LEASES	9 Months Ended
Sep. 27, 2026
Leases [Abstract]
LEASES	LEASES During the second quarter of 2026, we entered into two master lease agreements to lease 18 hog production farms to contract growers for Murphy Family Farms. The lease of 13 farms under these agreements commenced during the first nine months of 2026, with the lease of the remaining 5 farms to commence in the fourth quarter of 2026. The leases have terms of 10 years with aggregate expected payments totaling $79 million, which includes amounts associated with purchase options that are reasonably certain to be exercised. We accounted for the lease of the 13 farms that commenced during the first nine months of 2026 as sales-type leases. Accordingly, we derecognized the underlying farm assets, previously classified within property, plant and equipment on the condensed consolidated balance sheet, and recognized a $37 million net investment in leased assets, classified within other assets on the condensed consolidated balance sheet. We recognized gains on the sale of these assets of $4 million and $5 million during the third quarter and first nine months of 2026, respectively, in operating gains in the condensed consolidated statements of income.
LEASES	LEASES During the second quarter of 2026, we entered into two master lease agreements to lease 18 hog production farms to contract growers for Murphy Family Farms. The lease of 13 farms under these agreements commenced during the first nine months of 2026, with the lease of the remaining 5 farms to commence in the fourth quarter of 2026. The leases have terms of 10 years with aggregate expected payments totaling $79 million, which includes amounts associated with purchase options that are reasonably certain to be exercised. We accounted for the lease of the 13 farms that commenced during the first nine months of 2026 as sales-type leases. Accordingly, we derecognized the underlying farm assets, previously classified within property, plant and equipment on the condensed consolidated balance sheet, and recognized a $37 million net investment in leased assets, classified within other assets on the condensed consolidated balance sheet. We recognized gains on the sale of these assets of $4 million and $5 million during the third quarter and first nine months of 2026, respectively, in operating gains in the condensed consolidated statements of income.

LEASES

9 Months Ended

Sep. 27, 2026

During the second quarter of 2026, we entered into two master lease agreements to lease 18 hog production farms to contract growers for Murphy Family Farms. The lease of 13 farms under these agreements commenced during the first nine months of 2026, with the lease of the remaining 5 farms to commence in the fourth quarter of 2026. The

leases have terms of 10 years with aggregate expected payments totaling $79 million, which includes amounts associated with purchase options that are reasonably certain to be exercised.

We accounted for the lease of the 13 farms that commenced during the first nine months of 2026 as sales-type leases. Accordingly, we derecognized the underlying farm assets, previously classified within property, plant and equipment on the condensed consolidated balance sheet, and recognized a $37 million net investment in leased assets, classified within other assets on the condensed consolidated balance sheet. We recognized gains on the sale of these assets of $4 million and $5 million during the third quarter and first nine months of 2026, respectively, in operating gains in the condensed consolidated statements of income.

LEASES

leases have terms of 10 years with aggregate expected payments totaling $79 million, which includes amounts associated with purchase options that are reasonably certain to be exercised.