Seaboard Corporation Files 2023 Annual Report on Form 10-K

TL;DR

<b>Seaboard Corporation filed its 2023 10-K, detailing its financial position and noting uncertainties in estimating potential loss contingencies.</b>

AI Summary

SEABOARD CORP /DE/ (SEB) filed a Annual Report (10-K) with the SEC on February 13, 2024. Seaboard Corporation filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Wholesale-Farm Product Raw Materials sector. Its principal business address is 9000 W. 67th Street, Shawnee Mission, KS 66202. Seaboard previously operated under the names Seaboard Allied Milling Corp and Hathaway Bakeries Inc. The company believes it has made adequate accruals for loss contingencies as of December 31, 2023, though the range of potential loss is difficult to estimate.

Why It Matters

For investors and stakeholders tracking SEABOARD CORP /DE/, this filing contains several important signals. This filing provides a comprehensive overview of Seaboard's financial performance and operational status for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The disclosure regarding loss contingencies highlights potential financial risks and the company's approach to managing them, which could impact future earnings and liabilities.

Risk Assessment

Risk Level: medium — SEABOARD CORP /DE/ shows moderate risk based on this filing. The company acknowledges that determining the likelihood and measurement of losses for contingencies is complex and based on estimates that may prove inaccurate, indicating potential for unforeseen financial impacts.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures within the 10-K to understand Seaboard's operational performance and potential liabilities.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240213 — Filing Date (FILED AS OF DATE)
• 0000088121 — Central Index Key (FILER)
• 5150 — Standard Industrial Classification (SIC CODE)
• DE — State of Incorporation (STATE OF INCORPORATION)
• 9136768800 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• SEABOARD CORP /DE/ (company) — FILER
• SEABOARD ALLIED MILLING CORP (company) — FORMER COMPANY
• HATHAWAY BAKERIES INC (company) — FORMER COMPANY
• 9000 W. 67TH STREET (company) — BUSINESS ADDRESS
• SHAWNEE MISSION (company) — BUSINESS ADDRESS CITY
• KS (company) — BUSINESS ADDRESS STATE
• 66202 (company) — BUSINESS ADDRESS ZIP
• 20231231 (date) — CONFORMED PERIOD OF REPORT

Forward-Looking Statements

• Seaboard Corp will likely maintain its current business classification as a wholesale farm product raw materials supplier. (SEABOARD CORP /DE/) — high confidence, target: 2025-12-31

FAQ

Risk Factors

• Loss Contingencies [medium — financial]: The company acknowledges that determining the likelihood and measurement of losses for contingencies is complex and based on estimates that may prove incomplete or inaccurate.

Industry Context

Seaboard Corporation operates within the Wholesale-Farm Product Raw Materials sector, indicating its role in the agricultural supply chain.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the risk factors section for potential threats to the company's operations and financial stability.
3. Investigate the company's disclosures on loss contingencies and their potential financial impact.

Year-Over-Year Comparison

This is the initial filing analyzed for Seaboard Corporation for the fiscal year 2023.

Key Financial Figures

• $1.00 — hange on which registered Common Stock $1.00 Par Value SEB NYSE American Secur
• $3,560.72 — 044,132 , based on the closing price of $3,560.72 per share on July 1, 2023, the end of S

Filing Documents

• seb-20231231x10k.htm (10-K) — 3916KB
• seb-20231231xex21.htm (EX-21) — 414KB
• seb-20231231xex31d1.htm (EX-31.1) — 16KB
• seb-20231231xex31d2.htm (EX-31.2) — 16KB
• seb-20231231xex32d1.htm (EX-32.1) — 7KB
• seb-20231231xex32d2.htm (EX-32.2) — 8KB
• seb-20231231xex97d1.htm (EX-97.1) — 37KB
• seb-20231231x10k001.jpg (GRAPHIC) — 61KB
• seb-20231231x10k002.jpg (GRAPHIC) — 4KB
• 0000088121-24-000025.txt (&nbsp;) — 19339KB
• seb-20231231.xsd (EX-101.SCH) — 68KB
• seb-20231231_cal.xml (EX-101.CAL) — 104KB
• seb-20231231_def.xml (EX-101.DEF) — 446KB
• seb-20231231_lab.xml (EX-101.LAB) — 821KB
• seb-20231231_pre.xml (EX-101.PRE) — 613KB
• seb-20231231x10k_htm.xml (XML) — 4863KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 8 Item 1B Unresolved Staff Comments 15 Item 1C Cybersecurity 15 Item 2

Properties

Properties 16 Item 3

Legal Proceedings

Legal Proceedings 17 Item 4 Mine Safety Disclosures 17 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6 [Reserved] 19 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Report of Independent Registered Public Accounting Firm 29 Consolidated Statements of Comprehensive Income 31 Consolidated Balance Sheets 32 Consolidated Statements of Changes in Equity 33 Consolidated Statements of Cash Flows 34

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 35 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60 Item 9A

Controls and Procedures

Controls and Procedures 60 Item 9B Other Information 61 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 Part III Item 10 Directors, Executive Officers and Corporate Governance 61 Item 11

Executive Compensation

Executive Compensation 61 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61 Item 13 Certain Relationships and Related Transactions, and Director Independence 61 Item 14 Principal Accountant Fees and Services 61 Part IV Item 15 Exhibit and Financial Statement Schedules 62 Item 16 Form 10-K Summary 64

Signatures

Signatures 65 PART I

Forward-looking Statements

Forward-looking Statements This report, including information included or incorporated by reference in this report, 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 Corporation and its subsidiaries ("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," "plans," "may," "will," "should," "could," "anticipates," "estimates," "intends" or similar expressions. In more specific terms, forward-looking statements include, without limitation: (i) Seaboard's ability to obtain adequate financing and liquidity; (ii) the price of feed stocks and other materials used by Seaboard; (iii) the sale price or market conditions for pork, agricultural commodities, renewable diesel and biodiesel, sugar, alcohol, 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 Commodity Trading and Milling ("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 o

View Full Filing

View this 10-K filing on SEC EDGAR