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~~March 2829, ~~2024~~2025

☐ 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~~	04-2260388
(State or other jurisdiction of incorporation)	~~(I.R.S. Employer Identification No.)~~	(I.R.S. Employer Identification No.)

9000 West 67th Street, Merriam, Kansas	66202
(Address of principal executive offices)	(Zip Code)



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~~April 22, ~~2024~~2025.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income ~~(Loss)~~

(Unaudited)


	Three Months Ended
	March 29,		March 30,
(Millions of dollars except share and per share amounts)	2025		2024
Net sales:
Products (includes sales to affiliates of $265 and $302)	$	1,836	$	1,792
Services (includes sales to affiliates of $11 and $7)		427		350
Other		53		49
Total net sales		2,316		2,191
Cost of sales and operating expenses:
Products		1,801		1,769
Services		329		297
Other		44		38
Total cost of sales and operating expenses		2,174		2,104
Gross income		142		87
Selling, general and administrative expenses		104		107
Operating income (loss)		38		(20)
Other income (expense):
Interest expense		(10)		(12)
Interest income (includes $1 and $1 from affiliates)		18		19
Income from affiliates		13		19
Other investment income (loss), net		(10)		18
Foreign currency losses, net		(9)		(1)
Miscellaneous, net		—		—
Total other income, net		2		43
Earnings before income taxes		40		23
Income tax expense		(8)		(1)
Net earnings	$	32	$	22
Less: Net income attributable to noncontrolling interests		—		—
Net earnings attributable to Seaboard	$	32	$	22

Earnings per common share	$	32.95	$	22.66
Average number of shares outstanding		971,055		971,055

Other comprehensive income (loss):
Foreign currency translation adjustment		(15)		(2)
Unrecognized pension cost		1		2
Other comprehensive income (loss), net of tax	$	(14)	$	—
Comprehensive income		18		22
Less: Comprehensive income attributable to noncontrolling interests		—		—
Comprehensive income attributable to Seaboard	$	18	$	22


	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.

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)


	~~September~~March 2829,		December 31,
(Millions of dollars except share and per share amounts)	~~2024~~2025		~~2023~~2024
Assets
Current assets:
Cash and cash equivalents	$	~~106~~87	$	5698
Short-term investments		1,~~096~~015		~~973~~1,075
Receivables:
Trade		~~585~~599		~~500~~569
Due from affiliates		8889		~~127~~87
Other (includes $5 and $0 due from affiliates)		177		152
Other (includes $1 and $5 due from affiliates)		129		166
Total receivables		~~850~~817		~~779~~822
Allowance for credit losses		(31)		(3031)
Receivables, net		~~819~~786		~~749~~791
Inventories		1,~~356~~468		1,~~462~~408
Other current assets		~~136~~133		~~123~~146
Total current assets		3,~~513~~489		3,~~363~~518
Property, plant and equipment, net of accumulated depreciation of $2,098 and $1,956		2,522		2,410
Property, plant and equipment, net of accumulated depreciation of $2,219 and $2,162		2,587		2,560
Operating lease right-of-use assets, net		~~372~~348		~~394~~382
Investments in and advances to affiliates		~~725~~738		~~731~~738
Goodwill		~~161~~159		~~160~~164
Deferred tax assets		32		199
Deferred tax asset		72		69
Other non-current assets		209		309
Other non-current assets (includes $6 and $1 due from affiliates)		240		234
Total assets	$	7,~~534~~633	$	7,~~566~~665
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	~~427~~387	$	~~255~~314
Accounts payable (includes $31 and $1 due to affiliates)		361		400
Accounts payable (includes $31 and $31 from affiliates)		353		418
Deferred revenue (includes $13 and $28 due to affiliates)		63		66
Deferred revenue (includes $11 and $17 from affiliates)		82		83
Operating lease liabilities		~~125~~123		~~117~~134
Other current liabilities		~~461~~439		~~497~~458
Total current liabilities		1,~~437~~384		1,~~335~~407
Long-term debt, less current maturities		~~992~~987		~~997~~987
Long-term operating lease liabilities		~~273~~254		~~304~~276
Other non-current liabilities		266		296
Accrued pension liability		68		67
Total liabilities		2,968		2,932
Deferred tax liability		30		32
Other non-current liabilities		145		147
Total liabilities		2,868		2,916
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
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 971,055 shares in 2025 and 2024		1		1
Accumulated other comprehensive loss		(~~406~~390)		(~~410~~376)
Retained earnings		45,~~953~~134		5,~~025~~104
Total Seaboard stockholders’ equity		4,~~548~~745		4,~~616~~729
Noncontrolling interests		1820		1820
Total equity		4,~~566~~765		4,~~634~~749
Total liabilities and stockholders’ equity	$	7,~~534~~633	$	7,~~566~~665

See accompanying notes to condensed consolidated financial statements.

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

Balances, December 31, 2024	$	1	$	(376)	$	5,104	$	20	$	4,749
Comprehensive income:
Net earnings		—		—		6132		—		6132
Other comprehensive income, net of tax		—		—		—		—		—
Other comprehensive loss, net of tax		—		(14)		—		—		(14)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, June 29, 2024	$	1	$	(410)	$	5,104	$	18	$	4,713
Balances, March 29, 2025	$	1	$	(390)	$	5,134	$	20	$	4,765
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.

SEABOARD CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	~~Nine~~Three Months Ended
	~~September~~March 2829,		~~September~~March 30,
(Millions of dollars)	~~2024~~2025		~~2023~~2024
Cash flows from operating activities:
Operating activities:
Net earnings (loss)	$	(66)	$	162
Net earnings	$	32	$	22
Adjustments to reconcile net earnings (loss) to cash from operating activities:
Adjustments to reconcile net earnings to cash from (used in) operating activities:
Depreciation and amortization		~~215~~78		~~214~~69
Deferred income taxes		~~164~~(4)		(8715)
Income from affiliates		(5913)		(7419)
Dividends received from affiliates		5113		882
Other investment income, net		(29)		(43)
Other investment loss (income), net		10		(18)
Payment of contingent consideration liability in excess of acquisition date fair value		—		(16)
Other, net		8		7
Other, net		3		18
Changes in assets and liabilities:
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance for credit losses		1		(23)
Receivables, net of allowance for credit losses		(67)		200
Inventories		(68)		131
Inventories		110		158
Other assets		6		(12)
Other assets		(10)		8
Accounts payable		(63)		(65)
Accounts payable		(74)		(63)
Other liabilities, exclusive of debt		(20)		(60)
Other liabilities, exclusive of debt		(19)		16
Net cash from (used in) operating activities		(20)		19
Net cash from operating activities		219		581
Investing activities:
Cash flows from investing activities:
Purchase of short-term investments		(427)		(366)
Purchase of short-term investments		(1,030)		(1,712)
Proceeds from the sale of short-term investments		473		360
Proceeds from the sale of short-term investments		1,048		1,671
Proceeds from the maturity of short-term investments		2		—
Proceeds from the maturity of short-term investments		14		59
Capital expenditures		(109)		(104)
Capital expenditures		(373)		(344)
Proceeds from the sale of property, plant and equipment		8		6
Proceeds from the sale of property, plant and equipment		23		28
Other, net		(2)		(9)
Proceeds from the sale of non-consolidated affiliates		13		—
Net cash used in investing activities		(55)		(113)
Investment in and advances to affiliates, net		—		(11)
Financing activities:
Purchase of long-term investments		(6)		(11)
Uncommitted lines of credit, net		60		19
Other, net		(10)		(2)
Draws under committed lines of credit		576		473
Net cash from investing activities		(321)		(322)
Repayments of committed lines of credit		(561)		(354)
Cash flows from financing activities:
Principal payments of long-term debt		(1)		(3)
Uncommitted lines of credit, net		103		(155)
Finance lease payments		(10)		(14)
Draws under committed lines of credit		998		819
Dividends paid		(2)		(2)
Repayments of committed lines of credit		(928)		(950)
Net cash from financing activities		62		119
Proceeds from payable to affiliate		29		—
Effect of exchange rate changes on cash and cash equivalents		2		(3)
Principal payments of long-term debt		(5)		(6)
Net change in cash and cash equivalents		(11)		22
Finance lease payments		(38)		(43)
Cash and cash equivalents at beginning of year		98		56
Payment of contingent consideration		—		(14)
Cash and cash equivalents at end of period	$	87	$	78
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.

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~~2024 (“2024 10-K”). 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 $1615 million ~~and $22 million~~ for both the three months ended ~~September~~March 2829, ~~2024~~2025 and ~~September~~March 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~~three months ended ~~September~~March 2829, ~~2024~~2025 and ~~September~~ March 30, ~~2023~~ 2024, included capital expenditures of ~~$12 million and~~ less than $1 million and $6 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~~	Three Months Ended
	~~September 28,~~	March 29,		~~September 30,~~	March 30,
(Millions of dollars)	~~2024~~	2025		~~2023~~	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	~~137~~$	42	$	~~145~~$	47
Operating cash flows from finance leases		4	1		5	1
Financing cash flows from finance leases		38	10		43	14
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	94$	5	$	48$	47
Finance leases		1	9		5	1

~~Goodwill and Other Intangible Assets~~Inventories

~~The~~With ~~change~~the inpassing of the ~~carrying~~U.S. ~~amount~~Inflation Reduction Act of ~~goodwill~~2022, the federal blender’s credit was ~~related~~replaced toby ~~foreign~~a ~~currency~~new ~~translation~~clean offuel $1production ~~million~~tax ~~within~~credit ~~the~~on ~~CT&M~~January ~~segment~~1, 2025. AsAnalogizing ofto ~~September 28~~International Accounting Standard 20, ~~2024,~~Accounting ~~intangible~~for ~~assets~~Government Grants and Disclosure of Government Assistance, ~~included~~Seaboard inis ~~other~~electing ~~non-current~~to ~~assets~~recognize these production tax credits in inventories, ~~were~~with ~~$20~~an ~~million~~offset to cost of sales, ~~which~~when ~~consisted~~the economic benefit of the ~~gross~~credit ~~carrying~~is ~~amount~~deemed ofprobable. ~~$79~~The ~~million,~~production ~~net~~tax ofcredits ~~accumulated~~are ~~amortization~~carried ofat ~~$53~~estimated ~~million~~fair ~~and~~value ~~accumulated~~per ~~foreign~~the ~~currency~~U.S. ~~translation~~government model, net of $6a ~~million.~~discount upon sale.

~~Recently Issued Accounting Standards and Disclosure Rules Not Yet Adopted~~Goodwill

InThe ~~November~~change ~~2023,~~in the ~~Financial~~carrying ~~Accounting~~amount ~~Standards~~of ~~Board~~goodwill ~~(“FASB”)~~was ~~issued guidance that requires incremental segment disclosures on an annual and interim basis~~ related to ~~significant~~foreign ~~segment~~currency ~~expenses.~~translation ~~Seaboard~~of ~~will~~$5 ~~adopt~~million ~~this~~within ~~guidance in its annual report on Form 10-K for~~ the ~~year~~Commodity ~~ended~~Trading ~~December~~and ~~31,~~Milling ~~2024~~ (“~~2024 10-K~~CT&M”), ~~and interim periods~~ segment.

~~beginning~~SEABOARD 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.CORPORATION

InNotes ~~December 2023, the FASB issued guidance that requires additional detailed income tax disclosures related~~ to ~~standardization~~Consolidated ~~and~~Financial ~~disaggregation~~Statements 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.(Unaudited)

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.

Recently Adopted Accounting Standards

In Seaboard’s 2024 10-K, Seaboard adopted Financial Accounting Standards Board (“FASB”) guidance that requires incremental segment disclosures including the disclosure of significant segment expenses regularly provided to Seaboard’s chief operating decision maker (“CODM”). These additional disclosures are effective for interim reporting periods beginning on January 1, 2025, and were applied retrospectively to the prior financial periods presented herein. See Note 7 to the condensed consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

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 in the Form 10-K for the year ended December 31, 2025. Seaboard is currently evaluating the impact this guidance will have on its disclosures.

In November 2024, the FASB issued guidance that requires disclosure of incremental income statement expense information on an annual and interim basis, primarily through additional expense disclosures including disaggregation of specific expense categories including, but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. Prospective application is required, and retrospective application is permitted. Seaboard will adopt this guidance for the annual reporting period beginning on January 1, 2027, and interim periods within the annual year beginning on January 1, 2028. Seaboard is currently evaluating the impact this guidance 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~~March 2829,		December 31,
(Millions of dollars)	~~2024~~2025		~~2023~~2024
Domestic equity securities	$	~~218~~203	$	~~143~~205
Foreign equity securities		~~108~~104		9698
Domestic debt securities		~~620~~504		~~593~~635
Foreign debt securities		~~127~~102		~~120~~102
Money market funds held in trading accounts		1898		1728
Other trading securities		54		47
Total trading short-term investments	$	1,~~096~~015	$	~~973~~1,075

The unrealized ~~gain~~gains (~~loss~~losses) related to trading securities still held at the end of the respective reporting period ~~was~~were ($2712) million and $4416 million for the three- ~~and~~months ~~nine-month periods~~ ended ~~September~~March 2829, ~~2024,~~2025 ~~respectively,~~ and ~~($1)~~March ~~million and $28 million for the three- and nine-month periods ended September~~ 30, ~~2023~~2024, respectively.

Seaboard had $3155 million and $1840 million of short-term investments denominated in foreign currencies, primarily euros, as of ~~September~~March 2829, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

As of ~~September~~both March 2829, 2025 and December 31, 2024, Seaboard had long-term investments of $~~135~~141 million, primarily 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.

SEABOARD CORPORATION

Notes to Consolidated Financial Statements (Unaudited)

Note 3 – Inventories

The following is a summary of inventories:



	~~September~~March 2829,		December 31,
(Millions of dollars)	~~2024~~2025		~~2023~~2024
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	~~468~~479	$	~~527~~473
Pork products and materials		7365		6166
Grains, oilseeds and other commodities		~~362~~434		~~366~~367
Biofuels and related credits		~~148~~204		~~160~~221
Other		~~105~~82		~~124~~64
Total inventories at lower of FIFO cost and NRV		1,~~156~~264		1,~~238~~191
Grain, flour and feed at lower of weighted average cost and NRV		~~200~~204		~~224~~217
Total inventories	$	1,~~356~~468	$	1,~~462~~408

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

Lines of Credit

As of ~~September~~March 2829, ~~2024~~2025, the outstanding balances under committed and uncommitted lines of credit were $~~175~~ 190 million and $~~252~~ 197 million, respectively. Of the total outstanding balance as of ~~September~~March 2829, ~~2024~~2025, $~~175~~111 million was denominated in foreign currencies, with $~~152~~89 million denominated in the South African rand and the remaining in various other currencies. As of December 31, ~~2023~~ 2024, the outstanding balances under committed and uncommitted lines of credit were $~~105~~175 million and $~~150~~139 million, respectively. Of the total outstanding balance as of December 31, ~~2023~~2024, $7083 million was denominated in foreign currencies, with $5762 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 76.4318% and 76.3447% as of ~~September~~March 2829, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

In March 2025, Seaboard amended its committed line of credit agreement. The amendment decreased the amount available under the facility from $450 million to $300 million and extended the maturity date of the facility to March 23, 2026. This line of credit is secured by certain short-term investments, and bears interest at the Secured Overnight Financing Rate (“SOFR”) plus an applicable spread. Also, in March 2025, Seaboard entered into an uncommitted line of credit agreement with up to $100 million of borrowing availability that is secured by certain eligible accounts receivable of its designated subsidiaries and matures on March 14, 2026. Borrowings under the facility bear interest based on SOFR plus an applicable spread. As of March 29, 2025, there were no outstanding borrowings under this uncommitted line.

Long-Term Debt

The following is a summary of long-term debt:



	March 29,	~~September 28,~~	December 31,	~~December 31,~~
(Millions of dollars)	2025	~~2024~~	2024	~~2023~~
Term Loan due 2033	$	~~968~~963	$	~~973~~963
Foreign subsidiary obligations		1		1
Other long-term debt		3837		38
Total debt at face value		1,~~007~~001		1,~~012~~002
Current maturities and unamortized costs		(1514)		(15)
Long-term debt, less current maturities and unamortized costs	$	~~992~~987	$	~~997~~987

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 6.5605% and 76.08% as of ~~September~~March 2829, ~~2024~~2025 and December 31, ~~2023~~ 2024, respectively. Seaboard was in compliance with all restrictive debt covenants relating to this agreement as of ~~September 28~~March 29, ~~2024~~ 2025.

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 below.

Seaboard accrues liabilities for loss contingencies when it is deemed probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, Seaboard accrues the minimum amount in the range. For such matters where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual has been made.

In Seaboard’s opinion, it has made appropriate and adequate accruals for loss contingencies where necessary as of September 28, 2024. Substantially all of Seaboard’s contingencies are subject to uncertainties and, therefore, determining the likelihood of a loss or the measurement of any loss can be complex. Consequently, Seaboard is unable to estimate the

~~range~~SEABOARD of reasonably possible loss in excess of the amounts accrued. Seaboard’s assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions deemed reasonable by management, including an expected probable loss associated with settling or otherwise resolving such contingencies. These estimates and assumptions may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might change such estimates and assumptions. CORPORATION

Notes to Consolidated Financial Statements (Unaudited)

Seaboard has made appropriate and adequate accruals for loss contingencies where necessary as of March 29, 2025. Substantially all of Seaboard’s contingencies are subject to uncertainties and, therefore, determining the likelihood of a loss or the measurement of any loss can be complex. Consequently, Seaboard is unable to estimate the range of reasonably possible loss in excess of the amounts accrued. Seaboard’s assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions deemed reasonable by management, including an expected probable loss associated with settling or otherwise resolving such contingencies. These estimates and assumptions may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might change such estimates and assumptions.

At the end of each reporting period, Seaboard reviews information with respect to its legal proceedings, claims and other related loss contingencies and updates its accruals, disclosures and estimates of reasonably possible loss or range of loss based on such reviews. Costs for defending claims are expensed as incurred. Any receivable for insurance recoveries is recorded separately from the corresponding liability, and only if recovery is determined to be probable and reasonably estimable.

Seaboard believes that it has meritorious defenses to the claims asserted in the matters described below, and it intends to defend them vigorously, but litigation is inherently unpredictable and there can be no assurances as to their outcomes. Seaboard does not currently believe that any of these matters will have a material adverse effect on its business or its consolidated financial position, results of operations or cash flows. However, Seaboard could incur judgments, enter into settlements or revise its expectations regarding the outcome of matters, which could have a material adverse effect in the particular annual or quarterly period in which the amounts are accrued or paid.

Helms-Burton Act Litigation

On July 21, 2021, a lawsuit was filed by an individual, Odette Blanco de Fernandez (“Ms. de Fernandez”), and the heirs (“Inheritors”) and estates (“Estates”) of four of her siblings (Ms. de Fernandez, together with the Inheritors and the Estates being referred to as the “Plaintiffs”) against Seaboard Corporation in the U.S. District Court for the District of Delaware (the “Delaware District Court”), making claims under Title III of the Cuban Liberty and Solidarity Act of 1996, also known as the Helms-Burton Act (the “Act”). The same Plaintiffs filed a separate lawsuit against Seaboard Marine Ltd. (“Seaboard Marine”) on December 20, 2020, in the U.S. District Court for the Southern District of Florida (the “Florida District Court”). The complaints in each lawsuit seek unspecified damages (including treble damages) and pre-filing interest as provided in the Act; pre-judgment interest; attorneys’ fees, costs and expenses; and such other relief as is just and proper.

The Act provides that any person who knowingly and intentionally “traffics” in property which was confiscated by the Cuban government may be liable to any U.S. national who acquires an ownership interest in such property for money damages in an amount equal to the greater of the current fair market value of the property or the value of the property when confiscated, plus interest from the date of confiscation, reasonable attorneys’ fees and costs, and treble damages under certain circumstances. The complaint in each of the cases alleges that the Plaintiffs acquired ownership interests to a 70-year concession to develop port facilities at Mariel Bay, Cuba, and ownership of surrounding land, and that these and other property rights were confiscated by the Cuban government in 1960. The complaints further allege that Seaboard Corporation and Seaboard Marine knowingly and intentionally “trafficked” in the confiscated property within the meaning of the Act by carrying and/or directing cargo to the Port of Mariel.

The Florida District Court in the Seaboard Marine case dismissed the claims of the Inheritors and the Estates because they did not acquire the ownership claims prior to March 1996, as required by the Act. The remaining plaintiff, Ms. de Fernandez, contends she owns 20% of the companies that were granted the concession and owned land in or around Mariel Bay, Cuba. On August 19, 2022, the Florida District Court granted Seaboard Marine’s Motion for Summary Judgment and entered a Final Judgment (the “Summary Judgment”) in favor of Seaboard Marine. On September 1, 2022, the Plaintiffs appealed the Summary Judgment to the United States Court of Appeals for the Eleventh Circuit (“~~Appeal~~Court of Appeals”). ~~Oral~~On ~~arguments~~April ~~with~~14, ~~respect~~2025, to the ~~Appeal~~Court ~~were~~of ~~held~~Appeals onissued ~~January~~its ~~24,~~ruling ~~2024,~~affirming in part and reversing in part the ~~court~~order ~~has~~of ~~not~~Summary ~~yet~~Judgment. ~~ruled~~Seaboard Marine is considering seeking further appellate relief. If further appellate relief is not

SEABOARD CORPORATION

Notes to Consolidated Financial Statements (Unaudited)

sought or granted, the case will be remanded to the United States District Court for the Southern District of Florida for additional pre-trial proceedings and potentially a trial.

As to the suit against Seaboard Corporation, on October 21, 2021, the Plaintiffs filed an amended complaint which principally added allegations that there were other callings made by Seaboard Marine at the Port of Mariel and that Seaboard Corporation engaged in a pattern of doing business with individuals and entities in contravention of U.S. foreign policy. Seaboard Corporation filed a Motion to Dismiss, which is currently pending. On September 28, 2022, the Delaware District Court stayed this lawsuit against Seaboard Corporation until 30 days after the outcome of the Appeal in the Seaboard Marine case.

Seaboard believes that it has meritorious defenses to the claims and intends to vigorously defend the litigation. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties, and, if unfavorable, could result in a material liability.

Pork Price-Fixing Antitrust Litigation

On June 28, 2018, twelve indirect purchasers of pork products filed a class action complaint in the U.S. District Court for the District of Minnesota (the “Minnesota District Court”) against several pork processors, including Seaboard Foods LLC (“Seaboard Foods”) and Agri Stats, Inc., a company described in the complaint as a data sharing service. Additional class action complaints with similar claims on behalf of putative classes of direct and indirect purchasers were later filed in the Minnesota District Court, and additional actions by standalone plaintiffs (including the Commonwealth of Puerto Rico) were filed in or transferred to the Minnesota District Court. The consolidated actions are styled In re Pork Antitrust Litigation. The complaints allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain and stabilize the price of pork products in violation of U.S. antitrust laws by coordinating output and limiting production, allegedly facilitated by the exchange of non-public information about prices, capacity, sales volume and demand through Agri Stats, Inc. The complaints on behalf of the putative classes of indirect purchasers also assert claims under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and common law unjust enrichment. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees. On October 16, 2020, the Minnesota District Court denied the defendants’ motions to dismiss the amended complaints. On March 3, 2023, the Minnesota District Court granted the Plaintiffs’ Motions to Certify the Classes with respect to all three classes.

9Additional standalone “direct action” plaintiffs filed similar actions in federal courts throughout the country, several of which named Seaboard Corporation as a defendant. Those actions filed in courts other than the District of Minnesota have been conditionally transferred to Minnesota for pretrial proceedings pursuant to an order by the Judicial Panel on Multidistrict Litigation. The states of New Mexico and Alaska filed civil cases in state court against substantially the same defendants, including Seaboard Foods and Seaboard Corporation, based on substantially similar allegations.

~~the~~On ~~District~~June of12, ~~Minnesota~~2023, ~~(the~~Seaboard ~~“Minnesota~~Foods ~~District~~entered ~~Court”)~~into ~~against~~a ~~several~~settlement ~~pork~~agreement ~~processors,~~with ~~including~~the ~~Seaboard~~putative ~~Foods~~direct ~~LLC~~purchaser plaintiff class (the “~~Seaboard~~DPP ~~Foods~~Class”). ~~and~~The ~~Agri~~settlement ~~Stats,~~with ~~Inc.,~~the aDPP ~~company~~Class ~~described~~does innot cover the ~~complaint~~claims asof (a) “direct ~~data~~action” ~~sharing~~plaintiffs ~~service.~~(“DPPs”) ~~Additional~~that ~~class~~opted-out ~~action~~of ~~complaints~~Seaboard’s settlement with ~~similar~~the ~~claims~~DPP onClass ~~behalf~~and ofare ~~putative~~continuing ~~classes of~~ direct ~~and~~actions; ~~indirect~~(b) other direct purchasers ~~were~~that ~~later~~opted-out ~~filed~~of in the ~~Minnesota~~settlement ~~District~~(“Other ~~Court,~~Opt-Outs”) and ~~additional~~may ~~actions~~in bythe ~~standalone~~future ~~plaintiffs~~file ~~(including~~actions ~~the~~against ~~Commonwealth~~Seaboard; ~~of Puerto Rico~~(c) ~~were~~the ~~filed~~Commercial inand orIndustrial ~~transferred~~Indirect toPurchaser Class (the ~~Minnesota~~“CIIP ~~District~~Class”); ~~Court.~~or ~~The~~(d) ~~consolidated~~the ~~actions~~End ~~are~~User ~~styled~~Consumer InIndirect rePurchaser ~~Pork~~Plaintiff ~~Antitrust~~Class ~~Litigation.~~(the ~~The~~“EUCP ~~complaints~~Class”). ~~allege,~~Subsequent ~~among~~to ~~other~~the ~~things,~~settlement ~~that~~with ~~beginning~~the inDPP ~~January 2009~~Class, ~~the~~Seaboard ~~defendants~~settled ~~conspired~~with ~~and~~some ~~combined~~of tothe ~~fix,~~DPPs ~~raise, maintain,~~ and ~~stabilize~~Other ~~the~~Opt-Outs. ~~price~~Seaboard ofcontinues ~~pork~~to ~~products~~litigate inagainst ~~violation~~the ofDPPs ~~U.S.~~it ~~antitrust~~has ~~laws~~not bysettled ~~coordinating~~with, ~~output~~but ~~and~~Seaboard ~~limiting~~will ~~production,~~consider ~~allegedly~~additional ~~facilitated~~reasonable bysettlements ~~the~~where ~~exchange~~they ofare ~~non-public~~available. ~~information~~On ~~about~~June ~~prices~~18, ~~capacity,~~2024 ~~sales volume~~ and ~~demand~~June ~~through~~20, ~~Agri Stats~~2024, ~~Inc.~~Seaboard ~~The~~Foods ~~complaints~~entered oninto ~~behalf~~settlement ofagreements with the ~~putative~~CIIP ~~classes~~Class ofand ~~indirect~~the ~~purchasers~~EUCP ~~also~~Class. ~~assert~~The ~~claims~~settlement ~~under~~with ~~various~~the ~~state~~EUCP ~~laws,~~Class ~~including~~remains ~~state~~subject ~~antitrust~~to ~~laws,~~court ~~unfair~~approval. ~~competition~~Seaboard ~~laws,~~Foods ~~consumer~~entered ~~protection~~into ~~statutes,~~settlement ~~and~~agreements ~~common~~with ~~law unjust enrichment. The relief sought in~~ the ~~respective~~state ~~complaints~~of ~~includes~~Alaska ~~treble~~on ~~damages,~~August ~~injunctive relief~~7, ~~pre-~~2024 and ~~post-judgment~~the ~~interest,~~Commonwealth ~~costs~~of ~~and~~Puerto ~~attorneys’~~Rico ~~fees.~~on OnJanuary ~~October 16~~2, ~~2020,~~2025. ~~the~~Seaboard ~~Minnesota~~believes ~~District~~that ~~Court~~these ~~denied~~settlements ~~the~~were ~~defendants’~~in ~~motions to dismiss~~ the ~~amended~~best ~~complaints.~~interests Onof ~~March 3, 2023,~~Seaboard ~~the~~and ~~Minnesota~~its ~~District~~stakeholders ~~Court~~in ~~granted~~order ~~the Plaintiffs’ Motions~~ to ~~Certify~~avoid the ~~Classes~~uncertainty, ~~with~~risk, ~~respect~~expense toand ~~all~~distraction ~~three~~of ~~classes~~protracted litigation.

~~Additional~~On ~~standalone~~March ~~“direct~~31, ~~action”~~2025, ~~plaintiffs~~the ~~filed~~Minnesota ~~similar~~District ~~actions~~Court indenied ~~federal courts throughout~~ the ~~country,~~defendants’ ~~several~~motion offor ~~which~~summary ~~named Seaboard Corporation as a defendant~~judgment. ~~Those~~As ~~actions~~such, cases ~~filed~~pending in ~~courts other than~~ the ~~District of~~ Minnesota ~~have~~District ~~been~~Court ~~conditionally~~will ~~transferred~~proceed to ~~Minnesota~~trial and cases ~~for~~pending ~~pretrial~~in ~~proceedings~~other ~~pursuant~~jurisdictions will be remanded to anthe ~~order~~courts byin which the ~~Judicial~~actions ~~Panel~~were onbrought. Seaboard ~~Multidistrict~~has ~~Litigation.~~settled ~~The~~all ~~states~~actions oforiginally ~~New~~brought ~~Mexico~~in ~~and~~the ~~Alaska~~Minnesota ~~filed~~District ~~civil~~Court. It is ~~cases~~uncertain inwhen ~~state~~the ~~court~~Minnesota ~~against~~District ~~substantially~~Court ~~the~~will ~~same~~remand ~~defendants~~the cases, including Seaboard ~~Foods and Seaboard Corporation~~’s, ~~based~~pending ~~on substantially similar allegations. Except~~ in ~~the~~other ~~New~~jurisdictions ~~Mexico~~or ~~action,~~when ~~all~~trials ~~claims~~of ~~against~~those ~~Seaboard~~cases ~~Corporation~~will ~~have~~be ~~been dismissed without prejudice~~scheduled.

On June 12, 2023, Seaboard Foods entered into a settlement agreement with the putative direct purchaser plaintiff class (the “DPP Class”). The settlement with the DPP Class does not cover the claims of (a) “direct action” plaintiffs (“DPPs”) that opted-out of Seaboard’s settlement with the DPP Class and are continuing direct actions; (b) other direct purchasers that opted-out of the settlement (“Other Opt-Outs”) and may in the future file actions against Seaboard; (c) the Commercial and Industrial Indirect Purchaser Class (the “CIIP Class”); or (d) the End User Consumer Indirect Purchaser Plaintiff Class (the “EUCP Class”). Subsequent to the settlement with the DPP Class, Seaboard settled with some of the DPPs and Other Opt-Outs. Seaboard continues to litigate against the DPPs it has not settled with, but Seaboard will consider additional reasonable settlements where they are available. On June 18, 2024, and June 20, 2024, Seaboard Foods entered into settlement agreements with the CIIP Class and the EUCP Class, respectively, subject to court approval. On August 7, 2024, Seaboard Foods entered into a settlement agreement with the state of Alaska. Seaboard believes that these settlements were in the best interests of Seaboard and its stakeholders in order to avoid the uncertainty, risk, expense and distraction of protracted litigation. Seaboard believes that it has meritorious defenses to the claims alleged in these matters and intends to vigorously defend any matters not resolved by settlement. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties, and if unfavorable, could result in a material liability.

Pork Compensation Antitrust Litigation

On November 11, 2022, three employees of pork or beef processing plants filed a class action complaint (the “Class Action”) in the U.S. District Court for the District of Colorado (the “Court”), individually and on behalf of all other employees at such plants (the “Class”), against several pork and beef processors and their subsidiaries and related companies, including Seaboard Foods. The complaint alleges, among other things, that beginning in January 2014, the defendants conspired in violation of antitrust laws to fix and depress the compensation paid to the Class by, among other things, participating in third-party compensation surveys and exchanging wage-related information through a third-party benchmarking service. The relief sought includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees.

On June 23, 2023, Seaboard Foods reached a settlement with the Class to settle the Class Action which was approved by the Court and paid during Seaboard’s first quarter of 2024.

Cereoil and Nolston Litigation

On March 20, 2018, the bankruptcy trustee (the “Trustee”) for Cereoil Uruguay S.A. (“Cereoil”) filed a suit in the Bankruptcy Court of First Instance in Uruguay naming as parties Seaboard Corporation and its subsidiaries, Seaboard Overseas Limited (“SOL”) and Seaboard Uruguay Holdings Ltd. (“Seaboard Uruguay”). Seaboard Corporation has a 45% indirect ownership of Cereoil. The suit (the “Clawback Action”) seeks an order requiring Seaboard Corporation, SOL and Seaboard Uruguay to reimburse Cereoil the amount of approximately $22 million (approximately $30 million with interest at the statutory rate) (the “Clawback Amount”), contending that deliveries of soybeans to SOL pursuant to purchase agreements should be set aside as fraudulent conveyances. Seaboard believes that it has meritorious defenses to the claims

~~alleged~~SEABOARD ~~in this matter and intends to vigorously defend this matter. In the event of an adverse ruling, Seaboard and its two subsidiaries could be ordered to pay the Clawback Amount to Cereoil.~~CORPORATION

OnNotes ~~April~~to ~~27,~~Consolidated 2018, the Trustee filed an additional suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard Corporation, SOL, Seaboard Uruguay, all directors of Cereoil, including two individuals employed by Seaboard who served as directors at the behest of Seaboard, and the Chief Financial ~~Officer~~Statements ~~of Cereoil, an employee of Seaboard who also served at the behest of Seaboard~~ (~~collectively, the “Cereoil Defendants”~~Unaudited). The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Cereoil’s insolvency, and thus should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing listed the U.S. dollar equivalent of liabilities of approximately $50 million and assets of approximately $30 million. Based on the information received from the Trustee on the administration of the case and the liquidation of assets, as of September 28, 2024, the U.S. dollar equivalent of liabilities was estimated to be approximately $45 million, and the liquidation value of the remaining assets is negligible. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. In the event of an adverse ruling, Seaboard Corporation and the other Cereoil Defendants could be ordered to pay the liabilities of Cereoil, net of any amounts received from the liquidation of Cereoil’s assets, and could be ordered to pay an inflation adjustment, interest, the Trustee’s fees and other expenses. Any award in this case should be reduced by the amount of any award in the Clawback Action described above that is paid to Cereoil.

On September 30, 2021, HSBC Bank (Uruguay) SA (“HSBC”), a creditor in the Cereoil bankruptcy proceeding pending in Uruguay, filed a suit in the U.S. District Court for the District of Kansas (the “Kansas District Court”) against Seaboard Corporation alleging claims for breach of contract, promissory estoppel, breach of the duty of good faith and fair dealing, unjust enrichment, fraud, negligent misrepresentation and fraud by concealment based upon a comfort letter, alleged statements by Cereoil personnel (including the Chief Financial Officer serving at the behest of Seaboard), and the same grain transactions that the Trustee challenges as fraudulent conveyances in the Cereoil bankruptcy in Uruguay discussed above. HSBC seeks $10 million plus interest and other relief in excess of $3 million. In March 2022, Seaboard filed a motion to dismiss HSBC’s claims on various grounds. On September 23, 2022, the Kansas District Court dismissed six of HSBC’s seven claims. Three of those claims, for fraud, negligent misrepresentation and fraud by concealment, can be refiled by HSBC in Uruguay. The other three claims, for breach of contract, breach of the duty of good faith and fair dealing and unjust enrichment, were dismissed with prejudice and cannot be refiled unless HSBC successfully appeals the Kansas District Court order. The one claim not dismissed in this matter is for promissory estoppel. Seaboard believes that it has meritorious defenses to this claim and intends to vigorously defend it. In the event of an adverse ruling, Seaboard Corporation could be ordered to pay HSBC the amounts described above.

On May 15, 2018, the Trustee for Nolston S.A. (“Nolston”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard and the other Cereoil Defendants. Seaboard has a 45% indirect ownership of Nolston. The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Nolston’s insolvency, and thus should be ordered to pay all liabilities of Nolston, net of assets. The bankruptcy filing listed the U.S. dollar equivalent of liabilities of approximately $29 million and assets of approximately $15 million. Based on the administration of the case which resulted in duplicative claims made in the Cereoil case and the liquidation of assets, as of September 28, 2024, the U.S. dollar equivalent of liabilities was estimated to be approximately $1 million, and there are no remaining assets with any value. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. In the event of an adverse ruling, Seaboard Corporation and the other defendants could be ordered to pay the liabilities of Nolston, and could be ordered to pay an inflation adjustment, interest, the Trustee’s fees and other expenses.

Guarantees

Certain of Seaboard’s non-consolidated affiliates have debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of such debt in order to further Seaboard’s business objectives. As of September 28, 2024, guarantees outstanding were not material. Seaboard has not accrued a liability for any of the guarantees as the likelihood of loss is remote.

Seaboard believes that it has meritorious defenses to the claims alleged in these matters and intends to vigorously defend any matters not resolved by settlement. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties and, if unfavorable, could result in a material liability.

Cereoil and Nolston Litigation

On April 27, 2018, the Trustee filed an additional suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard Corporation, SOL, Seaboard Uruguay, all directors of Cereoil, including two individuals employed by Seaboard who served as directors at the behest of Seaboard, and the Chief Financial Officer of Cereoil, an employee of Seaboard who also served at the behest of Seaboard (collectively, the “Cereoil Defendants”). The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Cereoil’s insolvency and should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing listed the U.S. dollar equivalent of liabilities of approximately $50 million and assets of approximately $30 million. Based on the information received from the Trustee on the administration of the case and the liquidation of assets, as of March 29, 2025, the U.S. dollar equivalent of liabilities was estimated to be approximately $45 million, and the liquidation value of the remaining assets is negligible. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. In the event of an adverse ruling, Seaboard Corporation and the other Cereoil Defendants could be ordered to pay the liabilities of Cereoil, net of any amounts received from the liquidation of Cereoil’s assets, and could be ordered to pay an inflation adjustment, interest, the Trustee’s fees and other expenses. Any award in this case should be reduced by the amount of any award in the Clawback Action described above that is paid to Cereoil.

On September 30, 2021, HSBC Bank (Uruguay) SA (“HSBC”), a creditor in the Cereoil bankruptcy proceeding pending in Uruguay, filed a suit in the U.S. District Court for the District of Kansas (the “Kansas District Court”) against Seaboard Corporation alleging claims for breach of contract, promissory estoppel, breach of the duty of good faith and fair dealing, unjust enrichment, fraud, negligent misrepresentation and fraud by concealment based upon a comfort letter, alleged statements by Cereoil personnel (including the Chief Financial Officer serving at the behest of Seaboard), and the same grain transactions that the Trustee challenges as fraudulent conveyances in the Cereoil bankruptcy in Uruguay discussed above. HSBC seeks $10 million plus interest and other relief in excess of $3 million. In March 2022, Seaboard filed a motion to dismiss HSBC’s claims on various grounds. On September 23, 2022, the Kansas District Court dismissed six of HSBC’s seven claims. Three of those claims, for fraud, negligent misrepresentation and fraud by concealment, can be refiled by HSBC in Uruguay. The other three claims, for breach of contract, breach of the duty of good faith and fair dealing and unjust enrichment, were dismissed with prejudice and cannot be refiled unless HSBC successfully appeals the Kansas District Court order. The one claim not dismissed in this matter is for promissory estoppel. Seaboard believes that it has meritorious defenses to this claim and intends to vigorously defend this matter. In the event of an adverse ruling, Seaboard Corporation could be ordered to pay HSBC the amounts described above.

On May 15, 2018, the Trustee for Nolston S.A. (“Nolston”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018, naming as parties Seaboard Corporation and the other Cereoil Defendants. Seaboard has a 45% indirect ownership of Nolston. The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Nolston’s insolvency and should be ordered to pay all liabilities of Nolston, net of assets. The bankruptcy filing listed the U.S. dollar equivalent of liabilities of approximately $29 million and assets of approximately $15 million. Based on the administration of the case which resulted in duplicative claims made in the Cereoil case and the liquidation of assets, as of March 29, 2025, the U.S. dollar equivalent of liabilities was estimated to be approximately $1 million, and there are no remaining assets with any value. Seaboard believes that it has meritorious defenses to the claims alleged in this matter and intends to vigorously defend this matter. In the event of an adverse ruling, Seaboard Corporation and the other defendants could be ordered to pay the liabilities of Nolston, and could be ordered to pay an inflation adjustment, interest, the Trustee’s fees and other expenses.

SEABOARD CORPORATION

Notes to Consolidated Financial Statements (Unaudited)

Note 5 – Derivatives and Fair Value of Financial Instruments

The following tables show assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy used to measure each category of assets and liabilities. The trading securities classified as other current assets below are assets held for Seaboard’s deferred compensation plans.



	~~September~~March 2829,
(Millions of dollars)	~~2024~~2025		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	~~218~~203	$	~~218~~203	$	—	$	—
Foreign equity securities		~~108~~104		~~108~~104		—		—
Domestic debt securities		~~620~~504		~~156~~16		~~464~~488		—
Foreign debt securities		~~127~~102		78		~~120~~94		—
Money market funds held in trading accounts		1898		1898		—		—
Other trading securities		54		—		54		—
Trading securities – other current assets		1813		1813		—		—
Derivatives		204		202		—2		—
Total assets	$	1,~~134~~032	$	~~545~~444	$	~~589~~588	$	—
Liabilities:
Derivatives	$	1723	$	1020	$	73	$	—
Total liabilities	$	1723	$	1020	$	73	$	—



	December 31,
(Millions of dollars)	~~2023~~2024		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	~~143~~205	$	~~143~~205	$	—	$	—
Foreign equity securities		9698		9698		—		—
Domestic debt securities		~~593~~635		~~173~~158		~~420~~477		—
Foreign debt securities		~~120~~102		311		~~117~~91		—
Money market funds held in trading accounts		1728		1728		—		—
Other trading securities		47		—		47		—
Trading securities – other current assets		2217		2217		—		—
Long-term investment - BDC		68		—		68		—
Derivatives		30		17		13		—
Derivatives		12		9		3		—
Total assets	$	1,122	$	534	$	588	$	—
Total assets	$	1,075	$	463	$	612	$	—
Liabilities:
Derivatives	$	95	$	45	$	5—	$	—
Total liabilities	$	95	$	45	$	5—	$	—

Financial instruments consisting of cash and cash equivalents, net receivables, accounts payable, and lines of credit are carried at cost, which approximates fair value as a result of the short-term nature of the instruments. The fair value of short-term investments is measured using multiple levels. Debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and exchange- traded funds.

As of December 31, 2023, Seaboard held a long-term investment in a BDC that primarily lends to and invests in debt securities of privately held companies. During the first quarter of 2024, the BDC completed an IPO, and the investment is included in short-term domestic equity securities as of September 28, 2024. See Note 2 to the condensed consolidated financial statements for further discussion.

The fair value of long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. As Seaboard’s long-term debt is mostly variable-rate, the carrying amount approximates fair value. If Seaboard’s long-term debt was measured at fair value on its condensed consolidated balance sheets, it would have been classified as level 2 in the fair value hierarchy.

Seaboard’s operations are exposed to market risks from changes in commodity prices, foreign currency exchange rates, interest rates and equity prices. Seaboard uses various commodity derivative futures and options contracts to manage some of its risk of price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. Seaboard also enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies. From time to time, Seaboard enters into interest rate

ofSEABOARD its risk of price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. Seaboard also enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies. From time to time, Seaboard enters into interest rate swap agreements to manage the interest rate risk with respect to certain variable-rate long-term debt and enters into equity futures contracts to manage the equity price risk with respect to certain short-term investments. Although management believes its derivatives are primarily economic hedges, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. These derivative contracts are recorded at fair value, with any changes in fair value recognized in the condensed consolidated statements of comprehensive income (loss). As the derivative contracts are not accounted for as hedges, fluctuations in the related prices or rates could have a material impact on earnings in any given reporting period. The nature of Seaboard’s market risk exposure has not materially changed since December 31, 2023.CORPORATION

Notes to Consolidated Financial Statements (Unaudited)

swap agreements to manage the interest rate risk with respect to certain variable-rate long-term debt and enters into equity futures contracts to manage the equity price risk with respect to certain short-term investments. Although management believes its derivatives are primarily economic hedges, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. These derivative contracts are recorded at fair value, with any changes in fair value recognized in the condensed consolidated statements of comprehensive income. As the derivative contracts are not accounted for as hedges, fluctuations in the related prices or rates could have a material impact on earnings in any given reporting period. The nature of Seaboard’s market risk exposure has not materially changed since December 31, 2024.

Seaboard had the following aggregated outstanding notional amounts related to derivative financial instruments:



		March 29,	December 31,	~~September 28,~~	~~December 31,~~
(Millions)	Metric	2025	2024	~~2024~~	~~2023~~
Commodities:
Grain	Bushels	49	33	28	19
Hogs and pork products	Pounds	214	134	~~103~~	~~133~~
Soybean oil	Pounds	26	3	26	10
Foreign currencies	U.S. dollar			307	152
Soybean meal	Tons	1	1
Foreign currencies	U.S. dollar	303	334

Credit risks associated with these derivative contracts are not significant because Seaboard minimizes counterparty exposure by dealing with credit-worthy counterparties and using margin accounts for some commodity contracts. As of ~~September~~March 2829, ~~2024~~2025, the maximum amount of credit risk related to foreign currency contracts, had the counterparties failed to perform according to the terms of the contract, was ~~less than~~ $12 million.

The following table provides the fair value of each type of derivative held and where each derivative is included in the condensed consolidated balance sheets:



		Asset					Liability
		~~September~~March 2829,		December 31,			~~September~~March 2829,		December 31,
(Millions of dollars)		~~2024~~2025		~~2023~~2024			~~2024~~2025		~~2023~~2024
Commodities	Other current assets	$	202	$	917	Other current liabilities	$	1020	$	45
Foreign currencies	Other current assets		—2		313	Other current liabilities		73		5—

Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of ~~September~~March 2829, ~~2024~~2025 and December 31, ~~2023~~ 2024, the commodity derivatives had a margin account balance of $2456 million and $1923 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $3438 million and $2435 million, respectively.

The following table provides the amount of gain (loss) recognized in income for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income ~~(loss)~~:

Three Months Ended

~~Nine Months Ended~~

~~September~~March 2829,

~~September~~March 30,

~~September 28,~~

~~September 30,~~

(Millions of dollars)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Commodities

Cost of sales

3(5)

—(34)

~~(52)~~

~~(25)~~

Foreign currencies

Cost of sales

11(5)

(1)

Foreign currencies

Foreign currency gains (losses), net

(96)

~~(4)~~

—

SEABOARD CORPORATION

Notes to Consolidated Financial Statements (Unaudited)

Note 6 – Stockholders’ Equity and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss (“AOCL”), net of related taxes, were as follows:



	Cumulative
	Foreign		Cumulative
	Currency		Unrecognized
	Translation		Pension
(Millions of dollars)	Adjustment		Cost			Total
Balance December 31, 2022	$	(401)	$	(21)		$	(422)
Balance, December 31, 2023	$	(404)	$	(6)		$	(410)
Other comprehensive income before reclassifications		12		1			13
Other comprehensive income (loss) before reclassifications		(2)		—			(2)
Amounts reclassified from AOCL to net earnings		—		1	(a)		1
Other comprehensive income, net of tax		12		2			14
Balance April 1, 2023	$	(389)	$	(19)		$	(408)
Other comprehensive income before reclassifications		1		2			3
Amounts reclassified from AOCL to net earnings		—		—			—
Other comprehensive income, net of tax		1		2			3
Balance July 1, 2023	$	(388)	$	(17)		$	(405)
Other comprehensive loss before reclassifications		(3)		—			(3)
Amounts reclassified from AOCL to net earnings		—		—			—
Other comprehensive income (loss), net of tax		(3)		—			(3)
Balance September 30, 2023	$	(391)	$	(17)		$	(408)

Balance December 31, 2023	$	(404)	$	(6)		$	(410)
Other comprehensive loss before reclassifications		(2)		—			(2)
Amounts reclassified from AOCL to net earnings		—		2	(a)		2
Other comprehensive income (loss), net of tax		(2)		2			—
Balance March 30, 2024	$	(406)	$	(4)		$	(410)
Balance, March 30, 2024		(406)		(4)			(410)
Other comprehensive income before reclassifications		—		—			—

Balance, December 31, 2024	$	(400)	$	24		$	(376)
Other comprehensive income (loss) before reclassifications		(15)		1			(14)
Amounts reclassified from AOCL to net earnings		—		—			—
Other comprehensive income, net of tax		—		—			—
Other comprehensive income (loss), net of tax		(15)		1			(14)
Balance June 29, 2024	$	(406)	$	(4)		$	(410)
Balance, March 29, 2025	$	(415)	$	25		$	(390)
Other comprehensive income before reclassifications		2		1			3
Amounts reclassified from AOCL to net earnings		1		—			1
Other comprehensive income, net of tax		3		1			4
Balance September 28, 2024	$	(403)	$	(3)		$	(406)

(a)	This reclassification adjustment primarily represents the amortization of actuarial losses (gains) that were included in net periodic pension cost.

Note 7 – Segment Information

Seaboard’s has six reportable segments ~~are~~: Pork, ~~Liquid Fuels,~~ CT&M, Marine, ~~Power~~Liquid Fuels, Power and Turkey. Seaboard’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as All Other. ~~represents~~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 and a jalapeño pepper processing operation in Honduras. ~~Seaboard’s~~There ~~reporting~~have ~~segments~~been ~~are~~no ~~based~~significant onsegment ~~information~~updates ~~used~~in bythe ~~Seaboard’s~~first ~~CEO,~~quarter inof ~~his~~2025. ~~capacity~~For asdetails ~~CODM,~~on toeach ~~determine~~segment’s ~~allocation~~respective ofproducts ~~resources~~ and ~~assess~~services, ~~performance.~~see ~~Each~~Note of13 to the ~~six segments~~ isconsolidated ~~separately~~financial ~~managed~~statements included in Seaboard’s 2024 10-K.

~~The~~Seaboard’s ~~Pork~~Chief ~~segment~~Executive ~~primarily~~Officer ~~produces~~serves ~~hogs~~as tothe ~~process~~CODM. ~~and~~The ~~sells~~CODM ~~pork~~assesses ~~products~~performance toand ~~further~~makes ~~processors,~~key ~~food~~operating ~~service~~decisions ~~operators,~~based ~~distributors~~on ~~and~~total ~~grocery~~operating ~~stores~~income ~~throughout~~(loss) ~~the U.S.~~ and inincome ~~foreign~~(loss) ~~markets~~from affiliates. The ~~Liquid~~CODM ~~Fuels~~uses ~~segment~~this ~~produces~~measure ~~renewable~~to ~~diesel~~compare ~~and~~to ~~biodiesel~~historical ~~from~~trends ~~pork fat~~ and ~~other~~the ~~animal~~forecast ~~fats~~to ~~and~~assess ~~vegetable~~segment ~~oils~~results, ~~along~~allocate ~~with related environmental credits~~capital, ~~for~~make ~~sale~~strategic todecisions ~~third~~and ~~parties~~identify inareas ~~the~~of Uopportunity.S. ~~The~~Operating ~~CT&M~~income ~~segment is an integrated agricultural commodity trading, processing~~ and ~~logistics~~income ~~operation~~from ~~that~~affiliates ~~markets~~for ~~wheat,~~segment ~~corn,~~reporting ~~soybean~~is ~~meal~~prepared ~~and~~on ~~other~~the ~~agricultural~~same ~~commodities~~basis inas ~~bulk~~that toused ~~third-party~~for ~~customers and to non-~~consolidated ~~affiliates~~purposes inunder ~~international markets. The Marine segment provides cargo shipping services in the~~ U.S., ~~the Caribbean and Central and South America~~GAAP. The ~~Power~~CODM ~~segment~~does isnot anreceive ~~independent~~proportionate ~~power~~consolidation ~~producer~~information infor ~~the Dominican Republic that owns two power-generating barges. The Turkey segment holds an~~ equity method ~~investment that produces and processes turkey products~~investments.

~~During~~SEABOARD Seaboard’s second quarter of 2024, changes to Seaboard’s organizational structure became effective, and Seaboard’s CODM assumed direct oversight of the liquid fuels business, which had previously been reported in the Pork segment. As a result, the liquid fuels business became its own reportable segment. Additionally, the previously separate reportable Sugar and Alcohol segment became part of All Other as the ongoing economic conditions of Argentina reduced this segment’s impact on the condensed consolidated financial statements. The prior period information below has been recast to conform to the new presentation.CORPORATION

~~Other~~Notes ~~than~~to ~~the~~Consolidated ~~below,~~Financial ~~there~~Statements ~~were no other noteworthy changes in the segments’ businesses or relationships with affiliates since December 31, 2023.~~(Unaudited)

During the second quarter of 2024, the CT&M segment sold its remaining 20% interest in a North American protein and commodity trading company to the majority owner of that company for cash proceeds of $13 million.

The following tables present Seaboard’s sales disaggregated by major product/service and segment:



Net Sales:		Three Months Ended September 28, 2024
				Liquid								All		Intersegment		Consolidated
(Millions of dollars)		Pork		Fuels		CT&M		Marine		Power		Other		Eliminations		Totals
External customer net sales
Products	$	477	$	182	$	1,111	$	—	$	—	$	35	$	—	$	1,805
Transportation		5		—		—		324		—		—		—		329
Energy		—		—		—		—		66		3		—		69
Other		11		—		4		—		—		—		—		15
Total external customer net sales		493		182		1,115		324		66		38		—		2,218
Intersegment net sales (a)		9		—		—		1		—		—		(10)		—
Segment/consolidated totals	$	502	$	182	$	1,115	$	325	$	66	$	38	$	(10)	$	2,218

The following tables include certain segment information for the quarter ended March 29, 2025 and March 30, 2024, and as of March 29, 2025 and December 31, 2024. The significant segment expense categories align with the information regularly provided to the CODM.



Net Sales:		Three Months Ended September 30, 2023
		Three Months Ended March 29, 2025
				~~Liquid~~								~~All~~		~~Intersegment~~All		~~Consolidated~~
(Millions of dollars)		Pork		Fuels		CT&M		Marine		Power		Other		Eliminations		Totals
														Other		Inter-
External customer net sales
								Liquid						and		Segment
Products	$	471	$	208	$	1,249	$	—	$	—	$	38	$	—	$	1,966
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
Transportation		3		—		—		333		—		—		—		336
External net sales:
Energy		—		—		—		—		71		2		—		73
Products	$	468	$	1,219	$	—	$	121	$	—			$	28	$	—	$	1,836
Other		9		—		4		—		—		—		—		13
Transportation		4		—		403		—		—				—		—		407
Total external customer net sales		483		208		1,253		333		71		40		—		2,388
Energy		—		—		—		—		53				—		—		53
Intersegment net sales (a)		12		—		—		1		—		—		(13)		—
Other		14		6		—		—		—				—		—		20
Segment/consolidated totals	$	495	$	208	$	1,253	$	334	$	71	$	40	$	(13)	$	2,388
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 March 29, 2025(b)	$	2,088	$	1,690	$	1,018	$	604	$	305	$	369	$	1,559	$	—	$	7,633
Investment in affiliates as of March 29, 2025	$	156	$	166	$	41	$	—	$	3	$	369	$	3	$	—	$	738



Net Sales:		Nine Months Ended September 28, 2024
				Liquid								All		Intersegment		Consolidated
(Millions of dollars)		Pork		Fuels		CT&M		Marine		Power		Other		Eliminations		Totals
External customer net sales
Products	$	1,486	$	387	$	3,423	$	—	$	—	$	103	$	—	$	5,399
Transportation		12		—		—		981		—		2		—		995
Energy		—		—		—		—		173		4		—		177
Other		34		—		13		—		—		—		—		47
Total external customer net sales		1,532		387		3,436		981		173		109		—		6,618
Intersegment net sales (a)		28		—		—		3		—		—		(31)		—
Segment/consolidated totals	$	1,560	$	387	$	3,436	$	984	$	173	$	109	$	(31)	$	6,618

SEABOARD CORPORATION

Notes to Consolidated Financial Statements (Unaudited)



Net Sales:		Nine Months Ended September 30, 2023
				Liquid								All		Intersegment		Consolidated
(Millions of dollars)		Pork		Fuels		CT&M		Marine		Power		Other		Eliminations		Totals
External customer net sales
Products	$	1,334	$	530	$	3,922	$	—	$	—	$	121	$	—	$	5,907
Transportation		9		—		—		1,137		—		2		—		1,148
Energy		—		—		—		—		186		2		—		188
Other		27		—		10		—		—		—		—		37
Total external customer net sales		1,370		530		3,932		1,137		186		125		—		7,280
Intersegment net sales (a)		35		—		—		3		—		—		(38)		—
Segment/consolidated totals	$	1,405	$	530	$	3,932	$	1,140	$	186	$	125	$	(38)	$	7,280

(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 the jalapeño pepper processing business. Intercompany transactions are eliminated in consolidation.

The following tables present Seaboard’s operating income (loss) and income (loss) from affiliates by segment. Operating income (loss) for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income (loss), along with income (loss) from affiliates for the Pork, CT&M, and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax benefit (expense) on a segment basis. Administrative services provided by the corporate office are allocated to the individual segments and represent corporate services rendered to and costs incurred for each specific segment, with no allocation to individual segments of general corporate management oversight costs. Corporate operating results represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation plans, which are offset by the effect of the mark-to-market adjustments on these investments recorded in other investment income (loss), net.



Operating Income (Loss):	Three Months Ended				Nine Months Ended
		Three Months Ended March 30, 2024
	~~September 28,~~		~~September 30,~~		~~September 28,~~		~~September 30,~~							All
(Millions of dollars)	2024		2023		2024		2023
														Other		Inter-
Pork	$	12	$	(40)	$	9	$	(325)
								Liquid						and		Segment
Liquid Fuels		(24)		6		(100)		(25)
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
CT&M		31		33		83		93
External net sales:
Marine		(1)		40		32		196
Products	$	487	$	1,185	$	—	$	87	$	—			$	33	$	—	$	1,792
Power		20		27		45		59
Transportation		3		—		332		—		—				1		—		336
All Other		—		7		(9)		17
Energy		—		—		—		—		48				1		—		49
Segment Totals		38		73		60		15
Other		9		5		—		—		—				—		—		14
Corporate		(6)		(6)		(18)		(15)
Total external net sales		499		1,190		332		87		48				35		—		2,191
Consolidated Totals	$	32	$	67	$	42	$	—
Intersegment net sales (a)		9		—		1		—		—				—		(10)		—
Total segment/consolidated net sales	$	508	$	1,190	$	333	$	87	$	48			$	35	$	(10)	$	2,191
Less significant segment expenses:
Cost of sales		479		1,137		292		133		37				36		(10)		2,104
Selling, general and administrative expenses		28		35		26		3		4				11		—		107
Total segment/consolidated operating income (loss)	$	1	$	18	$	15	$	(49)	$	7			$	(12)	$	—	$	(20)
Income from affiliates		9		2		1		—		—		7		—		—		19
Total operating income (loss) and income from affiliates	$	10	$	20	$	16	$	(49)	$	7	$	7	$	(12)	$	—	$	(1)
Depreciation and amortization expense	$	29	$	6	$	16	$	10	$	5			$	3	$	—	$	69
Capital expenditures	$	47	$	2	$	12	$	40	$	2			$	1	$	—	$	104
Total assets as of December 31, 2024(b)	$	2,111	$	1,615	$	992	$	630	$	306	$	375	$	1,636	$	—	$	7,665
Investment in affiliates as of December 31, 2024	$	154	$	164	$	40	$	—	$	3	$	375	$	2	$	—	$	738

(a)

Intersegment sales in the Pork segment 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. Intersegment sales in the Marine segment primarily represent shipping services provided to the jalapeño pepper processing business. Intercompany transactions are eliminated in consolidation.

(b)	Total assets for the Turkey segment represent Seaboard’s investment in Butterball, LLC. All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion as of both March 29, 2025 and December 31, 2024.



Income (Loss) from Affiliates:	Three Months Ended				Nine Months Ended
	September 28,		September 30,		September 28,		September 30,
(Millions of dollars)	2024		2023		2024		2023
Pork	$	6	$	8	$	21	$	27
CT&M		4		(6)		14		(16)
Marine		1		1		3		2
Power		—		—		—		—
Turkey		6		20		21		61
Segment/Consolidated Totals	$	17	$	23	$	59	$	74

The following tables present total assets by segment and the investments in and advances to affiliates by segment. Corporate assets primarily include cash and short-term investments, other current assets related to deferred compensation plans, long-term investments and other miscellaneous items.



Total Assets:	September 28,		December 31,
(Millions of dollars)	2024		2023
Pork	$	2,120	$	2,075
Liquid Fuels		609		646
CT&M		1,600		1,590
Marine		898		847
Power		320		337
Turkey		359		360
All Other		179		183
Segment Totals		6,085		6,038
Corporate		1,449		1,528
Consolidated Totals	$	7,534	$	7,566



Investments in and Advances to Affiliates:	September 28,		December 31,
(Millions of dollars)	2024		2023
Pork	$	158	$	154
CT&M		163		164
Marine		39		38
Power		3		3
Turkey		359		370
All Other		3		2
Segment/Consolidated Totals	$	725	$	731

The Turkey segment represents Seaboard’s investment in Butterball, LLC (“Butterball”), which is accounted for using the equity method. As of September 28, 2024 and December 31, 2023, Butterball had total assets of $1.2 billion and $1.1 billion, respectively. Butterball’s summarized income statement information was as follows:



	Three Months Ended				Nine Months Ended
	September 28,		September 30,		September 28,		September 30,
(Millions of dollars)	2024		2023		2024		2023
Net sales	$	484	$	534	$	1,261	$	1,400
Operating income	$	16	$	43	$	50	$	129
Net earnings	$	10	$	38	$	39	$	117

Note 8 – Income Taxes

Seaboard assesses the realizability of its deferred tax assets each reporting period. A valuation allowance is established if it is more likely than not that the deferred tax assets will not be realized. Realizability of deferred tax assets is based on the weight of available positive and negative evidence to estimate whether sufficient future taxable income will be generated. A valuation allowance is maintained on deferred tax assets until there is sufficient evidence to support the reversal of the valuation allowance.

As of September 28, 2024, Seaboard’s U.S. operations were in a historical three-year cumulative loss position, which is significant objective negative evidence under U.S. GAAP, specifically Accounting Standards Codification (“ASC”) 740 Income Taxes. Also, ASC 740 generally precludes consideration of expected future earnings in determining whether deferred tax assets are realizable. Due to the three-year cumulative loss and Seaboard’s inability to consider expected future earnings, Seaboard recorded a valuation allowance adjustment totaling $176 million, with a corresponding charge to income tax expense, during the third quarter of 2024. A valuation allowance was not needed on certain transferable tax credits that Seaboard has the intent and ability to sell.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, Seaboard’s consolidated financial statements and the accompanying notes included in this quarterly report on Form 10-Q and within Seaboard’s ~~annual~~2024 ~~report on Form~~ 10-K ~~filed for the year ended December 31, 2023~~. Certain statements in this report contain forward-looking statements. See the section entitled “Forward-looking Statements” for more information on these forward-looking statements, including a discussion of the most significant factors that could cause actual results to differ materially from those in the forward-looking statements.

LIQUIDITY AND CAPITAL RESOURCES

~~Management~~The ~~believes~~primary objectives of Seaboard’s ~~combination~~financing ofstrategy ~~internally~~are to effectively manage financial risks, ensure efficient liquidity for daily global operations and maintain balance sheet strength. Seaboard’s principal funding sources are generated ~~capital~~from ~~resources~~operating activities, short-term investments and ~~borrowing~~borrowings ~~capabilities~~from ~~will~~revolving belines ~~adequate~~of credit and term loans. Seaboard’s cash requirements include funding for ~~its~~working ~~existing~~capital, ~~operations~~capital expenditures, strategic investments and ~~any~~other ~~currently~~needs. ~~known~~Seaboard ~~potential~~evaluates ~~plans~~its ~~for~~overall ~~expansion~~liquidity at least on a quarterly basis, and management believes Seaboard’s combination of ~~existing~~internally-generated ~~operations~~cash, inliquidity ~~both~~and ~~the~~borrowing capabilities will be adequate to meet all short-term and long-term commitments.

~~Liquidity~~As ~~includes~~of ~~cash~~March 29, 2025, ~~and~~Seaboard had cash ~~equivalents,~~and short-term investments ~~and~~of ~~available~~nearly ~~borrowing~~$1.1 billion ~~capacity~~and ~~under~~total ~~lines~~net working capital of ~~credit~~$1 ~~facilities~~billion. AsOf ofthe ~~September 28, 2024,~~total ~~Seaboard had~~ cash and short-term investments ofbalance, ~~nearly~~ $190 million was held by foreign subsidiaries.2 ~~billion~~Seaboard ~~and~~considers ~~total~~substantially ~~net~~all ~~working~~foreign ~~capital~~profits permanently reinvested in its foreign operations, except for previously-taxed undistributed earnings of ~~$874~~Seaboard ~~million~~Marine. ~~The~~For ~~following~~all ~~table~~other ~~presents~~foreign asubsidiaries, ~~summary~~Seaboard ofintends to continue permanently reinvesting their funds outside the U.S. as they continue to demonstrate no need to repatriate them to fund Seaboard’s ~~available~~U.S. ~~borrowing~~operations ~~capacity~~for ~~under~~the ~~lines~~foreseeable future. Seaboard has not recorded deferred taxes for state or foreign withholding taxes that would result upon repatriation of ~~credit~~these funds to the U.S. as determination of the tax is not practical due to the complexity of the multi-jurisdictional tax environment in which Seaboard operates.



	Total Amount
(Millions of dollars)	Available
Short-term uncommitted and committed lines	$	1,323
Amounts drawn against lines		(427)
Available borrowing capacity as of September 28, 2024	$	896

The following table presents a summary of Seaboard’s available borrowing capacity under lines of credit.

As of September 28, 2024, $87 million of the $1.2 billion of cash and short-term investments were held by Seaboard’s foreign subsidiaries. Historically, Seaboard has considered substantially all foreign profits as being permanently invested in its foreign operations, including all cash and short-term investments held by foreign subsidiaries. During 2022, Seaboard reversed its indefinite reinvestment assertion in connection with certain previously-taxed undistributed earnings of its Seaboard Marine subsidiary due to the tax effectiveness of repatriating. For all other foreign subsidiaries, Seaboard intends to continue permanently reinvesting their funds outside the U.S. as they continue to demonstrate no need to repatriate them to fund Seaboard’s U.S. operations for the foreseeable future. As a result, Seaboard has not recorded deferred taxes for state or foreign withholding taxes that would result upon repatriation of these funds to the U.S. Determination of the tax that might be paid on unremitted earnings if eventually remitted is not practical due to the complexity of the multi-jurisdictional tax environment in which Seaboard operates.



	Total amount
(Millions of dollars)	available
Short-term uncommitted and committed lines	$	1,214
Amounts drawn against lines		(387)
Available borrowing capacity as of March 29, 2025	$	827

During the first quarter of 2025, Seaboard entered into a collateralized uncommitted line of credit agreement with up to $100 million of borrowing availability that is secured by certain eligible accounts receivable and matures on March 14, 2026. Also, Seaboard reduced its borrowing capacity under the committed line of credit from $450 million to $300 million and extended the maturity date to March 23, 2026. See Note 4 to the condensed consolidated financial statements for more discussion. Seaboard will continue to evaluate opportunities to access efficient financing in the markets where it operates, leveraging low-cost funding to support its operations.

Seaboard had long-term debt of $1.0 billion as of March 29, 2025, which included a Term Loan due 2033 of $963 million. Current maturities of long-term debt were $11 million as of March 29, 2025.

Cash Flows

Cash ~~provided~~used byin operating activities ~~decreased~~was $~~362~~20 million for the ~~nine~~first ~~months~~quarter ~~ended~~of ~~September 28~~2025, ~~2024,~~ compared to ~~the same period in 2023. The decrease in~~ cash ~~generated~~provided ~~from~~by ~~working~~operating ~~capital~~activities ~~was~~of $~~361~~19 million onfor ~~a net basis~~2024. The ~~working~~change ~~capital~~in ~~changes~~operating ~~primarily~~activities ~~reflected~~cash aflows ~~decrease~~was indue to less cash ~~flows~~generated from ~~receivables~~working capital of $~~267~~115 million, ~~due~~partially tooffset ~~timing~~by ofan ~~collections,~~increase ~~a decrease~~ in ~~cash~~net ~~flows~~earnings, adjusted for ~~inventories~~non-cash ~~due~~items, ~~to lower commodity prices~~ of $48 65 million. ~~and~~The andecrease ~~increase~~ in cash ~~flows~~generated ~~related~~from toworking ~~payments~~capital ofwas ~~other~~primarily ~~liabilities~~inventory-related due to timing of ~~$35~~sales ~~million.~~and ~~The~~inventory ~~change~~purchases in ~~earnings,~~Seaboard’s ~~adjusted~~CT&M ~~for~~segment. ~~non-cash~~This ~~items,~~segment ~~including~~primarily ~~the~~handles ~~valuation~~large ~~allowance~~shipments ~~adjustment~~ of ~~$176~~grain ~~million~~and tothe ~~offset~~associated ~~U.S.~~timing ~~deferred~~of ~~tax~~deliveries ~~assets~~can ~~for~~result ~~the~~in ~~nine-months~~significant ~~ended~~working ~~September~~capital ~~28,~~fluctuations ~~2024,~~across ~~was not significant period-over-period~~periods.

Cash ~~flows~~used ~~from~~in investing activities ~~for~~was ~~short-term~~$55 ~~investments~~million ~~are~~for ~~part~~the offirst ~~Seaboard’s~~quarter ~~overall liquidity management strategy. Short-term investment purchases are a result~~ of ~~the investment of excess cash~~2025, ~~asset~~compared ~~allocation from the active management of the portfolio and re-investment of matured securities. Proceeds from the sale of short-term investments may be used~~ to ~~fund~~$113 ~~working~~million ~~capital~~for ~~needs and capital expenditure purchases~~2024. During the ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025, Seaboard invested $~~373~~109 million in property, plant and equipment, ~~including~~ ~~biogas~~of ~~recovery~~which ~~projects~~$74 million was in the ~~Pork~~Marine segment, ~~and~~consisting primarily of installment payments on vessels under construction ~~in the Marine segment and other investments~~. AtThe ~~certain~~payments ~~hog~~for ~~farms,~~these ~~the~~vessels ~~Pork~~are ~~segment~~made isin ~~constructing~~accordance ~~biogas~~with ~~recovery~~milestones ~~facilities~~achieved tothroughout ~~capture methane from its hog lagoons and inject it as renewable natural gas into the local pipeline infrastructure~~construction. One new dual-fueled vessel was completed and delivered during the ~~third~~first quarter of ~~2024~~2025, and ~~another~~five ~~vessel~~others isare expected to be completed ~~during~~and ~~the~~delivered ~~fourth~~during ~~quarter of 2024. For~~ the remainder of ~~2024, management has budgeted capital expenditures totaling approximately $165 million~~2025. ~~Management~~Cash ~~anticipates~~flows ~~paying for these capital expenditures~~ from ainvesting ~~combination~~activities offor ~~available cash, proceeds from the sale of available~~ short-term investments ~~and~~are ~~Seaboard’s~~part ~~available~~of ~~borrowing capacity.~~

1817

Cash flows from financing activities primarily include draws and repayments on lines of credit. Seaboard’s lines of credit are used to fund working capital and investments in capital expenditures, as needed. The primary long-term debt outstanding is a Term Loan due in 2033 with a balance of $968 million as of September 28, 2024.

Seaboard’s overall liquidity management strategy. Short-term investment purchases are a result of the investment of excess cash, asset allocation from the active management of the portfolio and re-investment of matured securities.

Cash provided by financing activities was $62 million for the first quarter of 2025, compared to $119 million for 2024. Cash flows from financing activities primarily include draws and repayments under committed and uncommitted revolving facilities held with financial institutions across multiple jurisdictions and currencies. The daily needs for working capital primarily influence changes in Seaboard’s borrowing balances.

Capital Expenditures and Other Cash Requirements

For the remainder of 2025, management has budgeted capital expenditures totaling approximately $451 million. The Marine segment planned expenditures include primarily installment payments on vessels under construction. The Pork segment planned expenditures are primarily for normal replacement of breeding herd and other investments. Management anticipates paying for these capital expenditures from a combination of available cash, the use of available short-term investments and Seaboard’s available borrowing capacity. There are no material updates to our obligations as discussed in the 2024 10-K.

RESULTS OF OPERATIONS

~~Beginning~~Seaboard’s operations are heavily commodity-driven and financial performance for certain subsidiaries is very cyclical based on respective global commodity markets and trends in economic activity. Subsequent to the ~~second~~first quarter of ~~2024~~2025 period end, ~~Liquid~~the ~~Fuels~~U.S. ~~became~~government ahas ~~separate~~imposed, ~~reportable~~and ~~segment~~is considering imposing, additional tariffs and trade restrictions on certain goods. In response to these actions, certain countries have imposed, or are considering imposing, tariffs on certain goods produced in the ~~former~~U.S. ~~Sugar~~Such activity has resulted in volatile commodity markets and ~~Alcohol~~uncertain ~~segment~~global ~~became~~economic ~~part~~conditions ofwhich ~~All~~directly ~~Other~~negatively impact some segments and indirectly other segments. The ~~historical~~risk ~~periods~~of ~~presented~~additional ~~have~~tariffs, ~~been~~trade ~~recast~~restrictions toby ~~reflect~~the ~~these changes~~U.S. ~~See~~and ~~Note~~other 7countries, and the status of certain trade agreements is uncertain and continues to evolve. Seaboard cannot be certain of the ~~condensed~~outcome, ~~consolidated~~which could adversely impact its financial ~~statements~~condition and results of operations. See Item 1A. Risk Factors for further discussion.

Net Sales

Net sales ~~decreased $170 million and $662 million~~ for the three- ~~and nine-~~month ~~periods~~period of ~~2024,~~2025 ~~respectively,~~increased $125 million compared to the same ~~periods~~period in ~~2023~~2024. The ~~decrease~~increase ~~for the three-month period~~ primarily reflected ahigher ~~decline~~sales of $~~138~~ 71 million in ~~CT&M~~the Marine segment ~~sales~~ due to ~~lower~~higher ~~prices~~voyage ofrevenue, ~~commodities sold. The decrease for the nine-month period primarily reflected a decline of~~ $~~496~~35 million in the CT&M segment ~~sales~~driven ~~due~~by tohigher ~~lower~~volumes ~~prices~~ of commodities sold, ~~partially~~and ~~offset by higher volumes sold, a decline in Marine segment sales of~~ $~~156~~34 million ~~due to lower freight rates, and a decline~~ in the Liquid Fuels segment ~~sales~~from ofincreased ~~$143 million due to lower prices of environmental credits sold. The decreases were partially offset by an increase in Pork segment sales of $162 million due primarily to higher~~ volumes of ~~pork~~fuel ~~products~~ and ~~market~~environmental ~~hogs~~credits sold. See the net sales discussion by reportable segment below for more details.

Operating Income (Loss)

Operating income ~~decreased $35 million and~~ increased $4258 million for the three- ~~and nine-~~month ~~periods~~period of ~~2024,~~2025 ~~respectively,~~ compared to the same ~~periods~~period in ~~2023~~2024. The ~~decrease~~change ~~for the three-month period~~ primarily reflected aan ~~decline~~increase ~~in operating income in the Liquid Fuels and Marine segments~~ of $3042 million ~~and $41 million, respectively, partially offset by an increase~~ in ~~Pork~~Marine segment operating income ofdue ~~$52~~to ~~million.~~higher ~~The~~voyage ~~increase~~revenue, inand ~~operating~~$23 ~~income~~million ~~for~~in both the ~~nine-month~~CT&M ~~period~~and ~~primarily~~Liquid ~~reflected~~Fuels ansegments ~~increase~~driven inprimarily ~~Pork~~by ~~segment~~mark-to-market ~~operating~~adjustments ~~income~~on ofderivative ~~$334~~contracts ~~million~~and ~~due to~~ higher margins on ~~the~~products ~~sale~~sold, ofrespectively. ~~pork~~The ~~products~~increases ~~and~~were ~~market hogs,~~ partially offset by a $~~164~~32 million decrease in ~~Marine~~Pork segment operating income due to lower ~~voyage~~margins ~~revenue,~~of ~~and~~pork aproducts ~~$75~~and ~~million~~market ~~decrease~~hogs ~~in Liquid Fuels segment operating income~~sold. See the operating income discussion by reportable segment below for more details.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased $7 million and $16 million for the three- and nine-month periods of 2024, respectively, compared to the same periods in 2023, primarily due to higher personnel costs, partially offset by the final adjustment to the contingent consideration liability recognized and paid during the third quarter of 2023.

Interest Expense

Interest expense increased $12 million and $9 million for the three- and nine-month periods of 2024, respectively, compared to the same periods in 2023. The increase for the three-month period was primarily due to higher interest rates on more outstanding debt and a decrease in capitalized interest on construction in progress. In November 2023, Seaboard amended its Term Loan Credit Agreement and increased the principal amount from $700 million to $975 million. The increase for the nine-month period primarily related to higher interest rates on more outstanding debt, partially offset by an increase in capitalized interest on construction in progress.

Foreign Currency Gains (Losses), Net

Foreign currency gains, net decreased $9 million and $24 million for the three- and nine-month periods of 2024, respectively, compared to the same periods in 2023, primarily due to fluctuations in the South African rand.

Income Tax Expense

~~The~~Seaboard ~~effective~~computes ~~tax~~its ~~rate~~year-to-date provision for ~~the~~income ~~three-~~taxes ~~and~~by ~~nine-month~~applying ~~periods~~the ofestimated ~~2024~~annual ~~was~~effective ~~higher~~tax asrate ~~compared~~to year-to-date ~~the~~pre-tax ~~same~~income ~~periods~~and ofadjusts ~~2023~~for ~~primarily~~discrete ~~due~~items torecorded aduring ~~valuation~~the ~~allowance on U~~period.S. ~~deferred~~The effective tax ~~assets~~rate ~~recorded~~for ~~during~~ the ~~third~~three-month ~~quarter~~period of ~~2024,~~2025 ~~partially~~increased ~~offset~~compared byto ~~increased~~the ~~federal~~three-month ~~and~~period ~~state~~of ~~tax~~2024 ~~credits.~~primarily Asas a result of ~~establishing~~a ~~the~~decrease ~~valuation~~in ~~allowance against~~ the ~~U.S.~~amount ~~deferred~~of investment tax ~~asset~~credits ~~balances,~~generated ~~Seaboard~~and ~~was~~the ~~unable~~impact ~~to recognize a benefit~~ of ~~its~~incremental ~~year-to-date~~Pillar ~~domestic~~Two ~~losses~~taxes. ~~and~~The ~~certain~~Organization ~~tax~~for ~~credits.~~Economic ~~See~~Cooperation ~~Note~~released 8Pillar toTwo ~~the~~as ~~condensed~~part ~~consolidated~~of ~~financial~~its ~~statements~~Base ~~for~~Erosion ~~additional~~and ~~information~~Profit onShifting ~~factors~~initiative ~~that contributed~~ to ~~the~~ensure ~~valuation~~large ~~allowance~~multinational ~~during~~companies ~~the~~pay ~~third~~a ~~quarter~~minimum level of ~~2024.~~tax ~~Seaboard~~on ~~has~~the aincome ~~history~~arising ofin ~~using~~each ~~tax~~jurisdiction ~~credits~~where ~~before~~ they ~~expire,~~operate. The adoption and ~~although~~effective ~~U.S.~~dates ~~GAAP~~of ~~required~~these ~~Seaboard~~rules tovary ~~record~~by acountry ~~valuation~~and ~~allowance~~the ~~based~~rules oninclude ~~past~~some ~~results,~~temporary ~~management~~safe ~~currently~~harbors. ~~believes~~Several ~~that~~countries ~~these~~in ~~deferred~~which ~~tax~~Seaboard ~~assets~~operates ~~will~~enacted bePillar ~~realized~~Two laws in ~~the~~2024, ~~future~~and ~~over~~additional ~~time,~~countries ~~although~~in ~~there~~which ~~can~~Seaboard behas material operations, including nothe ~~assurance~~Isle asof toMan ~~the~~and ~~timing~~The orBahamas, ifadopted ~~these~~Pillar ~~will~~Two berules ~~realized~~effective atin ~~all~~2025. ~~Seaboard’s~~These jurisdictions had effective ~~federal~~ tax ~~credits~~rates ~~have~~that ~~long~~were ~~carryforward~~lower ~~periods~~than ~~that~~15% ~~expire~~prior ~~between~~to ~~2042~~implementing ~~and~~the ~~2044~~new rules. Seaboard ~~Despite~~will ~~recent~~continue ~~pre-tax~~to ~~book~~monitor ~~losses~~legislative indevelopments ~~the~~related ~~U.S.~~to ~~operations~~Pillar asTwo ain ~~result~~the ofcountries ~~challenging~~in ~~commodity~~which ~~conditions,~~it ~~Seaboard~~operates ~~has~~and nothe ~~federal~~potential ~~net~~impact ~~operating~~on ~~loss~~future ~~carryforwards~~results.

1918

In 2021, the Organisation for Economic Co-operation and Development released Pillar Two Model Rules (“Pillar Two”). The model is designed to ensure large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate. The rules include transitional safe harbors that provide temporary exemption of operations in some jurisdictions if certain criteria are met. Some foreign jurisdictions in which Seaboard operates enacted Pillar Two legislation effective in 2024, but the impact will not be material to Seaboard in 2024. Seaboard is continuing to monitor legislative developments across relevant jurisdictions and the potential impact on future results.

Segment Results

See Note 7 to the condensed consolidated financial statements for a reconciliation of net sales and operating income (loss) by reportable segment to consolidated net sales and consolidated operating income (loss), respectively.

Pork Segment



	~~Three Months Ended~~	Three Months Ended										~~Nine Months Ended~~
	~~Sept. 28,~~	March 29,		~~Sept. 30,~~	March 30,			$		%	$	~~Sept. 28,~~		%	~~Sept. 30,~~			$	%
(Millions of dollars)	~~2024~~	2025		~~2023~~	2024			~~Change~~		~~Change~~	Change	~~2024~~		Change	~~2023~~			~~Change~~	~~Change~~
Net sales	$	~~493~~$	486	$	~~483~~$	499	$	10	$	2	%(13)	$	~~1,532~~	(3)	$	~~1,370~~%	$	~~162~~	12	%
Operating income (loss)	$	12$	(31)	$	~~(40)~~$	1	$	52	$	~~130~~	%(32)	$	9	(3,200)	$	~~(325)~~%	$	~~334~~	~~103~~	%
Income from affiliates	$	6$	8	$	8$	9	$	~~(2)~~	$	~~(25)~~	%(1)	$	21	(11)	$	27%	$	~~(6)~~	~~(22)~~	%

~~For~~The decrease in net sales for the three-month period of ~~2024,~~2025 ~~higher~~compared ~~volumes~~to of2024 ~~pork~~was ~~products~~driven ~~and~~by ~~market~~lower ~~hogs~~volumes ~~sold contributed sales~~ of ~~$31~~market ~~million~~hogs and ~~were~~pork ~~offset~~products ~~by a decrease in the market price~~sold, ~~reducing~~primarily ~~sales~~due ~~$32~~to ~~million.~~timing ~~Renewable~~of ~~natural~~deliveries ~~gas~~to ~~sales increased, but sales are currently not significant. For~~ the ~~nine-month~~processing ~~period of 2024~~plants, ~~higher~~which ~~volumes~~each ofdecreased ~~pork products and market hogs sold contributed~~ sales of $~~102~~ 18 million, ~~and~~partially ~~higher~~offset ~~market~~by ~~prices~~higher ~~contributed~~selling ~~to an increase in sales of $34 million~~prices.

The ~~increase~~decrease in operating income for the three- ~~and nine-~~month ~~periods~~period of 2025 compared to 2024 reflected ~~higher~~lower margins on pork products and market hogs sold, ~~primarily~~ due to ~~higher~~favorable ~~sales~~adjustments ~~and~~to the lower ~~hog~~of ~~production~~cost ~~costs,~~and ~~including~~net ~~lower~~realizable ~~feed~~value ~~costs~~inventory ofreserve ~~$41 million~~during ~~and~~the ~~$141~~first ~~million,~~quarter ~~respectively,~~of ~~and~~2024 ~~mark-to-market~~with ~~gains~~no onadjustments ~~derivative~~in ~~contracts. Also~~2025, ~~inventory~~and ~~adjustments~~an toincrease ~~the~~in ~~lower~~legal ofclaims ~~cost~~expense. ~~and~~With ~~net~~improved ~~realizable~~pork ~~value~~prices ~~(“LCNRV”)~~and ~~reserve~~lower ~~resulted~~grain incommodity acosts, ~~decrease~~the ofinventory reserve decreased $939 million ~~and~~during anthe ~~increase~~first quarter of ~~$44~~2024. ~~million~~This decrease in operating income ~~for~~was ~~the~~partially ~~three-~~offset ~~and~~by ~~nine-month~~lower ~~periods~~feed costs of ~~2024,~~$57 million ~~respectively,~~due ~~based~~to price and volume. Based on acurrent ~~comparison~~uncertainties ofwith ~~changes~~tariffs, toand ~~the~~as ~~reserve~~it ~~per~~is difficult to predict market prices atfor ~~each~~pork ~~respective~~products, ~~period~~including ~~end.~~the ~~Inventory~~indirect ~~adjustments~~impact toof ~~the~~tariffs, ~~LCNRV~~management ~~reserve~~is ~~were~~uncertain ~~necessary~~whether ~~since~~ the ~~third~~Pork ~~quarter~~segment ofwill ~~2022~~be toprofitable ~~properly~~for ~~state~~ the ~~hog~~remainder ~~inventory~~of ~~balances~~2025. atIn ~~quoted~~April ~~future~~2025, ~~market~~in ~~prices~~response ~~for~~to ~~pork~~U.S.-issued ~~products~~trade ~~and~~tariffs, ~~grain~~China ~~costs.~~issued ~~With~~a ~~more~~series ~~favorable~~of ~~pork~~escalating ~~prices~~retaliatory ~~and~~tariffs ~~lower~~on ~~grain~~U.S. ~~commodity costs~~products, ~~the~~including ~~LCNRV~~pork. ~~reserve~~China ~~was~~has ~~not~~historically ~~needed~~been an outlet for ~~the~~certain ~~second~~of Seaboard’s pork products, and ~~third~~represented ~~quarter~~3% of ~~2024. Management~~this issegment’s ~~unable~~total tosales ~~predict~~for ~~market~~the ~~prices~~year ~~for~~ended ~~pork~~December ~~products~~31, ~~the~~2024. ~~cost~~Additionally, ofthe ~~feed~~future orremains ~~third-party~~uncertain ~~hogs~~with ~~for~~respect ~~future~~to ~~periods;~~tariffs ~~however,~~that ~~based~~could onoriginate ~~current~~in ~~conditions,~~other ~~management~~pork ~~anticipates~~export ~~this~~destinations. ~~segment~~See toItem be1A. ~~profitable~~Risk Factors for ~~the~~further ~~remainder~~discussion of ~~2024~~risks associated with tariffs.

Liquid Fuels Segment



	Three Months Ended								Nine Months Ended
	Sept. 28,		Sept. 30,			$	%		Sept. 28,		Sept. 30,			$	%
(Millions of dollars)	2024		2023			Change	Change		2024		2023			Change	Change
Net sales	$	182	$	208	$	(26)	(13)	%	$	387	$	530	$	(143)	(27)	%
Operating income (loss)	$	(24)	$	6	$	(30)	(500)	%	$	(100)	$	(25)	$	(75)	(300)	%

The decrease in sales for the three-month period of 2024 was due to lower market prices and volumes of environmental credits sold of $36 million and $9 million, respectively, partially offset by an increase in fuel sales of $19 million. Higher volumes of fuel sold increased sales $49 million, partially offset by lower prices which decreased sales $29 million. The increase in fuel volumes sold was primarily a result of consistent production at the renewable diesel plant during the third quarter of 2024. The decrease in sales for the nine-month period of 2024 was due to lower environmental credits sales and fuel sales of $94 million and $49 million, respectively. The decrease in environmental credit sales was primarily the result of lower market prices which decreased sales $88 million. As the renewable diesel plant was not operational for approximately four months during the first half of 2024 due to maintenance and repairs, fuel sales were impacted. Lower volumes of fuel sold decreased sales $30 million.

Operating income decreased for the three- and nine-month periods of 2024 primarily due to a decrease in margins of $28 million and $71 million, respectively. Margins decreased for the three-month period due to lower sales prices and higher production costs on fuel gallons sold. The decrease for the nine-month period primarily reflected lower sales, partially offset by a decrease in production costs. Management is unable to predict market prices for biodiesel, renewable diesel, environmental credits, or the cost of feedstocks for future periods; however, based on current market conditions with lower renewable diesel and biodiesel prices and higher animal fat feedstock costs, management is uncertain whether this segment will be profitable for the remainder of 2024. Commodity markets are volatile, and management believes that current industry economic conditions are temporary.

With the passing of the Inflation Reduction Act of 2022, the federal blender’s credits are expected to expire after December 31, 2024. A new clean fuel production credit will replace the federal blender’s credits starting in 2025 with value based on the greenhouse gas emissions factor of fuel produced and sold. This clean fuel production credit is expected to be less than the federal blender’s credit; however regulatory guidance is pending in order to implement this new credit. For the nine-month periods of 2024 and 2023, the federal blender’s credits included in sales was $88 million and $82 million, respectively.

CT&M Segment



	Three Months Ended								~~Nine Months Ended~~
	~~Sept.~~March 2829,		~~Sept.~~March 30,			$	%		~~Sept. 28,~~		~~Sept. 30,~~			$	%
(Millions of dollars)	~~2024~~2025		~~2023~~2024			Change	Change		~~2024~~		~~2023~~			~~Change~~	~~Change~~
Net sales	$	1,~~115~~225	$	1,~~253~~190	$	~~(138)~~35	~~(11)~~3	%	$	~~3,436~~	$	~~3,932~~	$	~~(496)~~	~~(13)~~	%
Operating income	$	3141	$	3318	$	~~(2)~~23	~~(6)~~128	%	$	83	$	93	$	~~(10)~~	~~(11)~~	%
Income (loss) from affiliates	$	4	$	(6)	$	10	167	%	$	14	$	(16)	$	30	188	%
Income from affiliates	$	4	$	2	$	2	100	%

~~The~~Net ~~decrease in~~ sales increased for the three- ~~and nine-~~month ~~periods~~period of ~~2024~~2025 ~~was~~compared to 2024, primarily due to ~~lower~~higher ~~average~~volumes ~~sales prices~~ of commodities sold, which ~~decreased~~increased sales $~~212~~180 million ~~and $753 million~~, ~~respectively. The decrease was~~ partially offset by ~~higher~~lower ~~volumes~~average ~~sold~~sales prices, which ~~increased~~decreased sales $74145 million ~~and $257 million for the three- and nine-month periods, respectively~~. Sales prices for many of Seaboard’s products are directly affected by both domestic and worldwide supply and demand for commodities and competing products, all of which are determined by constantly changing market forces.

~~The~~Operating ~~slight decrease in operating~~ income increased for the three-month period of ~~2024~~2025 ~~primarily~~compared ~~reflected~~to ~~lower~~2024, ~~margins~~primarily ~~related~~due to ~~the decline in sales prices. The decrease in operating income for the nine-month period of 2024 reflected~~ an increase of $22 38 million in mark-to-market ~~losses~~gains on ~~derivatives~~derivative contracts, partially offset by ~~higher~~lower margins ~~due~~on tocertain ~~lower~~commodities ~~commodity costs~~sold. ~~Due~~While tomanagement ~~worldwide~~anticipates ~~commodity~~positive ~~price~~operating ~~fluctuations~~income, excluding the ~~uncertain~~effects ~~political~~of ~~and~~mark-to-market ~~economic~~adjustments, ~~conditions~~for ~~in the countries in which~~ this segment ~~operates~~for ~~and~~ the ~~volatility~~remainder inof ~~the commodity markets~~2025, ~~management~~it is ~~unable~~difficult to predict ~~sales~~worldwide ~~and~~commodity ~~operating~~price ~~results~~fluctuations ~~for~~and ~~this~~the ~~segment~~uncertain ~~for~~political ~~future~~and ~~periods;~~economic ~~however,~~conditions ~~management~~in ~~anticipates this segment will be profitable for~~ the ~~remainder~~countries ofin ~~2024,~~which ~~without~~this ~~the~~segment ~~effects of mark-to-market adjustments on derivative contracts that cannot be predicted~~operates.

CT&M’s investments in affiliates are represented by numerous milling, feed and protein affiliates, with no individual investment representing a material fluctuation. The increase in income from affiliates for the three- and nine-month periods of 2024 was primarily due to higher margins with lower commodity costs.19

Marine Segment



	Three Months Ended								~~Nine Months Ended~~
	~~Sept.~~March 2829,		~~Sept.~~March 30,			$	%		~~Sept. 28,~~		~~Sept. 30,~~			$	%
(Millions of dollars)	~~2024~~2025		~~2023~~2024			Change	Change		~~2024~~		~~2023~~			~~Change~~	~~Change~~
Net sales	$	~~324~~403	$	~~333~~332	$	~~(9)~~71	~~(3)~~21	%	$	~~981~~	$	~~1,137~~	$	~~(156)~~	~~(14)~~	%
Operating income (loss)	$	(1)	$	40	$	(41)	(103)	%	$	32	$	196	$	(164)	(84)	%
Operating income	$	57	$	15	$	42	280	%

The ~~decrease~~increase in net sales for the three- ~~and nine-~~month ~~periods~~period of ~~2024~~2025 ~~was~~compared ~~due~~ to an2024 ~~overall~~was ~~decline~~primarily ~~in average freight rates~~ due to ~~competitive~~a ~~pressures,~~12% ~~partially~~increase ~~offset~~in bycargo volumes and an 8% increase in ~~cargo~~average ~~volumes~~freight rates. The ~~Cargo~~increase ~~volumes~~in ~~increased~~average 9%freight ~~and~~rates 5%was ~~for~~partially ~~the~~driven ~~three-~~by ~~and~~an ~~nine-month~~increase ~~periods~~in ofrefrigerated ~~2024~~cargo, ~~respectively,~~which ~~compared~~earns tohigher ~~the same periods in 2023~~rates.

The ~~decrease~~increase in operating income for the three-month period of 2025 compared to 2024 was primarily the result of ~~lower~~higher voyage revenue, ~~and~~partially anoffset ~~increase~~by inhigher voyage-related costs, such as stevedoring costs primarily due to ~~the~~higher ~~increase in~~ cargo volumes. ~~and~~Many ~~rates~~ of ~~some~~this ~~services~~segment’s ~~received,~~costs ~~such~~are asvariable ~~stevedoring. The decrease~~ in ~~operating~~nature ~~income~~and ~~for~~ the ~~nine-month~~overall ~~period~~expense ofamounts ~~2024~~will ~~was~~fluctuate ~~primarily~~as ~~the~~volumes ~~result~~increase ofor ~~lower~~decrease. ~~voyage~~While ~~revenue.~~management Ananticipates ~~increase~~this insegment ~~stevedoring~~will ~~and~~be ~~terminal~~profitable ~~costs~~for ~~was~~the ~~offset~~remainder byof ~~lower~~2025, ~~charter-hire~~it ~~costs.~~is ~~Management~~difficult ~~cannot~~to predict changes in fuel costs or other voyage costs, cargo volumes or cargo rates for future periods;. ~~however~~In April 2025, the Office of the U.S. Trade Representative (“USTR”) issued a Notice of Action finalizing fees for Chinese-built vessels and Chinese-owned and operated ships for U.S. port calls. Due to certain fee exemptions, including an exemption based on vessel capacity, management ~~anticipates~~believes ~~this~~the ~~segment~~Notice of Action will benot ~~profitable~~have ~~for~~any material adverse impact on the ~~remainder~~Marine segment’s results. See Item 1A. Risk Factors for further discussion of ~~2024~~USTR’s Notice of Action.

Liquid Fuels Segment



	Three Months Ended
	March 29,		March 30,			$	%
(Millions of dollars)	2025		2024			Change	Change
Net sales	$	121	$	87	$	34	39	%
Operating loss	$	(26)	$	(49)	$	(23)	(47)	%

The increase in net sales for the three-month period of 2025 compared to 2024 reflected an increase in the price and volume of fuel sold of $20 million and $19 million, respectively. Fuel production increased due to consistent production at the renewable diesel plant during the first quarter of 2025 compared to no operations during the first quarter of 2024 due to repairs and maintenance. Environmental credits sold increased sales $25 million due to higher volumes of credits, partially offset by decreases in credit prices reducing sales $11 million. Also, sales decreased $19 million related to federal blender’s credits received in the first quarter of 2024 compared to none in 2025. With the passing of the Inflation Reduction Act of 2022, the federal blender’s credit expired December 31, 2024 and was replaced by a new clean fuel production tax credit that is recorded as a reduction to cost of sales.

The decrease in operating loss for the three-month period of 2025 compared to 2024 primarily reflected an increase in sales, partially offset by higher costs associated with more production and, to a lesser extent, less income received on production tax credits as compared to the federal blender’s credits. The production tax credit value varies based on the greenhouse gas emissions factor of fuel produced and the value is less than the federal blender’s credit on a per-gallon basis. While management anticipates this segment will be near break-even for the remainder of 2025, it is difficult to predict market prices for biodiesel, renewable diesel, environmental credits, production tax credits or the cost of feedstocks for future periods. This segment’s renewable diesel plant is expected to undergo regularly scheduled maintenance in the second quarter of 2025 and anticipates no production for approximately one month.

Power Segment



	Three Months Ended								~~Nine Months Ended~~
	~~Sept.~~March 2829,		~~Sept.~~March 30,			$	%		~~Sept. 28,~~		~~Sept. 30,~~			$	%
(Millions of dollars)	~~2024~~2025		~~2023~~2024			Change	Change		~~2024~~		~~2023~~			~~Change~~	~~Change~~
Net sales	$	6653	$	7148	$	(5)	~~(7)~~10	%	$	~~173~~	$	~~186~~	$	~~(13)~~	~~(7)~~	%
Operating income	$	207	$	277	$	~~(7)~~—	~~(26)~~—	%	$	45	$	59	$	~~(14)~~	~~(24)~~	%

The ~~decrease~~increase in net sales for the three-month period of ~~2024~~2025 ~~primarily~~compared ~~reflected lower spot market rates due~~ to ~~lower fuel prices. The decrease in sales for the nine-month period of~~ 2024 ~~primarily~~ reflected ~~less~~primarily more power generation due to ~~repairs~~less ~~and~~ maintenance ~~conducted~~performed ~~during~~on ~~2024~~the units.

The decrease in operating income for the three- and nine-month periods of 2024 primarily reflected lower revenue. During the nine-month period of 2024, lower fuel costs were offset by an increase in maintenance costs. Management cannot predict fuel costs or the extent that spot market rates will fluctuate compared to fuel costs or other power producers for future periods; however, management anticipates this segment will be profitable for the remainder of 2024. While EDM II, the barge that began operations in 2012, remains in operation in the Dominican Republic, Seaboard continues to explore strategic alternatives for this barge, including a sale or relocation.20

Operating income remained flat for the three-month period of 2025 compared to 2024, as the increase in net sales was offset by higher fuel costs due to an increase in volumes. While management anticipates this segment will be profitable for the remainder of 2025, it is difficult to predict fuel costs or the extent that spot market rates will fluctuate compared to fuel costs or other power producers for future periods.

Turkey Segment



	Three Months Ended								~~Nine Months Ended~~
	~~Sept.~~March 2829,		~~Sept.~~March 30,			$	%		~~Sept. 28,~~		~~Sept. 30,~~			$	%
(Millions of dollars)	~~2024~~2025		~~2023~~2024			Change	Change		~~2024~~		~~2023~~			~~Change~~	~~Change~~
Income from affiliates	$	6—	$	207	$	(147)	(70100)	%	$	21	$	61	$	~~(40)~~	~~(66)~~	%

The Turkey segment represents Seaboard’s non-controlling 52.5% investment in Butterball, LLC (“Butterball”) which is accounted for using the equity method. The decrease in Butterball’s net income ~~decreased~~was ~~$28~~primarily ~~million~~the ~~and~~result ~~$78~~of ~~million~~a ~~for~~9% increase ~~the~~in ~~three-~~production and ~~nine-month~~plant ~~periods~~costs ofdue ~~2024, compared~~ to ~~the~~bird ~~same~~health ~~periods in 2023, respectively~~issues. ~~The~~Sales ~~decrease~~were inrelatively ~~net~~flat ~~income~~with ~~was~~increased ~~primarily~~volumes ~~due~~being tooffset by a decrease in ~~sales~~selling ofprices. ~~$50~~Turkey ~~million~~commodity ~~and~~markets ~~$139~~continued ~~million~~to ~~for~~strengthen through the ~~three-~~quarter. ~~and~~During ~~nine-month~~the ~~periods~~first quarter of ~~2024~~2025, ~~respectively,~~Butterball ~~due~~closed toa ~~weaker~~further-processing ~~pricing,~~plant ~~partially~~in ~~offset~~Jonesboro, ~~by lower production costs~~Arkansas. The ~~average~~closure ~~selling~~did ~~price~~not ~~decreased~~have ~~10%~~a ~~and~~material 8%impact ~~for~~on ~~the~~results ~~three-~~during ~~and~~the ~~nine-month~~first ~~periods~~quarter of ~~2024~~2025, ~~respectively,~~and ~~primarily~~it ~~due~~is not anticipated to ~~lower~~have ~~market~~a ~~prices.~~material ~~Sales~~impact ~~volumes~~on ~~did~~future ~~not~~results. ~~have~~While amanagement ~~significant~~anticipates ~~impact~~this onsegment ~~the~~will ~~results~~be ofprofitable for the ~~three-and~~remainder ~~nine-month~~of ~~periods.~~2025, ~~Management~~it is ~~unable~~difficult to predict market prices for turkey products or the cost of feed for future periods~~; however, management anticipates this segment will be profitable for the remainder of 2024~~.

As of March 29, 2025 and December 31, 2024, Butterball had total assets of $1.2 billion and $1.1 billion, respectively. Butterball’s summarized income statement information was as follows:



		Three Months Ended
		March 29,		March 30,
(Millions of dollars)		2025		2024
Net sales	$	375	$	370
Operating income (loss)	$	(3)	$	16
Net income	$	—	$	15

CRITICAL ACCOUNTING ESTIMATES

The preparation of Seaboard’s condensed consolidated financial statements requires Seaboard to make estimates, judgments, and assumptions. A summary of significant accounting policies and critical accounting estimates is included in Seaboard’s 2024 10-K. Other than the update to significant accounting polices discussed in Note 1 to the condensed consolidated financial statements, there were no other changes to significant accounting policies or critical accounting estimates during the three months ended March 29, 2025.

CRITICAL ACCOUNTING ESTIMATE

The preparation of Seaboard’s condensed consolidated financial statements requires Seaboard to make estimates, judgments, and assumptions. A summary of significant accounting policies and the critical accounting estimate is included in Seaboard’s annual report on Form 10-K for the year ended December 31, 2023. There were no changes to significant accounting policies or the critical accounting estimate during the nine months ended September 28, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Seaboard is exposed to various types of market risks in its day-to-day operations. Primary market risk exposures result from changing commodity prices, foreign currency exchange rates, interest rates and equity prices. Occasionally, Seaboard utilizes derivative instruments to manage these overall market risks. The nature of Seaboard’s market risk exposure related to these items has not changed materially since December 31, ~~2023~~2024. See Note 5 to the condensed consolidated financial statements for further discussion of market risk exposure.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures — Seaboard’s management evaluated, under the direction of the Chief Executive and Chief Financial Officers, the effectiveness of Seaboard’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of ~~September~~March 2829, ~~2024~~2025. Based upon and as of the date of that evaluation, Seaboard’s Chief Executive and Chief Financial Officers concluded that Seaboard’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports it files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required. It should be noted that any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any system of disclosure controls and procedures is based in part upon assumptions about the likelihood of future events. Due to these and other inherent limitations of any such system, there can be no assurance that any design will always succeed in achieving its stated goals under all potential future conditions.

Change in Internal Control Over Financial Reporting — There have been no changes in Seaboard’s internal control over financial reporting required by Exchange Act Rule 13a-15(f) that occurred during the fiscal quarter ended September 28, 2024 that has materially affected, or is reasonably likely to materially affect, Seaboard’s internal control over financial reporting.21

Change in Internal Control Over Financial Reporting — There have been no changes in Seaboard’s internal control over financial reporting required by Exchange Act Rule 13a-15(f) that occurred during the fiscal quarter ended March 29, 2025, that have materially affected, or are reasonably likely to materially affect, Seaboard’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

For information related to Seaboard’s legal proceedings, see Note 4 to the condensed consolidated financial statements.

Item 1A. Risk Factors

~~There~~Except for the updates to risk factors set forth below, there have been no material changes in the risk factors as previously disclosed in Seaboard’s ~~annual~~2024 ~~report on Form~~ 10-K ~~for the year ended December 31, 2023~~.

Operational Risks

(1)

Changes in and Uncertainty of U.S. Trade Policy and the Impact of Any Tariffs, Trade Sanctions or Similar Government Actions Could Adversely Impact Seaboard’s Business. The U.S. has recently instituted certain changes, and has proposed additional changes, in trade policies that include the negotiation or termination of trade agreements, the imposition of higher tariffs on imports into the U.S., and other government regulations affecting trade between the U.S. and other countries where Seaboard conducts business. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, or countermeasures imposed in response to such government actions, have and could further i) reduce Seaboard’s ability to sell products in certain markets or worst-case globally, ii) increase the costs for Seaboard’s materials and equipment, or iii) lower overall revenues and margins, any of which could have a material adverse impact on Seaboard’s business and financial condition. Specifically, certain previously exported products for Seaboard Foods may have to be rendered in the U.S. if other markets cannot be identified, which would negatively impact margins further. Changes in tariffs and trade restrictions can be, and have been, announced with little or no advance notice, and are difficult to predict, which makes the associated risks difficult to anticipate and mitigate, if even possible. If Seaboard is unable to navigate further changes in U.S. or international trade policy, it could have a material adverse impact on Seaboard’s business and financial condition. Furthermore, sustained uncertainty about, or worsening of, current global economic conditions and further tariffs and escalations of tensions between the U.S. and its trading partners could result in a global economic slowdown and long-term changes to global trade.

Legal and Regulatory Risks

(2)

U.S. Government Actions Targeting China’s Maritime, Logistics and Shipbuilding Sectors and Imposition of Fees on Chinese Vessels Could Adversely Impact Seaboard’s Business. On April 17, 2025, the USTR issued a Notice of Action under Section 301 of the Trade Act of 1974 “to restore American shipbuilding” including a phased set of targeted measures in response to China’s efforts to dominate the maritime, logistics and shipbuilding sectors. These measures include service-based fees on vessels operated or built in China, imposed on a per-voyage and per-tonnage basis, set to begin after an initial 180-day grace period and escalate over time. Although all of Seaboard’s owned and under-construction vessels are exempt from the final regulations due to capacity size, among other exemptions, retaliatory actions by China or other countries could indirectly impact port-related costs. Higher shipping costs incurred by vessel operators may be passed on to customers resulting in increased product costs for Seaboard. Also, increases in and volatility of costs to import or export will likely impact global commodity market prices. The USTR has proposed additional trade restrictions, which could cause further cost increases and price volatility. These additional fees and proposed trade restrictions could have a material adverse impact on Seaboard’s business and financial condition.

Item 5. Other Information

During the three months ended ~~September~~March 2829, ~~2024~~2025, no director or officer of Seaboard adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. There were no reportable events during the quarter ended ~~September~~March 2829, ~~2024~~2025 otherwise reportable under this Item 5.

Item 6.		Exhibits

Exhibit No.		Description

31.1		Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


Item 6.		Exhibits

Exhibit No.		Description


31.1		Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Forward-looking Statements

This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including with respect to the financial condition, results of operations, plans, objectives, future performance and business of Seaboard. Forward-looking statements generally may be identified as statements that are not historical in nature and statements preceded by, followed by or that include the words “believes,” “expects,” “may,” “will,” “should,” “could,” “anticipates,” “estimates,” “intends,” or similar expressions. In more specific terms, forward-looking statements, include without limitation: statements concerning projection of revenues, income or loss, adequate liquidity levels, capital expenditures, capital structure or other financial items, including the impact of mark-to-market accounting on operating income; statements regarding the plans and objectives of management for future operations; statements of future economic performance; statements regarding the intent, belief or current expectations of Seaboard and its management with respect to: (i) Seaboard’s ability to obtain adequate financing and liquidity; (ii) the price of feed stocks and other materials used by Seaboard; (iii) the sales price or market conditions for pork, agricultural commodities, renewable diesel, ~~and~~ biodiesel, ~~freight,~~an ~~sugar,~~related ~~alcohol~~environmental credits, turkey and other products and services; (iv) the recorded tax effects under certain circumstances and changes in tax laws; (v) the volume of business and working capital requirements associated with the competitive trading environment for the CT&M segment; (vi) the charter -hire rates and fuel prices for vessels; (vii) the fuel costs and related spot market prices for electricity in the Dominican Republic; (viii) the effect of the fluctuation in foreign currency exchange rates; (ix) the profitability or sales volume of any of Seaboard’s segments; (x) the anticipated costs and completion timetables for Seaboard’s scheduled capital improvements, acquisitions and dispositions; (xi) the productive capacity of facilities that are planned or under construction, and the timing of the commencement of operations at such facilities; (xii) potential future impact on Seaboard’s business of new legislation, rules or policies; (xiii) adverse results in pending or future litigation matters; (xiv) Seaboard’s ability to realize deferred tax assets or the need to record valuation allowances in future periods; (xv) expectations regarding future regulatory developments or other matters and whether such matters will or will not have a material adverse effect on Seaboard’s results of operations, business or financial condition, including any preliminary estimates of such effects; (xvxvi) Seaboard’s ability to trade with foreign customers and operate abroad and the impacts of trade restrictions, tariffs and similar government actions; or (xvii) other trends affecting Seaboard’s financial condition or results of operations, and statements of the assumptions underlying or relating to any of the foregoing statements.

This list of forward-looking statements is not exclusive. Forward-looking statements are based only on Seaboard’s current beliefs, expectations and assumptions regarding its future financial condition, results of operations, plans, objectives, performance and business. Seaboard undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions. Actual results may differ materially from those contemplated by the forward-looking statements due to a variety of factors. Such factors include risks associated with international operations, including the ongoing conflict between Russia and Ukraine and tensions in the Middle East, deterioration of economic conditions, interest rate fluctuations, inflation, systemic pressures in the banking industry, including potential disruptions in credit markets, supply chain and labor market disruptions, stock price fluctuations, decentralization of operations, investments in non-consolidated affiliates, inherent uncertainties in the determination of the valuation allowance on deferred income tax assets, cyber-attacks and cybersecurity breaches, the food industry, health risks to animals, fluctuations in commodity prices, increases in costs of purchases, difficulties in obtaining and retaining appropriate personnel, the loss or closure of principal properties, disruptions of operations of suppliers and co-packers, ocean transportation, fluctuations in fuel costs, general risks of litigation, compliance with complex rules and regulations, including stringent environmental regulation and measures to address climate change, risks associated with trade restrictions, tariffs and similar government actions, and specific risks relating to Seaboard’s segments. The information contained in this report, including without limitation the information under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as the information included under the caption “Risk Factors” in Seaboard’s latest annual report on Form 10-K, as supplemented by the information included under the caption “Risk Factors” in this quarterly report on Form 10-Q, describes these factors and identifies other important factors that could cause such differences.

between Russia and Ukraine and tensions in the Middle East, deterioration of economic conditions, interest rate fluctuations, inflation, systemic pressures in the banking industry, including potential disruptions in credit markets, supply chain and labor market disruptions, stock price fluctuations, decentralization of operations, investments in non-consolidated affiliates, inherent uncertainties in the determination of the valuation allowance on deferred income tax assets, cyber-attacks and cybersecurity breaches, the food industry, health risks to animals, fluctuations in commodity prices, increases in costs of purchases, difficulties in obtaining and retaining appropriate personnel, the loss or closure of principal properties, disruptions of operations of suppliers and co-packers, ocean transportation, fluctuations in fuel costs, general risks of litigation, compliance with complex rules and regulations, including stringent environmental regulation and measures to address climate change, and specific risks relating to Seaboard’s segments. The information contained in this report, including without limitation the information under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as the information included under the caption “Risk Factors” in Seaboard’s latest annual report on Form 10-K describes these factors and identifies other important factors that could cause such differences.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	SEABOARD CORPORATION
		(Registrant)


	by:	/s/ David H. Rankin
		David H. Rankin Executive Vice President, Chief Financial Officer

		(principal financial officer)

	Date: April 28, 2025


	by:	/s/ Barbara M. Smith
		Barbara M. Smith Vice President and Corporate Controller

		(principal accounting officer)

	Date: April 28, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Seaboard Corporation
		(Registrant)

	by:	/s/ David H. Rankin
		David H. Rankin
		Executive Vice President, Chief Financial Officer

		(principal financial officer)

	Date: October 29, 2024


	by:	/s/ Barbara M. Smith
		Barbara M. Smith
		Vice President, Corporate Controller

		(principal accounting officer)

	Date: October 29, 2024

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