SEABOARD CORP /DE/
For the period ended Sep 27, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Oct 28, 2025
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Item 1A. Risk Factors
Except for the update to the risk factor set forth below, there have been no material changes in the risk factors as previously disclosed in Seaboard’s 2024 10-K.
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. recently instituted certain changes, and 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 geographical markets or worst-case globally, ii) increase the costs for Seaboard’s imported 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. In response to U.S.-issued trade tariffs, China issued a series of escalating retaliatory tariffs on U.S. products, including pork. China has historically been an outlet for certain of Seaboard’s pork products and represented 3% of this segment’s total sales for the year ended December 31, 2024. 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 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. |
The following table sets forth information concerning any purchases made by or on behalf of Seaboard or any “affiliated purchaser” (as defined by applicable rules of the Securities and Exchange Commission) of Shares during the third quarter of the fiscal year covered by this report.
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| Issuer Purchases of Equity Securities | | ||||||||||||
| · · · · · · · · · · Approximate · | |||||||||||||
| · · · · · · · · Total Number · · Dollar Value · | |||||||||||||
| · · · · · · · · of Shares · · of Shares that May · | |||||||||||||
| · · · · · · · Purchased as Part · · Yet Be Purchased · | |||||||||||||
| · · Total Number · · · · of Publicly · · Under the Plans · | |||||||||||||
| · · of Shares · · Average Price · · Announced Plans · · or Programs (a) · | |||||||||||||
| Period · · Purchased (a) · · Paid per Share (b) · · or Programs (a) · · (in millions) · | |||||||||||||
| June 29, 2025 to July 31, 2025 | | | 3,293 | | $2,932 | | | 3,293 | | $66 | | ||
| August 1, 2025 to August 31, 2025 | | | 1,232 | | | 3,424 | | | 1,232 | | | 62 | |
| September 1, 2025 to September 27, 2025 | | | — | | | — | | | — | | | 62 | |
| Total | | | 4,525 | | | | | | 4,525 | | | | |
| (a) | In May 2025, Seaboard announced that its Board of Directors approved a share repurchase program authorizing the repurchase of up to $100 million of Shares through December 31, 2027, unless extended or earlier terminated. All purchases during the quarter were made pursuant to this share repurchase program. See Note 6 to the condensed consolidated financial statements for further discussion of the program. |
| (b) | Average price paid per share includes costs associated with the repurchases, except for the cost of any associated excise tax. |
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