Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Data

Quarterly Financial Data

Note 16 – Quarterly Financial Data (unaudited) Adjusted

Results for all quarters have been updated to reflect the impact of a change in accounting principle from the LIFO inventory method to the FIFO inventory method. See Note 1 for further discussion of this accounting principle change. Earnings Per Share (“EPS”) amounts are calculated based on thousands of dollars and; therefore, some quarters will show EPS adjustments without any adjustments to net earnings (loss) attributable to Seaboard due to rounding.

2020:

	1st		2nd		3rd		4th
(Millions of dollars except per share amounts)	Quarter		Quarter		Quarter		Quarter
As Previously Reported
Net sales	$	1,683	$	1,808	$	1,645	$	1,990
Cost of sales	$	1,548	$	1,717	$	1,527	$	1,768
Operating income	$	63	$	11	$	29	$	134
Other investment income (loss)	$	(225)	$	128	$	56	$	125
Net earnings (loss) attributable to Seaboard	$	(103)	$	(26)	$	147	$	259
Earnings (loss) per common share	$	(88.43)	$	(22.35)	$	126.17	$	222.52
Impact of Accounting Change
Cost of sales	$	—	$	2	$	(10)	$	—
Operating income	$	—	$	(2)	$	10	$	—
Net earnings (loss) attributable to Seaboard	$	—	$	(1)	$	7	$	—
Earnings (loss) per common share	$	(0.30)	$	(1.16)	$	6.41	$	—
As Adjusted
Cost of sales	$	1,548	$	1,719	$	1,517	$	1,768
Operating income	$	63	$	9	$	39	$	134
Net earnings (loss) attributable to Seaboard	$	(103)	$	(27)	$	154	$	259
Earnings (loss) per common share	$	(88.73)	$	(23.51)	$	132.58	$	222.52

2019:

	1st		2nd		3rd		4th
(Millions of dollars except per share amounts)	Quarter		Quarter		Quarter		Quarter
As Previously Reported
Net sales	$	1,543	$	1,822	$	1,663	$	1,812
Cost of sales	$	1,493	$	1,686	$	1,589	$	1,632
Operating income (loss)	$	(34)	$	53	$	(6)	$	91
Other investment income (loss)	$	113	$	37	$	2	$	73
Net earnings (loss) attributable to Seaboard	$	57	$	58	$	(7)	$	175
Earnings (loss) per common share	$	48.79	$	50.13	$	(6.00)	$	149.91
Impact of Accounting Change
Cost of sales	$	—	$	(10)	$	2	$	2
Operating income (loss)	$	—	$	10	$	(2)	$	(2)
Net earnings (loss) attributable to Seaboard	$	—	$	7	$	(1)	$	(2)
Earnings (loss) per common share	$	0.09	$	6.13	$	(1.23)	$	(1.16)
As Adjusted
Cost of sales	$	1,493	$	1,676	$	1,591	$	1,634
Operating income (loss)	$	(34)	$	63	$	(8)	$	89
Net earnings (loss) attributable to Seaboard	$	57	$	65	$	(8)	$	173
Earnings (loss) per common share	$	48.88	$	56.26	$	(7.23)	$	148.75