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Derivatives and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jul. 04, 2015
Derivatives and Fair Value of Financial Instruments  
Schedule of assets and liabilities measured at fair value on a recurring basis

 

 

 

Balance

 

 

 

 

 

 

 

 

 

July 4,

 

 

 

 

 

 

 

(Thousands of dollars)

 

2015

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities - short-term investments:

 

 

 

 

 

 

 

 

 

Money market funds

 

$
266,106

 

$
266,106

 

$

-

 

$

-

 

Corporate bonds

 
12,538

 

-

 
12,538

 

-

 

U.S. Government agency securities

 
9,480

 

-

 
9,480

 

-

 

Other available-for-sale investments

 
3,706

 

-

 
3,706

 

-

 

Trading securities - short-term investments:

 

 

 

 

 

 

 

 

 

High yield trading debt securities

 
159,798

 

-

 
159,798

 

-

 

Equity mutual fund

 
84,557

 
84,557

 

-

 

-

 

Domestic equity ETF

 
61,914

 
61,914

 

-

 

-

 

Money market funds held in trading accounts

 
23,618

 
23,618

 

-

 

-

 

Other trading investments

 
4,820

 
2,453

 
2,367

 

-

 

Trading securities - other current assets:

 

 

 

 

 

 

 

 

 

Domestic equity securities

 
36,294

 
36,294

 

-

 

-

 

Foreign equity securities

 
7,010

 
7,010

 

-

 

-

 

Fixed income mutual funds

 
3,587

 
3,587

 

-

 

-

 

Other

 
2,919

 
2,520

 
399

 

-

 

Derivatives:

 

 

 

 

 

 

 

 

 

Commodities(1)

 
20,737

 
20,737

 

-

 

-

 

Interest rate swaps

 
1,368

 

-

 
1,368

 

-

 

Foreign currencies

 
2,285

 

-

 
2,285

 

-

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$
700,737

 

$
508,796

 

$
191,941

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

Commodities(1)

 

$
11,530

 

$
11,530

 

$

-

 

$

-

 

Interest rate swaps

 
5,348

 

-

 
5,348

 

-

 

Foreign currencies

 
1,606

 

-

 
1,606

 

-

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

$
18,484

 

$
11,530

 

$
6,954

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Seaboard’s commodity 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 July 4, 2015, the commodity derivatives had a margin account balance of $10,168,000 resulting in a net other current asset in the Condensed Consolidated Balance Sheet of $19,852,000 and a net other current liability of $477,000.

 

 

 

 

 

Balance

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

 

(Thousands of dollars)

 

2014

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities - short-term investments:

 

 

 

 

 

 

 

 

 

Money market funds

 

$
142,432

 

$
142,432

 

$

-

 

$

-

 

Corporate bonds

 
11,015

 

-

 
11,015

 

-

 

U.S. Government agency securities

 
9,666

 

-

 
9,666

 

-

 

Other available-for-sale investments

 
3,983

 

-

 
3,983

 

-

 

Trading securities - short term investments:

 

 

 

 

 

 

 

 

 

High yield trading debt securities

 
181,483

 

-

 
181,483

 

-

 

Equity mutual fund

 
82,542

 
82,542

 

-

 

-

 

Domestic equity ETF

 
32,651

 
32,651

 

-

 

-

 

Money market funds held in trading accounts

 
21,401

 
21,401

 

-

 

-

 

Other trading investments

 
5,393

 
2,614

 
2,779

 

-

 

Trading securities - other current assets:

 

 

 

 

 

 

 

 

 

Domestic equity securities

 
33,857

 
33,857

 

-

 

-

 

Foreign equity securities

 
6,532

 
6,532

 

-

 

-

 

Fixed income mutual funds

 
4,570

 
4,570

 

-

 

-

 

Other

 
2,676

 
2,405

 
271

 

-

 

Derivatives:

 

 

 

 

 

 

 

 

 

Commodities(1)

 
6,136

 
6,136

 

-

 

-

 

Foreign currencies

 
1,675

 

-

 
1,675

 

-

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$
546,012

 

$
335,140

 

$
210,872

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

Commodities(1)

 

$
1,779

 

$
1,779

 

$

-

 

$

-

 

Interest rate swaps

 
7,715

 

-

 
7,715

 

-

 

Foreign currencies

 
407

 

-

 
407

 

-

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

$
9,901

 

$
1,779

 

$
8,122

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Seaboard’s commodity 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, 2014, the commodity derivatives had a margin account balance of $4,314,000 resulting in a net other current asset in the Condensed Consolidated Balance Sheet of $9,267,000 and a net other current liability of $596,000.

 

Schedule of gain or (loss) recognized for each type of derivative and its location in the Condensed Consolidated Statements of Comprehensive Income

 

(Thousands of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

July 4,

 

June 28,

 

July 4,

 

June 28,

 

 

 

 

 

2015

 

2014

 

2015

 

2014

 

Commodities

 

Cost of sales

 

$
3,886

 

$
9,962

 

$
(2,062)

 

$
3,378

 

Foreign currencies

 

Cost of sales

 
1,915

 
2,328

 
1,421

 
2,813

 

Foreign currencies

 

Foreign currency

 
69

 
(1,185)

 
1,602

 
(420)

 

Interest rate

 

Miscellaneous, net

 
3,568

 
(3,293)

 
(1,123)

 
(3,895)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(Thousands of dollars)

 

 

Asset Derivatives

 

 

 

Liability Derivatives

 

 

 

 

 

July 4,

 

December 31,

 

 

July 4,

 

December 31,

 

 

 

 

 

2015

 

2014

 

 

 

2015

 

2014

 

Commodities(1)

 

Other current assets

 
$
20,737

 

$  6,136

 

Other current liabilities

 

$ 11,530

 

$   1,779

 

Foreign currencies

 

Other current assets

 
2,285

 
1,675

 

Other current liabilities

 
1,606

 
407

 

Interest rate

 

Other current assets

 
1,368

 

-

 

Other current liabilities

 
5,348

 
7,715

 

 

(1)   Seaboard’s commodity 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 July 4, 2015 and December 31, 2014, the commodity derivatives had a margin account balance of $10,168,000 and $4,314,000, respectively, resulting in a net other current asset in the Condensed Consolidated Balance Sheets of $19,852,000 and $9,267,000, respectively and a net other current liability of $477,000 and $596,000, respectively.