Note 3 – Investments

The following is a summary of the estimated fair value of short-term investments classified as trading securities held at June 30, 2018 and December 31, 2017.



	June 30,		December 31,
(Millions of dollars)	2018		2017
Domestic equity securities	$	772	$	752
Foreign equity securities		302		319
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries		122		439
Collateralized loan obligations		30		29
High yield securities		21		21
Money market funds held in trading accounts		10		10
Other trading securities		7		6
Total trading short-term investments	$	1,264	$	1,576

Seaboard had $107 million of equity securities denominated in foreign currencies at June 30, 2018, with $43 million in euros, $23 million in Japanese yen, $20 million in British pounds, $6 million in Swiss francs and the remaining $15 million in various other currencies. At December 31, 2017, Seaboard had $114 million of equity securities denominated in foreign currencies, with $48 million in euros, $25 million in Japanese yen, $20 million in British pounds, $6 million in Swiss francs and the remaining $15 million in various other currencies. Also, money market funds included less than $1 million denominated in various foreign currencies at June 30, 2018 and December 31, 2017.

In January 2018, Seaboard sold $314 million of its domestic debt securities to fund an acquisition. See Note 10 for further information on this acquisition.

The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period were $(2) million and $(24) million for the three and six months ended June 30, 2018, respectively, and $33 million and $65 million for the three and six months ended July 1, 2017, 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 6 to the condensed consolidated financial statements for information on the types of trading securities held related to the deferred compensation plans.