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EQUITY (Tables)

9 Months Ended

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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- References

No definition available.

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- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

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