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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 29, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On August 26, 2024, we completed a carve-out and distribution of our European operations to WH Group. The European carve-out represented a strategic shift in our geographical footprint. Accordingly, where applicable, the historical results of operations, assets and liabilities, and cash flows of the European operations have been condensed into separate line items and presented in the condensed consolidated statements of income, the condensed consolidated balance sheets and the condensed consolidated statements of cash flows as discontinued operations. The following table presents the major components of net income from discontinued operations included in the condensed consolidated statements of income.
| Three Months Ended |  | Six Months Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
| (in millions)
Sales | $ | — |  |  | $ | 926 |  |  | $ | — |  |  | $ | 1,735 |
Cost of sales | — |  |  | 782 |  |  | — |  |  | 1,495 |
Gross profit | — |  |  | 143 |  |  | — |  |  | 240 |
Selling, general and administrative expenses | — |  |  | 55 |  |  | — |  |  | 105 |
Operating gains | — |  |  | (2) |  |  | — |  |  | (11) |
Operating profit | — |  |  | 90 |  |  | — |  |  | 146 |
Interest expense | — |  |  | 2 |  |  | — |  |  | 2 |
Non-operating losses | — |  |  | 5 |  |  | — |  |  | 6 |
Income from discontinued operations before income taxes | — |  |  | 84 |  |  | — |  |  | 138 |
Income tax on discontinued operations | — |  |  | 37 |  |  | — |  |  | 49 |
Net income from discontinued operations | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | 89 |
Acquisition within our Discontinued Operations Prior to the carve-out and distribution of our European operations, we completed the following acquisition, which is included in discontinued operations. Argal On March 28, 2024, our former European operations purchased a 50.1% stake in Argal Alimentacíon, S.A. (“Argal”), a Spanish producer of packaged meats products with approximately 1,480 employees, for €91 million ($98 million), subject to post-closing adjustments. The amount paid at closing was €82 million ($88 million) with the remaining balance due upon finalization of the purchase price. In August 2024, an additional €8 million ($9 million) was paid, which resulted in a final purchase price of €90 million ($97 million).

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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