Seaboard Corporation Report Of Earnings

MERRIAM, Kan., Feb. 21, 2017 /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE MKT symbol: SEB) with offices at 9000 West 67^th Street, Merriam, Kansas, for the three and twelve months ended December 31, 2016 and December 31, 2015, in millions of dollars except share and per share amounts.

Notes to Report of Earnings:

In the fourth quarter of 2015, Seaboard recorded interest income of $23 million, net of taxes ($31 million before taxes), or $19.49 per common share, for interest recognized on certain outstanding customer receivable balances in its Power segment. This interest income related to amounts determined to be collectible as of December 31, 2015, but previously had been considered uncollectable in prior years. This amount was fully collected by Seaboard in January 2016.

On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 (the "2015 Tax Act") was signed into law. The 2015 Tax Act reinstated and made permanent certain expired corporate income tax provisions that impact current and deferred taxes for financial reporting purposes. The annual effects of the provisions in this law on current and deferred tax assets and liabilities for Seaboard were recorded in the fourth quarter of 2015. The impact was a tax benefit of $13 million, or $10.92 per common share, for each of the three and twelve months ended December 31, 2015, primarily related to certain income tax credits. In addition to this amount was a credit of $17 million, or $14.88 per common share, for each of the three and twelve months ended December 31, 2015, for the 2015 Federal blender's credits that was recognized as revenues in the fourth quarter of 2015. There was no tax expense on these transactions. Since the 2015 Tax Act extended the provisions through December 31, 2016, revenue was recognized ratably throughout 2016. The Federal blender's credits have not been renewed for 2017.

Seaboard Corporation today filed its Annual Report on Form 10-K with the United States Securities and Exchange Commission. Seaboard has provided access to the Annual Report on Form 10-K on its website at https://www.seaboardcorp.com/investors.

SOURCE Seaboard Corporation