XML 41 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Equity
 12 Months Ended
Dec. 29, 2024
Equity [Abstract]  
Equity EQUITY 
Stock Split and Initial Public Offering
On January 17, 2025, the Company’s board of directors and shareholder approved a 380,069.232-for-one stock split of its issued and outstanding shares of common stock, resulting in issued and outstanding shares of common stock of 380,069,232, which was effected through filing of an amendment to the Company’s articles of incorporation on January 17, 2025. As part of the amendment, the number of authorized shares of common stock was revised to 5,000,000,000, the par value of which was not adjusted, and 100,000,000 shares of preferred stock were authorized. All share and per share amounts for all periods presented in the accompanying financial statements have been adjusted retroactively to reflect this stock split.
On January 29, 2025, we completed our initial public offering (“IPO”) of 26,086,958 shares of common stock, which represents 7% of the total outstanding shares, at a price of $20.00 per share. We issued 13,043,479 shares of common stock bringing the total number of outstanding shares to 393,112,711. The remaining 13,043,479 shares of common stock were sold by our existing shareholder. Our existing shareholder granted the underwriters a 30-day option to purchase up to 3,913,042 additional shares of our common stock. On February 20, 2025, the underwriters partially exercised such option and purchased 2,506,936 additional shares of common stock from our existing shareholder. We received net proceeds from the IPO of approximately $236 million after deducting underwriting discounts, commissions and fees.
In connection with the IPO, we granted to our directors and certain of our employees and certain directors and employees of WH Group:
•options to purchase 9,822,467 shares with an exercise price equal to the IPO price and an aggregate grant date fair value of $30 million; and
•1,527,000 restricted stock units (“RSUs”) with an aggregate grant date fair value of $31 million.
Both the options and RSUs vest over a five year period, with 20% vesting each year.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss consists of the following (net of tax):
Fiscal Year
202420232022
(in millions)
Foreign currency translation$(8)$(134)$(327)
Pension accounting(418)(373)(389)
Hedge accounting(26)8 8 
Accumulated other comprehensive loss$(452)$(500)$(708)
Other Comprehensive Income (Loss)
The following table presents the details of other comprehensive income (loss).
Fiscal Year
202420232022
Before TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter Tax
(in millions)
Continuing operations:
Foreign currency translation:
Translation gains (losses) (1)
$(130)$— $(130)$75 $— $75 $33 $— $33 
Translation losses reclassified to non-operating gains
— — — — — — 16 — 16 
Retirement benefits:
Actuarial gains (losses)(79)19 (60)2 — 1 36 (8)27 
Amortization of actuarial losses and prior service credits reclassified to non-operating gains
21 (5)16 18 (4)14 23 (6)18 
Derivatives:
Gains (losses) arising during the period(56)14 (41)10 (2)7 58 (15)43 
(Gains) losses reclassified to sales(18)5 (13)(12)3 (9)30 (8)23 
(Gains) losses reclassified to cost of sales28 (7)21 — — — (127)33 (95)
Losses reclassified to interest expense2 — 1 2 — 1 1 — 1 
Total other comprehensive income (loss) from continuing operations$(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 period1 — 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.