UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 21, 2017
Seaboard Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
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1-3390 |
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04-2260388 |
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(State or other jurisdiction of |
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(Commission |
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(I.R.S. Employer |
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incorporation) |
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File Number) |
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Identification No.) |
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9000 West 67th Street, Merriam, Kansas |
66202 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code (913) 676-8800
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On February 21, 2017, Registrant issued a press release announcing earnings for the quarter and year ended December 31, 2016. The full text of this press release is included as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to Item 2.02, and the related press release included as Exhibit 99.1 to this Current Report, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release of Seaboard Corporation dated February 21, 2017 announcing earnings for the quarter and year ended December 31, 2016.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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DATE: February 21, 2017 |
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Seaboard Corporation |
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By: |
/s/ Robert L. Steer |
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Robert L. Steer, Executive Vice President, |
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Chief Financial Officer |
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Exhibit 99.1
PRESS RELEASE
REPORT OF EARNINGS
February 21, 2017
Merriam, Kansas
The following is a report of earnings for Seaboard Corporation (NYSE MKT symbol: SEB) with offices at 9000 West 67th Street, Merriam, Kansas, for the three and twelve months ended December 31, 2016 and December 31, 2015, in millions of dollars except share and per share amounts.
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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Net sales |
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$ |
1,373 |
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$ |
1,303 |
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$ |
5,379 |
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$ |
5,594 |
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Net earnings attributable to Seaboard |
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$ |
103 |
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$ |
103 |
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$ |
312 |
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$ |
171 |
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Net earnings per common share |
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$ |
87.83 |
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$ |
88.70 |
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$ |
266.50 |
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$ |
146.44 |
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Average number of shares outstanding |
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1,170,550 |
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1,170,550 |
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1,170,550 |
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1,170,550 |
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Notes to Report of Earnings:
In the fourth quarter of 2015, Seaboard recorded interest income of $23 million, net of taxes ($31 million before taxes), or $19.49 per common share, for interest recognized on certain outstanding customer receivable balances in its Power segment. This interest income related to amounts determined to be collectible as of December 31, 2015, but previously had been considered uncollectable in prior years. This amount was fully collected by Seaboard in January 2016.
On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 (the “2015 Tax Act”) was signed into law. The 2015 Tax Act reinstated and made permanent certain expired corporate income tax provisions that impact current and deferred taxes for financial reporting purposes. The annual effects of the provisions in this law on current and deferred tax assets and liabilities for Seaboard were recorded in the fourth quarter of 2015. The impact was a tax benefit of $13 million, or $10.92 per common share, for each of the three and twelve months ended December 31, 2015, primarily related to certain income tax credits. In addition to this amount was a credit of $17 million, or $14.88 per common share, for each of the three and twelve months ended December 31, 2015, for the 2015 Federal blender’s credits that was recognized as revenues in the fourth quarter of 2015. There was no tax expense on these transactions. Since the 2015 Tax Act extended the provisions through December 31, 2016, revenue was recognized ratably throughout 2016. The Federal blender’s credits have not been renewed for 2017.
Seaboard Corporation today filed its Annual Report on Form 10-K with the United States Securities and Exchange Commission. Seaboard has provided access to the Annual Report on Form 10-K on its website at https://www.seaboardcorp.com/investors.