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Equity (Tables)
 3 Months Ended
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 TranslationPension AccountingHedge AccountingAccumulated 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 $(408)
Three Months Ended March 31, 2024
Foreign Currency TranslationPension AccountingHedge AccountingAccumulated Other Comprehensive Loss
(in millions)
Balance, December 31, 2023$(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, 2025March 31, 2024
Before TaxTaxAfter TaxBefore TaxTaxAfter 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 period45 (11)33 (61)16 (45)
(Gains) losses reclassified to sales9 (2)6 (1)— (1)
Losses reclassified to cost of sales2 — 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)
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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. 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.