XML 51 R34.htm IDEA: XBRL DOCUMENT
v3.25.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 29, 2024
Accounting Policies [Abstract] |
Schedule of Inventory, Current | Inventories, net consist of the following:
| December 29, 2024 |  | December 31, 2023
| (in millions)
Fresh and packaged meats | $ | 1,006 |  |  | $ | 943 |
Livestock | 949 |  |  | 1,036 |
Grains | 208 |  |  | 307 |
Manufacturing supplies | 115 |  |  | 123 |
Maintenance parts | 115 |  |  | 104 |
Other | 19 |  |  | 23 |
Inventories, net | $ | 2,412 |  |  | $ | 2,536 |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net, (“PP&E”) consists of the following:
| Useful Life |  | December 29, 2024 |  | December 31, 2023
| (in Years) |  | (in millions)
Machinery and equipment | 5-20 |  | $ | 2,823 |  |  | $ | 2,735 |
Buildings and improvements | 15-40 |  | 1,549 |  |  | 1,561 |
Land and improvements | 3+ |  | 573 |  |  | 686 |
Computer hardware and software | 3-15 |  | 264 |  |  | 229 |
Breeding stock | 2 |  | 159 |  |  | 207 |
Vehicles | 2-7 |  | 110 |  |  | 110 |
Construction in progress |  |  | 173 |  |  | 225 |
Property, plant and equipment, gross |  |  | 5,651 |  |  | 5,753 |
Accumulated depreciation |  |  | (2,497) |  |  | (2,431) |
Finance leases |  |  | 22 |  |  | 25 |
Property, plant and equipment, net |  |  | $ | 3,176 |  |  | $ | 3,347 |
Schedule of Goodwill | The changes in goodwill allocated to each of our reportable segments for fiscal years 2024 and 2023 is presented in the following table.
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Consolidated
|  |  | (in millions)
Balance, January 1, 2023 | $ | 1,503 |  |  | $ | 34 |  |  | $ | 4 |  |  | $ | 77 |  |  | $ | 1,617 |
Foreign currency translation | — |  |  | — |  |  | — |  |  | $ | 10 |  |  | 10 |
Balance, December 31, 2023 | 1,503 |  |  | 34 |  |  | 4 |  |  | 87 |  |  | 1,627 |
Foreign currency translation | — |  |  | — |  |  | — |  |  | (14) |  |  | (14) |
Balance, December 29, 2024 | 1,503 |  |  | 34 |  |  | 4 |  |  | 73 |  |  | 1,613 |
__________________ (1)Includes our Mexico and Bioscience operations.
Schedule of Intangible Assets and Goodwill | Intangible assets, net consists of the following:
| Useful Life |  | December 29, 2024 |  | December 31, 2023
| (in Years) |  | (in millions)
Amortized intangible assets: |  |  |  |  |
Customer relationships | 14-20 |  | $ | 82 |  |  | $ | 82 |
Contractual relationships | 17-22 |  | 40 |  |  | 40 |
Rights and customer lists | 5-25 |  | 5 |  |  | 5 |
Amortized intangible assets, gross |  |  | 127 |  |  | 127 |
Accumulated amortization |  |  | (77) |  |  | (70) |
Amortized intangible assets, net |  |  | 50 |  |  | 58 |
Non-amortized intangible assets: |  |  |  |  |
Trademarks | Indefinite |  | 1,216 |  |  | 1,216 |
Intangible assets, net |  |  | $ | 1,266 |  |  | $ | 1,274 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated amortization expense associated with our intangible assets for each of the next five years is as follows:
Year |  | (in millions)
2025 |  | $ | 8 |
2026 |  | 8 |
2027 |  | 7 |
2028 |  | 4 |
2029 |  | 4 |
Schedule of Redeemable Noncontrolling Interest | The following table presents the changes in redeemable noncontrolling interests for our continuing operations for the periods presented:
| Twelve Months Ended
| December 29, 2024 |  | December 31, 2023 |  | January 1, 2023
| (in millions)
Beginning balance | $ | 246 |  |  | $ | 197 |  |  | $ | 174 |
Attribution of net income | 14 |  |  | 5 |  |  | 11 |
Attribution of other comprehensive income (loss) | (35) |  |  | 25 |  |  | 11 |
Dividends | (1) |  |  | (2) |  |  | (1) |
Redemption | — |  |  | (15) |  |  | — |
Adjustment to redemption value | 1 |  |  | 36 |  |  | 2 |
Ending balance | $ | 225 |  |  | $ | 246 |  |  | $ | 197 |
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable | The balances for receivables from contracts with customers and deferred revenue are presented in the following table:
| December 29, 2024 |  | December 31, 2023 |  | January 1, 2023
| (in millions)
Receivables from contracts with customers | $ | 494 |  |  | $ | 475 |  |  | $ | 700 |
Deferred revenue | 7 |  |  | 9 |  |  | 13 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
Name: | us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483489/210-10-50-1 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration