
	Three Months Ended September 27, 2026
	Foreign Currency Translation		Pension Accounting		Hedge Accounting		Accumulated Other Comprehensive Loss
	(in millions)
Balance, June 28, 2026	$	53	$	(361)	$	4	$	(304)
Other comprehensive income (loss), net of tax	(4)		4		1		—

Balance, September 27, 2026	$	48	$	(358)	$	5	$	(304)


	Three Months Ended September 28, 2025
	Foreign Currency Translation		Pension Accounting		Hedge Accounting		Accumulated Other Comprehensive Loss
	(in millions)
Balance, June 29, 2025	$	21	$	(410)	$	(43)	$	(432)
Other comprehensive income, net of tax	10		4		4		18
Balance, September 28, 2025	$	32	$	(406)	$	(40)	$	(414)


	Nine Months Ended September 27, 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	6		11		(7)		9
Balance, September 27, 2026	$	48	$	(358)	$	5	$	(304)


	Nine Months Ended September 28, 2025
	Foreign Currency Translation		Pension Accounting		Hedge Accounting		Accumulated Other Comprehensive Loss
	(in millions)
Balance, December 30, 2024	$	(8)	$	(418)	$	(26)	$	(452)
Other comprehensive income (loss), net of tax	40		11		(14)		38
Balance, September 28, 2025	$	32	$	(406)	$	(40)	$	(414)


	Three Months Ended
	September 27, 2026						September 28, 2025
	Before Tax		Tax		After Tax		Before Tax		Tax		After Tax
	(in millions)

Foreign currency translation:
Translation gains (losses) (1)	$	(6)	$	—	$	(6)	$	15	$	—	$	15

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	18		(4)		13		(33)		8		(24)
(Gains) losses reclassified to sales	(20)		5		(15)		39		(10)		29
(Gains) losses reclassified to cost of sales	4		(1)		3		(1)		—		(1)
















Total other comprehensive income (loss)	$	1	$	(2)	$	(1)	$	26	$	(3)	$	23
Other comprehensive income (loss) attributable to noncontrolling interest	(1)		—		(1)		6		—		5
Other comprehensive income attributable to Smithfield	$	2	$	(2)	$	—	$	20	$	(2)	$	18

(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 third quarter of 2026 included $2 million of translation losses and $1 million of derivative gains attributable to NCI. The third quarter of 2025 included $5 million of translation gains attributable to NCI. These amounts are included in redeemable NCI on the condensed consolidated balance sheets.


	Nine Months Ended
	September 27, 2026						September 28, 2025
	Before Tax		Tax		After Tax		Before Tax		Tax		After Tax
	(in millions)

Foreign currency translation:
Translation gains (1)	$	9	$	—	$	9	$	61	$	—	$	61

Retirement benefits:



Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses	14		(3)		11		15		(4)		11

Derivatives:
Gains (losses) arising during the period	40		(10)		30		(71)		18		(53)
(Gains) losses reclassified to sales	(45)		11		(34)		53		(14)		39
Gains reclassified to cost of sales	(5)		1		(4)		(2)		1		(1)

Losses reclassified to interest expense	1		—		1		1		—		1














Total other comprehensive income	$	14	$	(1)	$	13	$	57	$	1	$	58
Other comprehensive income attributable to noncontrolling interest	4		—		4		20		—		21
Other comprehensive income attributable to Smithfield	$	10	$	(1)	$	9	$	37	$	1	$	38

(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 nine months of 2026 included $3 million of translation gains and $1 million of derivative gains attributable to NCI. The first nine months of 2025 included $21 million of translation gains attributable to NCI. These amounts are included in redeemable NCI on the condensed consolidated balance sheets.