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REPORTABLE SEGMENTS (Tables) | 6 Months Ended
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Jun. 29, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables provide certain financial information by reportable segment with a reconciliation to the consolidated totals.
| Three Months Ended June 29, 2025
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | $ | 2,079 |  |  | $ | 2,080 |  |  | $ | 840 |  |  | $ | 120 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,334) |  |  | $ | 3,786 |
Cost of sales | 1,690 |  |  | 2,005 |  |  | 808 |  |  | 107 |  |  | — |  |  | 11 |  |  | (1,334) |  |  | 3,288 |
Selling, general and administrative expenses | 87 |  |  | 40 |  |  | 10 |  |  | 6 |  |  | 26 |  |  | 98 |  |  | — |  |  | 268 |
Operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30) |  |  | — |  |  | (30) |
Operating profit (loss) | 301 |  |  | 35 |  |  | 22 |  |  | 7 |  |  | (26) |  |  | (80) |  |  | — |  |  | 260 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | 11 |  |  |  |  | 11 |
Non-operating gains |  |  |  |  |  |  |  |  |  |  | (4) |  |  |  |  | (4) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 254 |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 33 |  |  | $ | 28 |  |  | $ | 14 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 82 |
Capital expenditures | 38 |  |  | 23 |  |  | 13 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 78 |
| Three Months Ended June 30, 2024
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | $ | 1,945 |  |  | $ | 1,981 |  |  | $ | 776 |  |  | $ | 119 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,408) |  |  | $ | 3,412 |
Cost of sales | 1,518 |  |  | 1,878 |  |  | 766 |  |  | 107 |  |  | — |  |  | 24 |  |  | (1,408) |  |  | 2,885 |
Selling, general and administrative expenses | 97 |  |  | 45 |  |  | 11 |  |  | 5 |  |  | 32 |  |  | 4 |  |  | — |  |  | 194 |
Operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
Operating profit (loss) | 330 |  |  | 58 |  |  | (2) |  |  | 7 |  |  | (32) |  |  | (27) |  |  | — |  |  | 334 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | 19 |  |  |  |  | 19 |
Non-operating gains |  |  |  |  |  |  |  |  |  |  | (2) |  |  |  |  | (2) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 317 |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 30 |  |  | $ | 29 |  |  | $ | 15 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 83 |
Capital expenditures | 37 |  |  | 26 |  |  | 7 |  |  | 6 |  |  | 5 |  |  | — |  |  | — |  |  | 80 |
________________ (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)Represents certain items that we do not allocate to our segments.
| Six Months Ended June 29, 2025
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | $ | 4,103 |  |  | $ | 4,114 |  |  | $ | 1,772 |  |  | $ | 224 |  |  | $ | — |  |  | $ | — |  |  | $ | (2,656) |  |  | $ | 7,558 |
Cost of sales | 3,356 |  |  | 3,911 |  |  | 1,727 |  |  | 191 |  |  | — |  |  | 20 |  |  | (2,656) |  |  | 6,549 |
Selling, general and administrative expenses | 180 |  |  | 86 |  |  | 22 |  |  | 12 |  |  | 55 |  |  | 111 |  |  | — |  |  | 465 |
Operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (39) |  |  | — |  |  | (39) |
Operating profit (loss) | 567 |  |  | 117 |  |  | 23 |  |  | 22 |  |  | (55) |  |  | (92) |  |  | — |  |  | 582 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | 22 |  |  |  |  | 22 |
Non-operating losses |  |  |  |  |  |  |  |  |  |  | 2 |  |  |  |  | 2 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 558 |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 66 |  |  | $ | 55 |  |  | $ | 28 |  |  | $ | 13 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 165 |
Capital expenditures | 78 |  |  | 47 |  |  | 24 |  |  | 4 |  |  | 5 |  |  | — |  |  | — |  |  | 158 |
| Six Months Ended June 30, 2024
| Packaged Meats |  | Fresh Pork |  | Hog Production |  | Other (1) |  | Corporate (2) |  | Unallocated (3) |  | Intersegment |  | Consolidated
| (in millions)
Sales | $ | 3,944 |  |  | $ | 3,920 |  |  | $ | 1,482 |  |  | $ | 233 |  |  | $ | — |  |  | $ | — |  |  | $ | (2,722) |  |  | $ | 6,856 |
Cost of sales | 3,139 |  |  | 3,660 |  |  | 1,634 |  |  | 223 |  |  | — |  |  | 34 |  |  | (2,722) |  |  | 5,967 |
Selling, general and administrative expenses | 189 |  |  | 92 |  |  | 24 |  |  | 12 |  |  | 64 |  |  | 13 |  |  | — |  |  | 393 |
Operating gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (3) |
Operating profit (loss) | 616 |  |  | 168 |  |  | (176) |  |  | (2) |  |  | (64) |  |  | (44) |  |  | — |  |  | 498 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | 35 |  |  |  |  | 35 |
Non-operating gains |  |  |  |  |  |  |  |  |  |  | (6) |  |  |  |  | (6) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 469 |
Other segment data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 59 |  |  | $ | 57 |  |  | $ | 31 |  |  | $ | 17 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 165 |
Capital expenditures | 77 |  |  | 56 |  |  | 19 |  |  | 9 |  |  | 13 |  |  | — |  |  | — |  |  | 173 |
________________ (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)Represents certain items that we do not allocate to our segments.
Schedule of Disaggregation of Revenue | The following tables disaggregate our sales to customers by reportable segment and by major distribution channel.
| Three Months Ended June 29, 2025
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated
| (in millions)
Packaged Meats | $ | 1,278 |  |  | $ | 677 |  |  | $ | 12 |  |  | $ | 105 |  |  | $ | 7 |  |  | $ | 2,079 |  |  | $ | — |  |  | $ | 2,079 |
Fresh Pork | 534 |  |  | 72 |  |  | 397 |  |  | 266 |  |  | 1 |  |  | 1,270 |  |  | 810 |  |  | 2,080 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 317 |  |  | 317 |  |  | 524 |  |  | 840 |
Other (7) | — |  |  | — |  |  | — |  |  | — |  |  | 120 |  |  | 120 |  |  | — |  |  | 120 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,334) |  |  | (1,334) |
Total | $ | 1,812 |  |  | $ | 749 |  |  | $ | 409 |  |  | $ | 371 |  |  | $ | 445 |  |  | $ | 3,786 |  |  | $ | — |  |  | $ | 3,786 |
| Three Months Ended June 30, 2024
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated
| (in millions)
Packaged Meats | $ | 1,196 |  |  | $ | 618 |  |  | $ | 20 |  |  | $ | 107 |  |  | $ | 4 |  |  | $ | 1,945 |  |  | $ | — |  |  | $ | 1,945 |
Fresh Pork | 514 |  |  | 63 |  |  | 407 |  |  | 252 |  |  | 1 |  |  | 1,237 |  |  | 744 |  |  | 1,981 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 112 |  |  | 112 |  |  | 664 |  |  | 776 |
Other (7) | — |  |  | — |  |  | — |  |  | — |  |  | 119 |  |  | 119 |  |  | — |  |  | 119 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,408) |  |  | (1,408) |
Total | $ | 1,709 |  |  | $ | 680 |  |  | $ | 428 |  |  | $ | 359 |  |  | $ | 236 |  |  | $ | 3,412 |  |  | $ | — |  |  | $ | 3,412 |
________________ (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 $114 million and $105 million in the three months ended June 29, 2025 and June 30, 2024, respectively. All other external sales are sourced from our U.S. operations. (7)Includes our Mexico and Bioscience operations.
| Six Months Ended June 29, 2025
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated
| (in millions)
Packaged Meats | $ | 2,562 |  |  | $ | 1,275 |  |  | $ | 43 |  |  | $ | 215 |  |  | $ | 9 |  |  | $ | 4,103 |  |  | $ | — |  |  | $ | 4,103 |
Fresh Pork | 1,017 |  |  | 131 |  |  | 832 |  |  | 532 |  |  | 4 |  |  | 2,517 |  |  | 1,597 |  |  | 4,114 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 714 |  |  | 714 |  |  | 1,059 |  |  | 1,772 |
Other (7) | — |  |  | — |  |  | — |  |  | — |  |  | 224 |  |  | 224 |  |  | — |  |  | 224 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,656) |  |  | (2,656) |
Total | $ | 3,579 |  |  | $ | 1,406 |  |  | $ | 875 |  |  | $ | 747 |  |  | $ | 950 |  |  | $ | 7,558 |  |  | $ | — |  |  | $ | 7,558 |
| Six Months Ended June 30, 2024
| Retail (1) |  | Foodservice (2) |  | Exports (3) |  | Industrial (4) |  | Other / Unallocated (5) |  | Total External Sales (6) |  | Intersegment |  | Consolidated
| (in millions)
Packaged Meats | $ | 2,514 |  |  | $ | 1,170 |  |  | $ | 51 |  |  | $ | 202 |  |  | $ | 7 |  |  | $ | 3,944 |  |  | $ | — |  |  | $ | 3,944 |
Fresh Pork | 985 |  |  | 116 |  |  | 830 |  |  | 507 |  |  | 2 |  |  | 2,440 |  |  | 1,479 |  |  | 3,920 |
Hog Production | — |  |  | — |  |  | — |  |  | — |  |  | 239 |  |  | 239 |  |  | 1,242 |  |  | 1,482 |
Other (7) | — |  |  | — |  |  | — |  |  | — |  |  | 233 |  |  | 233 |  |  | — |  |  | 233 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,722) |  |  | (2,722) |
Total | $ | 3,499 |  |  | $ | 1,286 |  |  | $ | 881 |  |  | $ | 709 |  |  | $ | 481 |  |  | $ | 6,856 |  |  | $ | — |  |  | $ | 6,856 |
________________ (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 $212 million and $211 million in the six months ended June 29, 2025 and June 30, 2024, respectively. All other external sales are sourced from our U.S. operations. (7)Includes our Mexico and Bioscience operations.

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