| Segment Information |
Note 7 – Segment Information Seaboard manages its business under six reportable segments: Pork, Commodity Trading and Milling (“CT&M”), Marine, Liquid Fuels, Power and Turkey. Each of the six reportable segments is separately managed based on its diverse product or service. All Other and Corporate includes Seaboard’s remaining operations and primarily represents a sugar and alcohol production and processing operation in Argentina. For details on each segment’s respective products and services, see Note 13 to the consolidated financial statements included in Seaboard’s 2025 10-K. Seaboard’s Chief Executive Officer serves as the CODM. The CODM assesses performance and makes key operating decisions based on total operating income and income from affiliates. The CODM uses this measure to compare to historical trends and forecasts to assess segment results, allocate capital, make strategic decisions and identify areas of opportunity. Operating income and income from affiliates for segment reporting is prepared on the same basis as that used for consolidated purposes under U.S. GAAP. The CODM does not receive proportionate consolidation information for equity method investments. The following tables include certain segment information for the respective periods presented. The significant segment expense categories align with the information regularly provided to the CODM. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended April 4, 2026 | | | | | | | | | | | | | | | | | | | | | | All | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | | | Inter- | | | | | | | | | | | | | | | | | Liquid | | | | | | | | | and | | | Segment | | | | | (Millions of dollars) | | | Pork | | | CT&M | | | Marine | | | Fuels | | | Power | | | Turkey | | | Corporate | | | Elims | | | Total | | External net sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Products | | $ | 465 | | $ | 1,196 | | $ | — | | $ | 197 | | $ | — | | | | | $ | 23 | | $ | — | | $ | 1,881 | | Transportation | | | 6 | | | — | | | 428 | | | — | | | — | | | | | | 2 | | | — | | | 436 | | Energy | | | — | | | — | | | — | | | — | | | 60 | | | | | | — | | | — | | | 60 | | Other | | | 14 | | | 9 | | | — | | | — | | | — | | | | | | — | | | — | | | 23 | | Total external net sales | | | 485 | | | 1,205 | | | 428 | | | 197 | | | 60 | | | | | | 25 | | | — | | | 2,400 | | Intersegment net sales (a) | | | 12 | | | — | | | 1 | | | — | | | — | | | | | | — | | | (13) | | | — | | Total segment/consolidated net sales | | $ | 497 | | $ | 1,205 | | $ | 429 | | $ | 197 | | $ | 60 | | | | | $ | 25 | | $ | (13) | | $ | 2,400 | | Less significant segment expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost of sales | | | 461 | | | 1,147 | | | 364 | | | 155 | | | 47 | | | | | | 22 | | | (13) | | | 2,183 | | Selling, general and administrative expenses | | | 29 | | | 41 | | | 31 | | | 5 | | | 4 | | | | | | 11 | | | — | | | 121 | | Total segment/consolidated operating income (loss) | | $ | 7 | | $ | 17 | | $ | 34 | | $ | 37 | | $ | 9 | | | | | $ | (8) | | $ | — | | $ | 96 | | Income from affiliates | | | 12 | | | 5 | | | 1 | | | | | | — | | | 24 | | | — | | | — | | | 42 | | Total operating income (loss) and income from affiliates | | $ | 19 | | $ | 22 | | $ | 35 | | $ | 37 | | $ | 9 | | $ | 24 | | $ | (8) | | $ | — | | $ | 138 | | Depreciation and amortization expense | | $ | 40 | | $ | 7 | | $ | 18 | | $ | 9 | | $ | 6 | | | | | $ | 3 | | $ | — | | $ | 83 | | Capital expenditures | | $ | 28 | | $ | 15 | | $ | 6 | | $ | 2 | | $ | 44 | | | | | $ | 1 | | $ | — | | $ | 96 | | Total assets as of April 4, 2026(b) | | $ | 2,062 | | $ | 1,728 | | $ | 1,251 | | $ | 792 | | $ | 441 | | $ | 411 | | $ | 1,745 | | $ | — | | $ | 8,430 | | Investments in affiliates as of April 4, 2026 | | $ | 166 | | $ | 178 | | $ | 44 | | | | | $ | 3 | | $ | 411 | | $ | 3 | | $ | — | | $ | 805 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 29, 2025 | | | | | | | | | | | | | | | | | | | | | | All | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | | | Inter- | | | | | | | | | | | | | | | | | Liquid | | | | | | | | | and | | | Segment | | | | | (Millions of dollars) | | | Pork | | | CT&M | | | Marine | | | Fuels | | | Power | | | Turkey | | | Corporate | | | Elims | | | Total | | External net sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Products | | $ | 468 | | $ | 1,219 | | $ | — | | $ | 121 | | $ | — | | | | | $ | 28 | | $ | — | | $ | 1,836 | | Transportation | | | 4 | | | — | | | 403 | | | — | | | — | | | | | | — | | | — | | | 407 | | Energy | | | — | | | — | | | — | | | — | | | 53 | | | | | | — | | | — | | | 53 | | Other | | | 14 | | | 6 | | | — | | | — | | | — | | | | | | — | | | — | | | 20 | | Total external net sales | | | 486 | | | 1,225 | | | 403 | | | 121 | | | 53 | | | | | | 28 | | | — | | | 2,316 | | Intersegment net sales (a) | | | 9 | | | — | | | 2 | | | — | | | — | | | | | | — | | | (11) | | | — | | Total segment/consolidated net sales | | $ | 495 | | $ | 1,225 | | $ | 405 | | $ | 121 | | $ | 53 | | | | | $ | 28 | | $ | (11) | | $ | 2,316 | | Less significant segment expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost of sales | | | 500 | | | 1,150 | | | 321 | | | 143 | | | 43 | | | | | | 28 | | | (11) | | | 2,174 | | Selling, general and administrative expenses | | | 26 | | | 34 | | | 27 | | | 4 | | | 3 | | | | | | 10 | | | — | | | 104 | | Total segment/consolidated operating income (loss) | | $ | (31) | | $ | 41 | | $ | 57 | | $ | (26) | | $ | 7 | | | | | $ | (10) | | $ | — | | $ | 38 | | Income from affiliates | | | 8 | | | 4 | | | 1 | | | | | | — | | | — | | | — | | | — | | | 13 | | Total operating income (loss) and income from affiliates | | $ | (23) | | $ | 45 | | $ | 58 | | $ | (26) | | $ | 7 | | $ | — | | $ | (10) | | $ | — | | $ | 51 | | Depreciation and amortization expense | | $ | 39 | | $ | 6 | | $ | 16 | | $ | 8 | | $ | 6 | | | | | $ | 3 | | $ | — | | $ | 78 | | Capital expenditures | | $ | 27 | | $ | 4 | | $ | 74 | | $ | 1 | | $ | 1 | | | | | $ | 2 | | $ | — | | $ | 109 | | Total assets as of December 31, 2025(b) | | $ | 2,033 | | $ | 1,662 | | $ | 1,285 | | $ | 690 | | $ | 348 | | $ | 413 | | $ | 1,815 | | $ | — | | $ | 8,246 | | Investments in affiliates as of December 31, 2025 | | $ | 160 | | $ | 173 | | $ | 43 | | | | | $ | 3 | | $ | 413 | | $ | 3 | | $ | — | | $ | 795 | |
| (a) | The Pork segment’s intersegment sales primarily represent the sale of pork fat to the Liquid Fuels segment, which uses it as a feedstock in the renewable diesel and biodiesel production processes. The Marine segment’s intersegment sales primarily represent shipping services provided to another Seaboard subsidiary. Intercompany transactions are eliminated in consolidation. |
| (b) | The Turkey segment’s total assets represent Seaboard’s investment in Butterball, LLC (“Butterball”). All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion as of both April 4, 2026 and December 31, 2025. |
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