
	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)


	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.