Item 1. Business
(a) General Development of Business
Seaboard Corporation, a Delaware corporation, the successor corporation to a company first incorporated in 1928, and subsidiaries ("Registrant"), is a diversified international agribusiness and transportation company engaged domestically in poultry and pork production and processing, commodity merchandising, baking, flour milling, shipping and produce storage and distribution. Overseas, Registrant engages in fruit, vegetable and shrimp production and processing, flour milling, animal feed production, polypropylene bag manufacturing and electric power production.
(b) Financial Information about Industry Segments
The information required by Item 1 relating to Industry Segments is hereby incorporated by reference to note 12 of Registrant's Consolidated Financial Statements appearing on pages 40, 41, 42 and 43 of the Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a- 3(b) and attached as Exhibit 13 to this Report.
(c) Narrative Description of Business
(1) Business Done and Intended to be Done by the Registrant
(i) Principal Products and Services
Registrant produces and processes poultry in the United States and sells processed chicken and chicken parts, both directly and through commercial distributors, to retail, foodservice and institutional markets, primarily in the eastern half of the United States.
Registrant produces and further processes pork. Hog farrowing facilities in Colorado and Oklahoma produce breeding stock and marketable feeder pigs. The feeder pigs will be fed at both independent and Company-operated farms for subsequent sale or processing. Pork products are marketed to retail and foodservice customers, primarily in the north-central United States.
FORM 10-K
SEABOARD CORPORATION
Registrant is engaged in Puerto Rico in the milling of flour and the production and distribution of a full line of baked goods. These goods are distributed directly within Puerto Rico and neighboring islands to foodservice and retail outlets.
Registrant operates an ocean liner service for containerized cargo between Florida and ports in Central and South America. Registrant also operates bulk carriers in the Atlantic Basin.
Registrant trades commodities, primarily bulk grains and oil seeds, in the Atlantic Basin.
Registrant produces and processes fruits, vegetables and shrimp in several countries located in the Caribbean Basin and South America primarily for export to the U.S. The Registrant transports the majority of these products using its shipping line and distributes them from its facility in Miami, Florida.
Registrant also produces polypropylene bags, operates a power barge, operates flour and animal feed mills, and produces pen raised salmon.
The information required by Item 1 with respect to the amount or percentage of total revenue contributed by any class of similar products or services which account for 10% or more of consolidated revenue in any of the last three fiscal years is hereby incorporated by reference to note 12 of Registrant's Consolidated Financial Statements appearing on pages 40, 41, 42 and 43 of the Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a-3(b) and attached as Exhibit 13 to this report.
(ii) Status of Product or Segment
Registrant continues to expand its food production and processing segment by further investing in poultry, hog farrowing and finishing and pork processing facilities. Registrant has begun constructing a hog processing plant in Oklahoma which will produce fresh and processed pork to be marketed primarily in the Southwest United States and for export.
Registrant has eliminated pork and lamb slaughtering at its plant in Albert Lea, Minnesota as of March 25, 1994. The ongoing operations of the plant will consist of further processing fresh pork products purchased from third parties.
FORM 10-K
SEABOARD CORPORATION
(iii) Sources and Availability of Raw Materials
Registrant's integrated poultry processing facility in Chattanooga, Tennessee has an exclusive hatchery contract with a single supplier, which delivers day-old chicks hatched from eggs supplied by Registrant.
None of Registrant's other businesses which utilize material amounts of raw materials are dependent on purchases from one supplier.
(iv) Patents, Trademarks, Licenses, Franchises and Concessions
Registrant uses two trade names; Gold-n-Fresh(R) and Farmstead Fresh(TM) for retail sales of poultry products. Registrant uses four trade names; Farmstead(R), Lakeview(R), Laurel(R) and Farmstead PREFERRED (TM) in its retail sales of pork. Registrant uses four trade names; Season Sweet(TM), Winter Harvest(TM), Chestnut Hill Farms(TM) and Golden Fresh(TM) in marketing fresh fruits and vegetables in the United States. Registrant's Puerto Rican Baking business uses three trade names registered to a third party; Holsum(R), Country Hearth(R) and Olympic Kids(R); under a licensing agreement.
Patents, trademarks, franchises, licenses and concessions are not material to any other of Registrant's businesses.
(v) Seasonal Business
Profitability of the poultry operations is generally higher in the summer months. Produce operations are seasonal, depending on the crop being grown. Generally, crops which are exported to the United States are only in production from November through May. The Registrant's other businesses are not seasonally dependent.
(vi) Practices Relating to Working Capital Items
There are no unusual industry practices or practices of Registrant relating to working capital items.
FORM 10-K
SEABOARD CORPORATION
(vii) Depending on a Single Customer or Few Customers
Registrant does not have sales to any one customer equal to 10% or more of Registrant's consolidated revenues, nor sales to a few customers which, if lost, would have a material adverse effect on any such segment or on Registrant taken as a whole.
(viii) Backlog
Backlog is not material to Registrant's businesses.
(ix) Government Contracts
No material portion of Registrant's business involved government contracts.
(x) Competitive Conditions
Competition in Registrant's food production and processing segment comes from a variety of national and regional producers and is based primarily on product performance, customer service and price. In the December 1993 issue of Broiler Industry, an industry trade publication, the Registrant was ranked as the eighth largest poultry processor in the United States based on average weekly production of ready-to-cook chicken. Registrant is not aware of its ranking among other pork processors who are engaged in further processing. Registrant's Puerto Rican baking business is the largest bakery in Puerto Rico. Competition, based on price and product performance, comes primarily from imported baked goods in the cookie and donut lines, and from one Puerto Rican sliced bread baker.
Registrant's ocean liner service for containerized cargoes faces competition based on price and customer service. Registrant believes it is among the top five ocean liner services for containerized cargoes in the Caribbean Basin.
FORM 10-K
SEABOARD CORPORATION
(xi) Research and Development Activities
Registrant does not engage in material research and development activities.
(xii) Environmental Compliance
Registrant believes that it is in substantial compliance with applicable Federal, state and local provisions relating to environmental protection, and no significant capital expenditures are contemplated in this area.
(xiii) Number of Persons Employed by Registrant
As of December 31, 1993, Registrant had 10,891 employees, of whom 6,172 were employed in the United States (including Puerto Rico).
(d) Financial Information about Foreign and Domestic Operations and Export Sales
The financial information required by Item 1 relating to Foreign and Domestic Operation is hereby incorporated by reference to note 12 of Registrant's Consolidated Financial Statements appearing on pages 40, 41, 42 and 43 of Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a-3(b) and attached as Exhibit 13 to this report. Export sales, including sales to nonconsolidated foreign subsidiaries, represent less than 10% of Registrant's consolidated revenue. Registrant did not have a material amount of sales or transfers between geographic areas for the periods reported on herein.
Registrant considers its relations with the governments of the countries in which its foreign subsidiaries are located to be satisfactory, but these foreign operations are subject to the normal risks of doing business abroad, including expropriation, confiscation, currency inconvertibility and devaluation, and currency exchange controls. To minimize these risks, Registrant has insured certain investments in and loans to the flour mill and shrimp farm in Ecuador, the flour mill in Zaire and the power barge in the Dominican Republic to the extent deemed appropriate against certain of these risks with the Overseas Private Investment Corporation, an agency of the United States Government.
FORM 10-K
SEABOARD CORPORATION
Item 2.
Item 2. Properties
(1) Food Production and Processing
(A) Poultry, Pork and Shrimp
Registrant owns poultry processing plants, feed mills, hatcheries and has contract grower facilities in Athens, Georgia; Canton, Georgia; Elberton, Georgia; Chattanooga, Tennessee and Graves County, Kentucky.
The plant in Athens, Georgia has an annual capacity of approximately 65 million chickens. The plant also has the capacity to tray package approximately 125 million dressed pounds of chicken per year.
The plant in Graves County, Kentucky has an annual capacity of approximately 63 million chickens.
The plants in Canton, Georgia and Chattanooga, Tennessee each have capacities of approximately 42 million chickens per year.
The plant in Elberton, Georgia has the capacity to further process, including deboning and cooking, approximately 58 million pounds of chicken per year.
Registrant owns a pork processing plant in Albert Lea, Minnesota which has the capacity to further process in excess of 45 million pounds of pork products.
Registrant operates hog farrowing facilities in Sedgwick County, Colorado and Texas County, Oklahoma, with capacity for 14,700 sows for feeder pig and parent stock production. In addition, Registrant uses owned and leased grow-finish facilities or employs contract growers to finish the feeder pigs produced by these farrowing operations.
In addition, Registrant owns shrimp farms in Honduras and in Ecuador which are more fully described on Schedule B attached hereto and incorporated herein.
(B) Baking and Milling
Registrant owns two bakeries in Toa Baja, Puerto Rico. Registrant also owns parcels of real estate in Ponce and Aquadilla, Puerto Rico, upon which distribution facilities and retail stores are located, and an undeveloped parcel of real estate in Humacao, Puerto Rico. Registrant owns a flour mill in Guanica, Puerto Rico, with the capacity to process 3,600 cwt of flour per day.
FORM 10-K
SEABOARD CORPORATION
Registrant owns in whole or in part five foreign flour mills and three feed mills which are described on Schedule A attached hereto and incorporated herein. The facilities in Guyana, Ecuador and Zaire are owned in fee. The Government of Sierra Leone has agreed to lease the land on which the Sierra Leone mill is located for a remaining term of 20 years. The mill in Sapele, Nigeria is on land leased to Life Flour Mill Ltd. for a remaining term of 81 years, with an option to renew for an additional 74 years.
(C) Produce
Registrant owns or has long-term leases on vegetable and fruit farms in Honduras, Guatemala and Venezuela, as well as related packing and processing facilities in each of the aforementioned countries. These properties are more fully described on Schedule B attached hereto and incorporated herein.
(2) Transportation
The Registrant owns six 9,000-metric-ton deadweight dry bulk carriers.
Registrant owns five containerized ocean cargo vessels with deadweights of 12,648, 12,648, 6,551, 6,818 and 949 metric tons, respectively, for use in connection with its Caribbean containerized liner service. In addition, Registrant time- charters for periods up to one year, nine additional containerized ocean cargo vessels with deadweights ranging from 2,488 to 9,200 metric tons.
FORM 10-K
SEABOARD CORPORATION
(3) Other
Registrant owns a floating power generating facility, capable of producing 40 megawatts of power, located in the Port of Rio Haino in Santo Domingo, Dominican Republic. In addition, Registrant owns a part of two bag manufacturing plants, one of which is described on Schedule A attached hereto and incorporated herein. Registrant's Ecuadorian bag plant is leased.
Registrant believes that its principal facilities are adequate for its present needs, are in good condition and are suitable for their current and intended uses.
Item 3.
Item 3. Legal Proceedings
In April 1990, a derivative action was commenced in Delaware Chancery Court by a minority stockholder of the Company against the Company, Seaboard Flour Corporation, and the three then directors of the Company, including Mr. H. Bresky, alleging breaches of fiduciary duty by the Directors of Seaboard Corporation in connection with three transactions with Seaboard Flour Corporation, and seeking monetary damages and other relief. Earlier this year, the Complaint was amended to accuse senior management of various breaches of duty, including self-dealing. The Company believes that the allegations of improper conduct by senior management are totally without merit.
The Company is also subject to other legal proceedings related to the normal conduct of its business. In the opinion of management, none of these actions is expected to result in a judgement having a materially adverse effect on the consolidated financial statements of the Company.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the last quarter of the fiscal year covered by this report to a vote of security holders.
FORM 10-K
SEABOARD CORPORATION
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The information required by Item 5 is hereby incorporated by reference to "Stockholder Information" and "Quarterly Financial Data" appearing on pages 20 and 25, respectively, of Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a-3(b) and attached as Exhibit 13 to this Report.
Item 6.
Item 6. Selected Financial Data
The information required by Item 6 is hereby incorporated by reference to the "Summary of Selected Financial Data" appearing on page 3 of Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a-3(b) and attached as Exhibit 13 of this Report.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The information required by Item 7 is hereby incorporated by reference to "Management's Discussion and Analysis of Financial Condition and Results of Operation" appearing on pages 21 through 24 of Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a-3(b) and attached as Exhibit 13 to this Report.
Item 8.
Item 8. Financial Statements and Supplementary Data
The information required by Item 8 is hereby incorporated by reference to Registrant's "Consolidated Statements of Earnings," "Consolidated Statements of Retained Earnings," "Consolidated Balance Sheets," "Consolidated Statements of Cash Flows" and "Notes to Consolidated Financial Statements" appearing on pages 27 through 43 of Registrant's Annual Report to Stockholders furnished to the Commission pursuant to Rule 14a-3(b) and attached as Exhibit 13 to this Report.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
FORM 10-K
SEABOARD CORPORATION
PART III
Item 10.
Item 10. Directors and Executive Officers of Registrant
Executive Officers of Registrant
The following table lists the executive officers and certain significant employees of Registrant. Generally, each executive officer is elected at the Annual Meeting of the Board of Directors following the Annual Meeting of Stockholders and holds his office until the next such annual meeting or until his successor is duly chosen and qualified. There are no arrangements or understandings pursuant to which any executive officer was elected.
Positions and Offices with Registrant Name (Age) and Affiliates
H. Harry Bresky (68) President of Registrant; President and Treasurer of Seaboard Flour Corporation (SFC)
Joe E. Rodrigues (57) Executive Vice President, Treasurer and Chief Financial Officer of Registrant
Jack S. Miller (65) Vice President - Operations/Administra- tion of Registrant
Rick J. Hoffman (39) Vice President of Registrant
Steven J. Bresky (40) Vice President of Registrant
Jesse H. Bechtold (36) Controller and Assistant Secretary of Registrant
Mr. H. Harry Bresky has served as President of Registrant since 1967 and as President of SFC since 1987, and as Treasurer of SFC since 1973. Mr. Bresky served as Vice President of SFC from 1956 to 1987. Mr. Bresky is the father of Steven J. Bresky.
FORM 10-K
SEABOARD CORPORATION
Mr. Rodrigues has served as Executive Vice President and Treasurer of Registrant since December 1986 and Chief Financial Officer since March 1987. Before these appointments, Mr. Rodrigues had served as Managing Director of Life Flour Mill Ltd., a nonconsolidated minority-owned subsidiary of Registrant, since 1982.
Mr. Miller has served as a Vice President of Registrant since 1971.
Mr. Hoffman has served as Vice President of Registrant since April 1989. Mr. Hoffman served as Deputy Chief Financial Officer of Registrant from May 1987 to April 1989, and as President of Seaboard Overseas Limited from December 1985 to May 1986. Prior to this, Mr. Hoffman served as International Controller of Registrant since 1983.
Mr. Steven J. Bresky has served as Vice President of Registrant since April 1989. Mr. Bresky served as President of Seaboard Overseas Limited from June 1986 to June 1988. Prior to this, Mr. Bresky served as Director of Commodity Merchandising of Registrant since 1981.
Mr. Bechtold became Controller of the Registrant in March of 1992. He has been employed with the Registrant since 1990 and prior to that was employed by KPMG Peat Marwick.
Information required by this item relating to directors of Registrant has been omitted since Registrant filed a definitive proxy statement within 120 days after December 31, 1993, the close of its fiscal year. The information required by this item relating to directors is incorporated by reference to "Item 2" appearing on pages 3 and 4 of the 1994 Proxy Statement. The information required by this item relating to late filings of reports required under Section 16(a) of the Securities Exchange Act of 1934 is incorporated by reference to page 2 of the Registrant's 1994 Proxy Statement.
Item 11.
Item 11. Executive Compensation
This item has been omitted since Registrant filed a definitive proxy statement within 120 days after December 31, 1993, the close of its fiscal year. The information required by this item is incorporated by reference to "Executive Compensation" appearing on pages 5, 6, 7 and 8 of the 1994 Proxy Statement.
FORM 10-K
SEABOARD CORPORATION
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
This item has been omitted since Registrant filed a definitive proxy statement within 120 days after December 31, 1993, the close of its fiscal year. The information required by this item is incorporated by reference to "Principal Stockholders" appearing on page 2 of the 1994 Proxy Statement.
Item 13.
Item 13. Certain Relationships and Related Transactions
This item has been omitted since Registrant filed a definitive proxy statement within 120 days after December 31, 1993, the close of its fiscal year. The information required by this item is incorporated by reference to "Interests of Management and Others in Certain Transactions" appearing on page 9 of the 1994 Proxy Statement.
FORM 10-K
SEABOARD CORPORATION
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) List the following documents filed as part of this report:
1. All consolidated financial statements.
See Index to Consolidated Financial Statements on page.
2. Consolidated financial statement schedules required to be filed by Item 8 of Form 10-K and by Item 14(d).
See Index to Consolidated Financial Statements on page.
3. Exhibits required to be filed by Item 601 of Regulation S-K and by Item 14(c) and Instruction.
3.1 - Registrant's Certificate of Incorporation, as amended, incorporated by reference to Exhibit 3 of Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992.
3.2 - Registrant's By-laws, as amended, incor- porated by reference to Exhibit 3 of Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1992.
4.1 - Note Purchase Agreement dated December 1, 1993 between the Registrant and various purchasers as listed in the exhibit. The Annexes and Exhibits to the Note Purchase Agreement have been omitted from the filing, but will be provided supplementally upon request of the Commission.
4.2 - Seaboard Corporation 6.49% Senior Note Due December 1, 2005 issued pursuant to the Note Purchase Agreement described above.
13 - Annual Report to security holders.
21 - List of subsidiaries.
(b) Reports on Form 8-K
No reports on Form 8-K were filed by Registrant during the last quarter of the fiscal year covered by this report.
(c) Exhibits
See page 19 et. seq.
FORM 10-K
SEABOARD CORPORATION
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SEABOARD CORPORATION
By /s/H. Harry Bresky By /s/J. E. Rodrigues H. Harry Bresky, J. E. Rodrigues, President Executive Vice President, (principal executive and Treasurer (principal officer) financial officer)
Date: March 28, 1994 Date: March 28, 1994
By /s/Jesse H. Bechtold Jesse H. Bechtold, Controller (principal accounting officer)
Date: March 28, 1994
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Registrant and in the capacities and on the dates indicated.
/s/H. Harry Bresky /s/J. E. Rodrigues H. Harry Bresky, Director J. E. Rodrigues, Director
Date: March 28, 1994 Date: March 28, 1994
/s/Robert J. McDonough /s/Thomas J. Shields Robert J. McDonough, Director Thomas J. Shields, Director
Date: March 28, 1994 Date: March 28, 1994
SEABOARD CORPORATION AND SUBSIDIARIES
Consolidated Financial Statements and Schedules
(Form 10-K)
Securities and Exchange Commission For the year ended December 31, 1993
(With Independent Auditors' Report Thereon)
SEABOARD CORPORATION AND SUBSIDIARIES
Index to Consolidated Financial Statements and Schedules
Financial Statements
Stockholders' Annual Report Page
Independent Auditors' Report 26
Consolidated Balance Sheets as of December 31, 1993 and December 31, 1992 28
Consolidated Statements of Earnings for the years ended December 31, 1993, December 31, 1992 and December 31, 1991 27
Consolidated Statements of Retained Earnings for the years ended December 31, 1993, December 31, 1992 and December 31, 1991 27
Consolidated Statements of Cash Flows for the years ended December 31, 1993, December 31, 1992 and December 31, 1991 30
Notes to Consolidated Financial Statements 31
The foregoing are incorporated by reference.
The individual financial statements of the minority-owned nonconsolidated foreign subsidiaries which would be required if each such foreign subsidiary were a Registrant are omitted, because (a) the Registrant's and its other subsidiaries' investments in and advances to such foreign subsidiaries do not exceed 20% of the total assets as shown by the most recent consolidated balance sheet; (b) the Registrant's and its other subsidiaries' proportionate share of the total assets (after intercompany eliminations) of such foreign subsidiaries do not exceed 20% of the total assets as shown by the most recent consolidated balance sheet; or (c) the Registrant's and its other subsidiaries' equity in the earnings before income taxes and extraordinary items of the foreign subsidiaries does not exceed 20% of such income of the Registrant and consolidated subsidiaries for the most recent fiscal year.
Combined condensed financial information as to assets, liabilities and results of operations have been presented for minority-owned nonconsolidated foreign subsidiaries in note 5 of "Notes to the Consolidated Financial Statements."
(Continued)
SEABOARD CORPORATION AND SUBSIDIARIES
Index to Consolidated Financial Statements and Schedules
Schedules
Page
Independent Auditors' Report
I - Marketable Securities - Other Investments as of December 31, 1993
II - Amounts Receivable from (Due to) Related Parties and Underwriters, Promoters and Employees Other Than Related Parties for the years ended December 31, 1993, 1992 and 1991
V - Property, Plant and Equipment for the years ended December 31, 1993, 1992 and 1991
VI - Accumulated Depreciation, Depletion and Amortization of Property, Plant and Equip- ment for the years ended December 31, 1993, 1992 and 1991
VIII - Valuation and Qualifying Accounts for the years ended December 31, 1993, 1992 and 1991
X - Supplementary Income Statement Information for the years ended December 31, 1993, 1992 and 1991
All other schedules are omitted as the required information is inapplicable or the information is presented in the consolidated financial statements or related consolidated notes.
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Stockholders Seaboard Corporation:
Under date of March 4, 1994, we reported on the consolidated balance sheets of Seaboard Corporation and subsidiaries as of December 31, 1993 and 1992 and the consolidated statements of earnings, retained earnings and cash flows for each of the years in the three-year period ended December 31, 1993 as contained in the December 31, 1993 annual report to stockholders. These consolidated financial statements and our report thereon are incorporated by reference in the annual report on Form 10-K for the year ended December 31, 1993. In connection with our audits of the aforementioned consolidated financial statements, we also audited the financial statement schedules as listed in the accompanying index. These financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects, the information set forth therein.
As discussed in note 1 to the consolidated financial statements, the Company adopted the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," in 1993.
KPMG Peat Marwick
March 4, 1994
Schedule I
SEABOARD CORPORATION AND SUBSIDIARIES Marketable Securities - Other Investments (In Thousands) December 31, 1993
Amount at which each portfolio of equity security issues and each Number of other shares or Market security units - value of issue car- Name of principal each issue ried in issuer and amounts of at balance the title of bonds and Cost of sheet date balance each issue notes each issue (1) sheet
MUNICIPALS:
Whitfield County, 4,550 $4,550 $4,550 $4,550 Georgia Franklin Indus- tries, Inc. Project
St. John County, 1,100 1,100 1,100 1,100 Florida Flagler Hospital Inc. Project
Harris County, 1,000 1,000 1,000 1,000 Texas Zeon Chemicals Project
Tremonton, 1,300 1,300 1,300 1,300 Utah Lazyboy Chair Company Project
Yakima County 5,400 5,400 5,400 5,400 Public Corp. John I. Haas Project
South Carolina 1,500 1,500 1,500 1,500 Jobs Econ Dev Auth Conco Medical Products Project
Amount at which each portfolio of equity security issues and each Number of other shares or Market security units - value of issue car- Name of principal each issue ried in issuer and amounts of at balance the title of bonds and Cost of sheet date balance each issue notes each issue (1) sheet
MUNICIPALS (continued):
Eupora, Mississippi 925 925 925 925 Plymouth Tube Company Project
McKenzie, Tennessee 7,200 7,200 7,200 7,200 Noma Outdoors Project
Dinwiddie County, 2,512 2,512 2,512 2,512 Virginia Tindall Concrete Project
Franklin County, 4,000 4,000 4,000 4,000 Tennessee Franklin Industries Inc. Project
Dade County, 2,000 2,000 2,000 2,000 Florida Flamingo Plaza Apts.
Crawford McLennan 6,000 6,000 6,000 6,000 County, Texas Franklin Industries Inc. Project
Vermont IDA 1,000 1,000 1,000 1,000 BDP Realty Assoc. Project
Clayton County, 5,050 5,050 5,050 5,050 Georgia McIlrath Corp Project
Monroe County, 1,000 1,000 1,000 1,000 Tennessee American Transit Corp Project
Henderson, Nevada 700 700 700 700 Berry Plastics Project
Bowling Green, 3,000 3,000 3,000 3,000 Kentucky Bando Mfg America Project
Louisiana Public 1,000 1,000 1,000 1,000 Facilities Auth Home Depot USA Project
Washington County, 860 860 860 860 Missouri American Georgian Gardens Project
Shelbyville, Kentucky 3,000 3,000 3,000 3,000 Ichikoh Mfg Inc. Project
South Dakota Student 700 700 700 700 Loan Assistance, Series A
Roanoke, Alabama 1,000 1,000 1,000 1,000 Wehadke Mills Project
Amount at which each portfolio of equity security issues and each Number of other shares or Market security units - value of issue car- Name of principal each issue ried in issuer and amounts of at balance the title of bonds and Cost of sheet date balance each issue notes each issue (1) sheet
MUNICIPALS (continued):
Taylor County, 600 600 600 600 Georgia Chipman Union Mills Project
Walton County, 1,000 1,000 1,000 1,000 Georgia Walton Monroe Mills Project
Michigan Municipal 2,280 2,280 2,280 2,280 Revenue Bond
Guymon Industrial 4,000 4,000 4,000 4,000 Authority Sales Tax Revenue Bond
U.S. GOVERNMENT AND AGENCY OBLIGATIONS:
U.S. Treasury Notes 80,420 80,650 80,634 80,650
Federal Farm Credit 4,000 4,004 4,004 4,004 Bank Floating Rate Note
Fannie Mae Discount 10,000 9,976 9,976 9,976 Note
Federal Home Loan 15,000 14,957 14,957 14,957 Bank (FHLB) Discount Note
Federal Home Loan 13,000 12,969 12,969 12,969 Mortgage Corp (FHLMC) Discount Note
Federal Farm Credit 15,000 14,945 14,945 14,945 Bank (FFCB) Discount Note
TAX ANTICIPATION NOTES ("TAN"):
Los Angeles TAN 1,900 1,902 1,908 1,902
CORPORATES:
General Electric 500 500 504 500 Credit Corp Medium Term Note
OTHER INVESTMENTS:
Fidelity Tax Exempt 196 196 196 196 Money Market Fund
Fidelity Treasury 1,336 1,336 1,336 1,336 Fund
Bank of Nova Scotia 4,292 4,292 4,292 4,292 Time Deposits
Amount at which each portfolio of equity security issues and each Number of other shares or Market security units - value of issue car- Name of principal each issue ried in issuer and amounts of at balance the title of bonds and Cost of sheet date balance each issue notes each issue (1) sheet
OTHER INVESTMENTS (continued):
Banco Popular Time 2,766 2,766 2,766 2,766 Deposits
Banco Santander 362 362 362 362 Time Deposits
Guyana Bank of 948 948 948 948 Trade & Industry Time Deposits
The National Bank for 565 565 565 565 Industry & Commerce Time Deposits
Common Stock 3 37 32 37
EURODOLLAR ("E$") INVESTMENTS:
General Electric Credit Corp E$ Bond 500 515 524 515
Toyota Motor 1,000 1,000 1,015 1,000 Credit E$ Bond
Toyota Motor 300 305 312 305 Finance E$ Bond
Kreditanstalt Fuer Wiederaufbau E$ Bond 1,000 1,000 1,000 1,000 -------- -------- -------- -------- TOTAL $215,765 $215,902 $215,922 $215,902 ======== ======== ======== ========
(1) Value determined based on market quotations, if available.
Schedule II SEABOARD CORPORATION AND SUBSIDIARIES Amounts Receivable from (Due to) Related Parties and Underwriters, Promoters and Employees Other Than Related Parties (In Thousands) Balance at end of year ______________
Balance at beginning Amounts Non- Name of Debtor of year Additions collected Current Current Year ended December 31, 1993: Seaboard Flour Corporation (parent company) $(1,186) 4,310 3,203 (79)(1) - Carlos Shipping Limited (an affiliate of the parent company) 124 2,674 2,218 580 - $(1,062) 6,984 5,421 501 - ====== ===== ===== === === Year ended December 31, 1992: Seaboard Flour Corporation (parent company) $(3,526) 4,407 2,067 (1,186)(1) - Carlos Shipping Limited (an affiliate of the parent company) 260 1,331 1,467 124 - $(3,266) 5,738 3,534 (1,062) - ====== ===== ===== ====== === Year ended December 31, 1991: Seaboard Flour Corporation (parent company) $(5,287) 5,994 4,233 (3,526)(1) - Carlos Shipping Limited (an affiliate of the parent company) 2 350 92 260 - ------- ----- ----- ----- --- $(5,285) 6,344 4,325 (3,266) - ====== ===== ===== ===== ===
(1) Amounts due from (to) the parent company bear interest at a rate approximating the U.S. government treasury bill rate.
Schedule V SEABOARD CORPORATION AND SUBSIDIARIES Property, Plant and Equipment (In Thousands)
Balance at Balance beginning Additions Retire- Other at end Classification of year at cost ments Changes of year
For the year ended: December 31, 1993:
Land and improvements $ 11,629 1,647 103 35 13,208 Buildings and improvements 56,399 10,857 1,236 198 66,218 Machinery and equipment 147,016 23,052 4,860 5,033 170,241 Transportation equipment 49,860 33,222 2,112 (4,602) 76,368 Office furniture and fixtures 6,646 842 155 (664) 6,669 Construction in progress 4,520 17,708 - - 22,228 ------- ------ ----- ------ ------- Total $276,070 87,328 8,466 - 354,932 ======= ====== ===== ====== =======
For the year ended: December 31, 1992:
Land and improvements $ 10,376 1,582 329 - 11,629 Buildings and improvements 49,963 4,282 496 2,650(1) 56,399 Machinery and equipment 128,226 22,070 2,199 (1,081) 147,016 Transportation equipment 47,099 3,418 2,857 2,200 49,860 Office furniture and fixtures 6,548 1,356 139 (1,119) 6,646 Construction in progress 1,942 2,578 - - 4,520 ------- ------ ----- ------ ------- Total $244,154 35,286 6,020 2,650 276,070 ======= ====== ===== ====== =======
For the year ended: December 31, 1991:
Land and improvements $ 10,504 - 128 - 10,376 Buildings and improvements 46,373 3,596 6 - 49,963 Machinery and equipment 122,839 14,529 3,364 (5,778) 128,226 Transportation equipment 39,003 2,565 247 5,778 47,099 Office furniture and fixtures 5,332 1,356 140 - 6,548 Construction in progress 3,748 (1,806) - - 1,942 ------- ------ ----- ----- ------- Total $227,799 20,240 3,885 - 244,154 ======= ====== ===== ====== =======
(1) Acquisition of Harinas de Puerto Rico, Inc.
Schedule VI
SEABOARD CORPORATION AND SUBSIDIARIES Accumulated Depreciation, Depletion and Amortization of Property, Plant and Equipment (In Thousands)
Additions Balance charged at to costs Balance beginning and Retire- Other at end Classification of year expenses ments Changes of year
For the year ended: December 31, 1993:
Buildings and improvements $ 15,059 3,594 229 (6) 18,418
Machinery and equipment 80,314 22,147 2,707 2,192 101,946
Transportation equipment 20,068 7,928 1,224 (1,938) 24,834
Office furni- ture and fixtures 4,066 760 282 (248) 4,296 ------- ------ ----- ------ ------- Total $119,507 34,429 4,442 - 149,494 ======= ====== ===== ====== =======
For the year ended: December 31, 1992:
Buildings and improvements $12,618 2,771 380 50 15,059
Machinery and equipment 62,383 19,324 1,637 244 80,314
Transportation equipment 15,034 6,691 1,548 (109) 20,068
Office furni- ture and fixtures 3,506 815 70 (185) 4,066 ------ ------ ----- ----- ------- Total $93,541 29,601 3,635 - 119,507 ====== ====== ===== ===== =======
For the year ended: December 31, 1991:
Buildings and improvements $10,165 2,589 136 - 12,618
Machinery and equipment 49,656 16,050 2,298 (1,025) 62,383
Transportation equipment 7,538 6,486 15 1,025 15,034
Office furni- ture and fixtures 2,665 957 116 - 3,506 ------ ------ ----- ------ ------ Total $70,024 26,082 2,565 - 93,541 ====== ====== ===== ====== ======
Schedule VIII
SEABOARD CORPORATION AND SUBSIDIARIES Valuation and Qualifying Accounts (In Thousands)
Balance at Write-offs Balance beginning Provision net of at end of year (1) recoveries of year
Year ended December 31, 1993:
Allowance for doubtful accounts $5,653 2,600 1,697 6,556 ===== ===== ===== =====
Year ended December 31, 1992:
Allowance for doubtful accounts $4,227 3,763 2,337 5,653 ===== ===== ===== =====
Year ended December 31, 1991:
Allowance for doubtful accounts $3,197 2,717 1,687 4,227 ===== ===== ===== =====
(1) Charged to selling, general and administrative expenses.
Schedule X
SEABOARD CORPORATION AND SUBSIDIARIES Supplementary Income Statement Information (In Thousands)
Year ended December 31, 1993:
Maintenance and repairs $31,656 ======
Depreciation and amortization $34,429 ======
Year ended December 31, 1992:
Maintenance and repairs $26,866 ======
Depreciation and amortization $29,601 ======
Year ended December 31, 1991:
Maintenance and repairs $24,132 ======
Depreciation and amortization $26,082 ======