
	Three Months Ended June 28, 2026
	Foreign Currency Translation		Pension Accounting		Hedge Accounting		Accumulated Other Comprehensive Loss
	(in millions)
Balance, March 29, 2026	$	37	$	(365)	$	3	$	(325)
Other comprehensive income, net of tax	15		4		2		21

Balance, June 28, 2026	$	53	$	(361)	$	4	$	(304)


	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)


	Six Months Ended June 28, 2026
	Foreign Currency Translation		Pension Accounting		Hedge Accounting		Accumulated Other Comprehensive Loss
	(in millions)
Balance, December 28, 2025	$	42	$	(369)	$	13	$	(314)
Other comprehensive income (loss), net of tax	10		7		(8)		9
Balance, June 28, 2026	$	53	$	(361)	$	4	$	(304)


	Six Months Ended June 29, 2025
	Foreign Currency Translation		Pension Accounting		Hedge Accounting		Accumulated Other Comprehensive Loss
	(in millions)
Balance, December 29, 2024	$	(8)	$	(418)	$	(26)	$	(452)
Other comprehensive income (loss), net of tax	30		7		(17)		20
Balance, June 29, 2025	$	21	$	(410)	$	(43)	$	(432)


	Three Months Ended
	June 28, 2026						June 29, 2025
	Before Tax		Tax		After Tax		Before Tax		Tax		After Tax
	(in millions)

Foreign currency translation:
Translation gains (1)	$	23	$	—	$	23	$	47	$	—	$	47

Retirement benefits:



Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses	5		(1)		4		5		(1)		4

Derivatives:
Gains (losses) arising during the period	31		(7)		24		(82)		21		(61)
(Gains) losses reclassified to sales	(26)		6		(20)		6		(1)		4
Gains reclassified to cost of sales	(4)		1		(3)		(2)		1		(2)
















Total other comprehensive income (loss)	$	30	$	(2)	$	28	$	(27)	$	19	$	(8)
Other comprehensive income attributable to noncontrolling interest	8		—		8		16		—		16
Other comprehensive income (loss) attributable to Smithfield	$	22	$	(2)	$	21	$	(42)	$	19	$	(23)

(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 second quarters of 2026 and 2025 included $8 million and $16 million of translation gains attributable to NCI, respectively, which are included in redeemable NCI on the condensed consolidated balance sheet.


	Six Months Ended
	June 28, 2026						June 29, 2025
	Before Tax		Tax		After Tax		Before Tax		Tax		After Tax
	(in millions)

Foreign currency translation:
Translation gains (1)	$	15	$	—	$	15	$	45	$	—	$	45

Retirement benefits:



Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses	9		(2)		7		10		(2)		7

Derivatives:
Gains (losses) arising during the period	22		(5)		17		(38)		10		(28)
(Gains) losses reclassified to sales	(25)		6		(19)		14		(4)		11
Gains reclassified to cost of sales	(10)		2		(7)		(1)		—		(1)

Losses reclassified to interest expense	1		—		1		1		—		1














Total other comprehensive income	$	13	$	1	$	14	$	32	$	4	$	35
Other comprehensive income attributable to noncontrolling interest	5		—		5		15		—		15
Other comprehensive income attributable to Smithfield	$	8	$	1	$	9	$	16	$	4	$	20

(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 first halves of 2026 and 2025 included $5 million and $15 million of translation gains attributable to NCI, respectively, which are included in redeemable NCI on the condensed consolidated balance sheet.