Segment Information

3 Months Ended

Apr. 03, 2021

Segment Information

Segment Information

Note 8 – Segment Information

Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. For details on the respective products or services of each segment, see Note 15 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2020.  

The following tables present Seaboard’s sales disaggregated by revenue source and segment:

		Three Months Ended April 3, 2021
(Millions of dollars)		Pork		Commodity Trading & Milling		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	495	$	1,146	$	—	$	24	$	—	$	3	$	1,668
Transportation		1		—		300		—		—		1		302
Energy		63		—		—		2		13		—		78
Other		6		5		—		—		—		—		11
Segment/Consolidated Totals	$	565	$	1,151	$	300	$	26	$	13	$	4	$	2,059

		Three Months Ended March 28, 2020
(Millions of dollars)		Pork		Commodity Trading & Milling		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	405	$	910	$	—	$	21	$	—	$	6	$	1,342
Transportation		2		—		269		—		—		—		271
Energy		40		—		—		1		17		—		58
Other		8		4		—		—		—		—		12
Segment/Consolidated Totals	$	455	$	914	$	269	$	22	$	17	$	6	$	1,683

The following tables present Seaboard’s operating income (loss) and income (loss) from affiliates by segment. Operating income (loss) for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income (loss), along with income or loss from affiliates for the Pork, CT&M and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax benefit (expense) on a segment basis. Administrative services provided by the corporate office are allocated to the individual segments and represent corporate services rendered to and costs incurred for each specific segment, with no allocation to individual segments of general corporate management oversight costs.

Operating Income (Loss):	Three Months Ended
	April 3,		March 28,
(Millions of dollars)	2021		2020
Pork	$	61	$	32
CT&M		16		30
Marine		21		(6)
Sugar and Alcohol		1		(1)
Power		(2)		2
All Other		1		1
Segment Totals		98		58
Corporate		(6)		5
Consolidated Totals	$	92	$	63

Income (Loss) from Affiliates:	Three Months Ended
	April 3,		March 28,
(Millions of dollars)	2021		2020
Pork	$	4	$	1
CT&M		6		1
Marine		1		1
Sugar and Alcohol		—		—
Power		—		—
Turkey		(5)		(7)
Segment/Consolidated Totals	$	6	$	(4)

The following tables present total assets by segment and the investments in and advances to affiliates by segment. Corporate assets primarily include cash and short-term investments, other current assets related to deferred compensation plans, long-term investments and other miscellaneous items. Corporate operating results represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation plans, which are offset by the effect of the mark-to-market adjustments on these investments recorded in other investment income (loss), net.

Total Assets:	April 3,		December 31,
(Millions of dollars)	2021		2020
Pork	$	2,069	$	1,927
CT&M		1,804		1,585
Marine		512		508
Sugar and Alcohol		146		153
Power		304		302
Turkey		259		265
All Other		6		6
Segment Totals		5,100		4,746
Corporate		1,593		1,653
Consolidated Totals	$	6,693	$	6,399

Investments in and Advances to Affiliates:	April 3,		December 31,
(Millions of dollars)	2021		2020
Pork	$	153	$	172
CT&M		226		222
Marine		30		30
Sugar and Alcohol		6		6
Power		3		3
Turkey		259		265
Segment/Consolidated Totals	$	677	$	698

The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of April 3, 2021 and December 31, 2020, Butterball had total assets of $1,080 million and $993 million, respectively. Butterball’s summarized income statement information was as follows:

		Three Months Ended
		April 3,		March 28,
(Millions of dollars)		2021		2020
Net sales	$	341	$	318
Operating loss	$	(16)	$	(7)
Net loss	$	(11)	$	(13)