text:
BP head of crude trading leaves: report
By London Bureau
Published: Nov 20, 2010 9:37 a.m. ET
LondonBureau
LONDON (MarketWatch) -- BP PLC's (BP, BP.LN) head of crude trading Henrik Wareborn has left the company and will not be replaced, ahead of a radical restructuring of the division, the Telegraph in London reported Saturday without citing the oil giant.
Wareborn, a former head of commodities at Lehman Brothers, had led the division since June 2009.
On Friday, the company said that the division would get a new structure.
"Regional business leaders will now be responsible for managing the crude trading business in their respective regions," BP said.
"The crude trading managers in each region will report to their local regional business leader. This change is part of the restructuring of integrated supply and trading we announced internally in October," BP added.
Newspaper Web site: http://www.telegraph.co.uk


Schrodinger's Pivot, or Why CALCULATE() Should Be Your Favorite Function EVER.
In the Classic Physics Thought Experiment, Schrodinger Hypothesized a Cat That Was Simultaneously Dead AND Alive.
PowerPivotPro.com celebrated its 5th birthday back in November. Over 5+ years, we've progressively covered techniques with an increasing level of sophistication. That's pretty natural – we ourselves have become more skilled over time, AND there's a tendency to not want to write the same post twice.
But today I want to drive home a basic point, one that will help "recruit" Excel pros into the Power BI camp, AND that will help "crystallize" a few things even for the longtime DAX practitioners.
In 1935, physicist Erwin Schrodinger wanted to show Albert Einstein how wrong he was. Einstein had recently published a paper that made an astounding claim about the nature of subatomic particles. If those claims were true, said Schrodinger, even "big" everyday stuff, like cats, could also behave in that same outlandish way. Which made Einstein look kinda silly, in Erwin's mind.
He proposed the idea of a cat that was both simultaneously alive AND dead, and basically said "See, Albert? Alive AND dead is clearly impossible, so your theory is junk." See here for details.
But modern quantum physicists actually think the cat experiment does NOT disprove Einstein's claim. In fact, they think Schrodinger's Cat demonstrates that the universe is fundamentally a MUCH stranger place than we typically think.
In short, the concept of "impossible" is subject to re-evaluation.
In 2004, There Were 2,561 Customers Who Bought Something in the Southwest.
Define "Repeat," We Can Get at Least Three Different Answers.
I sat down today to write about "Disconnected Cube Formulas" – yes, you heard that right. A brand new technique that I think has some pretty exciting (yet admittedly narrow) applications.
But along the way, like Bugs Bunny, I ended up doing something at least as interesting. So let's do that one first.
The first three are Lookup (aka Dimension) tables, and Sales is a Data (aka Fact) table.
Rob is taking a much-needed vacation this week, so you get to hang out with me again. Hurray for you!
When we last Became One With Calculate, I said in comments that I would "work on a visualization/graphic". I admit to spending far too much time trying to dream up the perfect visual, and kind of failing. I am sure the elusive visual exists, but for now, I would like to reinforce our understanding of CALCULATE() with a few more examples.
This boolean parameter (aka: true/false parameter, column filter) says "Hey, Mr Dax Engine, I really don't care what filter you had on Continent… cuz now it is Europe". Of course, we did nothing that would impact a filter on Product[Category], so each of the categories still have their own total sales.
I must admit… when I last wrote about CALCULATE(), I was thinking there was something fundamentally different and special about these true/false filters, compared to the table-style filters such as we see with FILTER() or ALL().
And indeed, they are kinda sorta almost special… in that they have a cute syntax and they have the potential to be much more efficient (in terms of speed).
Hey, it starts out simple and powerful: CALCULATE is the SUMIF you always wished you'd had. It works in pivots. It's the "anything IF." It's amazing, really, how many doors it opens.
Of course, CALCULATE is designed to be powerful in ways we can't even IMAGINE in our first day/week/month of using it. You can spend years discovering all the things it can do – and that's a good thing! But sooner or later you're going to hit something with CALCULATE that makes you scratch your head – why is it returning THOSE results?
I myself entered this twilight zone with the Precedence Project – a series of posts that I quickly abandoned. It turns out that, practically speaking, you don't need to achieve deep theoretical understanding of this stuff in order to achieve great results.
All right, so I've read Rob's book a few times. (Heck, I am credited as tech editor on it.) I've devoured PowerPivotPro University. So now what, I ask Rob?
"Go forth and conquer – data is your ocean," is his answer. He's a practical sort of guy. Me, though? I'm never satisfied until I've completely torn the machine apart.
So, as I hinted in my last post, I went to graduate school and spent a few intense days engrossed in Marco and Alberto's book.


After a heart-breaking experience, Rose Finlay has vowed never to give another man a chance to hurt her – until Liam McKenna arrives at Mist Na Mara Arts Centre in the west of Ireland to organise an anniversary celebration event. Liam has his own reasons for not wanting to embark on a new relationship, and both fight the mutual magnetic attraction.
Rose also discovers a betrayal which has divided her family since the Irish Civil War in the 1920s.
Five years ago, when I was writing IRISH INHERITANCE, I had no idea it would lead to a series of five books. I thought I was writing a stand-alone story about two people who meet when they jointly inherit Mist Na Mara, a Victorian house in Connemara in the west of Ireland.
Once that was finished and submitted, I started writing a story set in the English Lake District. The hero was a veterinary surgeon, and the heroine was an actress who was escaping her busy life in London for some well-earned 'R and R' in the country. I wasn't very happy with the way it was progressing, but then my publisher suggested the possibility of a spin-off story about the best friend of the heroine in Irish Inheritance. 'Okay', I thought. 'I'll think about that once I've sorted out this Lake District story.' Two days later, I had another thought: 'Why not move the Lake District story to Ireland?' The hero became an Irish vet, but I had to rethink the heroine's reasons for being in Ireland, so that it followed on from where she had been at the end of the first story. I also needed to inject more 'suspense' into the story, with some unexplained crises at the veterinary surgery, and the hero's wife trying to claim custody of their two children – and that's how IRISH INTRIGUE was born.
Half way through this story, one of the characters was explaining to the hero his idea for a screenplay about an American who was adopted as a baby and comes to Ireland to search for her birth mother. Even while I was writing this conversation, I realised the character had given me the idea for my next novel.
I then had to do a fair amount of research about the baby adoption scandal in Ireland in the 1950s and 1960s. Because of the timing, I decided my heroine needed to be trying to find her mother's birth mother (rather than her own) but coming up against a wall of secrecy (which, indeed, is what real-life adoptees have had to face). This gave me the title of IRISH SECRETS, and I also gave the hero a secret of his own.
After this trilogy of Irish novels, I contemplated a different setting for my next novel (and even started to write it), but Ireland pulled me back. In this story, the heroine and her friend were setting up a dance and drama school for children, which made it easy to transfer the story to the Mist Na Mara Arts Centre. This story became IRISH DECEPTIONS, with a hero who appears to be deceiving the heroine.
A thirteen-year-old streetwise boy in Irish Deceptions led me to my fifth book in the series, IRISH SHADOWS (which was released yesterday, June 27), when I realised his mother, (deserted by her lover when she became pregnant at seventeen) had a story to tell. A quick check on the timeline of the series showed me that five years had passed since the launch of the Mist Na Mara Arts Centre – and this gave me my hero, an events manager who arrives to organise the anniversary celebration. Add to that a link to an incident in the Irish Civil War in the 1920's and the hero's search for his nephew (his sister's son), and I had plenty of 'shadows of the past' for the characters to deal with and resolve.
Although this is a 'series', all the stories are 'stand-alone' with new heroes and heroines in each. The link between them is Mist Na Mara House and, of course, the beautiful Connemara area in the west of Ireland.
She had some early publishing success with four romance novels and several short stories, but then had a break from writing while she brought up a young family and also pursued her career as a history teacher for twenty-five years.
Good morning, Paula, and welcome to Karen's Killer Book Bench. I have always wanted to go to Ireland. Looks so beautiful on the television and movies. Ah, well, I live there through books. 🙂 I love your story about how the series got started. I can relate! Neither of my series started out that way. Thanks for sharing your story with us today!
Many thanks for having me as your guest, Karen. I've been to Ireland about a dozen times, and love it!
My goodness! How one thing builds into another and another! Quite the series, this sounds.
Thanks Karen and Paula. Waiting for this to post Wow!
I love hearing how the stories developed. Makes me want to go back and read the first one first…to see the development as it happened. Thanks for sharing.
The stories are stand-alone and can be read in any order, Samantha, but some characters from earlier books do appear in minor roles in later books!
Many of us have become fond of the characters in the Mist Na Mara series and look forward to meeting them again and making new friends.
Thanks, Carol. Each book has a new hero and heroine, but characters from the other books do tend to creep into the later books!
I'm impressed by how one story unexpectedly leads an author to write a connected story. Thank you for joining us today.
Thanks, Eileen. I have to thank my publisher for realising I had an opportunity for a spin-off story in the first place!


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Seaboard (SEB) 10-Q2019 Q2 Quarterly report
Filed: 31 Jul 19, 4:23pm
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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐ 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
(State or other jurisdiction of incorporation)
9000 West 67th Street, Merriam, Kansas
(Former name, former address and former fiscal year, if changed since last report)
Common Stock $1.00 Par Value
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 ◻
Large Accelerated Filer ⌧
Accelerated Filer ◻
Non-Accelerated Filer ◻
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 1,165,309 shares of common stock, $1.00 par value per share, outstanding on July 24, 2019.
SEABOARD CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Millions of dollars except share and per share amounts)
Net sales:
Products (affiliate sales of $357, $343, $677 and $649)
Services (affiliate sales of $4, $3, $8 and $5)
Total net sales
Cost of sales and operating expenses:
Total cost of sales and operating expenses
Selling, general and administrative expenses
Loss from affiliates
Other investment income (loss), net
Foreign currency gains (loss), net
Miscellaneous, net
Total other income (expense), net
Earnings before income taxes
Net earnings
Less: Net loss attributable to noncontrolling interests
Net earnings attributable to Seaboard
Earnings per common share
Average number of shares outstanding
Other comprehensive loss, net of income tax benefit of $0, $1, $0 and $1:
Unrecognized pension cost
Other comprehensive loss, net of tax
Comprehensive income (loss)
Less: Comprehensive loss attributable to noncontrolling interests
Comprehensive income (loss) attributable to Seaboard
See accompanying notes to condensed consolidated financial statements.
Receivables, net
Property, plant and equipment, net
Operating lease right of use assets, net
Investments in and advances to affiliates
Notes payable to banks
Deferred revenue from affiliates
Long-term income tax liability
Total non-current liabilities
Commitments and contingent liabilities
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,165,407 shares in 2019 and 1,169,217 shares in 2018
Total Seaboard stockholders' equity
Noncontrolling interests
(Millions of dollars)
Adjustments to reconcile net earnings to cash from operating activities:
Dividends received from affiliates
Other investment loss (income), net
Other, net
Changes in assets and liabilities, net of acquisitions:
Receivables, net of allowance
Other liabilities, exclusive of debt
Net cash from operating activities
Proceeds from the sale of short-term investments
Proceeds from the maturity of short-term investments
Cash paid for acquisition of businesses
Investments in and advances to affiliates, net
Issuance of notes receivable
Principal payments received on notes receivable from affiliates
Purchase of long-term investments
Net cash from investing activities
Notes payable to banks, net
Proceeds from long-term debt
Principal payments of long-term debt
Repurchase of common stock
Net cash from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Condensed Consolidated Statements of Changes in Equity
Noncontrolling
Balances, December 31, 2017
Adoption of accounting guidance
Addition to noncontrolling interests
Comprehensive income:
Dividends on common stock ($1.50/share)
Balances, March 31, 2018
Balances, June 30, 2018
Reduction to noncontrolling interests
Other comprehensive income, net of tax
See accompanying notes to condensed consolidated financial statements
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Accounting Policies and Basis of Presentation
The condensed consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries ("Seaboard"). All significant intercompany balances and transactions have been eliminated in consolidation. Seaboard's investments in non-consolidated affiliates are accounted for by the equity method. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Seaboard for the year ended December 31, 2018 as filed in its annual report on Form 10-K. Seaboard's first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Seaboard's year-end is December 31.
The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) that, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows. Except for new guidance adopted prospectively as discussed below, Seaboard has consistently applied all accounting policies as disclosed in the annual report on Form 10-K to all periods presented in these condensed consolidated financial statements. Results of operations for interim periods are not necessarily indicative of results to be expected for a full year. As Seaboard conducts its commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, gross margin on non-consolidated affiliates cannot be clearly distinguished without making numerous assumptions primarily with respect to mark-to-market accounting for commodity derivatives.
The preparation of the condensed consolidated financial statements in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to allowance for doubtful accounts, valuation of inventories, impairment of long-lived assets, potential write-down related to investments in and advances to affiliates and notes receivable from affiliates, income taxes, lease liabilities and right of use ("ROU") assets and accrued pension liability. Actual results could differ from those estimates.
Supplemental Cash Flow Information
Non-cash investing and financing activities included purchases of property, plant and equipment in accounts payable of $15 million and the impact upon adoption of the new leasing guidance further discussed below. During the six months ended June 29, 2019, $42 million and $19 million of leased assets were obtained in exchange for new operating and finance lease liabilities, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $66 million, all included in net cash from operating activities. Cash paid for amounts included in the measurement of finance lease liabilities was $1 million. Seaboard reports the amortization of the ROU asset and the change in the operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statement of cash flows.
Goodwill and Other Intangible Assets
The change in the carrying amount of goodwill of $2 million from year-end to June 29, 2019 was related to foreign currency exchange differences within the Commodity Trading and Milling ("CT&M") segment. As of June 29, 2019, intangible assets were $63 million, net of accumulated amortization of $11 million.
Recently Issued Accounting Standard Adopted
On January 1, 2019, Seaboard adopted guidance which requires the recognition of ROU assets and lease liabilities for most leases. As a result of this adoption, Seaboard recorded operating lease ROU assets of $460 million, adjusted for the deferred rent liability balance at year-end, and lease liabilities of $498 million. The adoption of the new guidance did not have a material impact on the condensed consolidated statement of comprehensive income and the condensed consolidated statement of cash flows. The accounting for finance leases, formerly called capital leases, remained substantially unchanged. Seaboard adopted the new guidance using the effective date method and, therefore, prior period financials were not revised. Seaboard elected the package of practical expedients available upon transition, which permitted Seaboard to not reassess prior conclusions related to contracts containing leases,
lease classification and initial direct costs. All of Seaboard's equity method investments must adopt the new standard by December 31, 2020. See Note 4 for additional details on the impact of adopting this new accounting standard.
In June 2016, the Financial Accounting Standards Board issued guidance on the measurement of financial instrument credit losses that requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine the allowance for doubtful accounts with respect to accounts receivable and notes receivable. The CECL model requires estimation of lifetime expected credit loss based on historical experience, current conditions and reasonable supportable forecasts. The new guidance replaces the existing incurred loss model and will be effective for Seaboard on January 1, 2020. Seaboard is currently evaluating the impact of the new guidance on the consolidated financial statements.
Note 2 – Investments
The following is a summary of the estimated fair value of short-term investments classified as trading securities:
Domestic equity securities
Domestic debt securities
Foreign equity securities
High yield securities
Foreign debt securities
Collateralized loan obligations
Money market funds held in trading accounts
Other trading securities
Total trading short-term investments
The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was $38 million and $126 million for the three and six months ended June 29, 2019, respectively, and $(2) million and $(24) million for the three and six months ended June 30, 2018, respectively.
Seaboard had $59 million of equity securities denominated in foreign currencies as of June 29, 2019, with $29 million in euros, $11 million in Japanese yen, $9 million in British pounds, $4 million in Swiss francs and the remaining $6 million in various other currencies. As of December 31, 2018, Seaboard had $66 million of equity securities denominated in foreign currencies, with $25 million in euros, $20 million in Japanese yen, $9 million in British pounds, $3 million in Swiss francs and the remaining $9 million in various other currencies. Also, money market funds included less than $1 million and $10 million denominated in various foreign currencies as of June 29, 2019 and December 31, 2018, respectively. Term deposits are denominated in the West African franc.
Note 3 – Inventories
The following is a summary of inventories:
At lower of LIFO cost or market:
Hogs and materials
Fresh pork and materials
LIFO adjustment
Total inventories at lower of LIFO cost or market
At lower of FIFO cost and net realizable value:
Grains, oilseeds and other commodities
Sugar produced and in process
Total inventories at lower of FIFO cost and net realizable value
Grain, flour and feed at lower of weighted average cost and net realizable value
Note 4 – Leases
Seaboard's operating leases are primarily for land, buildings, machinery and equipment, contract growers and vessels. Seaboard's finance leases are primarily for contract growers. The Pork segment has contract grower agreements in place with farmers to raise a portion of Seaboard's hogs using the farmer's buildings, land and equipment. Seaboard's Marine segment leases its PortMiami terminal, among other ports. The Marine and CT&M segments lease vessels for use in operations. Seaboard elected to account for lease and nonlease maintenance components as a single lease component for all classes of underlying assets. Seaboard's nonlease components are primarily for services related to labor associated with caring for hogs in its contract grower agreements and crew services on vessel charter arrangements.
ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. As of June 29, 2019, the weighted average remaining lease term for Seaboard's operating and finance leases was approximately 7 years and 9 years, respectively. Seaboard's lease terms vary depending upon the class of asset and some leases include options to extend or terminate. Since Seaboard is not reasonably certain to exercise these renewal or termination options, the options are not considered in determining the lease term, and associated potential option payments or penalties are excluded from lease payments. Seaboard has elected not to recognize ROU assets and lease liabilities for short-term leases for all classes of underlying assets. Short-term leases are leases with terms greater than 1 month, but less than 12 months.
The components of lease cost were as follows:
Operating lease cost
Finance lease cost:
Amortization of right of use assets
Variable lease cost
Short-term lease cost
Total lease cost
Operating lease cost and short-term lease cost are recognized on a straight-line basis over the lease term. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset. Variable lease payments are recognized when the event, activity or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are primarily for payments in excess of minimums with regards to throughput of containers at PortMiami. Short-term leases are primarily for containers and vessels at Seaboard's Marine segment. Lease cost is included in various line items in the condensed consolidated statements of comprehensive income or capitalized to inventory. Rental expense for leases with terms of a month or less are excluded from the total lease cost above.
Seaboard's operating lease assets and liabilities are reported separately in the condensed consolidated balance sheet. The classification of Seaboard's finance leases in the condensed consolidated balance sheet as of June 29, 2019 was as follows:
Balance Sheet Classification
Finance lease right of use assets, net
Finance lease liabilities
Non-current finance lease liabilities
Maturities of lease liabilities as of June 29, 2019 were as follows:
Remainder of 2019
Thereafter
Total undiscounted lease payments
Less imputed interest
Total lease liability
Seaboard's weighted average discount rate for operating and finances leases was 6.63% and 6.93%, respectively, as of June 29, 2019. There were estimates and judgements made in determining Seaboard's multiple discount rates based on term, country and currency, including developing a secured credit rating and spreading market yield data across maturities and country risk-free rates.
Below is Seaboard's commitments table as of December 31, 2018 that disclosed operating lease payments for the next five years and thereafter. Seaboard had no material capital leases as of December 31, 2018.
Years ended December 31,
Vessel, time and voyage-charters
Contract grower agreements
Other operating lease payments
Total unrecognized non-cancelable commitments
Note 5 – Notes Payable, Long-Term Debt, Commitments and Contingencies
Notes Payable
Notes payable outstanding under uncommitted lines of credit was $160 million as of June 29, 2019, with $119 million denominated in South African rand, $20 million denominated in Canadian dollars, $14 million denominated in Zambian kwacha and $7 million denominated in Brazilian real. The weighted average interest rate for outstanding notes payable was 8.23% and 7.76% as of June 29, 2019 and December 31, 2018, respectively. The notes payable under the uncommitted lines of credit are unsecured and do not require compensating balances. Also, Seaboard has a $100 million committed credit line secured by certain short-term investments with no balance outstanding as of June 29, 2019. Seaboard's borrowing capacity under its uncommitted and committed lines of credit was reduced by the outstanding balances and letters of credit totaling $18 million as of June 29, 2019.
The following is a summary of long-term debt:
Term Loan due 2028
Foreign subsidiary obligations due 2019 through 2023
Total long-term debt at face value
Current maturities of long-term debt and unamortized discount and costs
Long-term debt, less current maturities and unamortized discount and costs
The interest rate on the Term Loan was 4.03% and 4.15% as of June 29, 2019 and December 31, 2018, respectively. The weighted average interest rate on Seaboard's foreign subsidiary obligations was 3.91% and 3.80% June 29, 2019 and December 31, 2018, respectively. Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of June 29, 2019.
On June 28, 2018, Wanda Duryea and eleven other indirect purchasers of pork products, acting on behalf of themselves and a putative class of indirect purchasers of pork products, filed a class action complaint in the U.S. District Court for the District of Minnesota against several pork processors, including Seaboard Foods LLC and Agri Stats, Inc., a company described in the complaint as a data sharing service. Subsequent to the filing of this initial complaint, additional class action complaints making similar claims on behalf of putative classes of direct and indirect purchasers were filed in the U.S. District Court for the District of Minnesota. 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 their 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 include causes of action under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and state common law claims for unjust enrichment. The complaints also allege that the defendants concealed this conduct from the plaintiffs and the members of the putative classes. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys' fees on behalf of the putative classes. The complaints were amended and consolidated, and the cases are now organized into three consolidated putative class actions brought on behalf of (a) direct purchasers, (b) consumer indirect purchasers, and (c) commercial and institutional indirect purchasers. The amended complaints named Seaboard Corporation as an additional defendant. On July 9, 2019, the Commonwealth of Puerto Rico filed a similar class action complaint against Seaboard Foods LLC and Seaboard Corporation in the U.S. District Court of Puerto Rico making essentially the same contentions as set forth in the cases filed in the U.S. District Court for the District of Minnesota, but also contending violation of Puerto Rican antitrust laws. Seaboard intends to defend these cases vigorously. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from these suits, or to estimate the amount of potential loss, if any, resulting from the suits.
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 that was served during the second quarter naming as parties Seaboard and Seaboard's subsidiaries, Seaboard Overseas Limited ("SOL") and Seaboard Uruguay Holdings Ltd. ("Seaboard Uruguay"). Seaboard has a 45% indirect ownership of Cereoil. The suit seeks an order requiring Seaboard, SOL, and Seaboard Uruguay to reimburse Cereoil the amount of $22 million, contending that deliveries of soybeans to SOL pursuant to purchase agreements should be set aside as fraudulent conveyances. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and its two subsidiaries could be ordered to pay the amount of $22 million. Any award in this case would offset against any award in the additional case described below filed by the Trustee on April 27, 2018.
On April 27, 2018, the Trustee for Cereoil filed another suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter naming as parties Seaboard, 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 thus should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing lists total liabilities of $53 million and assets of $30 million. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Cereoil, which based on the bankruptcy schedules would total $23 million. It is possible that the net indebtedness could be higher than this amount if Cereoil's liabilities are greater than $53 million and/or Cereoil's assets are worth less than $30 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee's professional fees, interest, and other expenses. Any award in this case would offset against any award in the case described above filed on March 20, 2018.
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 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 lists total liabilities of $29 million and assets of $15 million. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the
event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Nolston, which based on the bankruptcy schedules would total $14 million. It is possible that the net indebtedness could be higher than this amount if Nolston's liabilities are greater than $29 million and/or Nolston's assets are worth less than $15 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee's professional fees, interest, and other expenses.
On September 18, 2014, and subsequently in 2015 and 2016, Seaboard received a number of grand jury subpoenas and informal requests for information from the Department of Justice, Asset Forfeiture and Money Laundering Section ("AFMLS"), seeking records related to specified foreign companies and individuals. The companies and individuals as to which the requested records relate were not affiliated with Seaboard, although Seaboard has also received subpoenas and requests for additional information relating to an affiliate of Seaboard. During 2017, Seaboard received grand jury subpoenas requesting documents and information related to money transfers and bank accounts in the Democratic Republic of Congo ("DRC") and other African countries and requests to interview certain Seaboard employees and to obtain testimony before a grand jury. Seaboard has retained outside counsel and is cooperating with the government's investigation. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome or to estimate the amount of potential loss, if any, resulting from the government's inquiry.
Seaboard is subject to various administrative and judicial proceedings and other legal matters related to the normal conduct of its business. In the opinion of management, the ultimate resolution of these items is not expected to have a material adverse effect on the condensed consolidated financial statements of Seaboard.
Certain of the non-consolidated affiliates and third-party contractors who perform services for Seaboard have bank debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of that debt in order to further Seaboard's business objectives. Seaboard does not issue guarantees of third parties for compensation. As of June 29, 2019, guarantees outstanding to affiliates and third parties were not material. Seaboard has not accrued a liability for any of the affiliate or third-party guarantees as management considers the likelihood of loss to be remote. See Notes Payable above for discussion of letters of credit.
Note 6 – Employee Benefits
Seaboard has a defined benefit pension plan for certain domestic salaried and clerical employees. At this time, no contributions are expected to be made to the plan in 2019. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for these supplemental plans in advance of when the benefits are paid.
The net periodic benefit cost for all of these plans was as follows:
Components of net periodic benefit cost:
Interest cost
Expected return on plan assets
Amortization and other
Net periodic benefit cost
Seaboard participates in a multi-employer pension fund, the United Food and Commercial Workers International Union-Industry Pension Fund (the "Fund"). Pursuant to a collective bargaining agreement, Seaboard made contributions to the Fund based on hours worked by certain union employees who are participants in the Fund. Effective July 22, 2019, after ratification of a renewed collective bargaining agreement, Seaboard ceased contributing to the Fund, which will result in the termination of participation in the Fund. Seaboard will record an estimated $14 million withdrawal liability during the third quarter of 2019, that will be payable in quarterly installments over 20 years, beginning in the second half of 2020.
Note 7 – Derivatives and Fair Value of Financial Instruments
The following tables shows assets and liabilities measured at fair value on a recurring basis as of June 29, 2019 and December 31, 2018, and also 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.
Trading securities – short-term investments:
Trading securities – other current assets:
Money market fund held in trading accounts
Fixed income securities
Liabilities:
Contingent consideration
(1) 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 June 29, 2019, the commodity derivatives had a margin account balance of $11 million resulting in a net other current asset in the condensed consolidated balance sheet of $13 million.
(1) 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 December 31, 2018, the commodity derivatives had a margin account balance of $15 million resulting in a net other current asset in the condensed consolidated balance sheet of $17 million.
Financial instruments consisting of cash and cash equivalents, net receivables, notes payable, and accounts payable 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. Domestic debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs. Domestic debt securities categorized as level 2 include corporate bonds, mortgage-backed securities, asset-backed securities and U.S. Treasuries. Foreign debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs with a country of origin concentration outside the U.S. Foreign debt securities categorized as level 2 include foreign government or government related securities and asset-backed securities with a country of origin concentration outside the U.S. High yield securities categorized as level 1 in the fair value hierarchy include high yield securities held in mutual funds and ETFs, and level 2 includes corporate bonds and bank loans.
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 in its condensed consolidated balance sheets, it would have been classified as level 2 in the fair value hierarchy. The fair value of Seaboard's contingent consideration related to a 2018 acquisition was classified as a level 3 in the fair value hierarchy since the calculation is dependent upon projected company specific inputs using a Monte Carlo simulation. Seaboard will remeasure the estimated fair value of the contingent consideration liability until settled.
While management believes its derivatives are primarily economic hedges of its firm purchase and sales contracts or anticipated sales contracts, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. As the derivatives discussed below are not accounted for as hedges, fluctuations in the related commodity prices, foreign currency exchange rates and equity prices could have a material impact on earnings in any given reporting period. The nature of Seaboard's market risk exposure has not changed materially since December 31, 2018.
Commodity Instruments
Seaboard uses various derivative futures and options to manage its risk of price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. As of June 29, 2019, Seaboard had open net derivative contracts to purchase 21 million bushels of grain and 11 million pounds of hogs and open net derivative contracts to sell 46 million pounds of soybean oil and 4 million gallons of heating oil. As of December 31, 2018, Seaboard had open net derivative contracts to purchase 33 million bushels of grain and 8 million pounds of soybean oil and open net derivative contracts to sell 26 million pounds of hogs and 7 million gallons of heating oil. Commodity derivatives are recorded at fair value with any changes in fair value being marked-to-market as a component of cost of sales in the condensed consolidated statements of comprehensive income.
Foreign Currency Exchange Agreements
Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies. Foreign currency exchange agreements that are primarily related to an underlying commodity transaction are recorded at fair value with changes in value marked-to-market as a component of cost of sales in the condensed consolidated statements of comprehensive income. Foreign currency exchange agreements that are not related to an underlying commodity transaction are recorded at fair value with changes in value marked-to-market as a component of foreign currency gains (losses), net in the condensed consolidated statements of comprehensive income. As of June 29, 2019 and December 31, 2018, Seaboard had trading foreign currency exchange agreements to cover a portion of its firm sales and purchase commitments and related trade receivables and payables with net notional amounts of $66 million and $82 million, respectively, primarily related to the South African rand and euro. From time to time, Seaboard is subject to counterparty credit risk related to its foreign currency exchange agreements should the counterparties fail to perform according to the terms of the applicable agreements. As of June 29, 2019, Seaboard had a maximum amount of loss due to credit risk of $1 million with five counterparties related to foreign currency exchange agreements. Seaboard does not hold any collateral related to these agreements.
Equity Futures Contracts
Seaboard enters into equity futures contracts to manage the equity price risk with respect to certain short-term investments. Equity futures contracts are recorded at fair value with changes in value marked-to-market as a component of other investment income (loss), net in the condensed consolidated statements of comprehensive income. The notional amounts of these equity futures contracts were less than $1 million and $97 million as of June 29, 2019 and December 31, 2018, respectively.
The following table provides the amount of gain or (loss) recognized in income for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income:
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 Derivatives
Liability Derivatives
(1) 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. Seaboard's equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.
Note 8 – Stockholders' Equity and Accumulated Other Comprehensive Loss
In October 2017, the Board of Directors extended through October 31, 2019 the share repurchase program. Under this share repurchase program, Seaboard is authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may be above or below the traded market price. During the period that the share repurchase program remains in effect, Seaboard may enter into a 10b5-1 plan authorizing a third party to make such purchases on behalf of Seaboard. All stock repurchased will be made in compliance with applicable legal requirements and funded by cash on hand. The timing of the repurchases and the number of shares repurchased will depend upon market conditions, compliance with Securities and Exchange Commission regulations and other factors. The Board of Directors' stock repurchase authorization does not obligate Seaboard to acquire a specific amount of common stock, and the stock repurchase program may be suspended at any time at Seaboard's discretion. As of June 29, 2019, $81 million remained available for repurchase under this program. Seaboard repurchased 3,810 shares of common stock at a total price of $14 million during the six months ended June 29, 2019.
The changes in the components of other comprehensive income (loss), net of related taxes, are as follows:
Unrecognized pension cost (1)
This primarily represents the amortization of actuarial losses that were included in net periodic benefit cost. Amounts for the three and six months ended June 30, 2018 included other actuarial adjustments.
The components of accumulated other comprehensive loss, net of related taxes, are as follows:
Cumulative foreign currency translation adjustment
Total accumulated other comprehensive loss
The cumulative foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar and Alcohol segment. However, effective in the third quarter of 2018, the Sugar and Alcohol segment's functional currency changed from the Argentine peso to the U.S. dollar due to highly inflationary accounting. For the six months ended June 29, 2019, less than $1 million of income taxes for foreign currency translation was recorded because substantially all of the cumulative foreign currency translation adjustment related to foreign subsidiaries for which no tax benefit was recorded.
As of June 29, 2019 and June 30, 2018, income taxes for the cumulative unrecognized pension cost were recorded using an effective tax rate of 26% except for unrecognized pension cost of $20 million and $22 million, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.
Note 9 – Revenue Recognition
Seaboard has multiple segments with diverse revenue streams. The following tables present Seaboard's sales disaggregated by revenue source and segment:
Three Months Ended June 29, 2019
Commodity Trading & Milling
Sugar and Alcohol
Consolidated Totals
Major Products/Services Lines:
Segment/Consolidated Totals
Six Months Ended June 29, 2019
Revenue from goods and services transferred to customers at a single point in time accounted for approximately 85% of Seaboard's net sales for the three and six months ended June 29, 2019 and June 30, 2018. Substantially all of the sales in Seaboard's Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Almost all of Seaboard's contracts with its customers are short-term, defined as less than one year. As of June 29, 2019, Seaboard had $9 million of remaining performance obligations that extend beyond one year, of which 33% is expected to be recognized as net sales in 2019 and the remaining balance in 2020.
Deferred revenue represents cash payments received in advance of Seaboard's performance or revenue billed that is unearned. The CT&M segment, which operates internationally with sales in Africa, South America, the Caribbean and Asia, requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment's deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. The Pork segment has a marketing agreement with Triumph Foods, LLC, of which certain fees paid at commencement are recognized over the term of the agreement. Deferred revenue balances are reduced when revenue is recognized. Deferred revenue recognized as revenue for the three and six month periods ended June 29, 2019, was $130 million and $265 million, respectively. Deferred revenue recognized as revenue for the three and six month periods ended June 30, 2018, was $88 million and $156 million, respectively.
Note 10 – Income Taxes
Seaboard computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. Seaboard's projected annual income tax rate for the second quarter of 2019 included $1 million of anticipated tax expense associated with the global intangible low-taxed income ("GILTI") provision and no anticipated tax expense associated with the base-erosion and anti-abuse tax ("BEAT") provision.
In the normal course of business, Seaboard's tax filings are subject to audit by federal, state and foreign tax authorities. In June 2019, the Internal Revenue Service notified Seaboard that they will examine the 2016 federal income tax return.
Note 11 – Segment Information
Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. For details on the respective products or services, see Note 14 to the consolidated financial statements included in Seaboard's annual report for the year ended December 31, 2018. Below are segment updates from year-end.
In February 2019, the Pork segment entered into an asset purchase agreement to buy an idle ethanol plant in Hugoton, Kansas for approximately $40 million. Seaboard accounted for this transaction as an asset acquisition as no workforce or substantive processes were acquired. The purchase price was allocated to property, plant and equipment based on a relative fair value basis.
The Power segment is currently constructing a new floating power barge for use in the Dominican Republic that is anticipated to begin operations in 2021. The total project is expected to exceed $160 million. Seaboard's Power segment continues to explore strategic alternatives, including the possible sale or relocation of the existing power barge.
The Turkey segment, accounted for using the equity method, represents Seaboard's investment in Butterball, LLC ("Butterball"). As of June 29, 2019 and December 31, 2018, Butterball had total assets of $1,175 million and $1,072 million, respectively. Butterball's summarized income statement information was as follows:
Operating loss
The following tables set forth specific financial information about each segment as reviewed by Seaboard's management. 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 or 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 expense on a segment basis.
Sales to External Customers:
Commodity Trading and Milling
Operating Income (Loss):
Segment Totals
Income (Loss) from Affiliates:
Total Assets:
Investments in and Advances to Affiliates:
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 assets include short-term investments, other current assets related to deferred compensation plans, fixed assets and other miscellaneous items. Corporate operating losses 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.
Summary of Sources and Uses of Cash
Cash and short-term investments as of June 29, 2019 increased $20 million to $1,550 million from December 31, 2018. Cash from operating activities decreased $25 million for the six months ended June 29, 2019 compared to the same period in 2018, primarily due to lower adjusted earnings for unrealized gains on short-term investments, partially offset by decreased cash for working capital needs.
Capital Expenditures, Acquisitions and Other Investing Activities
During the six months ended June 29, 2019, Seaboard Corporation and its subsidiaries ("Seaboard") invested $156 million in property, plant and equipment, of which $88 million was in the Pork segment, $13 million in the Commodity Trading and Milling ("CT&M") segment, $11 million in the Marine segment, $37 million in the Power segment and the remaining amount in other segments. The Pork segment expenditures were primarily for the expansion of the Guymon pork processing plant and the purchase of an idle ethanol plant and all of its related assets in Hugoton, Kansas. The Power segment expenditures were primarily for its new power barge under construction. All other capital expenditures were primarily of a normal recurring nature such as replacements of machinery and equipment and general facility modernizations and upgrades.
For the remainder of 2019, management has budgeted capital expenditures totaling $261 million. The Pork segment budgeted $116 million primarily for modifications to convert the recently purchased idle ethanol plant to a renewable diesel production facility and expansion of the Guymon pork processing plant. The CT&M segment budgeted $30 million primarily for milling assets. The Marine segment budgeted $33 million primarily for additional cargo carrying and handling equipment. The Sugar and Alcohol segment budgeted $24 million primarily for alcohol fermentation expansion. The Power segment budgeted $57 million primarily for its new power barge. The balance of $1 million is planned to be spent in all other businesses primarily for normal upgrades to existing operations. 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.
In the second quarter of 2019, Seaboard contributed $10 million to Seaboard Triumph Foods, LLC, a non-consolidated affiliate of the Pork segment, for working capital needs. Additional contributions may be necessary in the future.
Financing Activities and Debt
As of June 29, 2019, Seaboard had short-term uncommitted lines of credit totaling $616 million and a committed line totaling $100 million. There was $160 million borrowed under the uncommitted lines of credit as of June 29, 2019. Seaboard's borrowing capacity under its uncommitted lines of credit was further reduced by letters of credit totaling $18 million. As of June 29, 2019, Seaboard had an unsecured term loan, which matures in 2028, with a balance of $695 million and $94 million of foreign subsidiary debt, denominated in U.S. dollars and euros.
As of June 29, 2019, Seaboard had cash and short-term investments of $1,550 million and additional total net working capital of $619 million. Accordingly, management believes Seaboard's combination of internally generated cash, liquidity, capital resources and borrowing capabilities will be adequate for its existing operations and any currently known potential plans for expansion of existing operations or business segments for 2019. Management intends to continue seeking opportunities for expansion in the industries in which Seaboard operates, utilizing existing liquidity, available borrowing capacity and other financing alternatives.
As of June 29, 2019, $171 million of the $1,550 million 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. Seaboard intends to continue permanently reinvesting the majority of these funds outside the U.S. as current plans do not demonstrate a need to repatriate them to fund Seaboard's U.S. operations. For any planned repatriation to the U.S., Seaboard would record applicable deferred taxes for state or foreign withholding taxes.
Net sales for the three and six month periods of 2019 increased $131 million and $95 million, respectively, compared to the same periods in 2018. The increase for the three month period was primarily the result of higher volumes for certain commodities in the CT&M segment and higher prices of pork products sold in the Pork segment, partially offset by lower biodiesel revenue in the Pork segment and lower selling prices and volumes in the Sugar and Alcohol segment. The increase for the six month period was primarily the result of higher volumes for certain commodities in the CT&M segment and higher prices of pork products sold and higher sales volume of market hogs in the Pork segment, partially offset by lower biodiesel prices and not receiving the federal blender's credits in the first quarter of 2019 as compared to 2018 in the Pork segment and lower revenue in the Sugar and Alcohol segment.
Operating income increased $21 million and decreased $110 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increase for the three month period was primarily due to higher gains on mark-to-market derivative contracts, higher margins on product sales in the Pork segment, partially offset by lower biodiesel margins in the Pork segment and lower sugar and alcohol margins in the Sugar and Alcohol segment. The decrease for the six month period primarily reflected not receiving the federal blender's credits and lower prices on pork products sold and losses on mark-to-market derivative contracts in the Pork segment and lower alcohol margins in the Sugar and Alcohol segment, partially offset by higher margins on certain commodities and gains on derivative contracts.
Pork Segment
Operating income (loss)
Net sales for the Pork segment increased $50 million and decreased $13 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increase for the three month period was primarily due to higher overall prices for pork products sold, higher sales volume and prices of market hogs, partially offset by lower biodiesel prices. The decrease for the six month period was primarily the result of receiving no federal blender's credits in the first quarter of 2019 compared to 2018 when the Pork segment received $42 million of revenue related to 2017 production. The federal blender's credits have not been extended and there is no assurance that the federal blender's credits will be renewed or retroactively extended. In addition, revenue decreased in the first half of 2019 as a result of lower biodiesel prices partially offset by higher volume of market hogs sold and higher domestic and export pork prices.
Operating income for the Pork segment increased $8 million and decreased $118 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increase for the three month period of 2019 was primarily due to improved overall margins from higher pork prices and to a lesser extent, market hog sales, partially offset by lower margins on biodiesel sales and mark-to-market losses on strategic hog positions. The decrease for the six month period was primarily due to not receiving the federal blender's credits discussed above, lower margins on biodiesel sales and mark-to-market losses on strategic hog positions. Management is unable to predict future market prices for pork products, the cost of feed or third-party hogs or the government's intentions with the federal blenders' credits. Based on market conditions, management currently cannot predict if this segment will be profitable for the remainder of 2019.
Commodity Trading and Milling Segment
Operating income (loss) as reported
Mark-to-market losses (gains)
Operating income excluding mark-to-market adjustments
Net sales for the CT&M segment increased $112 million and $155 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increase for the three month period primarily reflects higher volume of certain commodities for third-party customers, partially offset by lower prices on soybean and soybean meal. The increase for the six month period primarily reflected higher volume of certain commodities for third-party customers, including sales for a business acquired in January 2018 with certain entities on a three-month lag, partially offset by lower affiliate sales volumes.
Operating income for this segment increased $31 million and $27 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increase for the three and six months primarily reflected gains on mark-to-market derivative contracts and higher margins on third-party sales related to the business acquired for the six month period, partially offset by higher selling, general and administrative costs related to the business acquired for the six month period.
Due to worldwide commodity price fluctuations, the uncertain political and economic conditions in the countries in which this segment operates, and the volatility in the commodity markets, management is unable to predict future sales and operating results for this segment. However, management anticipates positive operating income for this segment for the remainder of 2019, excluding the effects of marking to market derivative contracts.
Had Seaboard not applied mark-to-market accounting to its derivative instruments, operating income for this segment would have been lower by $7 million and $4 million for the three and six month periods of 2019, respectively. Operating income for this segment would have been higher by $18 million and $12 million for the three and six month periods of 2018, respectively.
While management believes its commodity futures, options and foreign exchange contracts are primarily economic hedges of its firm purchase and sales contracts and anticipated sales contracts, Seaboard does not perform the extensive record-keeping required to account for these transactions as hedges for accounting purposes. Accordingly, while the changes in value of the derivative instruments were marked-to-market, the changes in value of the firm purchase or sales contracts were not. As products are delivered to customers, these existing mark-to-market adjustments should be primarily offset by realized margins or losses as revenue is recognized over time, and these mark-to-market adjustments could reverse in 2019. Management believes eliminating these mark-to-market adjustments provides a more reasonable presentation to compare and evaluate period-to-period financial results for this segment.
Marine Segment
Income from affiliates
Net sales for the Marine segment decreased $4 million and increased $1 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The decrease for the three month period was primarily the result of decreased cargo volumes, partially offset by higher cargo rates during 2019 compared to 2018. The slight increase for the six month period was primarily the result of higher cargo rates despite decreased cargo volumes.
Operating income remained the same for the three month period and increased $4 million for the six month period of 2019 compared to the same periods in 2018. The change was primarily the result of lower terminal, stevedoring and intermodal trucking costs, partially offset by higher fuel costs and charter hire rates. Management cannot predict changes in future cargo volumes, cargo rates and fuel costs, or to what extent changes in economic conditions in markets served will affect net sales or operating income during the remainder of 2019. However, management anticipates this segment will have positive operating income for the remainder of 2019.
Sugar and Alcohol Segment
Net sales for the Sugar and Alcohol segment decreased $31 million and $57 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The decrease for the three and six months primarily reflected lower volumes and prices of sugar and alcohol sold. Sugar and alcohol sales are denominated in Argentine pesos, and an increase in local sales prices was offset by exchange rate changes as the Argentine peso continued to weaken against the U.S. dollar. Management cannot predict local sugar and alcohol prices or the volatility in the currency exchange rate.
Operating income for the Sugar and Alcohol segment decreased $14 million and $20 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The decrease for the three and six months primarily reflected lower margins on alcohol and sugar, partially offset by lower selling, general and administrative expenses related to salaries and benefits. Argentina was determined by management to be a highly inflationary economy in the second quarter of 2018, and as a result, this segment's functional currency is the U.S. dollar effective in the third quarter of 2018 until the economic environment stabilizes. Sugar costs for the six months of 2018 included a total of $5 million in severance costs related to a restructuring of its workforce. Based on market conditions, management currently cannot predict if this segment will be profitable for the remainder of 2019.
Power Segment
Net sales for the Power segment increased $2 million and $8 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increases primarily reflected higher spot market rates.
Operating income for the Power segment increased $2 million and $6 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increases primarily reflected higher spot market rates, partially offset by higher fuel and maintenance costs. Management cannot predict future fuel costs or the extent that spot market rates will fluctuate compared to fuel costs. However, management anticipates positive operating income for this segment for the remainder of 2019.
Turkey Segment
The Turkey segment, accounted for using the equity method, represents Seaboard's investment in Butterball, LLC. The increase in loss from affiliates for the six month period of 2019 compared to the same period in 2018 was primarily the result of higher production costs and lower volumes of turkey products sold, partially offset by higher prices for turkey products sold. Management is unable to predict future market prices for turkey products or the cost of feed. Based on market conditions, management currently cannot predict if this segment will be profitable for the remainder of 2019.
Selling, general and administrative ("SG&A") expenses decreased $1 million and increased $8 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The decrease for the three month period was primarily due to lower bad debt expense and other administrative costs, partially offset by higher personnel costs. The increase for the six month period was primarily due to costs related to Seaboard's deferred compensation program, which are offset by the effect of the mark-to-market on investments recorded in other investment income and to a lesser extent, due to the 2018 acquisition of Mimran. As a percentage of total net sales, SG&A was 5% for the three and six month periods of 2019 and 2018.
Interest expense increased $1 million and decreased $1 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018. The increase for the three month period was primarily due to overall more debt outstanding, partially offset by capitalized interest. The six month period decrease was primarily due to lower interest rates on less debt outstanding in the Sugar and Alcohol segment and more capitalized interest, partially offset by more debt outstanding. On September 25, 2018, Seaboard refinanced its $500 million unsecured term loan with a $700 million unsecured term loan.
Interest income increased $5 million and $9 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018 primarily due to increased investments of debt securities and higher interest recognized on customer receivables in the Power segment.
Other investment income, net increased $25 million and $175 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018 primarily due to unrealized gains on short-term investments due to mark-to-market fluctuations.
Foreign currency losses decreased $5 million and $4 million for the three and six month periods of 2019, respectively, compared to the same periods in 2018 primarily due to gains in the South African rand among fluctuations of other currency exchange rates in several foreign countries. The political and economic conditions of the countries in which Seaboard operates and does business, along with fluctuations in the value of the U.S. dollar, cause volatility in currency exchange rates, which exposes Seaboard to fluctuating foreign currency gains and losses that cannot be predicted by Seaboard.
The effective tax rate for the three and six month periods of 2019 was lower than that for the three and six month periods of 2018 primarily due to the change in tax classification of a wholly-owned subsidiary from a partnership to a corporation in the first quarter of 2018 that was partially offset by tax exempt income from the retroactive extension of the 2017 federal blender's credits.
Other Financial Information
See Note 1 to the condensed consolidated financial statements for a discussion of recently issued accounting standards.
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, 2018. See Note 7 to the condensed consolidated financial statements for further discussion.
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 Exchange Act Rule 13a-15(e) as of June 29, 2019. 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 ensure that information required to be disclosed in the reports it files and submits under the Securities Exchange Act of 1934 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 Controls — There has been no change in Seaboard's internal control over financial reporting required by Exchange Act Rule 13a-15(f) that occurred during the fiscal quarter ended June 29, 2019 that has materially affected, or is reasonably likely to materially affect, Seaboard's internal control over financial reporting. Seaboard implemented new internal controls to ensure it adequately adopted the new lease accounting standard on January 1, 2019.
For information related to Seaboard's legal proceedings, see Note 5 to the condensed consolidated financial statements.
Item 1A. Risk Factors
There have been no material changes in the risk factors as previously disclosed in Seaboard's annual report on Form 10-K for the year ended December 31, 2018.
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 of Seaboard's common stock during the quarter of the fiscal year covered by this report.
Issuer Purchases of Equity Securities
(Millions of dollars except number of shares
and per share amounts)
Dollar Value
Of Shares
that May
Yet Be
Purchased as Part
Of Publicly
Under the
Announced Plans
Plans or
Paid per Share
Or Programs
March 31, 2019 to April 30, 2019
June 1, 2019 to June 29, 2019
All purchases during the quarter were made pursuant to Seaboard's share repurchase program, which was initially established by Seaboard's Board of Directors in November 2009 and has been extended through October 31, 2019. All purchases were made through open market or privately negotiated purchases and all the repurchased shares have been retired. See Note 8 to the condensed consolidated financial statements for further discussion of the program.
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
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
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
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
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
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
This Form 10-Q contains forward-looking statements 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," "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, 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, 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 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, including the impact in Argentina; (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; or (xii) 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. 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. 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. 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," identifies important factors that could cause such differences.
/s/ Robert L. Steer
Robert L. Steer, Executive Vice President,
(principal financial officer)
/s/ Michael D. Trollinger
Michael D. Trollinger, Vice President, Corporate Controller
and Chief Accounting Officer
(principal accounting officer)

redpajama_set_name: RedPajamaCommonCrawl


I was sharing with my friend Sheila yesterday that Maddy seems very unsure/scared of our basement stairs and she then shared this (and this) with me which had me laughing out loud. Lucky for us, I have no doubt that Maddy would pass any dog IQ test we gave her with flying colors!
Meet Maddy. Maddy is a 7 month old Border Collie mix; you can read all about her, and the Great Lakes Border Collie Rescue, here. She is black and white with spots, she's adorable, and she's such a clown! She is very, very, VERY fast, loves to run, and she loves to chase a ball or as many frisbees as you can throw. I love her spots/freckles, how her tail (half black, half white) curls up on to her back when she's alert, and I love her pointy ears. She already knows some commands: sit, lay, back up, don't touch, and we're currently working on "stay" with her too. She was an excellent passenger in her 1.5 hour car ride home on Friday, she is potty trained and hasn't had any accidents in the house in the day and half we've had her, and she did well sleeping in her crate next to us in our bedroom last night too. We're doing our best to make her transition to our home as easy and comfortable as possible, introducing her to rooms of the house slowly, and allowing plenty of quiet/down time with a healthy amount of active time sprinkled in between. We are enjoying getting to know her and having her get to know us. We are looking forward to introducing her to our city and our friends more and more, after giving her ample time to acclimate to us and our home. We are excited to start her in a training class in the near future and look forward to so many possiblities with her ahead (agility, frisbee, Flyball, Treibball, etc.).
Why a Border Collie, or how did we decide she was the dog for us, you might ask? It was important to us, when choosing a dog to make part of our family, to find one that 1) is preferably a rescue dog (there are so many wonderful pets, in shelters or rescue organizations, out there who just need to find the right home…also our first dog, Melody, was AMAZING and a rescue dog herself – so she set the bar high), 2) is smart and very trainable, 3) is active and can go jogging/hiking/walking with us, and 4) bonus – Ryan has always wanted a dog he could play frisbee with (Maddy definitely fits that bill). We are so grateful to her foster mom, Sandy, and the Great Lakes Border Collie Rescue organization for helping to bring Maddy into our lives and we're so excited to share our lives with this lovable, energetic, sweet-natured, clown of a pup!


text:
Shows!
Books and Beer
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Five & Out
G@L
Giganticast
Public Axis
The Original Gentlemen
Thumbtacks & Screwjobs
Watch A Movie With Us
Animated Anarchy
Ash & Fern
Geek Inherits The Earth
Shades of Cinema
SMARK COUNTRY
Infestation Videos
OneOfUs.SHOW
SMARK COUNTRY: Ring of Honor Calls In Backup
by Eugene Selassie
Ring of Honor, despite being only the third largest wrestling promotion in the United States, features (arguably) the best wrestling available on American weekly television. There are several reasons for this, but one of the biggest reasons is the fact that they embrace the concept of cross-promotion. RoH never shies away from the opportunity to bring in someone from another wrestling company in and give them the platform to apply their trade. This May, Ring of Honor will once again do so in grand fashion.
New Japan Pro Wrestling stars Jushin "Thunder" Liger, "Rainmaker" Kazuchika Okada, Hiroshi Tanahashi and Tetsuya Naito will be appearing at four shows. On May 12 & 13, War of the Worlds will be live at the 2300 Arena in Philadelphia, PA. On May 15 & 16, Global Wars will take place at the Ted Reeve Arena in Toronto, Ontario. These four men are living legends and Hall of Famers in the making. Liger alone has probably been the most duplicated in ring competitor of the modern era. This slate of events will definitely give NJPW a higher profile here in the States, while keeping things fresh for the Ring of Honor competitors by giving them some fresh competition. Though a shrewd business move, it does have its detractors.
There are some who feel that RoH should be doing all it can to keep pushing towards that number two spot in the U.S. and that by giving precious screen time to another promotion isn't the best way to do so. The Unbreakable Michael Elgins, the ReDragons and the Jay Lethals of the company could very well get lost in the shuffle. But, in my humble opinion, the pros far outweigh the cons.
Ring of Honor right now has some of the most talented wrestlers in the world, but you'd be hard pressed to find them on television at a decent or even regular timeslot outside of most major cities. Many of their wrestlers aren't household names. They don't have the production budget of a WWE or even a TNA. In this sense, they are very much in the position that ECW was in the mid 1990s. They can't compete with the big two, so they need to do what the other companies can't or won't. Take the risks that Vince McMahon or Dixie Carter can't or won't.
How much more success do you think bringing in the talent of New Japan Pro Wrestling will bring to Ring of Honor?
Tags:Jay LethalJushin "Thunder" LigerMichale ElginsOneOfUsoneofusnetReDragonsRing of HonorROHSmark Country
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text:
Booksfact Youtube Channel
Sumerian Civilization knew about Solar System
The picture below is taken from a Sumerian cylinder seal cleary shows that they knew Saturn had rings around it.
The Sumerian civilization emerged upon the flood plain of the lower reaches of the Tigris and Euphrates Rivers about 4000 B.C.
The social structure of the Sumerians was decidedly different from other societies of that and later times.
The Sumerian communities were city states organized around a temple and ruled by a priesthood. The bulk of the people of the community were considered to be the servant-slaves of the god of the temple.
The insecurities of life justified the role of the priesthood. When calamities occured despite the best efforts of the priesthood this was explained as being the result of the actions of other gods acting in concert which over-ruled the wishes of the local god.
There was a class of craftsmen in addition to the priests and peasants.
The craftmen devoted most of their time to producing things for either the temples or the warrior-soldiers which protected the temple community.
The people were to devote their lives to propitiating the gods to prevent calamities from befalling the community.
The political structure of Sumer was independent city-states. The map shows the important communities.
Note that in Sumerian times the Persian Gulf extended to the area of the city-states.
Since then the rivers have filled in hundreds miles of Gulf and Ur which was once almost on the coast is hundreds of miles from the sea.
Along with the map of Sumer there is a schematic depiction of the layout of the city of Ur with a branch of the Euphrates River running through the city with a protected harbor at the city walls.
There was another protected harbor at the city walls. The temple grounds were separated from the rest of the city.
Bhaskaracharya, the greatest Mathematician who introduced concept of 'Infinity'
Aryabhata contributes 'ZERO, Pi' etc to Mathematics and calculates Eclipses in Astronomy
Ancient Maritime (Shipping & Navigation) History of Human Civilizations
Inti Raymi, Sankranti of South America
Solar System, Centrifugal & Centripetal Forces, Eclipses in Vedas
ancient civilization, ancient machine, ancient temples, astronomy, euphrates river, solar system, sumerian civilization, tigris river
Artificial Intelligence (A.I), Robotics in Yoga Vasistha
Ancient Aircraft (Vimana) and Parachute by King Salwa in Bhagavata Purana
Chumbak Mani, Ancient Land Mine Detector used for Demining
First Spectacles 'Upanetra' by Adi Sankaracharya in 5th century BCE


A hospital, doctor's office or dentist's chair can be a scary, intimidating place for any child or even adults for that matter. Creating an environment of humor, joy and whimsy to ease anxiety is IDS's specialty.
Through murals, 2D and 3D sculpture our imaginative and extremely talented artists can create a world for patients to get lost in.
Colorful images can be paired with educational messages or "I spy" games for an interactive experience or life-size 3D characters can create a fun themed photobooth.
Have you ever had your picture taken sitting beside a bear by a racoon photographer? It certainly would be social media worthy and a terrific way to promote your practice.


text:
module Quotes
  module Services
    class Autotag < Service

      def initialize(quote, tags = nil)
        @quote = quote
        @tags = tags || fetch_tags
      end

      def run
        add_matching_tags
        quote
      end

      private

      def add_matching_tags
        tags.each do |tag|
          #test this!
          next if quote.tags.include?(tag)

          if quote.content =~ /\b(#{Regexp.quote(tag)}\b)/i
            quote.tags << tag
          end
        end
      end

      def quote
        @quote
      end

      def tags
        @tags
      end

      def fetch_tags
        gateway.all.flat_map(&:tags).uniq
      end

      def gateway
        @gateway ||= Gateways::QuotesGateway.new
      end

    end
  end
end

redpajama_set_name: RedPajamaGithub


The Chiropractors were started in 2006 by Dr. Jeanne van Straten in the east of Pretoria and have since then expanded to Centurion. She is currently joined by Dr. Megan van der Merwe who assist at the Centurion and Menlyn Chiropractic Centres. Our staff's aim is to treat each individual's issue holistically by assisting them through their rehabilitation and to improve quality of life as our bodies were intended to function.
The Chiropractors have two established practices easily accessible from the major routes in Centurion and Menlyn, Gauteng. We strive to assist in recovery and rehabilitation of back and neck pain, headaches, sports injuries and colic symptoms in babies.


text:
Every tehsil will have a tehsil municipal administration consisting of the tehsil council, tehsil municipal officer, municipal officers and other officials of the local council service. The Executive Authority of tehsil municipal administration shall vest in the Nazim Tehsil Council who is responsible to ensure that the business of tehsil municipal administration is carried out in accordance with the Khyber Pakhtunkhwa Local Government Act 2013. A brief of the key roles and functions of a tehsil municipal administration includes:
Monitoring and supervising the performance of government offices located in the tehsil and hold them accountable by reporting to the district government
Preparing spatial plans for the tehsil including plans for land use and disseminate these plans for public enquiry
Executing and managing development plans for improvement of municipal and infrastructure services
Exercising control over land development by public and private sectors for agriculture, industry, commerce, residence, recreation, entertainment, transport, etc
Enforcing laws, rules and bye-laws to ensure efficient and quality delivery of municipal services (anti-encroachment drives, affixing of sign-boards, etc)
Maintaining data base and information system on services in the tehsil and provide public access to it on nominal charges
Collecting taxes, fines and penalties provided under the Khyber Pakhtunkhwa Local Government Act 2013
Organising sports events, cultural fairs, recreational carnivals, leisure activities, cattle markets
Coordinating and supporting municipal functions amongst village and neighbourhood councils
Regulating markets, issuing licenses, granting permissions as well as imposing penalties against violations
Developing and managing schemes, including site development, in collaboration with district government
Formulating strategies for infrastructure development, improvement in delivery of services and implementation of laws
Preparing and presenting reports on the performance of municipal administration in tehsil council at least twice a year
Calling for quarterly reports from tehsil based offices of government, presenting them to tehsil council and forwarding them to district government
Composition of Town/Tehsil Municipal Administration
Peasants/Workers
Peshawar 92 31 5 5 5 138
Charsadda 25 9 2 2 2 40
Tangi 12 4 1 1 1 19
Shabqadar 12 4 1 1 1 19
Nowshera 32 11 2 2 2 49
Pabbi 15 5 1 1 1 23
Kohat 25 9 2 2 2 40
Lachi 7 3 1 1 1 13
Karak 9 3 1 1 1 15
Banda Daud Shah 5 1 1 1 1 9
Takht-e-Nusrati 7 3 1 1 1 13
Hangu 10 4 1 1 1 17
Thall 9 3 1 1 1 15
Bannu 43 15 3 3 3 67
Domel 6 2 1 1 1 11
Lakki Marwat 24 8 2 2 2 38
Sarai Naurang 9 3 1 1 1 15
Dera Ismail Khan 21 7 2 2 2 34
Pahar Pur 11 4 1 1 1 18
Parwah 7 3 1 1 1 13
Kulachi 5 1 1 1 1 9
Daraban (Kala) 5 1 1 1 1 9
Tank 16 6 1 1 1 25
Mardan 46 16 3 3 3 71
Takht Bhai 17 6 1 1 1 26
Katlang 12 4 1 1 1 19
Swabi 14 5 1 1 1 22
Lahor 11 4 1 1 1 18
Topi 11 4 1 1 1 18
Razzar 20 7 1 1 1 30
Abbottabad 35 12 2 2 2 53
Havailian 16 6 1 1 1 25
Haripur 37 13 2 2 2 56
Ghazi 8 3 1 1 1 14
Mansehra 36 12 2 2 2 54
Oghi 11 4 1 1 1 18
Balakot 12 4 1 1 1 19
Judbah 7 3 1 1 1 13
Hassanzai 8 3 1 1 1 14
Battagram 12 4 1 1 1 19
Allai 8 3 1 1 1 14
Palas 13 5 1 1 1 21
Dassu 11 4 1 1 1 18
Pattan 10 4 1 1 1 17
Kandia 5 1 1 1 1 9
Babuzai 17 6 1 1 1 26
Matta Shamozai 13 5 1 1 1 21
Khwazakhela 7 3 1 1 1 13
Bahrain 8 3 1 1 1 14
Kabal 12 4 1 1 1 19
Charbagh 5 1 1 1 1 9
Barikot 5 1 1 1 1 9
Alpuri 19 7 1 1 1 29
Puran 9 3 1 1 1 15
Dir Upper 12 4 1 1 1 19
Kalkot 5 1 1 1 1 9
Wari 9 3 1 1 1 15
Barawal 5 1 1 1 1 9
Timergara 6 2 1 1 1 11
Samabagh 6 2 1 1 1 11
Adenzai 8 3 1 1 1 14
Lal Qilla 5 1 1 1 1 9
Khall 5 1 1 1 1 9
Balambat 6 2 1 1 1 11
Munda 5 1 1 1 1 9
Chitral 14 5 1 1 1 22
Mastoj 10 4 1 1 1 17
Daggar 10 4 1 1 1 17
Gagra 9 3 1 1 1 15
Khado Khel 5 1 1 1 1 9
Totalai (Mandanr) 5 1 1 1 1 9
Batkhela 17 6 1 1 1 26
Dargai 11 4 1 1 1 18


Instagram has become an important part of today's youth. We Instagram when we are happy and when we are not so happy; when we are celebrating and when we are not celebrating; when we are working and when we are partying.
Slowly, Instagram has become an important part of our lives and thus, it becomes crucial to understand the importance of this platform and how we can grow with it- personally as well as financially.
For this purpose, the Instagrammers unite in the city of Hyderabad on September 2, 2017. This would be a great opportunity for #InstaLearning #InstaGrowth #InstaFriends #InstaFood #InstaCollabs.
The stage is Yours! – We give every attendee a chance to pitch their Instagram accounts to the audience. Tell us about yourself, your account, and why we should follow you. But keep it under a minute. The winner would win a ticket to TEDxHyderabad 2017.
Treat your eyes and your taste buds with some great food. Make new friends and collaborate with them.


A great rundown on disaster of killing the ACA. But the blame is all on Comey and "those who put Trump over the top" -- a reference I suppose to the deplorable "white working class" of his previous post. Not a word on the weaknesses and contradictions of the ACA, or, indeed, of liberalism itself.
It's going to take deeper thought than this to get out of this message.