XML 52 R35.htm IDEA: XBRL DOCUMENT
v3.25.1

Reportable Segments (Tables) | 12 Months Ended
--- | ---
Dec. 29, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table provides certain financial information by reportable segment for the fiscal years presented with a reconciliation to the consolidated totals.
| Fiscal Year 2024
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | 8,319 |  |  | 7,873 |  |  | 3,002 |  |  | 471 |  |  | — |  |  | — |  |  | (5,524) |  |  | $ | 14,142 |
Cost of sales | 6,759 |  |  | 7,419 |  |  | 3,104 |  |  | 412 |  |  | — |  |  | 74 |  |  | (5,524) |  |  | 12,244 |
Selling, general and administrative expenses | 394 |  |  | 188 |  |  | 42 |  |  | 24 |  |  | 153 |  |  | 38 |  |  | — |  |  | 840 |
Operating gains | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (57) |  |  | — |  |  | (60) |
Operating profit (loss) | 1,168 |  |  | 266 |  |  | (144) |  |  | 35 |  |  | (153) |  |  | (55) |  |  | — |  |  | 1,118 |
Interest expense, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 66 |  |  | — |  |  | 66 |
Non-operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | (9) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,061 |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 123 |  |  | 113 |  |  | 61 |  |  | 30 |  |  | 1 |  |  | 10 |  |  | — |  |  | 339 |
Capital expenditures | 144 |  |  | 106 |  |  | 33 |  |  | 13 |  |  | 54 |  |  | — |  |  | — |  |  | 350 |
| Fiscal Year 2023
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | $ | 8,280 |  |  | $ | 7,832 |  |  | $ | 3,317 |  |  | $ | 559 |  |  | — |  |  | $ | — |  |  | $ | (5,348) |  |  | $ | 14,640 |
Cost of sales | 6,792 |  |  | 7,525 |  |  | 4,024 |  |  | 536 |  |  | — |  |  | 222 |  |  | (5,348) |  |  | 13,751 |
Selling, general and administrative expenses | 422 |  |  | 190 |  |  | 50 |  |  | 26 |  |  | 107 |  |  | 254 |  |  | — |  |  | 1,050 |
Operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (105) |  |  | — |  |  | (105) |
Operating profit (loss) | 1,066 |  |  | 117 |  |  | (756) |  |  | (4) |  |  | (107) |  |  | (371) |  |  | — |  |  | (56) |
Interest expense, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 76 |  |  | — |  |  | 76 |
Non-operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (3) |
Loss from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (129) |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 120 |  |  | 109 |  |  | 72 |  |  | 36 |  |  | 1 |  |  | 89 |  |  | — |  |  | 427 |
Capital expenditures | 154 |  |  | 123 |  |  | 40 |  |  | 10 |  |  | — |  |  | 26 |  |  | — |  |  | 353 |
| Fiscal Year 2022
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | $ | 9,262 |  |  | $ | 9,190 |  |  | $ | 4,456 |  |  | $ | 524 |  |  | — |  |  | $ | — |  |  | $ | (7,234) |  |  | $ | 16,199 |
Cost of sales | 7,797 |  |  | 8,981 |  |  | 4,536 |  |  | 440 |  |  | — |  |  | 183 |  |  | (7,234) |  |  | 14,704 |
Selling, general and administrative expenses | 418 |  |  | 179 |  |  | 54 |  |  | 23 |  |  | 118 |  |  | 16 |  |  | — |  |  | 807 |
Operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (429) |  |  | — |  |  | (429) |
Operating profit (loss) | 1,047 |  |  | 30 |  |  | (133) |  |  | 61 |  |  | (118) |  |  | 230 |  |  | — |  |  | 1,117 |
Interest expense, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87 |  |  | — |  |  | 87 |
Non-operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (18) |  |  | — |  |  | (18) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,047 |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 124 |  |  | 111 |  |  | 74 |  |  | 32 |  |  | 1 |  |  | 98 |  |  | — |  |  | 440 |
Capital expenditures | 99 |  |  | 148 |  |  | 79 |  |  | 6 |  |  | — |  |  | 7 |  |  | — |  |  | 338 |
________________ (1)Includes our Mexico and Bioscience operations. Our Mexico operations include the raising of hogs and production of pork products that are sold primarily to customers in Mexico. Our Bioscience operations use raw materials from hogs that we harvest to manufacture heparin products, including an active pharmaceutical ingredient that mitigates the risk of blood clots. (2)Represents general corporate expenses for management and administration of the business. (3)Includes certain costs of sales, SG&A and operating gains that we do not allocate to our segments.
Disaggregation of Revenue | The following table disaggregates our sales to customers by reportable segment and by major distribution channel:
| Fiscal Year 2024
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated (7)
| (in millions)
Packaged Meats | $ | 5,349 |  |  | $ | 2,447 |  |  | $ | 104 |  |  | $ | 403 |  |  | $ | 16 |  |  | $ | 8,319 |  |  | $ | — |  |  | $ | 8,319 |
Fresh Pork | 1,946 |  |  | 232 |  |  | 1,666 |  |  | 1,035 |  |  | 5 |  |  | 4,883 |  |  | 2,990 |  |  | 7,873 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 469 |  |  | 469 |  |  | 2,533 |  |  | 3,002 |
Other (8) | — |  |  | — |  |  | — |  |  | — |  |  | 470 |  |  | 470 |  |  | 1 |  |  | 471 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,524) |  |  | (5,524) |
Total | $ | 7,295 |  |  | $ | 2,679 |  |  | $ | 1,769 |  |  | $ | 1,438 |  |  | $ | 960 |  |  | $ | 14,142 |  |  | $ | — |  |  | $ | 14,142 |
| Fiscal Year 2023
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated (7)
| (in millions)
Packaged Meats | $ | 5,265 |  |  | $ | 2,420 |  |  | $ | 126 |  |  | $ | 449 |  |  | $ | 20 |  |  | $ | 8,280 |  |  | $ | — |  |  | $ | 8,280 |
Fresh Pork | 2,007 |  |  | 246 |  |  | 1,731 |  |  | 1,142 |  |  | 12 |  |  | 5,138 |  |  | 2,694 |  |  | 7,832 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 671 |  |  | 671 |  |  | 2,646 |  |  | 3,317 |
Other (8) | — |  |  | — |  |  | — |  |  | — |  |  | 552 |  |  | 552 |  |  | 7 |  |  | 559 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,348) |  |  | (5,348) |
Total | $ | 7,272 |  |  | $ | 2,667 |  |  | $ | 1,857 |  |  | $ | 1,591 |  |  | $ | 1,254 |  |  | $ | 14,640 |  |  | $ | — |  |  | $ | 14,640 |
| Fiscal Year 2022
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated (7)
| (in millions)
Packaged Meats | $ | 5,624 |  |  | $ | 2,749 |  |  | $ | 194 |  |  | $ | 516 |  |  | $ | 178 |  |  | $ | 9,261 |  |  | $ | — |  |  | $ | 9,262 |
Fresh Pork | 2,233 |  |  | 322 |  |  | 1,683 |  |  | 1,303 |  |  | 14 |  |  | 5,555 |  |  | 3,635 |  |  | 9,190 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 862 |  |  | 862 |  |  | 3,594 |  |  | 4,456 |
Other (8) | — |  |  | — |  |  | — |  |  | — |  |  | 520 |  |  | 520 |  |  | 4 |  |  | 524 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,234) |  |  | (7,234) |
Total | $ | 7,857 |  |  | $ | 3,071 |  |  | $ | 1,877 |  |  | $ | 1,819 |  |  | $ | 1,575 |  |  | $ | 16,199 |  |  | $ | — |  |  | $ | 16,199 |
________________ (1)Includes national and regional retailers in the U.S. such as grocery supermarket chains, independent grocers and club stores. (2)Includes foodservice distributors, fast food and other restaurant operators, hotel chains and other institutional customers in the U.S. (3)Includes exports from the U.S. to international retailers and wholesale distributors primarily in North America, Asia, Latin America and other emerging markets. (4)Includes sales to industrial customers who use our raw materials in their finished goods production, including prepared meals, pharmaceutical production and pet food. (5)Includes sales of grain, oilseeds, breeding stock and market hogs, among others, in addition to external sales from our Mexico and Bioscience operations. (6)Includes external sales from our Mexico operations of $431 million, $515 million, and $444 million in fiscal years 2024, 2023 and 2022, respectively. All other external sales are sourced from our U.S. operations. (7)Our largest customer, Walmart Inc. (“Walmart”), accounted for 13%, 12% and 12% of consolidated sales in fiscal years 2024, 2023 and 2022, respectively. Sales to Walmart were included in our Packaged Meats and Fresh Pork segments. Any extended discontinuance of sales to this customer could, if not replaced, have a material impact on our results of operations. (8)Includes our Mexico and Bioscience operations.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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