Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue Recognition

Revenue Recognition

Note 13 – Revenue Recognition

Seaboard has multiple segments with diverse revenue streams. For additional information on Seaboard’s segments, see Note 15. The following tables presents Seaboard’s sales disaggregated by revenue source and segment:

		Year Ended December 31, 2020
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,682	$	3,981	$	—	$	95	$	—	$	16	$	5,774
Transportation		8		—		1,005		—		—		—		1,013
Energy		219		—		—		11		64		—		294
Other		32		13		—		—		—		—		45
Segment/Consolidated Totals	$	1,941	$	3,994	$	1,005	$	106	$	64	$	16	$	7,126

		Year Ended December 31, 2019
(Millions of dollars)		Pork		CT&M		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	1,599	$	3,654	$	—	$	112	$	—	$	17	$	5,382
Transportation		10		—		1,061		—		—		1		1,072
Energy		210		—		—		9		117		—		336
Other		32		18		—		—		—		—		50
Segment/Consolidated Totals	$	1,851	$	3,672	$	1,061	$	121	$	117	$	18	$	6,840

Revenue from goods and services transferred to customers at a single point in time account for approximately 85% of Seaboard’s net sales. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Almost all of Seaboard’s contracts with its customers are short-term, defined as less than one year.

Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. Deferred revenue balances are reduced when revenue is recognized. The deferred revenue balance as of December 31, 2019 was recognized as revenue during the first quarter of 2020.