Employee Benefits

9 Months Ended

Oct. 01, 2016

Employee Benefits

Employee Benefits

Note 6 – Employee Benefits

Seaboard maintains two defined benefit pension plans for its domestic salaried and clerical employees. During the third quarter of 2016, Seaboard completed future funding analyses for these plans, and in September 2016 made a deductible contribution of $39 million to one of the pension plans for the 2015 plan year. At this time, no furthercontributions are expected to be made to these plans in 2016. 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
	October 1,		October 3,		October 1,		October 3,
(Millions of dollars)	2016		2015		2016		2015
Components of net periodic benefit cost:
Service cost	$	3	$	2	$	7	$	7
Interest cost		2		3		8		8
Expected return on plan assets		(2)		(2)		(6)		(6)
Amortization and other		1		1		3		3
Net periodic benefit cost	$	4	$	4	$	12	$	12