Employee Benefits

6 Months Ended

Jul. 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 plans was as follows:

	Three Months Ended				Six Months Ended
	July 3,		June 27,		July 3,		June 27,
(Millions of dollars)	2021		2020		2021		2020
Components of net periodic benefit cost:
Service cost	$	2	$	2	$	5	$	5
Interest cost		2		3		4		6
Expected return on plan assets		(3)		(3)		(6)		(6)
Amortization		3		3		5		4
Settlement loss recognized		3		—		3		2
Net periodic benefit cost	$	7	$	5	$	11	$	11