v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information BUSINESS SEGMENT INFORMATION
In the fourth quarter of 2025, the Company realigned its reportable segments to better reflect the continued integration of its operating model. Giving effect to the realignment, the Company operates through two reportable segments: Protein Solutions and Prepared Food and Beverage Solutions. The Company defines its segments based on which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (CODM) to analyze financial performance, make decisions and allocate resources.

•The Protein Solutions segment includes businesses that provide solutions for initial stage processing and harvesting of animal proteins, primarily focusing on poultry, pork, fish, and beef.

•The Prepared Food and Beverage Solutions segment includes businesses that offer solutions predominantly for downstream value-added preparation, preservation, and packaging of foods and beverages into ready to eat or drink products. This segment also includes solutions that are often end-market agnostic, spanning protein, beverages, fruit & vegetables, pet food, ready meals, pharmaceuticals and neutraceuticals, and warehouse automation.

The Company's Chief Executive Officer is the CODM, who assesses the segments’ performance using each segment’s Adjusted EBITDA. The CODM is not regularly provided with and does not evaluate the segments using segment total assets and therefore, each segment’s total assets are not disclosed.

Segment profitability measures and significant expenses

The following table presents financial information for the Company’s reportable segments and significant expenses regularly provided to the CODM:
Three Months Ended March 31, 2026
(In millions)Protein SolutionsPrepared Food and Beverage SolutionsTotal
Revenue$460 $476 
Less:
Cost of sales289 318 
Research and development11 7 
Other segment items (1)
94 112 
Add:
Depreciation and amortization34 31 
Segment Adjusted EBITDA$100 $70 $170 
Less:
Interest expense, net10 
Other (income)(2)
Restructuring related costs(2)
M&A related costs8 
Depreciation and amortization68 
Unallocated amounts:
Corporate expense (2)
28 
Income before income taxes$60 
Capital expenditures$26 
(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.
Three Months Ended March 31, 2025
(In millions)Protein SolutionsPrepared Food and Beverage SolutionsTotal
Revenue$378 $476 
Less:
Cost of sales247 314 
Research and development20 10 
Other segment items (1)
76 101 
Add:
Depreciation and amortization28 27 
Segment Adjusted EBITDA$63 $78 $141 
Less:
Interest expense, net
41 
Other (income)(2)
Pension expense, other than service cost147 
Restructuring related costs11 
M&A related costs74 
Depreciation and amortization61 
Unallocated amounts:
Corporate expense (2)
28 
Loss before income taxes
$(219)
Capital expenditures$20 
(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.