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EQUITY (Tables) | 9 Months Ended
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Sep. 28, 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 September 28, 2025
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, June 29, 2025 | $ | 21 |  |  | $ | (410) |  |  | $ | (43) |  |  | $ | (432) |
Other comprehensive income, net of tax | 10 |  |  | 4 |  |  | 4 |  |  | 18 |
Balance, September 28, 2025 | $ | 32 |  |  | $ | (406) |  |  | $ | (40) |  |  | $ | (414) |
| Three Months Ended September 29, 2024
| Foreign Currency Translation |  | Pension Accounting |  | Hedge Accounting |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance, June 30, 2024 | $ | (205) |  |  | $ | (367) |  |  | $ | 27 |  |  | $ | (545) |
Other comprehensive income (loss), net of tax | 65 |  |  | 3 |  |  | (29) |  |  | 39 |
European operations carve-out | 143 |  |  | — |  |  | (1) |  |  | 143 |
Balance, September 29, 2024 | $ | 3 |  |  | $ | (363) |  |  | $ | (3) |  |  | $ | (363) |
| Nine Months Ended September 28, 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 | 40 |  |  | 11 |  |  | (14) |  |  | 38 |
Balance, September 28, 2025 | $ | 32 |  |  | $ | (406) |  |  | $ | (40) |  |  | $ | (414) |
| Nine Months Ended September 29, 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 | (6) |  |  | 10 |  |  | (10) |  |  | (6) |
European operations carve-out | 143 |  |  | — |  |  | (1) |  |  | 143 |
Balance, September 29, 2024 | $ | 3 |  |  | $ | (363) |  |  | $ | (3) |  |  | $ | (363) |
Other Comprehensive Income (Loss) The following table presents the details of other comprehensive income (loss).
| Three Months Ended |
| September 28, 2025 |  | September 29, 2024 |  |  |
| Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  |  |  |  |  |  |
| (in millions) |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | (67) |  |  | $ | — |  |  | $ | (67) |  |  |  |  |  |  |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses and prior service credits reclassified to non-operating gains | 5 |  |  | (1) |  |  | 4 |  |  | 4 |  |  | (1) |  |  | 3 |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses arising during the period | (33) |  |  | 8 |  |  | (24) |  |  | (3) |  |  | 1 |  |  | (2) |  |  |  |  |  |  |  |
(Gains) losses reclassified to sales | 39 |  |  | (10) |  |  | 29 |  |  | (47) |  |  | 12 |  |  | (35) |  |  |  |  |  |  |  |
(Gains) losses reclassified to cost of sales | (1) |  |  | — |  |  | (1) |  |  | 10 |  |  | (3) |  |  | 7 |  |  |  |  |  |  |  |
Total other comprehensive income (loss) from continuing operations | $ | 26 |  |  | $ | (3) |  |  | $ | 23 |  |  | $ | (102) |  |  | $ | 9 |  |  | $ | (93) |  |  |  |  |  |  |  |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 118 |  |  | $ | — |  |  | $ | 118 |  |  |  |  |  |  |  |
Total other comprehensive income from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 118 |  | 0 | $ | — |  | 0 | $ | 118 |  |  |  |  |  |  |  |
Total other comprehensive income | $ | 26 |  |  | $ | (3) |  |  | $ | 23 |  |  | $ | 16 |  |  | $ | 9 |  |  | $ | 25 |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to noncontrolling interest | 6 |  |  | — |  |  | 5 |  |  | (14) |  |  | — |  |  | (14) |  |  |  |  |  |  |  |
Other comprehensive income attributable to Smithfield | $ | 20 |  |  | $ | (2) |  |  | $ | 18 |  |  | $ | 30 |  |  | $ | 9 |  |  | $ | 39 |  |  |  |  |  |  |  |
________________ (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 September 28, 2025 and September 29, 2024 included $5 million of translation gains and $14 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.
| Nine Months Ended |  |  |  |  |  |  |  |  |  |
| September 28, 2025 |  | September 29, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (losses) (1) | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | (113) |  | 0 | $ | — |  |  | $ | (113) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses, prior service credits and curtailment gains reclassified to non-operating gains | 15 |  |  | (4) |  |  | 11 |  |  | 13 |  |  | (3) |  |  | 10 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses arising during the period | (71) |  |  | 18 |  |  | (53) |  |  | (3) |  |  | 1 |  |  | (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gains) losses reclassified to sales | 53 |  |  | (14) |  |  | 39 |  |  | (34) |  |  | 9 |  |  | (25) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gains) losses reclassified to cost of sales | (2) |  |  | 1 |  |  | (1) |  |  | 23 |  |  | (6) |  |  | 17 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses reclassified to interest expense | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) from continuing operations | $ | 57 |  |  | $ | 1 |  |  | $ | 58 |  |  | $ | (112) |  |  | $ | — |  |  | $ | (112) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation gains (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 77 |  |  | $ | — |  |  | $ | 77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative gains arising during the period | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains reclassified to sales | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 76 |  | 0 | $ | — |  | 0 | $ | 76 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | 57 |  |  | $ | 1 |  |  | $ | 58 |  |  | $ | (36) |  |  | $ | — |  |  | $ | (36) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to noncontrolling interest | 20 |  |  | — |  |  | 21 |  |  | (29) |  |  | — |  |  | (29) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to Smithfield | $ | 37 |  |  | $ | 1 |  |  | $ | 38 |  |  | $ | (6) |  |  | $ | — |  |  | $ | (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
________________ (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 nine months ended September 28, 2025 and September 29, 2024 included $21 million of translation gains and $29 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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