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Equity (Tables) | 12 Months Ended
--- | ---
Dec. 29, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following (net of tax):
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in millions)
Foreign currency translation | $ | (8) |  |  | $ | (134) |  |  | $ | (327) |
Pension accounting | (418) |  |  | (373) |  |  | (389) |
Hedge accounting | (26) |  |  | 8 |  |  | 8 |
Accumulated other comprehensive loss | $ | (452) |  |  | $ | (500) |  |  | $ | (708) |
Comprehensive Income (Loss) | The following table presents the details of other comprehensive income (loss).
| Fiscal Year |
| 2024 |  | 2023 |  | 2022 |
| Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |
| (in millions) |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | $ | (130) |  |  | $ | — |  |  | $ | (130) |  |  | $ | 75 |  |  | $ | — |  |  | $ | 75 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 33 |  |
Translation losses reclassified to non-operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial gains (losses) | (79) |  |  | 19 |  |  | (60) |  |  | 2 |  |  | — |  |  | 1 |  |  | 36 |  |  | (8) |  |  | 27 |  |
Amortization of actuarial losses and prior service credits reclassified to non-operating gains | 21 |  |  | (5) |  |  | 16 |  |  | 18 |  |  | (4) |  |  | 14 |  |  | 23 |  |  | (6) |  |  | 18 |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) arising during the period | (56) |  |  | 14 |  |  | (41) |  |  | 10 |  |  | (2) |  |  | 7 |  |  | 58 |  |  | (15) |  |  | 43 |  |
(Gains) losses reclassified to sales | (18) |  |  | 5 |  |  | (13) |  |  | (12) |  |  | 3 |  |  | (9) |  |  | 30 |  |  | (8) |  |  | 23 |  |
(Gains) losses reclassified to cost of sales | 28 |  |  | (7) |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | (127) |  |  | 33 |  |  | (95) |  |
Losses reclassified to interest expense | 2 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |
Total other comprehensive income (loss) from continuing operations | $ | (232) |  |  | $ | 25 |  |  | $ | (207) |  |  | $ | 93 |  |  | $ | (4) |  |  | $ | 88 |  |  | $ | 70 |  |  | $ | (4) |  |  | $ | 66 |  |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | 77 |  |  | — |  |  | 77 |  |  | 144 |  |  | — |  |  | 144 |  |  | (107) |  |  | (1) |  |  | (108) |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses and prior service (credits) reclassified to non-operating gains | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | (1) |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative gains arising during the period | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |
Derivative (gains) losses reclassified to sales | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |  |  | 1 |  |  | — |  |  | 1 |  |
Total other comprehensive income (loss) from discontinued operations | $ | 76 |  |  | $ | — |  |  | $ | 76 |  |  | $ | 145 |  |  | $ | — |  |  | $ | 145 |  |  | $ | (106) |  |  | $ | (1) |  |  | $ | (107) |  |
Total other comprehensive income (loss) | $ | (155) |  |  | $ | 25 |  |  | $ | (130) |  |  | $ | 238 |  |  | $ | (5) |  |  | $ | 234 |  |  | $ | (37) |  |  | $ | (5) |  |  | $ | (41) |  |
Other comprehensive income (loss) attributable to noncontrolling interest | (35) |  |  | — |  |  | (35) |  |  | 25 |  |  | — |  |  | 25 |  |  | 11 |  |  | — |  |  | 11 |  |
Other comprehensive income (loss) attributable to Smithfield | $ | (120) |  |  | $ | 25 |  |  | $ | (95) |  |  | $ | 213 |  |  | $ | (5) |  |  | $ | 208 |  |  | $ | (47) |  |  | $ | (5) |  |  | $ | (52) |  |
________________ (1)We consider the earnings in our non-U.S. subsidiaries to be indefinitely reinvested, and accordingly, record no deferred income taxes on such amounts.

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1 + Details
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