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Equity | 3 Months Ended
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Mar. 30, 2025
Equity [Abstract] |
Equity | EQUITY Stock Split 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. Initial Public Offering 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 that option and purchased 2,506,936 additional shares of common stock from our existing shareholder. We received net proceeds from the IPO of $236 million after deducting underwriting discounts, commissions and fees. Stock-Based Compensation In connection with the IPO, we granted to certain of our directors and employees and certain directors and employees of WH Group: (1) options to purchase 9,822,467 shares with an exercise price equal to the IPO price of $20.00 per share option and (2) 1,527,000 RSUs. The options and substantially all RSUs vest over a five year period, with 20% vesting each year. We recognized compensation expense totaling $2 million associated with these equity instruments in the first quarter of 2025. Unrecognized compensation expense totaled $45 million as of March 30, 2025, which is expected to be recognized on a straight-line basis over the remaining vesting period of 4.8 years. No compensation expense was recognized for stock options and RSUs granted to directors and employees of WH Group. Such awards will be accounted for as a dividend upon issuance of the shares based on the grant-date fair value. Accumulated Other Comprehensive Loss The following tables present the beginning and ending balances of accumulated other comprehensive gain (loss) by component.
| Three Months Ended March 30, 2025
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, December 30, 2024 | $ | (8) |  |  | $ | (418) |  |  | $ | (26) |  |  | $ | (452) |
Other comprehensive loss, net of tax | (1) |  |  | 3 |  |  | 41 |  |  | 43 |
Balance, March 30, 2025 | $ | (9) |  |  | $ | (414) |  |  | $ | 15 |  |  | $ | (408) |
| Three Months Ended March 31, 2024
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, December 31, 2023 | $ | (134) |  |  | $ | (373) |  |  | $ | 8 |  |  | $ | (500) |
Other comprehensive loss, net of tax | (11) |  |  | 3 |  |  | (43) |  |  | (51) |
Balance, March 31, 2024 | $ | (144) |  |  | $ | (370) |  |  | $ | (36) |  |  | $ | (550) |
Other Comprehensive Income (Loss) The following table presents the details of other comprehensive income (loss).
| Three Months Ended |
| March 30, 2025 |  | March 31, 2024 |  |  |
| Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  |  |  |  |  |  |
| (in millions) |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | $ | (1) |  |  | $ | — |  |  | $ | (1) |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  |  |  |  |  |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses | 4 |  |  | (1) |  |  | 3 |  |  | 4 |  |  | (1) |  |  | 3 |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) arising during the period | 45 |  |  | (11) |  |  | 33 |  |  | (61) |  |  | 16 |  |  | (45) |  |  |  |  |  |  |  |
(Gains) losses reclassified to sales | 9 |  |  | (2) |  |  | 6 |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |  |  |  |
Losses reclassified to cost of sales | 2 |  |  | — |  |  | 1 |  |  | 4 |  |  | (1) |  |  | 3 |  |  |  |  |  |  |  |
Total other comprehensive income (loss) from continuing operations | $ | 58 |  |  | $ | (15) |  |  | $ | 43 |  |  | $ | (38) |  |  | $ | 14 |  |  | $ | (24) |  |  |  |  |  |  |  |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation losses (1) | — |  |  | — |  |  | — |  |  | (21) |  |  | — |  |  | (21) |  |  |  |  |  |  |  |
Total other comprehensive loss from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |  |  | $ | (21) |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | 58 |  |  | $ | (15) |  |  | $ | 43 |  |  | $ | (59) |  |  | $ | 14 |  |  | $ | (45) |  |  |  |  |  |  |  |
Other comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to Smithfield | $ | 59 |  |  | $ | (15) |  |  | $ | 43 |  |  | $ | (64) |  |  | $ | 14 |  |  | $ | (51) |  |  |  |  |  |  |  |
________________ (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. The three months ended March 31, 2024 included $5 million of translation gains attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.

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