Employee Benefits

6 Months Ended

Jun. 30, 2018

Employee Benefits

Employee Benefits

Note 7 – Employee Benefits

Seaboard has a defined benefit pension plan for its domestic salaried and clerical employees. At this time, no contributions are expected to be made to the plan in 2018. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has 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.

Of the total net periodic benefit cost presented in the table below, the service cost component is recorded in either cost of sales or selling, general and administrative expenses depending upon the employee. The other components of net periodic benefit cost are recorded in miscellaneous, net in the condensed consolidated statements of comprehensive income.

The net periodic benefit cost for all of these plans was as follows:

	Three Months Ended				Six Months Ended
	June 30,		July 1,		June 30,		July 1,
(Millions of dollars)	2018		2017		2018		2017
Components of net periodic benefit cost:
Service cost	$	2	$	2	$	5	$	4
Interest cost		2		2		5		5
Expected return on plan assets		(2)		(3)		(5)		(5)
Amortization and other		2		2		3		3
Net periodic benefit cost	$	4	$	3	$	8	$	7