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Reportable Segments (Tables)

3 Months Ended

Mar. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table provides certain financial information by reportable segment with a reconciliation to the consolidated totals.

			Three Months Ended March 30, 2025
			Packaged Meats						Fresh Pork						Hog Production						Other (1)						Corporate (2)						Unallocated (3)						Intersegment						Consolidated
			(in millions)
Sales			2,024						2,033						932						104						—						—						(1,322)						$	3,771
Cost of sales			1,665						1,906						919						84						—						9						(1,322)						3,262
Selling, general and administrative expenses			93						46						12						6						29						12						—						197
Operating gains			—						—						—						—						—						(9)						—						(9)
Operating profit (loss)			266						82						1						14						(29)						(12)						—						321
Interest expense, net																																	11												11
Non-operating losses																																	6												6
Income from continuing operations before income taxes																																													304
Other segment data:
Depreciation and amortization			32						27						15						6						—						2						—						83
Capital expenditures			40						24						11						2						3						—						—						79

			Three Months Ended March 31, 2024
			Packaged Meats						Fresh Pork						Hog Production						Other (1)						Corporate (2)						Unallocated (3)						Intersegment						Consolidated
			(in millions)
Sales			$	1,999					$	1,938					$	706					$	114					$	—					$	—					$	(1,314)					$	3,444
Cost of sales			1,621						1,782						868						116						—						10						(1,314)						3,083
Selling, general and administrative expenses			92						47						12						7						32						9						—						199
Operating gains			—						—						—						—						—						(1)						—						(1)
Operating profit (loss)			286						110						(174)						(8)						(32)						(18)						—						163
Interest expense, net																																	16												16
Non-operating gains																																	(4)												(4)
Income from continuing operations before income taxes																																													152
Other segment data:
Depreciation and amortization			30						28						16						8						—						—						—						82
Capital expenditures			41						29						11						3						8						—						—						92

________________

(1)Includes our Mexico and Bioscience operations. Our Mexico operations include the raising of hogs and production of pork products that are sold primarily to customers in Mexico. Our Bioscience operations use raw materials from hogs that we harvest to manufacture heparin products, including an active pharmaceutical ingredient that mitigates the risk of blood clots.

(2)Represents general corporate expenses for management and administration of the business.

(3)Includes certain items that we do not allocate to our segments.

Disaggregation of Revenue

The following table disaggregates our sales to customers by reportable segment and by major distribution channel.

			Three Months Ended March 30, 2025
			Retail (1)						Foodservice (2)						Exports (3)						Industrial (4)						Other / Unallocated (5)						Total External Sales (6)						Intersegment						Consolidated
			(in millions)
Packaged Meats			$	1,284					$	597					$	31					$	110					$	2					$	2,024					$	—					$	2,024
Fresh Pork			483						59						435						266						3						1,246						787						2,033
Hog Production			—						—						—						—						397						397						535						932
Other (7)			—						—						—						—						104						104						—						104
Intersegment			—						—						—						—						—						—						(1,322)						(1,322)
Total			$	1,767					$	657					$	466					$	376					$	505					$	3,771					$	—					$	3,771
			Three Months Ended March 31, 2024
			Retail (1)						Foodservice (2)						Exports (3)						Industrial (4)						Other / Unallocated (5)						Total External Sales (6)						Intersegment						Consolidated
			(in millions)
Packaged Meats			$	1,318					$	553					$	31					$	95					$	2					$	1,999					$	—					$	1,999
Fresh Pork			471						53						423						255						2						1,203						735						1,938
Hog Production			—						—						—						—						128						128						578						706
Other (7)			—						—						—						—						114						114						—						114
Intersegment			—						—						—						—						—						—						(1,314)						(1,314)
Total			$	1,789					$	606					$	454					$	350					$	245					$	3,444					$	—					$	3,444

________________

(1)Includes national and regional retailers in the U.S. such as grocery supermarket chains, independent grocers and club stores.

(2)Includes foodservice distributors, fast food and other restaurant operators, hotel chains and other institutional customers in the U.S.

(3)Includes exports from the U.S. to international retailers and wholesale distributors primarily in North America, Asia, Latin America and other emerging markets.

(4)Includes sales to industrial customers who use our raw materials in their finished goods production, including prepared meals, pharmaceutical production and pet food.

(5)Includes sales of grain, oilseeds, feed, breeding stock and market hogs, among others, in addition to external sales from our Mexico and Bioscience operations.

(6)Includes external sales from our Mexico operations of $99 million and $106 million in the three months ended March 30, 2025 and March 31, 2024, respectively. All other external sales are sourced from our U.S. operations.

(7)Includes our Mexico and Bioscience operations.

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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