Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | |
Commodities | Commodities | Other current assets | Other current assets | Other current assets | Other current assets | Other current liability | Other current liability | Other current liability | Other current liability | Other current liability | Other current liability | Money market funds | Money market funds | Corporate bonds | Corporate bonds | U.S. Government agency securities | U.S. Government agency securities | Asset backed debt securities | Asset backed debt securities | Collateralized mortgage obligations | Collateralized mortgage obligations | U.S. Treasury securities | U.S. Treasury securities | Emerging markets debt mutual fund | High yield debt securities | High yield debt securities | Equity mutual fund | Domestic equity ETF | Emerging markets trading debt mutual fund | Emerging markets trading debt mutual fund | Emerging markets trading debt securities | Emerging markets trading debt securities | Money market funds held in trading accounts | Money market funds held in trading accounts | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | ||
Commodities | Commodities | Foreign currencies | Foreign currencies | Commodities | Commodities | Interest rate swaps | Interest rate swaps | Foreign currencies | Foreign currencies | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Balance at period end | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | |||||||||||||||||||||||||||
Commodities | Commodities | Interest rate swaps | Interest rate swaps | Foreign currencies | Foreign currencies | Other current assets | Other current assets | Money market funds | Money market funds | Money market funds | Money market funds | Corporate bonds | Corporate bonds | U.S. Government agency securities | U.S. Government agency securities | Asset backed debt securities | Asset backed debt securities | Collateralized mortgage obligations | Collateralized mortgage obligations | U.S. Treasury securities | U.S. Treasury securities | Emerging markets debt mutual fund | High yield debt securities | High yield debt securities | Equity mutual fund | Domestic equity ETF | Emerging markets trading debt mutual fund | Emerging markets trading debt mutual fund | Emerging markets trading debt securities | Emerging markets trading debt securities | Money market funds held in trading accounts | Money market funds held in trading accounts | Other trading investments | Other trading investments | Domestic equity securities | Domestic equity securities | Foreign equity securities | Foreign equity securities | Fixed income mutual funds | Fixed income mutual funds | Other | Other | Commodities | Commodities | Money market funds | Money market funds | Money market funds | Money market funds | Emerging markets debt mutual fund | Equity mutual fund | Domestic equity ETF | Emerging markets trading debt mutual fund | Emerging markets trading debt mutual fund | Money market funds held in trading accounts | Money market funds held in trading accounts | Domestic equity securities | Domestic equity securities | Foreign equity securities | Foreign equity securities | Fixed income mutual funds | Fixed income mutual funds | Other | Other | Commodities | Commodities | Interest rate swaps | Interest rate swaps | Foreign currencies | Foreign currencies | Corporate bonds | Corporate bonds | U.S. Government agency securities | U.S. Government agency securities | Asset backed debt securities | Asset backed debt securities | Collateralized mortgage obligations | Collateralized mortgage obligations | U.S. Treasury securities | U.S. Treasury securities | High yield debt securities | High yield debt securities | Emerging markets trading debt securities | Emerging markets trading debt securities | Other trading investments | Other trading investments | Foreign equity securities | Other | Other | |||||||||||||||||||||||||||||||||||||||||||
Commodities | Commodities | Short-term investments | Short-term investments | Other current assets | Other current assets | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Short-term investments | Short-term investments | Other current assets | Other current assets | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Other current assets | Other current assets | Other current assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers that occurred into or out of level 1 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers that occurred into or out of level 2 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers that occurred into or out of level 3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,965,000 | 88,430,000 | 10,439,000 | 70,258,000 | 10,355,000 | 27,147,000 | 2,244,000 | 8,477,000 | 1,214,000 | 7,600,000 | 521,000 | 5,223,000 | 16,941,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,965,000 | 88,430,000 | ' | ' | 10,439,000 | 70,258,000 | 10,355,000 | 27,147,000 | 2,244,000 | 8,477,000 | 1,214,000 | 7,600,000 | 521,000 | 5,223,000 | 16,941,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,965,000 | 88,430,000 | ' | ' | 16,941,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,439,000 | 70,258,000 | 10,355,000 | 27,147,000 | 2,244,000 | 8,477,000 | 1,214,000 | 7,600,000 | 521,000 | 5,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,645,000 | 50,428,000 | 65,050,000 | 15,203,000 | 2,849,000 | 2,858,000 | 1,660,000 | 1,336,000 | 390,000 | 11,033,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,727,000 | 1,931,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,645,000 | 50,428,000 | 65,050,000 | 15,203,000 | 2,849,000 | 2,858,000 | 1,660,000 | 1,336,000 | 390,000 | 11,033,000 | 1,430,000 | 918,000 | 29,632,000 | 26,672,000 | 8,018,000 | 9,570,000 | 4,362,000 | 3,974,000 | 1,357,000 | 3,203,000 | ' | ' | ' | ' | ' | ' | 2,727,000 | 1,931,000 | ' | 65,050,000 | 15,203,000 | 2,849,000 | 2,858,000 | 390,000 | 11,033,000 | 29,632,000 | 26,672,000 | 8,018,000 | 7,317,000 | 4,362,000 | 3,974,000 | 616,000 | 1,628,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,645,000 | 50,428,000 | 1,660,000 | 1,336,000 | 1,430,000 | 918,000 | 2,253,000 | 741,000 | 1,575,000 |
Derivatives | ' | ' | ' | 20,394,000 | 2,331,000 | 4,674,000 | 2,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,394,000 | 2,331,000 | ' | ' | 4,674,000 | 2,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,394,000 | 2,331,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,674,000 | 2,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 434,129,000 | 341,093,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,206,000 | 163,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,923,000 | 177,978,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin account | ' | 13,006,000 | 29,822,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,006,000 | 29,822,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets and liabilities, net basis | ' | ' | ' | 17,426,000 | 16,731,000 | ' | ' | 109,000 | 592,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,426,000 | 16,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' | ' | ' | ' | 16,083,000 | 16,014,000 | 5,766,000 | 4,103,000 | 218,000 | 101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,083,000 | 16,014,000 | 5,766,000 | 4,103,000 | 218,000 | 101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,974,000 | 15,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,000 | 592,000 | 5,766,000 | 4,103,000 | 218,000 | 101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,067,000 | $20,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,974,000 | $15,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,093,000 | $4,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Fair_Value_of_3
Derivatives and Fair Value of Financial Instruments (Details 2) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Amortized Cost | ' | ' |
Schedule of amortized cost and estimated fair values of investments and long term debt | ' | ' |
Short-term investments, available-for-sale | $87,667,000 | $224,314,000 |
Short-term investments, trading securities | 278,236,000 | 65,728,000 |
Long-term debt | ' | 92,177,000 |
Fair Value | ' | ' |
Schedule of amortized cost and estimated fair values of investments and long term debt | ' | ' |
Short-term investments, available-for-sale | 87,738,000 | 224,076,000 |
Short-term investments, trading securities | 275,227,000 | 66,573,000 |
Long-term debt | ' | $94,578,000 |
Derivatives_and_Fair_Value_of_4
Derivatives and Fair Value of Financial Instruments (Details 3) (USD $) | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Sep. 27, 2014 | Aug. 23, 2014 | Apr. 26, 2014 | Dec. 31, 2013 | Aug. 23, 2014 | Apr. 26, 2014 | Apr. 26, 2014 |
Net commodity purchase contracts | Net commodity purchase contracts | Net commodity purchase contracts | Net commodity purchase contracts | Net commodity purchase contracts | Net commodity purchase contracts | Net commodity purchase contracts | Net commodity purchase contracts | Net commodity sale contracts | Net commodity sale contracts | Net commodity sale contracts | Net commodity sale contracts | Net commodity sale contracts | Net commodity sale contracts | Foreign currency exchange agreements | Foreign currency exchange agreements | Interest rate exchange agreements | Interest rate exchange agreements | Interest rate exchange agreements | Interest rate exchange agreements | Interest rate exchange agreements | Interest rate exchange agreements | Interest rate exchange agreements | Eight-year interest rate exchange agreements | |
Hogs | Soybean oil | Cheese | Dry whey powder | Dry whey powder | Sugar | Sugar | Grain | Hogs | Grain | Heating oil | Palm oil | Soybean meal | Soybean meal | agreement | agreement | agreement | agreement | agreement | Termination date in early 2015 | Termination date in early 2015 | agreement | |||
lb | lb | lb | lb | lb | lb | lb | bu | lb | bu | gal | lb | T | T | agreement | ||||||||||
Derivative commodity instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonmonetary notional amount | 32,440,000 | 37,980,000 | 440,000 | 44,000 | 308,000 | 466,000 | 51,184,000 | 6,540,000 | 23,200,000 | 9,427,000 | 5,838,000 | 12,125,000 | 48,000 | 76,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $88,295,000 | $127,389,000 | $25,000,000 | $163,000,000 | ' | ' | $75,000,000 | $22,000,000 | ' | $22,000,000 |
Number of derivative agreements entered into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 7 | ' | 2 | 3 | ' | 1 | 4 |
Term of derivative contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | '8 years |
Number of derivative agreements terminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | ' | ' |
Derivatives_and_Fair_Value_of_5
Derivatives and Fair Value of Financial Instruments (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Commodities | Cost of sales | ' | ' | ' | ' |
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives | ($296,000) | ($8,790,000) | $3,082,000 | ($7,731,000) |
Foreign currencies | ' | ' | ' | ' |
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Loss due to credit risk associated with derivative contracts | 4,674,000 | ' | 4,674,000 | ' |
Number of counterparties | 6 | ' | 6 | ' |
Foreign currencies | Cost of sales | ' | ' | ' | ' |
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives | 1,957,000 | 1,528,000 | 4,770,000 | 15,027,000 |
Foreign currencies | Foreign currency | ' | ' | ' | ' |
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives | 3,145,000 | -926,000 | 2,725,000 | 4,961,000 |
Interest rate swaps | Miscellaneous, net | ' | ' | ' | ' |
Amount of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives | $91,000 | ($570,000) | ($3,804,000) | $2,864,000 |
Derivatives_and_Fair_Value_of_6
Derivatives and Fair Value of Financial Instruments (Details 5) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Commodities | ' | ' |
Fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | ' |
Margin account | $13,006,000 | $29,822,000 |
Commodities | Other current assets | ' | ' |
Fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | ' |
Asset Derivatives | 20,394,000 | 2,331,000 |
Derivative assets and liabilities, net basis | 17,426,000 | 16,731,000 |
Commodities | Other current liabilities | ' | ' |
Fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | ' |
Liability Derivatives | 16,083,000 | 16,014,000 |
Derivative assets and liabilities, net basis | 109,000 | 592,000 |
Foreign currencies | Other current assets | ' | ' |
Fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | ' |
Asset Derivatives | 4,674,000 | 2,763,000 |
Foreign currencies | Other current liabilities | ' | ' |
Fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | ' |
Liability Derivatives | 218,000 | 101,000 |
Interest rate swaps | Other current liabilities | ' | ' |
Fair value of each type of derivative and its location in the Consolidated Balance Sheets | ' | ' |
Liability Derivatives | $5,766,000 | $4,103,000 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Components of net periodic benefit cost: | ' | ' | ' | ' | ' |
Service cost | $1,924,000 | $2,342,000 | ' | $5,784,000 | $7,026,000 |
Interest cost | 2,404,000 | 2,028,000 | ' | 7,225,000 | 6,131,000 |
Expected return on plan assets | -2,173,000 | -1,615,000 | ' | -6,537,000 | -4,841,000 |
Amortization and other | 524,000 | 1,565,000 | ' | 1,575,000 | 4,744,000 |
Agreement termination gain | ' | ' | -3,204,000 | ' | -3,204,000 |
Net periodic benefit cost | 2,679,000 | 4,320,000 | ' | 8,047,000 | 9,856,000 |
Agreement termination gain, net of tax | ' | ' | 1,954,000 | ' | ' |
Agreement termination gain unrecognized in other comprehensive income, before tax | ' | ' | 2,148,000 | ' | ' |
Agreement termination gain unrecognized in other comprehensive income, net of tax | ' | ' | 1,310,000 | ' | 1,310,000 |
Defined benefit pension plan | ' | ' | ' | ' | ' |
Target allocation and pension plan asset allocation | ' | ' | ' | ' | ' |
Number of defined benefit plans | 2 | ' | ' | 2 | ' |
Contributions expected to be made to defined benefit pension plans | ' | ' | ' | $0 | ' |
Notes_Payable_LongTerm_Debt_Co1
Notes Payable, Long-Term Debt, Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Aug. 29, 2014 | Jun. 28, 2014 | Aug. 29, 2014 | Oct. 24, 2014 | |
Uncommitted bank lines | Credit Agreement | Credit Agreement | Credit Agreement | Subsequent event | |||
Interest expense | Credit Agreement | ||||||
Foreign subsidiaries | |||||||
Commodity Trading and Milling segment | |||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' |
Maximum capacity | ' | ' | ' | ' | ' | ' | $50,000,000 |
Amount reclassified from long-term debt to current maturities of long-term debt | ' | ' | ' | ' | 74,100,000 | ' | ' |
Principal payments of long-term debt | 91,403,000 | 29,909,000 | ' | 85,500,000 | ' | ' | ' |
Fee for early payment | ' | ' | ' | ' | ' | 3,760,000 | ' |
Letters of credit outstanding | ' | ' | $1,386,000 | ' | ' | ' | ' |
Stockholders_Equity_and_Accumu2
Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 19, 2014 | 24-May-14 | Dec. 31, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Stockholders' Equity and Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in the amount of the share repurchase program | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased (in shares) | 16,738 | ' | ' | ' | ' | ' | 18,405 | ' | ' | ' |
Share price of common stock under repurchase program (in dollars per share) | $2,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | 49,377,000 | ' | ' | ' | ' | ' | 53,781,000 | ' | ' | ' |
Remaining authorized repurchase amount under November 2009 share repurchase program | ' | ' | ' | 50,846,000 | ' | ' | 50,846,000 | ' | ' | ' |
Common stock dividend declared and paid (in dollars per share) | ' | ' | $12 | ' | ' | ' | ' | ' | ' | ' |
Common stock dividend historical amount on a quarterly basis (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.75 | ' |
Common stock dividend historical amount on annual basis (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3 | ' |
Portion of dividend serving as prepayment for next succeeding year (in dollars per share) | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' |
Portion of dividend serving as prepayment for second succeeding year (in dollars per share) | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' |
Portion of dividend serving as prepayment for third succeeding year (in dollars per share) | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' |
Portion of dividend serving as prepayment for fourth succeeding year (in dollars per share) | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' |
Changes in the components of other comprehensive loss (OCL), net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | -3,120,000 | -14,067,000 | ' | -32,685,000 | -26,888,000 | ' | ' |
Investments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) | ' | ' | ' | 274,000 | 376,000 | ' | 842,000 | -933,000 | ' | ' |
Amount reclassified from OCL to net earnings | ' | ' | ' | -379,000 | -149,000 | ' | 77,000 | -548,000 | ' | ' |
Unrealized gain (loss) on investments | ' | ' | ' | -105,000 | 227,000 | ' | 919,000 | -1,481,000 | ' | ' |
Unrealized gain on cash flow hedges | ' | ' | ' | 149,000 | ' | ' | 235,000 | ' | ' | ' |
Pension Cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain | ' | ' | ' | ' | ' | 1,310,000 | ' | 1,310,000 | ' | ' |
Amount reclassified from OCL to net earnings | ' | ' | ' | 320,000 | 1,192,000 | ' | 960,000 | 3,619,000 | ' | ' |
Unrecognized pension cost | ' | ' | ' | 320,000 | 1,192,000 | ' | 960,000 | 4,929,000 | ' | ' |
Other comprehensive loss, net of tax | ' | ' | ' | -2,756,000 | -12,648,000 | ' | -30,571,000 | -23,440,000 | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | -212,368,000 | ' | ' | -212,368,000 | ' | ' | -181,797,000 |
Income tax rate for foreign currency translation gains and losses (as a percent) | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' |
Cumulative foreign currency translation adjustment, net of related taxes | ' | ' | ' | 50,801,000 | 10,514,000 | ' | 50,801,000 | 10,514,000 | ' | ' |
Tax benefit recorded on unrecognized pension cost | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Effective income tax rate for components of accumulated other comprehensive loss (as a percent) | ' | ' | ' | ' | ' | ' | 39.00% | 39.00% | ' | ' |
Unrecognized pension cost related to employees at certain subsidiaries | ' | ' | ' | 8,415,000 | 19,954,000 | ' | 8,415,000 | 19,954,000 | ' | ' |
Argentine pesos | Sugar segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets of Sugar segment | ' | ' | ' | 122,145,000 | ' | ' | 122,145,000 | ' | ' | ' |
U.S. dollars | Sugar segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets of Sugar segment | ' | ' | ' | 2,556,000 | ' | ' | 2,556,000 | ' | ' | ' |
Cumulative Foreign Currency Translation Adjustment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | -188,098,000 | ' | ' | -188,098,000 | ' | ' | -155,413,000 |
Unrealized Gain on Investments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | 1,400,000 | ' | ' | 1,400,000 | ' | ' | 481,000 |
Unrealized Gain (Loss) on Cash Flow Hedges: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | 122,000 | ' | ' | 122,000 | ' | ' | -113,000 |
Unrecognized Pension Cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of accumulated other comprehensive loss, net of related taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ($25,792,000) | ' | ' | ($25,792,000) | ' | ' | ($26,752,000) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||
Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Mar. 30, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2012 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | |
Pork | Power | Processing plants in Salt Lake City, Utah and Missoula, Montana | Butterball, LLC | Butterball, LLC | Butterball, LLC | Butterball, LLC | Butterball, LLC | Butterball, LLC | Butterball, LLC | Bakery business | Bakery business | Bakery business | Bakery business | Cargo terminal operator in Jamaica | Daily's | Daily's | Triumph | Divestiture of a 50% interest in Daily's | Divestiture of a 50% interest in Daily's | Divestiture of a 50% interest in Daily's | |||||
item | Long-term note receivable | Long-term note receivable | Turkey | Turkey | Turkey | Turkey | Turkey | Democratic Republic of Congo | Democratic Republic of Congo | Commodity Trading and Milling | Commodity Trading and Milling | Marine | item | Pork | Daily's | Pork | Triumph | ||||||||
Supplier concentration risk | Democratic Republic of Congo | Democratic Republic of Congo | Pork | ||||||||||||||||||||||
item | |||||||||||||||||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Cash proceeds | ' | $72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72,500,000 | ' | $72,500,000 |
Amount receivable for preliminary working capital adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,720,000 |
Gain on sale of controlling interest in a subsidiary | 64,392,000 | 64,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,392,000 | 64,392,000 | ' |
Gain on sale of controlling interest in subsidiary net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,279,000 | ' |
Gain on sale of controlling interest in subsidiary (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33.56 | ' |
Number of processing units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Percentage of ownership interest accounted as equity method investment | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 21.00% | ' | 50.00% | ' | ' | ' | ' |
Exceeded amount of book value of investment to determine fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,336,000 | ' | ' | ' | ' | ' |
Fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,500,000 | ' | ' | ' | ' | ' |
Amount contributed as additional equity to provide additional working capital to equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Total investment in affiliate | 522,071,000 | 522,071,000 | 406,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,593,000 | ' | ' | ' | ' | 74,500,000 | ' | ' | ' | ' | ' |
One-time Federal blender's credits recognized as revenue | ' | ' | ' | 11,260,000 | 11,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note Receivable from Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,556,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment in affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,869,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of suppliers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount invested for acquiring non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,333,000 | ' | ' | ' | ' | ' | ' |
Capacity of power facility leased (in megawatts) | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of sales price remaining in escrow | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future gain on sale of assets | ' | ' | ' | ' | ' | 4,953,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 486,971,000 | 444,787,000 | 1,218,402,000 | 1,169,301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,881,000 | 1,282,000 | 85,311,000 | -3,238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proportionate share of impairment charges of fixed assets recognized in loss from affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,155,000 | ' | -3,859,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,073,196,000 | ' | 1,073,196,000 | ' | 907,004,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable from affiliates | $194,244,000 | $194,244,000 | $180,386,000 | ' | ' | ' | ' | $137,105,000 | $81,231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | $1,622,641,000 | $1,648,105,000 | $4,796,868,000 | $4,914,440,000 | ' |
Operating Income (Loss): | 96,086,000 | 33,770,000 | 295,628,000 | 150,777,000 | ' |
Income (Loss) from Affiliates: | 9,492,000 | -4,989,000 | 23,939,000 | -12,386,000 | ' |
Total Assets: | 3,470,069,000 | ' | 3,470,069,000 | ' | 3,418,048,000 |
Investment in and Advances to Affiliates: | 522,071,000 | ' | 522,071,000 | ' | 406,900,000 |
Allocation to individual segments of general corporate management oversight costs | ' | ' | 0 | ' | ' |
Operating Segments | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Operating Income (Loss): | 101,000,000 | 41,712,000 | 312,623,000 | 167,401,000 | ' |
Total Assets: | 2,995,870,000 | ' | 2,995,870,000 | ' | 2,943,770,000 |
Operating Segments | Pork | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | 454,927,000 | 435,981,000 | 1,303,752,000 | 1,262,083,000 | ' |
Operating Income (Loss): | 70,400,000 | 34,099,000 | 241,090,000 | 89,997,000 | ' |
Total Assets: | 790,645,000 | ' | 790,645,000 | ' | 773,641,000 |
Investment in and Advances to Affiliates: | 74,500,000 | ' | 74,500,000 | ' | ' |
Operating Segments | Commodity Trading and Milling | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | 858,497,000 | 857,994,000 | 2,562,001,000 | 2,553,510,000 | ' |
Operating Income (Loss): | 13,309,000 | 8,808,000 | 43,502,000 | 29,746,000 | ' |
Income (Loss) from Affiliates: | -4,729,000 | -999,000 | -6,934,000 | -1,187,000 | ' |
Total Assets: | 1,112,976,000 | ' | 1,112,976,000 | ' | 1,056,930,000 |
Investment in and Advances to Affiliates: | 190,271,000 | ' | 190,271,000 | ' | 197,036,000 |
Operating Segments | Marine | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | 205,260,000 | 219,466,000 | 616,684,000 | 676,347,000 | ' |
Operating Income (Loss): | -4,564,000 | -15,033,000 | -15,013,000 | -22,413,000 | ' |
Total Assets: | 278,418,000 | ' | 278,418,000 | ' | 271,012,000 |
Investment in and Advances to Affiliates: | 17,333,000 | ' | 17,333,000 | ' | ' |
Operating Segments | Sugar | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | 47,786,000 | 58,500,000 | 145,128,000 | 192,554,000 | ' |
Operating Income (Loss): | 6,280,000 | 193,000 | 22,695,000 | 28,312,000 | ' |
Income (Loss) from Affiliates: | -112,000 | 54,000 | 636,000 | 171,000 | ' |
Total Assets: | 184,589,000 | ' | 184,589,000 | ' | 226,245,000 |
Investment in and Advances to Affiliates: | 2,634,000 | ' | 2,634,000 | ' | 2,768,000 |
Operating Segments | Power | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | 51,622,000 | 73,607,000 | 158,503,000 | 221,386,000 | ' |
Operating Income (Loss): | 15,044,000 | 13,429,000 | 19,489,000 | 41,405,000 | ' |
Total Assets: | 238,609,000 | ' | 238,609,000 | ' | 267,431,000 |
Operating Segments | Turkey | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Income (Loss) from Affiliates: | 14,333,000 | -4,044,000 | 30,237,000 | -11,370,000 | ' |
Total Assets: | 383,344,000 | ' | 383,344,000 | ' | 342,083,000 |
Investment in and Advances to Affiliates: | 237,333,000 | ' | 237,333,000 | ' | 207,096,000 |
Operating Segments | All Other | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Sales to External Customers: | 4,549,000 | 2,557,000 | 10,800,000 | 8,560,000 | ' |
Operating Income (Loss): | 531,000 | 216,000 | 860,000 | 354,000 | ' |
Total Assets: | 7,289,000 | ' | 7,289,000 | ' | 6,428,000 |
Corporate Items | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Operating Income (Loss): | -4,914,000 | -7,942,000 | -16,995,000 | -16,624,000 | ' |
Total Assets: | $474,199,000 | ' | $474,199,000 | ' | $474,278,000 |