10-Q 1 seb-20240928x10q.htm SEABOARD CORPORATION 10-Q DATED SEPTEMBER 28, 2024
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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 September 28, 2024

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) 676-8928

(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 971,055 shares of common stock, $1.00 par value per share, outstanding on October 22, 2024.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(Millions of dollars except share and per share amounts)

2024

    

2023

    

2024

    

2023

 

Net sales:

Products (includes sales to affiliates of $278, $291, $892 and $839)

$

1,805

$

1,966

$

5,399

$

5,907

Services (includes sales to affiliates of $9, $7, $28 and $19)

 

344

 

349

 

1,042

 

1,185

Other

 

69

 

73

 

177

 

188

Total net sales

 

2,218

 

2,388

 

6,618

 

7,280

Cost of sales and operating expenses:

Products

 

1,731

 

1,905

 

5,251

 

5,981

Services

 

305

 

276

 

891

 

882

Other

 

45

 

42

 

123

 

122

Total cost of sales and operating expenses

 

2,081

 

2,223

 

6,265

 

6,985

Gross income

 

137

 

165

 

353

 

295

Selling, general and administrative expenses

 

105

 

98

 

311

 

295

Operating income

 

32

 

67

 

42

 

Other income (expense):

Interest expense

 

(21)

 

(9)

 

(50)

 

(41)

Interest income (includes $1, $1, $2 and $4 from affiliates)

 

16

 

18

 

52

 

45

Income from affiliates

 

17

 

23

 

59

 

74

Other investment income (loss), net

 

6

 

(7)

 

29

 

43

Foreign currency gains (losses), net

 

(9)

 

 

(21)

 

3

Miscellaneous, net

 

 

1

 

(1)

 

4

Total other income, net

 

9

 

26

 

68

 

128

Earnings before income taxes

 

41

 

93

 

110

 

128

Income tax benefit (expense)

 

(190)

 

33

 

(176)

 

34

Net earnings (loss)

$

(149)

$

126

$

(66)

$

162

Less: Net earnings attributable to noncontrolling interests

 

 

 

 

Net earnings (loss) attributable to Seaboard

$

(149)

$

126

$

(66)

$

162

Earnings (loss) per common share

$

(153.44)

$

108.55

$

(67.97)

$

139.56

Average number of shares outstanding

 

971,055

 

1,160,779

 

971,055

 

1,160,779

Other comprehensive income (loss), net of income tax expense:

Foreign currency translation adjustment

 

3

 

(3)

 

1

 

10

Unrecognized pension cost

 

1

 

 

3

 

4

Other comprehensive income (loss), net of tax

$

4

$

(3)

$

4

$

14

Comprehensive income (loss)

 

(145)

 

123

 

(62)

 

176

Less: Comprehensive income attributable to noncontrolling interests

 

 

 

 

Comprehensive income (loss) attributable to Seaboard

$

(145)

$

123

$

(62)

$

176

See accompanying notes to condensed consolidated financial statements.

2

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

September 28,

December 31,

 

(Millions of dollars except share and per share amounts)

2024

    

2023

 

Assets

Current assets:

Cash and cash equivalents

$

106

$

56

Short-term investments

 

1,096

 

973

Receivables:

 

 

Trade

585

500

Due from affiliates

88

127

Other (includes $5 and $0 due from affiliates)

177

152

Total receivables

850

779

Allowance for credit losses

(31)

(30)

Receivables, net

819

749

Inventories

 

1,356

 

1,462

Other current assets

 

136

 

123

Total current assets

 

3,513

 

3,363

Property, plant and equipment, net of accumulated depreciation of $2,098 and $1,956

 

2,522

 

2,410

Operating lease right-of-use assets, net

372

394

Investments in and advances to affiliates

 

725

 

731

Goodwill

 

161

 

160

Deferred tax assets

32

199

Other non-current assets

 

209

 

309

Total assets

$

7,534

$

7,566

Liabilities and Stockholders’ Equity

Current liabilities:

Lines of credit

$

427

$

255

Accounts payable (includes $31 and $1 due to affiliates)

 

361

 

400

Deferred revenue (includes $13 and $28 due to affiliates)

63

66

Operating lease liabilities

125

117

Other current liabilities

 

461

 

497

Total current liabilities

 

1,437

 

1,335

Long-term debt, less current maturities

 

992

 

997

Long-term operating lease liabilities

273

304

Other non-current liabilities

 

266

 

296

Total liabilities

 

2,968

 

2,932

Commitments and contingent liabilities

Stockholders’ equity:

Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 971,055 shares in 2024 and 2023

 

1

 

1

Accumulated other comprehensive loss

 

(406)

 

(410)

Retained earnings

 

4,953

 

5,025

Total Seaboard stockholders’ equity

 

4,548

 

4,616

Noncontrolling interests

 

18

 

18

Total equity

 

4,566

 

4,634

Total liabilities and stockholders’ equity

$

7,534

$

7,566

See accompanying notes to condensed consolidated financial statements.

3

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, 2022

$

1

$

(422)

$

5,417

$

18

$

5,014

Comprehensive loss:

Net loss

(16)

(16)

Other comprehensive income, net of tax

14

14

Dividends on common stock ($2.25/share)

(3)

(3)

Balances, April 1, 2023

$

1

$

(408)

$

5,398

$

18

$

5,009

Comprehensive income:

Net earnings

52

52

Other comprehensive income, net of tax

3

3

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, July 1, 2023

$

1

$

(405)

$

5,448

$

18

$

5,062

Comprehensive income:

Net earnings

126

126

Other comprehensive loss, net of tax

(3)

(3)

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, September 30, 2023

$

1

$

(408)

$

5,572

$

18

$

5,183

Balances, December 31, 2023

$

1

$

(410)

$

5,025

$

18

$

4,634

Comprehensive income:

Net earnings

22

22

Other comprehensive income, net of tax

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, March 30, 2024

$

1

$

(410)

$

5,045

$

18

$

4,654

Comprehensive income:

Net earnings

61

61

Other comprehensive income, net of tax

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, June 29, 2024

$

1

$

(410)

$

5,104

$

18

$

4,713

Comprehensive loss:

Net loss

(149)

(149)

Other comprehensive income, net of tax

4

4

Dividends on common stock ($2.25/share)

(2)

(2)

Balances, September 28, 2024

$

1

$

(406)

$

4,953

$

18

$

4,566

See accompanying notes to condensed consolidated financial statements.

4

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Nine Months Ended

 

September 28,

September 30,

(Millions of dollars)

2024

    

2023

 

Cash flows from operating activities:

Net earnings (loss)

$

(66)

$

162

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

Depreciation and amortization

 

215

 

214

Deferred income taxes

 

164

 

(87)

Income from affiliates

 

(59)

 

(74)

Dividends received from affiliates

 

51

 

88

Other investment income, net

 

(29)

 

(43)

Payment of contingent consideration liability in excess of acquisition date fair value

 

 

(16)

Other, net

 

3

 

18

Changes in assets and liabilities, net of acquisitions:

Receivables, net of allowance for credit losses

 

(67)

 

200

Inventories

 

110

 

158

Other assets

 

(10)

 

8

Accounts payable

(74)

(63)

Other liabilities, exclusive of debt

 

(19)

 

16

Net cash from operating activities

 

219

 

581

Cash flows from investing activities:

Purchase of short-term investments

 

(1,030)

 

(1,712)

Proceeds from the sale of short-term investments

 

1,048

 

1,671

Proceeds from the maturity of short-term investments

 

14

 

59

Capital expenditures

 

(373)

 

(344)

Proceeds from the sale of property, plant and equipment

 

23

 

28

Proceeds from the sale of non-consolidated affiliates

 

13

 

Investment in and advances to affiliates, net

(11)

Purchase of long-term investments

 

(6)

 

(11)

Other, net

 

(10)

 

(2)

Net cash from investing activities

 

(321)

 

(322)

Cash flows from financing activities:

Uncommitted lines of credit, net

 

103

 

(155)

Draws under committed lines of credit

998

819

Repayments of committed lines of credit

(928)

(950)

Proceeds from payable to affiliate

29

Principal payments of long-term debt

 

(5)

 

(6)

Finance lease payments

(38)

(43)

Payment of contingent consideration

(14)

Dividends paid

 

(6)

 

(7)

Other, net

 

(1)

 

Net cash from financing activities

 

152

 

(356)

Effect of exchange rate changes on cash and cash equivalents

 

 

(2)

Net change in cash and cash equivalents

 

50

 

(99)

Cash and cash equivalents at beginning of year

 

56

 

199

Cash and cash equivalents at end of period

$

106

$

100

See accompanying notes to condensed consolidated financial statements.

5

SEABOARD CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 – Basis of Presentation and Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements of Seaboard Corporation and its subsidiaries (“Seaboard”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in Seaboard’s annual report on Form 10-K for the year ended December 31, 2023. The unaudited financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. Seaboard’s first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.

Related-Party Transactions

Seaboard has investments in non-consolidated affiliates to further its business strategies and partner with other entities that have expertise in certain industries and countries. These investments are all accounted for using the equity method of accounting. As Seaboard conducts its agricultural commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, cost of sales on affiliate sales transactions cannot be distinguished without making numerous assumptions, primarily with respect to mark-to-market accounting for commodity derivatives. Purchases of raw materials or services from related parties included in cost of sales were $16 million and $22 million for the three months ended September 28, 2024 and September 30, 2023, respectively, and $48 million and $66 million for the nine months ended September 28, 2024 and September 30, 2023, respectively. During the second quarter of 2024, the Commodity Trading and Milling (“CT&M”) segment received $29 million on behalf of an affiliate. The amount is included in accounts payable and is payable upon demand.

Supplemental Cash Flow Information

Non-cash activities for the nine months ended September 28, 2024 and September 30, 2023, included capital expenditures of $12 million and less than $1 million, respectively, that were in accounts payable. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right-of-use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows.

Nine Months Ended

September 28,

September 30,

(Millions of dollars)

2024

2023

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

Operating cash flows from operating leases

$

137

$

145

Operating cash flows from finance leases

4

5

Financing cash flows from finance leases

38

43

ROU assets obtained in exchange for new lease liabilities:

Operating leases

$

94

$

48

Finance leases

1

5

Goodwill and Other Intangible Assets

The change in the carrying amount of goodwill was related to foreign currency translation of $1 million within the CT&M segment. As of September 28, 2024, intangible assets, included in other non-current assets, were $20 million, which consisted of the gross carrying amount of $79 million, net of accumulated amortization of $53 million and accumulated foreign currency translation of $6 million.

Recently Issued Accounting Standards and Disclosure Rules Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that requires incremental segment disclosures on an annual and interim basis related to significant segment expenses. Seaboard will adopt this guidance in its annual report on Form 10-K for the year ended December 31, 2024 (“2024 10-K”), and interim periods

6

beginning on January 1, 2025. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. Seaboard is currently evaluating the impact this guidance will have on its related disclosures. Pursuant to discussions with Seaboard’s chief executive officer (“CEO”), the chief operating decision maker (“CODM”), significant segment expenses have been evaluated and retrospective data is being compiled for enhanced segment disclosures to be included in Seaboard’s segment footnotes in the 2024 10-K.

In December 2023, the FASB issued guidance that requires additional detailed income tax disclosures related to standardization and disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. Seaboard will adopt this guidance for the annual reporting period beginning on January 1, 2025. Seaboard is currently evaluating the impact this guidance will have on its disclosures.

In March 2024, the Securities and Exchange Commission (the “SEC”) adopted final rules to enhance and standardize climate-related disclosures in registration statements and annual reports on Form 10-K. The new rules would require climate-related disclosures related to governance, strategy, risk management, targets and goals and greenhouse gas emissions. Additionally, within the notes to the financial statements, the rules would require disclosure of financial statement effects of severe weather events and other natural conditions and other climate-related financial metrics as applicable. Certain elements of the new rules are currently scheduled to become effective for Seaboard’s annual reporting period beginning on January 1, 2025, with the remaining requirements to be phased-in effective for subsequent fiscal years beginning after December 31, 2025. On April 4, 2024, the SEC issued an order staying the effectiveness of the final rules pending completion of the judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. Seaboard is currently evaluating the impact the rules will have on its disclosures.

Note 2 – Investments

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

September 28,

December 31,

 

(Millions of dollars)

    

2024

2023

 

Domestic equity securities

$

218

$

143

Foreign equity securities

 

108

 

96

Domestic debt securities

620

593

Foreign debt securities

127

120

Money market funds held in trading accounts

18

17

Other trading securities

5

4

Total trading short-term investments

$

1,096

$

973

The unrealized gain (loss) related to trading securities still held at the end of the respective reporting period was $27 million and $44 million for the three- and nine-month periods ended September 28, 2024, respectively, and ($1) million and $28 million for the three- and nine-month periods ended September 30, 2023, respectively.

Seaboard had $31 million and $18 million of short-term investments denominated in foreign currencies, primarily euros, as of September 28, 2024 and December 31, 2023, respectively.

As of September 28, 2024, Seaboard had long-term investments of $135 million in real estate and renewable energy facilities, classified in other non-current assets on the condensed consolidated balance sheet. As of December 31, 2023, Seaboard had long-term investments of $207 million which included an investment of $68 million in a business development company (“BDC”). The BDC completed an initial public offering (“IPO”) and became a publicly traded company on the NYSE during the first quarter of 2024. Seaboard’s securities in this BDC are subject to standard contractual sale restrictions associated with an IPO. These sale restrictions have phased expiration dates, with all restrictions expiring by February 2025. As of September 28, 2024, the BDC securities are included in short-term investments on the condensed consolidated balance sheet and in domestic equity securities in the table above. The reclassification of these securities from long-term investments to short-term investments was a non-cash activity on the condensed consolidated statement of cash flows.

7

Note 3 – Inventories

The following is a summary of inventories:

September 28,

December 31,

 

(Millions of dollars)

    

2024

    

2023

At lower of FIFO cost and net realizable value (“NRV”):

Hogs and materials

$

468

$

527

Pork products and materials

 

73

 

61

Grains, oilseeds and other commodities

 

362

 

366

Biofuels and related credits

148

160

Other

 

105

 

124

Total inventories at lower of FIFO cost and NRV

 

1,156

 

1,238

Grain, flour and feed at lower of weighted average cost and NRV

 

200

 

224

Total inventories

$

1,356

$

1,462

Note 4 – Lines of Credit, Long-Term Debt, Commitments and Contingencies

Lines of Credit

As of September 28, 2024, the outstanding balances under committed and uncommitted lines of credit were $175 million and $252 million, respectively. Of the total outstanding balance as of September 28, 2024, $175 million was denominated in foreign currencies with $152 million denominated in the South African rand and the remaining in various other currencies. As of December 31, 2023, the outstanding balances under committed and uncommitted lines of credit were $105 million and $150 million, respectively. Of the total outstanding balance as of December 31, 2023, $70 million was denominated in foreign currencies, with $57 million denominated in the South African rand and the remaining in various other currencies. The weighted average interest rate for outstanding lines of credit was 7.43% and 7.34% as of September 28, 2024 and December 31, 2023, respectively.

Long-Term Debt

The following is a summary of long-term debt:

September 28,

December 31,

(Millions of dollars)

2024

2023

Term Loan due 2033

$

968

$

973

Foreign subsidiary obligations

1

1

Other long-term debt

38

38

Total debt at face value

1,007

1,012

Current maturities and unamortized costs

(15)

(15)

Long-term debt, less current maturities and unamortized costs

$

992

$

997

The Term Loan due 2033 credit agreement provides for quarterly payments on the $975 million original principal balance, with the balance due on November 10, 2033, the maturity date. The interest rate was 6.56% and 7.08% as of September 28, 2024 and December 31, 2023, respectively. Seaboard was in compliance with all restrictive debt covenants relating to this agreement as of September 28, 2024.

Legal Proceedings

Seaboard is subject to various legal proceedings and claims that arise in the ordinary course of business and otherwise, including those matters described bel