Leases (Tables)

6 Months Ended

Jun. 29, 2019

Leases

Summary of components of lease costs

	Three		Six
	Months		Months
	Ended		Ended
(Millions of dollars)	June 29, 2019		June 29, 2019
Operating lease cost	$	34	$	67
Finance lease cost:
Amortization of right of use assets		1		1
Interest on lease liabilities		—		—
Variable lease cost		1		4
Short-term lease cost		13		23
Total lease cost	$	49	$	95

Summary of finance leases in condensed consolidated balance sheet

The classification of Seaboard’s finance leases in the condensed consolidated balance sheet as of June 29, 2019 was as follows:

			Balance
Description	Balance Sheet Classification		(Millions of dollars)
Finance lease right of use assets, net	Property, plant and equipment, net	$	26
Finance lease liabilities	Other current liabilities		2
Non-current finance lease liabilities	Other liabilities		17

Summary of maturities of operating lease liabilities

		Operating		Finance
(Millions of dollars)		Leases		Leases
Remainder of 2019	$	71	$	2
2020		113		3
2021		99		3
2022		74		3
2023		68		3
Thereafter		188		14
Total undiscounted lease payments		613		28
Less imputed interest		(124)		(9)
Total lease liability	$	489	$	19

Summary of maturities of financing lease liabilities

		Operating		Finance
(Millions of dollars)		Leases		Leases
Remainder of 2019	$	71	$	2
2020		113		3
2021		99		3
2022		74		3
2023		68		3
Thereafter		188		14
Total undiscounted lease payments		613		28
Less imputed interest		(124)		(9)
Total lease liability	$	489	$	19

Schedule of commitments as of December 31, 2018

Below is Seaboard’s commitments table as of December 31, 2018 that disclosed operating lease payments for the next five years and thereafter. Seaboard had no material capital leases as of December 31, 2018.

	Years ended December 31,
(Millions of dollars)	2019		2020		2021		2022		2023		Thereafter
Ports	$	18	$	18	$	19	$	19	$	20	$	109
Vessel, time and voyage-charters		58		27		26		13		8		25
Contract grower agreements		47		41		37		27		18		61
Other operating lease payments		18		13		9		8		6		15
Total unrecognized non-cancelable commitments	$	141	$	99	$	91	$	67	$	52	$	210