史密斯菲德食品 2024年度报告

(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 29, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________________ to __________________Commission file number:001-15321 52-0845861 (IRS Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act Name of each exchange on which registered The Nasdaq Global Select Market Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. Large accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive‐based compensation received by any of the registrant’s executiveofficers during the relevant recovery period pursuant to §240.10D‐1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒ The aggregate market value of the registrant’s common stock held by non-affiliates as of June 30, 2024 the last business day of the registrant’s most recently completed second fiscal quarterwas $0.00. The Registrant’s units began trading on January 28, 2025. As of March 24, 2025, the registrant had393,112,711shares of common stock, no par value, outstanding. Documents Incorporated by Reference: Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held June 3, 2025 are incorporated by reference into Part III, Items 10-14.The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. TABLE OF CONTENTS Part IItem 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.Cybersecurity DisclosureItem 2PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Part II Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities58Item 6Selected Financial Data59Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations60Item 7AQuantitative and Qualitative Disclosures About Market Risk84Item 8Financial Statements and Supplementary Data86Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure141Item 9AControls and Procedures141Item 9BOther Information142Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections142 Item 10Directors, Executive Officers and Corporate Governance142Item 11Executive Compensation143Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters143Item 13Certain Relationships and Related Transactions, and Director Independence143Item 14Principal Accountant Fees and Services143 Part IVItem 15Exhibits, Financial Statement Schedules143Item 16Form 10-K Summary146 ITEM 1. BUSINESS Our Company Headquartered in Smithfield, Virginia, since 1936, Smithfield Foods, Inc., together with its subsidiaries (“Smithfield,” “the Company,”“we,” “us” or “our”), produces a wide variety of packaged meats and fresh pork products primarily in the United States (“U.S.”).Smithfield is an American food company that employs approximately 34,000 people in the U.S. and 2,500 people in Mexico.Smithfield’s portfolio includes high-quality iconic brands, such as Smithfield®, Eckrich® and Nathan’s Famous®, among manyothers. Smithfield is a majority owned subsidiary of Hong Kong-based WH Group Limited (“WH Group”). Our Mission Good food. Responsibly.At Smithfield, we are helping to fee