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v3.25.1

Equity (Tables) | 3 Months Ended
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Mar. 30, 2025
Equity [Abstract] |
Schedule of 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) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | 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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