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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)

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(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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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

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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

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