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Business Segment Information | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Business Segment Information | BUSINESS SEGMENT INFORMATION In the fourth quarter of 2025, the Company realigned its reportable segments to better reflect the continued integration of its operating model. Giving effect to the realignment, the Company operates through two reportable segments: Protein Solutions and Prepared Food and Beverage Solutions. The Company defines its segments based on which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (CODM) to analyze financial performance, make decisions, and allocate resources. •The Protein Solutions segment includes businesses that provide solutions for initial stage processing and harvesting of animal proteins, primarily focusing on poultry, pork, fish, and beef. •The Prepared Food and Beverage Solutions segment includes businesses that offer solutions predominantly for downstream value-added preparation, preservation, and packaging of foods and beverages into ready to eat or drink products. This segment also includes solutions that are often end-market agnostic, spanning protein, beverages, fruit & vegetables, pet food, ready meals, pharmaceuticals and neutraceuticals, and warehouse automation. The Company's Chief Executive Officer is the CODM, who assesses the segments’ performance using each segment’s Adjusted EBITDA. The CODM is not regularly provided with and does not evaluate the segments using segment total assets and therefore, each segment’s total assets are not disclosed. Segment profitability measures and significant expenses The following table presents financial information for the Company’s reportable segments and significant expenses regularly provided to the CODM:
| Three Months Ended June 30, 2026 |  | Three Months Ended June 30, 2025
(In millions) | Protein Solutions |  | Prepared Food and Beverage Solutions |  | Total |  | Protein Solutions |  | Prepared Food and Beverage Solutions |  | Total
Revenue | $ | 467 |  |  | $ | 514 |  |  |  |  | $ | 421 |  |  | $ | 514 |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |
Cost of sales | 282 |  |  | 340 |  |  |  |  | 270 |  |  | 330 |  |  |
Research and development | 11 |  |  | 6 |  |  |  |  | 21 |  |  | 10 |  |  |
Other segment items (1) | 95 |  |  | 107 |  |  |  |  | 87 |  |  | 112 |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 33 |  |  | 29 |  |  |  |  | 43 |  |  | 32 |  |  |
Segment Adjusted EBITDA | $ | 112 |  |  | $ | 90 |  |  | $ | 202 |  |  | $ | 86 |  |  | $ | 94 |  |  | $ | 180 |
Less: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  | 13 |  |  |  |  |  |  | 29 |
Other income |  |  |  |  | (2) |  |  |  |  |  |  | (3) |
Restructuring related costs |  |  |  |  | 12 |  |  |  |  |  |  | 6 |
M&A related costs |  |  |  |  | 11 |  |  |  |  |  |  | 20 |
Impairment of intangible assets |  |  |  |  | 33 |  |  |  |  |  |  | — |
Loss on investment |  |  |  |  | — |  |  |  |  |  |  | 11 |
Depreciation and amortization |  |  |  |  | 66 |  |  |  |  |  |  | 82 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |
Corporate expense (2) |  |  |  |  | 34 |  |  |  |  |  |  | 24 |
Income before income taxes |  |  |  |  | $ | 35 |  |  |  |  |  |  | $ | 11 |
Capital expenditures |  |  |  |  | $ | 25 |  |  |  |  |  |  | $ | 19 |
| Six Months Ended June 30, 2026 |  | Six Months Ended June 30, 2025
(In millions) | Protein Solutions |  | Prepared Food and Beverage Solutions |  | Total |  | Protein Solutions |  | Prepared Food and Beverage Solutions |  | Total
Revenue | $ | 927 |  |  | $ | 990 |  |  |  |  | $ | 799 |  |  | $ | 990 |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |
Cost of sales | 571 |  |  | 658 |  |  |  |  | 517 |  |  | 644 |  |  |
Research and development | 22 |  |  | 13 |  |  |  |  | 41 |  |  | 20 |  |  |
Other segment items (1) | 189 |  |  | 219 |  |  |  |  | 163 |  |  | 213 |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 67 |  |  | 60 |  |  |  |  | 71 |  |  | 59 |  |  |
Segment Adjusted EBITDA | $ | 212 |  |  | $ | 160 |  |  | $ | 372 |  |  | $ | 149 |  |  | $ | 172 |  |  | $ | 321 |
Less: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  | 23 |  |  |  |  |  |  | 70 |
Other income |  |  |  |  | (4) |  |  |  |  |  |  | (5) |
Restructuring related costs |  |  |  |  | 10 |  |  |  |  |  |  | 17 |
M&A related costs |  |  |  |  | 19 |  |  |  |  |  |  | 94 |
Impairment of intangible assets |  |  |  |  | 33 |  |  |  |  |  |  | — |
Loss on investment |  |  |  |  | — |  |  |  |  |  |  | 11 |
Pension expense, other than service cost |  |  |  |  | — |  |  |  |  |  |  | 147 |
Depreciation and amortization |  |  |  |  | 134 |  |  |  |  |  |  | 143 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |
Corporate expense (2) |  |  |  |  | 62 |  |  |  |  |  |  | 52 |
Income before income taxes |  |  |  |  | $ | 95 |  |  |  |  |  |  | $ | (208) |
Capital expenditures |  |  |  |  | $ | 51 |  |  |  |  |  |  | $ | 39 |
(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business. (2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.

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