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EQUITY (Tables) | 6 Months Ended
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Jun. 29, 2025
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Loss | The following tables present the beginning and ending balances of accumulated other comprehensive loss by component.
| Three Months Ended June 29, 2025
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, March 30, 2025 | $ | (9) |  |  | $ | (414) |  |  | $ | 15 |  |  | $ | (408) |
Other comprehensive income (loss), net of tax | 31 |  |  | 4 |  |  | (58) |  |  | (23) |
Balance, June 29, 2025 | $ | 21 |  |  | $ | (410) |  |  | $ | (43) |  |  | $ | (432) |
| Three Months Ended June 30, 2024
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, March 31, 2024 | $ | (144) |  |  | $ | (370) |  |  | $ | (36) |  |  | $ | (550) |
Other comprehensive income (loss), net of tax | (60) |  |  | 3 |  |  | 62 |  |  | 5 |
Balance, June 30, 2024 | $ | (205) |  |  | $ | (367) |  |  | $ | 27 |  |  | $ | (545) |
| Six Months Ended June 29, 2025
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, December 30, 2024 | $ | (8) |  |  | $ | (418) |  |  | $ | (26) |  |  | $ | (452) |
Other comprehensive income (loss), net of tax | 30 |  |  | 7 |  |  | (17) |  |  | 20 |
Balance, June 29, 2025 | $ | 21 |  |  | $ | (410) |  |  | $ | (43) |  |  | $ | (432) |
| Six Months Ended June 30, 2024
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, December 31, 2023 | $ | (134) |  |  | $ | (373) |  |  | $ | 8 |  |  | $ | (500) |
Other comprehensive income (loss), net of tax | (71) |  |  | 7 |  |  | 19 |  |  | (46) |
Balance, June 30, 2024 | $ | (205) |  |  | $ | (367) |  |  | $ | 27 |  |  | $ | (545) |
Other Comprehensive Income (Loss) The following table presents the details of other comprehensive income (loss).
| Three Months Ended |
| June 29, 2025 |  | June 30, 2024 |  |  |
| Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  |  |  |  |  |  |
| (in millions) |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | $ | 47 |  |  | $ | — |  |  | $ | 47 |  |  | $ | (61) |  |  | $ | — |  |  | $ | (61) |  |  |  |  |  |  |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses | 5 |  |  | (1) |  |  | 4 |  |  | 4 |  |  | (1) |  |  | 3 |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) arising during the period | (82) |  |  | 21 |  |  | (61) |  |  | 61 |  |  | (16) |  |  | 46 |  |  |  |  |  |  |  |
Losses reclassified to sales | 6 |  |  | (1) |  |  | 4 |  |  | 14 |  |  | (4) |  |  | 10 |  |  |  |  |  |  |  |
(Gains) losses reclassified to cost of sales | (2) |  |  | 1 |  |  | (2) |  |  | 9 |  |  | (2) |  |  | 7 |  |  |  |  |  |  |  |
Total other comprehensive income (loss) from continuing operations | $ | (27) |  |  | $ | 19 |  |  | $ | (8) |  |  | $ | 28 |  |  | $ | (23) |  |  | $ | 5 |  |  |  |  |  |  |  |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation losses (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (20) |  |  | $ | — |  |  | $ | (20) |  |  |  |  |  |  |  |
Total other comprehensive loss from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  | 0 | $ | — |  | 0 | $ | (21) |  |  |  |  |  |  |  |
Total other comprehensive loss | $ | (27) |  |  | $ | 19 |  |  | $ | (8) |  |  | $ | 7 |  |  | $ | (23) |  |  | $ | (16) |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to noncontrolling interest | 16 |  |  | — |  |  | 16 |  |  | (21) |  |  | — |  |  | (21) |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to Smithfield | $ | (42) |  |  | $ | 19 |  |  | $ | (23) |  |  | $ | 28 |  |  | $ | (23) |  |  | $ | 5 |  |  |  |  |  |  |  |
________________ (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 June 29, 2025 and June 30, 2024 included $16 million of translation gains and $21 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.
| Six Months Ended |  |  |  |  |  |  |  |  |  |
| June 29, 2025 |  | June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | $ | 45 |  |  | $ | — |  |  | $ | 45 |  |  | $ | (46) |  | 0 | $ | — |  |  | $ | (46) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses, prior service credits and curtailment gains reclassified to non-operating (gains) losses | 10 |  |  | (2) |  |  | 7 |  |  | 9 |  |  | (2) |  |  | 7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses arising during the period | (38) |  |  | 10 |  |  | (28) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses reclassified to sales | 14 |  | (4) |  |  | 11 |  | 12 |  |  | (3) |  |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gains) losses reclassified to cost of sales | (1) |  |  | — |  |  | (1) |  |  | 13 |  |  | (3) |  |  | 10 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses reclassified to interest expense | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive gain (loss) from continuing operations | $ | 32 |  |  | $ | 4 |  |  | $ | 35 |  |  | $ | (10) |  |  | $ | (9) |  |  | $ | (19) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation losses (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (41) |  |  | $ | — |  |  | $ | (41) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains reclassified to sales | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive loss from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (42) |  |  | $ | — |  |  | $ | (42) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | 32 |  |  | $ | 4 |  |  | $ | 35 |  |  | $ | (52) |  |  | $ | (9) |  |  | $ | (61) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to noncontrolling interest | 15 |  |  | — |  |  | 15 |  |  | (16) |  |  | — |  |  | (16) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to Smithfield | $ | 16 |  |  | $ | 4 |  |  | $ | 20 |  |  | $ | (37) |  |  | $ | (9) |  |  | $ | (46) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
________________ (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 six months ended June 29, 2025 and June 30, 2024 included $15 million of translation gains and $15 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.

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