v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 2026Three Months Ended June 30, 2025
(In millions)Protein SolutionsPrepared Food and Beverage SolutionsTotalProtein SolutionsPrepared Food and Beverage SolutionsTotal
Revenue$467 $514 $421 $514 
Less:
Cost of sales282 340 270 330 
Research and development11 6 21 10 
Other segment items (1)
95 107 87 112 
Add:
Depreciation and amortization33 29 43 32 
Segment Adjusted EBITDA$112 $90 $202 $86 $94 $180 
Less:
Interest expense, net13 29 
Other income(2)(3)
Restructuring related costs12 6 
M&A related costs11 20 
Impairment of intangible assets33 — 
Loss on investment— 11 
Depreciation and amortization66 82 
Unallocated amounts:
Corporate expense (2)
34 24 
Income before income taxes$35 $11 
Capital expenditures$25 $19 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
(In millions)Protein SolutionsPrepared Food and Beverage SolutionsTotalProtein SolutionsPrepared Food and Beverage SolutionsTotal
Revenue$927 $990 $799 $990 
Less:
Cost of sales571 658 517 644 
Research and development22 13 41 20 
Other segment items (1)
189 219 163 213 
Add:
Depreciation and amortization67 60 71 59 
Segment Adjusted EBITDA$212 $160 $372 $149 $172 $321 
Less:
Interest expense, net23 70 
Other income(4)(5)
Restructuring related costs10 17 
M&A related costs19 94 
Impairment of intangible assets33 — 
Loss on investment— 11 
Pension expense, other than service cost— 147 
Depreciation and amortization134 143 
Unallocated amounts:
Corporate expense (2)
62 52 
Income before income taxes$95 $(208)
Capital expenditures$51 $39 
(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.