DISCONTINUED OPERATIONS

9 Months Ended

Sep. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

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				Nine Months Ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
	(in millions)
Sales	$	—	$	626	$	—	$	2,362
Cost of sales	—		542		—		2,037
Gross profit	—		84		—		325
Selling, general and administrative expenses	—		44		—		149
Operating gains	—		(4)		—		(15)
Operating profit	—		45		—		190
Interest expense	—		2		—		4
Non-operating gains	—		(7)		—		—
Income from discontinued operations before income taxes	—		49		—		187
Income tax expense (benefit) from discontinued operations (1)	—		(41)		—		8
Net income from discontinued operations	$	—	$	90	$	—	$	179

________________

(1)Income tax expense (benefit) from discontinued operations for 2024 includes a $27 million income tax benefit recognized as a result of the carve-out of our European operations.

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).