Company Quick10K Filing
Seaboard
Price4,327.73 EPS93
Shares1 P/E47
MCap5,046 P/FCF72
Net Debt671 EBIT143
TEV5,717 TEV/EBIT40
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-07-28
10-Q 2020-03-28 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-28 Filed 2019-10-30
10-Q 2019-06-29 Filed 2019-07-31
10-Q 2019-03-30 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-29 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-07-01 Filed 2017-08-02
10-Q 2017-04-01 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-10-01 Filed 2016-11-02
10-Q 2016-07-02 Filed 2016-08-10
10-Q 2016-04-02 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-10-03 Filed 2015-11-06
10-Q 2015-07-04 Filed 2015-08-11
10-Q 2015-04-04 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-27 Filed 2014-10-31
10-Q 2014-06-28 Filed 2014-08-05
10-Q 2014-03-29 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-28 Filed 2013-11-01
10-Q 2013-06-29 Filed 2013-08-06
10-Q 2013-03-30 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-29 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-10-01 Filed 2011-11-08
10-Q 2011-07-02 Filed 2011-08-09
10-Q 2011-04-02 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-10-02 Filed 2010-11-05
10-Q 2010-07-03 Filed 2010-08-10
10-Q 2010-04-03 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-07-20 Officers, Regulation FD, Exhibits
8-K 2020-07-13 Other Events, Exhibits
8-K 2020-05-21
8-K 2020-04-27
8-K 2020-04-27
8-K 2020-03-25
8-K 2020-02-19
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-04-30
8-K 2019-04-22
8-K 2019-02-20
8-K 2018-11-08
8-K 2018-10-31
8-K 2018-09-27
8-K 2018-08-07
8-K 2018-05-02
8-K 2018-04-23
8-K 2018-03-23
8-K 2018-03-06
8-K 2018-02-21
8-K 2018-01-05

SEB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Accounting Policies and Basis of Presentation
Note 2 - Investments
Note 3 - Inventories
Note 4 - Debt and Commitments and Contingencies
Note 5 - Employee Benefits
Note 6 - Derivatives and Fair Value of Financial Instruments
Note 7 - Stockholders' Equity and Accumulated Other Comprehensive Loss
Note 8 - Revenue Recognition
Note 9 - Income Taxes
Note 10 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
EX-31.1 seb-20200627ex311eb2415.htm
EX-32.1 seb-20200627ex321a21b84.htm

Seaboard Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.91.51.10.70.3-0.12012201420172020
Rev, G Profit, Net Income
0.60.30.1-0.2-0.4-0.72012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2020

OR

   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________________________________ to ____________________________________

Commission File Number: 1-3390

Seaboard Corporation

(Exact name of registrant as specified in its charter)

Delaware

04-2260388

(State or other jurisdiction of incorporation)

(I.R.S. Employer Identification No.)

9000 West 67th Street, Merriam, Kansas

66202

(Address of principal executive offices)

(Zip Code)

(913) 676-8800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $1.00 Par Value

SEB

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation  S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  .

There were 1,160,779 shares of common stock, $1.00 par value per share, outstanding on July 21, 2020.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

Six Months Ended

June 27,

June 29,

June 27,

June 29,

(Millions of dollars except share and per share amounts)

2020

    

2019

    

2020

    

2019

 

Net sales:

Products (affiliate sales of $332, $357, $591 and $677)

$

1,589

$

1,513

$

2,971

$

2,758

Services (affiliate sales of $6, $4, $12 and $8)

 

206

 

275

 

489

 

544

Other

 

13

 

34

 

31

 

63

Total net sales

 

1,808

 

1,822

 

3,491

 

3,365

Cost of sales and operating expenses:

Products

 

1,518

 

1,422

 

2,796

 

2,652

Services

 

185

 

238

 

441

 

478

Other

 

14

 

26

 

28

 

49

Total cost of sales and operating expenses

 

1,717

 

1,686

 

3,265

 

3,179

Gross income

 

91

 

136

 

226

 

186

Selling, general and administrative expenses

 

80

 

83

 

152

 

167

Operating income

 

11

 

53

 

74

 

19

Other income (expense):

Interest expense

 

(6)

 

(12)

 

(11)

 

(18)

Interest income

 

4

 

8

 

11

 

15

Loss from affiliates

 

(17)

 

(16)

 

(21)

 

(34)

Other investment income (loss), net

 

128

 

37

 

(97)

 

150

Foreign currency gains (losses), net

 

(5)

 

(1)

 

(16)

 

2

Miscellaneous, net

 

1

 

 

2

 

Total other income (expense), net

 

105

 

16

 

(132)

 

115

Earnings (loss) before income taxes

 

116

 

69

 

(58)

 

134

Income tax expense

 

(142)

 

(11)

 

(71)

 

(19)

Net earnings (loss)

$

(26)

$

58

$

(129)

$

115

Less: Net loss attributable to noncontrolling interests

 

 

 

 

Net earnings (loss) attributable to Seaboard

$

(26)

$

58

$

(129)

$

115

Earnings (loss) per common share

$

(22.35)

$

50.13

$

(110.88)

$

98.92

Average number of shares outstanding

 

1,160,779

 

1,165,740

 

1,162,307

 

1,166,575

Other comprehensive income (loss), net of income tax expense of $1, $0, $1 and $0:

Foreign currency translation adjustment

 

(19)

 

(9)

 

(16)

 

(11)

Unrecognized pension cost

 

 

3

 

2

 

6

Other comprehensive loss, net of tax

$

(19)

$

(6)

$

(14)

$

(5)

Comprehensive income (loss)

 

(45)

 

52

 

(143)

 

110

Less: Comprehensive loss attributable to noncontrolling interests

 

 

 

 

Comprehensive income (loss) attributable to Seaboard

$

(45)

$

52

$

(143)

$

110

See accompanying notes to condensed consolidated financial statements.

2

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

June 27,

December 31,

 

(Millions of dollars except share and per share amounts)

2020

    

2019

 

Assets

Current assets:

Cash and cash equivalents

$

79

$

125

Short-term investments

 

1,178

 

1,434

Receivables, net

 

551

 

646

Inventories

 

989

 

1,022

Other current assets

 

117

 

123

Total current assets

 

2,914

 

3,350

Property, plant and equipment, net

 

1,479

 

1,431

Operating lease right of use assets, net

429

446

Investments in and advances to affiliates

 

706

 

735

Goodwill

 

163

 

164

Other non-current assets

 

182

 

159

Total assets

$

5,873

$

6,285

Liabilities and Stockholders’ Equity

Current liabilities:

Lines of credit

$

220

$

246

Current maturities of long-term debt

 

82

 

62

Accounts payable

 

189

 

368

Deferred revenue

44

80

Operating lease liabilities

113

104

Other current liabilities

 

374

 

329

Total current liabilities

 

1,022

 

1,189

Long-term debt, less current maturities

 

687

 

730

Deferred income taxes

 

29

 

76

Long-term income tax liability

62

62

Long-term operating lease liabilities

354

379

Other liabilities

 

329

 

295

Total non-current liabilities

 

1,461

 

1,542

Commitments and contingent liabilities

Stockholders’ equity:

Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,160,779 shares in 2020 and 1,164,848 shares in 2019

 

1

 

1

Accumulated other comprehensive loss

 

(454)

 

(440)

Retained earnings

 

3,833

 

3,983

Total Seaboard stockholders’ equity

 

3,380

 

3,544

Noncontrolling interests

 

10

 

10

Total equity

 

3,390

 

3,554

Total liabilities and stockholders’ equity

$

5,873

$

6,285

See accompanying notes to condensed consolidated financial statements.

3

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended

 

June 27,

June 29,

(Millions of dollars)

2020

    

2019

 

Cash flows from operating activities:

Net earnings (loss)

$

(129)

$

115

Adjustments to reconcile net earnings (loss) to cash from operating activities:

Depreciation and amortization

 

72

 

68

Deferred income taxes

 

(47)

 

8

Loss from affiliates

 

21

 

34

Dividends received from affiliates

 

7

 

2

Other investment loss (income), net

 

97

 

(150)

Other, net

 

22

 

6

Changes in assets and liabilities:

Receivables, net of allowance

 

86

 

(3)

Inventories

 

22

 

(54)

Other assets

 

5

 

32

Other liabilities, exclusive of debt

 

(156)

 

(19)

Net cash from operating activities

 

 

39

Cash flows from investing activities:

Purchase of short-term investments

 

(311)

 

(733)

Proceeds from the sale of short-term investments

 

464

 

617

Proceeds from the maturity of short-term investments

 

20

 

164

Capital expenditures

 

(108)

 

(156)

Investments in and advances to affiliates, net

 

(5)

 

(11)

Purchase of long-term investments

 

(38)

 

(9)

Other, net

 

1

 

2

Net cash from investing activities

 

23

 

(126)

Cash flows from financing activities:

Lines of credit, net

 

(22)

 

13

Proceeds from long-term debt

 

7

 

31

Principal payments of long-term debt

 

(31)

 

(20)

Repurchase of common stock

 

(13)

 

(14)

Dividends paid

 

(5)

 

(5)

Other, net

 

(4)

 

(2)

Net cash from financing activities

 

(68)

 

3

Effect of exchange rate changes on cash and cash equivalents

 

(1)

 

Net change in cash and cash equivalents

 

(46)

 

(84)

Cash and cash equivalents at beginning of year

 

125

 

194

Cash and cash equivalents at end of period

$

79

$

110

See accompanying notes to condensed consolidated financial statements.

4

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

Accumulated

Other

Common

Comprehensive

Retained

Noncontrolling

(Millions of dollars)

Stock

Loss

Earnings

Interests

Total

Balances, December 31, 2018

$

1

$

(410)

$

3,727

$

11

$

3,329

Reduction to noncontrolling interests

(1)

(1)

Comprehensive income:

Net earnings

57

57

Other comprehensive income, net of tax

1

1

Repurchase of common stock

(13)

(13)

Dividends on common stock ($2.25/share)

(3)

(3)

Balances, March 30, 2019

$

1

$

(409)

$

3,768

$

10

$

3,370

Comprehensive income:

Net earnings

58

58

Other comprehensive loss, net of tax

(6)

(6)

Repurchase of common stock

(1)

(1)

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, June 29, 2019

$

1

$

(415)

$

3,823

$

10

$

3,419

Balances, December 31, 2019

$

1

$

(440)

$

3,983

$

10

$

3,554

Adoption of accounting guidance (see Note 1)

(3)

(3)

Comprehensive loss:

Net loss

(103)

(103)

Other comprehensive income, net of tax

5

5

Repurchase of common stock

(13)

(13)

Dividends on common stock ($2.25/share)

(3)

(3)

Balances, March 28, 2020

$

1

$

(435)

$

3,861

$

10

$

3,437

Comprehensive loss:

Net loss

(26)

(26)

Other comprehensive loss, net of tax

(19)

(19)

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, June 27, 2020

$

1

$

(454)

$

3,833

$

10

$

3,390

See accompanying notes to condensed consolidated financial statements

5

SEABOARD CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 – Accounting Policies and Basis of Presentation

The condensed consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries (“Seaboard”). All significant intercompany balances and transactions have been eliminated in consolidation. Seaboard’s investments in non-consolidated affiliates are accounted for by the equity method. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Seaboard for the year ended December 31, 2019 as filed in its annual report on Form 10-K. Seaboard’s first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Seaboard’s year-end is December 31.

The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) that, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows. Except for new guidance adopted prospectively as discussed below, Seaboard has consistently applied all accounting policies as disclosed in the annual report on Form 10-K to all periods presented in these condensed consolidated financial statements. Results of operations for interim periods are not necessarily indicative of results to be expected for a full year. As Seaboard conducts its commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, gross margin on non-consolidated affiliates cannot be clearly distinguished without making numerous assumptions primarily with respect to marked-to-market accounting for commodity derivatives.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to allowance for credit losses on receivables, valuation of inventories, impairment of long-lived assets, intangibles and goodwill, potential write-down related to investments in and advances to affiliates and notes receivable from affiliates, income taxes, lease liabilities and right of use (“ROU”) assets and accrued pension liability. Actual results could differ from those estimates.

Supplemental Cash Flow Information

The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of ROU assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows.

Three months ended

Six months ended

June 27,

June 29,

June 27,

June 29,

(Millions of dollars)

2020

2019

2020

2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$

36

$

35

$

71

$

67

Operating cash flows from finance leases

1

1

2

1

Financing cash flows from finance leases

2

3

Operating ROU assets obtained in exchange for new operating lease liabilities

$

5

$

12

$

43

$

42

Finance ROU assets obtained in exchange for new finance lease liabilities

19

16

27

17

6

Leases

Seaboard’s operating lease assets and liabilities are reported separately in the condensed consolidated balance sheets. The classification of Seaboard’s finance leases in the condensed consolidated balance sheets was as follows:

June 27,

December 31,

(Millions of dollars)

2020

2019

Finance lease ROU assets, net

Property, plant and equipment, net

$

74

$

50

Finance lease liabilities

Other current liabilities

7

5

Non-current finance lease liabilities

Other liabilities

62

40

Goodwill and Other Intangible Assets

The decrease in the carrying amount of goodwill was due to a $(1) million acquisition related adjustment in the Commodity Trading and Milling (“CT&M”) segment. See Note 10 for further information on this acquisition-related adjustment. As of June 27, 2020, intangible assets, included in other non-current assets, were $55 million, net of accumulated amortization of $12 million. Amortization expense was $2 million and $4 million and foreign currency exchange adjustments were $0 million and ($1) million for the three and six month periods ended June 27, 2020, respectively.

Accounting Standard Adopted During 2020

On January 1, 2020, Seaboard adopted guidance which requires the use of a new current expected credit loss model in order to determine the allowance for credit losses with respect to accounts receivable and notes receivable, among other financial instruments. This model estimates the lifetime of expected credit loss based on historical experience, current conditions and reasonable supportable forecasts and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 that decreased retained earnings and increased the allowance for credit losses. The allowance for credit loss was $30 million and $28 million at June 27, 2020 and December 31, 2019, respectively. The activity within the allowance for credit losses on receivables was immaterial for the three and six months ended June 27, 2020.

Seaboard used the loss-rate method in developing its allowance for credit losses, which involved identifying pools of assets with similar risk characteristics, reviewing historical losses within the last five years and consideration for any reasonable supportable forecasts of economic indicators. Seaboard endeavors to minimize credit risk due to credit granting policies, relationships established with its customers and relatively short billing and collection cycles. Management monitors the credit quality of its different receivable types by frequent customer discussions, following economic and industry trends and specific customer data. Changes in estimates, developing trends and other new information can have a material effect on future evaluations.

Recently Issued Accounting Standard Not Yet Adopted

In December 2019, the Financial Accounting Standards Board issued guidance which simplifies the accounting for income taxes by removing certain exceptions to the general principles and improves consistent application of GAAP for other areas by clarifying and amending existing guidance. This guidance is effective for Seaboard on January 1, 2021. Seaboard is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its financial statements and disclosures.

Note 2 – Investments

The following is a summary of the estimated fair value of short-term investments classified as trading securities: