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Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of segment revenue and operating profit | 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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- Definition Tabular disclosure of reconciliation of profit (loss) by reportable segment to consolidated profit (loss). Includes, but is not limited to, reconciliation of income (loss) before income tax expense (benefit) and after income tax if income tax is allocated to reportable segment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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