Employee Benefits

3 Months Ended

Apr. 03, 2021

Employee Benefits

Employee Benefits

Note 5 – Employee Benefits

Seaboard has qualified defined benefit pension plans for its domestic salaried and clerical employees that were hired before January 1, 2014. Effective January 1, 2021, Seaboard transferred assets and liabilities for employees of certain Seaboard subsidiaries into a successor plan. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for any plans in advance of when the benefits are paid.

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

	Three Months Ended
	April 3,		March 28,
(Millions of dollars)	2021		2020
Components of net periodic benefit cost:
Service cost	$	3	$	3
Interest cost		2		3
Expected return on plan assets		(3)		(3)
Amortization and other		2		3
Net periodic benefit cost	$	4	$	6