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 
Livestock949 1,036 
Grains208 307 
Manufacturing supplies115 123 
Maintenance parts115 104 
Other19 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 LifeDecember 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 stock2159 207 
Vehicles
2-7
110 110 
Construction in progress173 225 
Property, plant and equipment, gross5,651 5,753 
Accumulated depreciation(2,497)(2,431)
Finance leases22 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 MeatsFresh PorkHog 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, 20231,503 34 4 87 1,627 
Foreign currency translation— — — (14)(14)
Balance, December 29, 20241,503 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 LifeDecember 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, gross127 127 
Accumulated amortization(77)(70)
Amortized intangible assets, net50 58 
Non-amortized intangible assets:
TrademarksIndefinite1,216 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 
20268 
20277 
20284 
20294 
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 income14 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 revenue7 9 13