Segment Information (Tables)

3 Months Ended

Apr. 04, 2026

Segment Information

Summary of certain segment information



			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.