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Reportable Segments
 3 Months Ended
Mar. 30, 2025
Segment Reporting [Abstract]  
Reportable Segments REPORTABLE SEGMENTS
Our reportable segments are determined on the basis of our organizational structure and information that is regularly reviewed by our Chief Operating Decision Maker (“CODM”) for the purpose of making operating and resource allocation decisions and assessing the performance of the operating segments of our business. Our CODM is our Chief Executive Officer. Our CODM reviews assets at a consolidated level; not by reportable segment. Therefore, we do not disclose assets by reportable segment.
The measure of segment profit reviewed by our CODM is operating profit, which represents the operating results of our operating segments with the exception of certain gains, losses and other expenses which are not allocated to our segments. Our CODM uses operating profit to assess segment performance, compensate employees and allocate capital, personnel and other resources to each segment. We recently removed income from equity method investments from the measure of segment profit reviewed by our CODM. Accordingly, the historical segment results presented herein have been retrospectively adjusted to remove income from equity method investments.
Following the carve-out and distribution of our European operations (see “Note 3: Discontinued Operations”), we conduct our operations through three reportable segments: Packaged Meats, Fresh Pork and Hog Production.
Packaged Meats
The Packaged Meats segment consists of our U.S. operations that process fresh meat into a wide variety of packaged meats products, including bacon, sausage, hot dogs, deli and lunch meats, dry sausage products (such as pepperoni and genoa salami), ham products, ready-to-eat products and prepared foods (such as pre-cooked entrees, bacon and sausage). Approximately 80% of the Packaged Meats segment’s raw materials are sourced from our Fresh Pork segment. We market our domestic packaged meats products under a strategic set of core brands, which include: Smithfield, Eckrich, Nathan’s Famous, Farmland, Armour, Farmer John, Kretschmar, Krakus, John Morrell, Cook’s, Gwaltney, Carando, Margherita, Curly’s and Smithfield Culinary. We also sell a sizeable portion of our packaged
meats products as private label products. The majority of the Packaged Meats segment’s products are sold to retail and foodservice customers in the U.S.
Fresh Pork
The Fresh Pork segment consists of our U.S. operations that process live hogs into a wide variety of primal, sub-primal and offal products, such as bellies, butts, hams, loins, picnics and ribs. In the first quarter of 2025, the Fresh Pork segment sourced approximately 40% of its raw materials from our Hog Production segment, compared to approximately 50% in the first quarter of 2024, with the remainder from third-party farmers with whom we partner across the U.S. Approximately one-third of our fresh pork products, including the majority of hams, bellies and trimmings, is transferred to our Packaged Meats segment. Externally, we sell our fresh pork products to domestic retail, foodservice and industrial customers, as well as to export markets, including, among others, China, Mexico, Japan, South Korea and Canada.
Hog Production
The Hog Production segment consists of our hog production operations in the U.S., which produce and raise our hogs on numerous company-owned farms and farms that are owned and operated by third-party contract farmers. Nearly all of the hogs produced by this segment are processed by our Fresh Pork segment. The Hog Production segment also sells grains and feed to external customers.
The following table provides certain financial information by reportable segment with a reconciliation to the consolidated totals.
Three Months Ended March 30, 2025
Packaged MeatsFresh PorkHog Production
Other (1)
Corporate (2)
Unallocated (3)
Intersegment Consolidated
(in millions)
Sales2,024 2,033 932 104 — — (1,322)$3,771 
Cost of sales1,665 1,906 919 84 — 9 (1,322)3,262 
Selling, general and administrative expenses93 46 12 6 29 12 — 197 
Operating gains— — — — — (9)— (9)
Operating profit (loss)266 82 1 14 (29)(12)— 321 
Interest expense, net11 11 
Non-operating losses6 6 
Income from continuing operations before income taxes304 
Other segment data:
Depreciation and amortization32 27 15 6 — 2 — 83 
Capital expenditures40 24 11 2 3 — — 79 
Three Months Ended March 31, 2024
Packaged MeatsFresh PorkHog Production
Other (1)
Corporate (2)
Unallocated (3)
Intersegment Consolidated
(in millions)
Sales $1,999 $1,938 $706 $114 $— $— $(1,314)$3,444 
Cost of sales1,621 1,782 868 116 — 10 (1,314)3,083 
Selling, general and administrative expenses92 47 12 7 32 9 — 199 
Operating gains— — — — — (1)— (1)
Operating profit (loss)286 110 (174)(8)(32)(18)— 163 
Interest expense, net16 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 
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(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.

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 Pork483 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)
IntersegmentConsolidated
(in millions)
Packaged Meats$1,318 $553 $31 $95 $2 $1,999 $— $1,999 
Fresh Pork471 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.