SEABOARD CORP /DE/ Segments Disclosure
Note 13 − Segment Information
Seaboard manages its business under six reportable segments: Pork, 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 primarily represents a sugar and alcohol production and processing operation in Argentina.
The Pork segment primarily produces hogs to process and sells pork products to further processors, food service operators, distributors and grocery stores throughout the U.S. and to foreign markets. The CT&M segment is an integrated agricultural commodity trading, processing and logistics operation that internationally markets wheat, corn, soybean meal and other agricultural commodities in bulk to third-party customers and to consolidated subsidiaries and non-consolidated affiliates. The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. The Liquid Fuels segment produces biodiesel and renewable diesel from pork fat and other animal fats and vegetable oils, and generates related environmental credits and production tax credits. The Power segment is an independent power producer in the Dominican Republic that owns two power-generating barges. The Turkey segment holds an equity method investment that produces and processes turkey products. See Note 6 for additional information on this segment.
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 total operating income and income from affiliates to compare to historical trends and the forecast 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 years ended, and as of, December 31, 2025, 2024 and 2023. The significant segment expense categories align with the segment information that is regularly provided to the CODM.
Year ended December 31, 2025 | ||||||||||||||||||||||||||||
All | ||||||||||||||||||||||||||||
Other | Inter- | |||||||||||||||||||||||||||
Liquid | and | Segment | ||||||||||||||||||||||||||
(Millions of dollars) | Pork | CT&M | Marine | Fuels | Power | Turkey | Corporate | Elims | Total | |||||||||||||||||||
External net sales: | ||||||||||||||||||||||||||||
Products | $ | 1,943 | $ | 5,149 | $ | — | $ | 605 | $ | — | $ | 106 | $ | — | $ | 7,803 | ||||||||||||
Transportation | 22 | — | 1,605 | — | — | 2 | — | 1,629 | ||||||||||||||||||||
Energy | — | — | — | — | 232 | 5 | — | 237 | ||||||||||||||||||||
Other | 53 | 24 | — | — | — | — | — | 77 | ||||||||||||||||||||
Total external net sales | 2,018 | 5,173 | 1,605 | 605 | 232 | 113 | — | 9,746 | ||||||||||||||||||||
Intersegment net sales (a) | 40 | — | 6 | — | — | — | (46) | — | ||||||||||||||||||||
Total segment/consolidated net sales | $ | 2,058 | $ | 5,173 | $ | 1,611 | $ | 605 | $ | 232 | $ | 113 | $ | (46) | $ | 9,746 | ||||||||||||
Less significant segment expenses: | ||||||||||||||||||||||||||||
Cost of sales | 1,880 | 4,879 | 1,335 | 716 | 169 | 120 | (46) | 9,053 | ||||||||||||||||||||
Selling, general and administrative expenses | 111 | 151 | 111 | 16 | 17 | 48 | — | 454 | ||||||||||||||||||||
Total segment/consolidated operating income (loss) | $ | 67 | $ | 143 | $ | 165 | $ | (127) | $ | 46 | $ | (55) | $ | — | $ | 239 | ||||||||||||
Income from affiliates | 34 | 17 | 5 | — | 82 | — | — | 138 | ||||||||||||||||||||
Total operating income (loss) and income from affiliates | $ | 101 | $ | 160 | $ | 170 | $ | (127) | $ | 46 | $ | 82 | $ | (55) | $ | — | $ | 377 | ||||||||||
Depreciation and amortization expense | $ | 157 | $ | 26 | $ | 65 | $ | 35 | $ | 22 | $ | 13 | $ | — | $ | 318 | ||||||||||||
Capital expenditures | $ | 134 | $ | 55 | $ | 302 | $ | 10 | $ | 44 | $ | 17 | $ | — | $ | 562 | ||||||||||||
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) | Total assets for the Turkey segment primarily represent Seaboard’s investment in Butterball. All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion, $1 billion, and $963 million as of December 31, 2025, 2024 and 2023, respectively. |
Year ended December 31, 2024 | ||||||||||||||||||||||||||||
All | ||||||||||||||||||||||||||||
Other | Inter- | |||||||||||||||||||||||||||
Liquid | and | Segment | ||||||||||||||||||||||||||
(Millions of dollars) | Pork | CT&M | Marine | Fuels | Power | Turkey | Corporate | Elims | Total | |||||||||||||||||||
External net sales: | ||||||||||||||||||||||||||||
Products | $ | 1,991 | $ | 4,699 | $ | — | $ | 556 | $ | — | $ | 135 | $ | — | $ | 7,381 | ||||||||||||
Transportation | 16 | — | 1,388 | — | — | 3 | — | 1,407 | ||||||||||||||||||||
Energy | — | — | — | — | 239 | 7 | — | 246 | ||||||||||||||||||||
Other | 48 | 18 | — | — | — | — | — | 66 | ||||||||||||||||||||
Total external net sales | 2,055 | 4,717 | 1,388 | 556 | 239 | 145 | — | 9,100 | ||||||||||||||||||||
Intersegment net sales (a) | 38 | — | 5 | — | — | — | (43) | — | ||||||||||||||||||||
Total segment/consolidated net sales | $ | 2,093 | $ | 4,717 | $ | 1,393 | $ | 556 | $ | 239 | $ | 145 | $ | (43) | $ | 9,100 | ||||||||||||
Less significant segment expenses: | ||||||||||||||||||||||||||||
Cost of sales | 1,965 | 4,453 | 1,203 | 639 | 163 | 144 | (43) | 8,524 | ||||||||||||||||||||
Selling, general and administrative expenses | 108 | 132 | 108 | 17 | 15 | 40 | — | 420 | ||||||||||||||||||||
Total segment/consolidated operating income (loss) | $ | 20 | $ | 132 | $ | 82 | $ | (100) | $ | 61 | $ | (39) | $ | — | $ | 156 | ||||||||||||
Income from affiliates | 26 | 17 | 4 | 1 | 37 | — | — | 85 | ||||||||||||||||||||
Total operating income (loss) and income (loss) from affiliates | $ | 46 | $ | 149 | $ | 86 | $ | (100) | $ | 62 | $ | 37 | $ | (39) | $ | — | $ | 241 | ||||||||||
Depreciation and amortization expense | $ | 148 | $ | 25 | $ | 60 | $ | 44 | $ | 22 | $ | 12 | $ | — | $ | 311 | ||||||||||||
Capital expenditures | $ | 299 | $ | 11 | $ | 172 | $ | 2 | $ | 9 | $ | 18 | $ | — | $ | 511 | ||||||||||||
Total assets as of December 31, 2024(b) | $ | 2,111 | $ | 1,615 | $ | 992 | $ | 630 | $ | 306 | $ | 375 | $ | 1,636 | $ | — | $ | 7,665 | ||||||||||
Investments in affiliates as of December 31, 2024 | $ | 154 | $ | 164 | $ | 40 | $ | $ | 3 | $ | 375 | $ | 2 | $ | — | $ | 738 | |||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||
All | ||||||||||||||||||||||||||||
Other | Inter- | |||||||||||||||||||||||||||
Liquid | and | Segment | ||||||||||||||||||||||||||
(Millions of dollars) | Pork | CT&M | Marine | Fuels | Power | Turkey | Corporate | Elims | Total | |||||||||||||||||||
External net sales: | ||||||||||||||||||||||||||||
Products | $ | 1,768 | $ | 5,125 | $ | — | $ | 698 | $ | — | $ | 163 | $ | — | $ | 7,754 | ||||||||||||
Transportation | 13 | — | 1,499 | — | — | 3 | — | 1,515 | ||||||||||||||||||||
Energy | — | — | — | — | 237 | 5 | — | 242 | ||||||||||||||||||||
Other | 37 | 14 | — | — | — | — | — | 51 | ||||||||||||||||||||
Total external net sales | 1,818 | 5,139 | 1,499 | 698 | 237 | 171 | — | 9,562 | ||||||||||||||||||||
Intersegment net sales (a) | 45 | — | 4 | — | — | — | (49) | — | ||||||||||||||||||||
Total segment/consolidated net sales | $ | 1,863 | $ | 5,139 | $ | 1,503 | $ | 698 | $ | 237 | $ | 171 | $ | (49) | $ | 9,562 | ||||||||||||
Less significant segment expenses: | ||||||||||||||||||||||||||||
Cost of sales | 2,220 | 4,854 | 1,176 | 759 | 154 | 133 | (50) | 9,246 | ||||||||||||||||||||
Selling, general and administrative expenses | 98 | 140 | 99 | 12 | 12 | 42 | — | 403 | ||||||||||||||||||||
Total segment/consolidated operating income (loss) | $ | (455) | $ | 145 | $ | 228 | $ | (73) | $ | 71 | $ | (4) | $ | 1 | $ | (87) | ||||||||||||
Income (loss) from affiliates | 32 | (18) | 3 | — | 87 | 1 | — | 105 | ||||||||||||||||||||
Total operating income (loss) and income from affiliates | $ | (423) | $ | 127 | $ | 231 | $ | (73) | $ | 71 | $ | 87 | $ | (3) | $ | 1 | $ | 18 | ||||||||||
Depreciation and amortization expense | $ | 122 | $ | 24 | $ | 64 | $ | 42 | $ | 21 | $ | 10 | $ | — | $ | 283 | ||||||||||||
Capital expenditures | $ | 361 | $ | 7 | $ | 121 | $ | — | $ | 3 | $ | 14 | $ | — | $ | 506 | ||||||||||||
Total assets as of December 31, 2023(b) | $ | 2,075 | $ | 1,590 | $ | 847 | $ | 646 | $ | 337 | $ | 371 | $ | 1,700 | $ | — | $ | 7,566 | ||||||||||
Investments in affiliates as of December 31, 2023 | $ | 154 | $ | 164 | $ | 38 | $ | $ | 3 | $ | 370 | $ | 2 | $ | — | $ | 731 | |||||||||||
Geographic Information
Seaboard had sales in Colombia totaling $1.2 billion, $1.0 billion and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively, representing 12%, 11% and 13% of total sales for each respective year. No other individual foreign country accounted for 10% or more of sales to external customers.
The following table provides a geographic summary of net sales based on the location of product delivery or service:
Years ended December 31, | |||||||||
(Millions of dollars) | | 2025 | | 2024 | | 2023 | |||
Caribbean, Central and South America | $ | 4,394 | $ | 3,899 | $ | 4,197 | |||
Africa |
| 2,541 |
| 2,422 |
| 2,586 | |||
U.S. (a) |
| 2,142 |
| 2,108 |
| 2,102 | |||
Canada/Mexico | 341 | 327 | 289 | ||||||
Pacific Basin and Far East |
| 227 |
| 257 |
| 325 | |||
Europe |
| 82 |
| 82 |
| 59 | |||
All other |
| 19 |
| 5 |
| 4 | |||
Total sales | $ | 9,746 | $ | 9,100 | $ | 9,562 | |||
(a) For Marine segment services on product delivery to the U.S., geographic location is based on origination port.
The following table provides a geographic summary of Seaboard’s property, plant and equipment according to their physical location and primary port for the vessels:
December 31, | |||||||
(Millions of dollars) | | 2025 | | 2024 | |||
U.S. | $ | 2,247 | $ | 1,930 | |||
Dominican Republic |
| 229 |
| 250 | |||
China (a) | 15 | 136 | |||||
Argentina |
| 69 |
| 66 | |||
Ivory Coast | 35 | 35 | |||||
Senegal | 32 | 32 | |||||
Zambia | 31 | 23 | |||||
All other |
| 162 |
| 88 | |||
Total property, plant and equipment, net | $ | 2,820 | $ | 2,560 | |||
(a) Represents vessels under construction for the Marine segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 15, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.