Segment Information

3 Months Ended

Apr. 01, 2023

Segment Information

Segment Information

Note 7 – 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 13 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2022. There were no significant segment updates during the first quarter of 2023.

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

		Three Months Ended April 1, 2023
(Millions of dollars)		Pork		Commodity Trading & Milling		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	428	$	1,341	$	—	$	38	$	—	$	3	$	1,810
Transportation		3		—		448		—		—		—		451
Energy		174		—		—		—		52		—		226
Other		9		3		—		—		—		—		12
Segment/Consolidated Totals	$	614	$	1,344	$	448	$	38	$	52	$	3	$	2,499

		Three Months Ended April 2, 2022
(Millions of dollars)		Pork		Commodity Trading & Milling		Marine		Sugar and Alcohol		Power		All Other		Consolidated Totals
Major Products/Services Lines:
Products	$	491	$	1,567	$	—	$	31	$	—	$	4	$	2,093
Transportation		2		—		466		—		—		—		468
Energy		121		—		—		—		18		—		139
Other		6		3		—		—		—		—		9
Segment/Consolidated Totals	$	620	$	1,570	$	466	$	31	$	18	$	4	$	2,709

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 1,		April 2,
(Millions of dollars)	2023		2022
Pork	$	(212)	$	27
CT&M		43		12
Marine		96		113
Sugar and Alcohol		6		2
Power		10		(5)
Segment Totals		(57)		149
Corporate		(6)		(3)
Consolidated Totals	$	(63)	$	146

Income (Loss) from Affiliates:	Three Months Ended
	April 1,		April 2,
(Millions of dollars)	2023		2022
Pork	$	10	$	—
CT&M		(8)		5
Marine		(1)		2
Turkey		25		16
Segment/Consolidated Totals	$	26	$	23

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 1,		December 31,
(Millions of dollars)	2023		2022
Pork	$	2,625	$	2,698
CT&M		1,888		1,915
Marine		819		882
Sugar and Alcohol		164		165
Power		339		342
Turkey		367		350
All Other		5		6
Segment Totals		6,207		6,358
Corporate		1,588		1,544
Consolidated Totals	$	7,795	$	7,902

Investments in and Advances to Affiliates:	April 1,		December 31,
(Millions of dollars)	2023		2022
Pork	$	154	$	152
CT&M		198		210
Marine		35		36
Sugar and Alcohol		2		2
Power		3		3
Turkey		367		350
Segment/Consolidated Totals	$	759	$	753

The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of April 1, 2023 and December 31, 2022, Butterball had total assets of $1.2 billion and $1.1 billion, respectively. Butterball’s summarized income statement information was as follows:

		Three Months Ended
		April 1,		April 2,
(Millions of dollars)		2023		2022
Net sales	$	408	$	399
Operating income	$	50	$	13
Net income	$	48	$	30