
	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
(In millions)	Protein Solutions		Prepared Food and Beverage Solutions		Total		Protein Solutions		Prepared Food and Beverage Solutions		Total
Revenue	$	467	$	514			$	421	$	514
Less:
Cost of sales	282		340				270		330
Research and development	11		6				21		10
Other segment items (1)	95		107				87		112
Add:
Depreciation and amortization	33		29				43		32
Segment Adjusted EBITDA	$	112	$	90	$	202	$	86	$	94	$	180
Less:
Interest expense, net					13						29
Other income					(2)						(3)
Restructuring related costs					12						6
M&A related costs					11						20
Impairment of intangible assets					33						—
Loss on investment					—						11
Depreciation and amortization					66						82
Unallocated amounts:
Corporate expense (2)					34						24
Income before income taxes					$	35					$	11
Capital expenditures					$	25					$	19


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
(In millions)	Protein Solutions		Prepared Food and Beverage Solutions		Total		Protein Solutions		Prepared Food and Beverage Solutions		Total
Revenue	$	927	$	990			$	799	$	990
Less:
Cost of sales	571		658				517		644
Research and development	22		13				41		20
Other segment items (1)	189		219				163		213
Add:
Depreciation and amortization	67		60				71		59
Segment Adjusted EBITDA	$	212	$	160	$	372	$	149	$	172	$	321
Less:
Interest expense, net					23						70
Other income					(4)						(5)
Restructuring related costs					10						17
M&A related costs					19						94
Impairment of intangible assets					33						—
Loss on investment					—						11
Pension expense, other than service cost					—						147
Depreciation and amortization					134						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.