Derivatives and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Derivatives and Fair Value of Financial Instruments

Schedule of assets and liabilities measured at fair value on a recurring basis

	Balance
	March 31,
(Thousands of dollars)	2012	Level 1	Level 2	Level 3
Assets:
Available-for-sale securities - short-term
investments:
Corporate bonds	$133,989	$           -	$133,989	$       -
Money market funds	69,867	69,867	-	-
U.S. Treasury securities	36,095	-	36,095	-
Collateralized mortgage obligations	22,720	-	22,720	-
Fixed rate municipal notes and bonds	21,335	-	21,335	-
U.S. Government agency securities	18,603	-	18,603	-
Emerging markets debt mutual fund	17,687	17,687	-	-
Asset backed debt securities	10,536	-	10,536	-
Other	1,483	-	1,483	-
Trading securities - short-term investments:
High yield debt securities	22,349	-	22,349	-
Emerging markets trading debt mutual fund	2,686	2,686	-	-
Emerging markets trading debt securities	2,246	-	2,246	-
Other debt securities	238	-	238	-
Trading securities - other current assets:
Domestic equity securities	16,614	16,614	-	-
Foreign equity securities	6,946	3,887	3,059	-
Fixed income mutual funds	4,914	4,914	-	-
Money market funds	3,674	3,674	-	-
U.S. Government agency securities	2,405	-	2,405	-
U.S. Treasury securities	1,409	-	1,409	-
Corporate bonds	64	-	64	-
Other	365	316	49	-
Derivatives:
Commodities(1)	2,398	2,398	-	-
Interest rate swaps	-	-	-	-
Foreign currencies	88	-	88	-
Total Assets	$398,711	$ 122,043	$276,668	$       -
Liabilities:
Derivatives:
Commodities(1)	$    3,360	$     3,360	$           -	$       -
Interest rate swaps	9,900	-	9,900	-
Foreign currencies	500	-	500	-
Total Liabilities	$  13,760	$     3,360	$  10,400	$       -

(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts.  As of March 31, 2012, the commodity derivatives had a margin account balance of $6,188,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $5,226,000.

	Balance
	December 31,
(Thousands of dollars)	2011	Level 1	Level 2	Level 3
Assets:
Available-for-sale securities - short-term
investments:
Money market funds	$139,420	$139,420	$          -	$        -
Corporate bonds	89,146	-	89,146	-
Fixed rate municipal notes and bonds	17,788	-	17,788	-
Emerging markets debt mutual fund	16,399	16,399	-	-
Collateralized mortgage obligations	15,011	-	15,011	-
U.S. Government agency securities	9,757	-	9,757	-
U.S. Treasury securities	4,905	-	4,905	-
Asset backed debt securities	3,533	-	3,533	-
Other	1,484	-	1,484	-
Trading securities - short term investments:
High yield debt securities	20,750	-	20,750	-
Emerging markets trading debt mutual fund	2,487	2,487	-	-
Emerging markets trading debt securities	2,355	-	2,355	-
Other debt securities	221	-	221	-
Trading securities - other current assets:
Domestic equity securities	13,563	13,563	-	-
Foreign equity securities	7,490	3,991	3,499	-
Money market funds	4,521	4,521	-	-
Fixed income mutual funds	4,483	4,483	-	-
U.S. Government agency securities	2,085	-	2,085	-
U.S. Treasury securities	1,474	-	1,474	-
Corporate bonds	72	-	72	-
Other	236	159	77	-
Derivatives:
Commodities(1)	5,144	5,144	-	-
Interest rate swaps	-	-	-	-
Foreign currencies	2,247	-	2,247	-
Total Assets	$364,571	$190,167	$174,404	$         -
Liabilities:
Derivatives:
Commodities(1)	$    5,529	$    5,529	$            -	$         -
Interest rate swaps	11,268	-	11,268	-
Foreign currencies	3,380	-	3,380	-
Total Liabilities	$  20,177	$    5,529	$  14,648	$         -

(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts.  As of December 31, 2011, the commodity derivatives had a margin account balance of $8,619,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $8,234,000.

Schedule of amortized cost and estimated fair values of investments and long term debt

	2012				2011
(Thousands of dollars)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Short-term investments, available-for-sale	$	330,892	$	332,315	$	297,916	$	297,443
Short-term investments, trading debt securities	26,184		27,519		25,437		25,813
Long-term debt	162,612		166,038		157,252		161,636

Schedule of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statement of Earnings

(Thousands of dollars)
	Location of	March 31, 2012				April 2, 2011
	Gain or (Loss)	Amount of Gain or (Loss)				Amount of Gain or (Loss)
	Recognized in Income	Recognized in Income				Recognized in Income
Commodities	Cost of sales		$	(2,415	)		$	13,986
Foreign currencies	Cost of sales		(5,417		)		8,787
Foreign currencies	Foreign currency		(3,713		)		(136		)
Interest rate	Miscellaneous, net		648				519

Schedule of fair value of each type of derivative and its location in the Consolidated Balance Sheets

(Thousands of dollars)		Asset Derivatives			Liability Derivatives
	Balance	Fair Value		Balance	Fair Value
	Sheet	March 31,	December 31,	Sheet	March 31,	December 31,
	Location	2012	2011	Location	2012	2011
Commodities(1)	Other current assets	$  2,398	$  5,144	Other current assets	$  3,360	$   5,529
Foreign currencies	Other current assets	88	2,247	Other current liabilities	500	3,380
Interest rate	Other current assets	-	-	Other current liabilities	9,900	11,268

(1) Seaboard’s commodities derivative assets and liabilities are presented in the Condensed Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts.  As of March 31, 2012 and December 31, 2011, the commodity derivatives had a margin account balance of $6,188,000 and $8,619,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $5,226,000 and $8,234,000, respectively.