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 October 3, 2015, money market funds included $970,000 denominated in British pounds and $147,000 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 October 3, 2015 and December 31, 2014.


	October 3, 2015				December 31, 2014
	Amortized		Fair		Amortized		Fair
(Thousands of dollars)	Cost		Value		Cost		Value
Money market funds	$	100,648	$	100,648	$	142,432	$	142,432
Corporate bonds		-		-		11,000		11,015
U.S. Government agency securities		-		-		9,684		9,666
Other available-for-sale securities		-		-		3,933		3,983
Total available-for-sale short-term investments		100,648		100,648		167,049		167,096
Domestic equity securities		167,770		158,815		-		-
High yield debt securities		125,347		122,178		187,491		181,483
Domestic equity mutual funds		86,309		80,525		83,809		82,542
Domestic equity ETFs		78,925		77,443		31,307		32,651
Foreign equity securities		78,876		76,669		-		-
Money market funds held in trading accounts		40,152		40,152		21,401		21,401
Foreign equity mutual fund		20,000		19,831		-		-
Collateralized loan obligation		10,000		9,791		-		-
Other trading securities		4,651		3,391		6,173		5,393
Total trading short-term investments		612,030		588,795		330,181		323,470
Total short-term investments	$	712,678	$	689,443	$	497,230	$	490,566

Unrealized losses related to trading securities for the three and nine months ended October 3, 2015 were $22,377,000 and $20,902,000, respectively, and $3,774,000 and $3,149,000 for the three and nine months ended September 27, 2014, respectively.

In addition to its short-term investments, Seaboard also has trading securities related to Seaboard’s deferred compensation plans classified in other current assets in the Condensed Consolidated Balance Sheets. See Note 5 to the Condensed Consolidated Financial Statements for information on the types of trading securities held related to the deferred compensation plans.