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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | Our segment net revenues and earnings were:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 669 |  |  | $ | 511 |  |  | $ | 1,338 |  |  | $ | 1,237 |
AMEA | 1,452 |  |  | 1,237 |  |  | 3,197 |  |  | 2,739 |
Europe | 2,474 |  |  | 2,138 |  |  | 5,321 |  |  | 4,722 |
North America | 2,047 |  |  | 2,025 |  |  | 4,024 |  |  | 3,920 |
Net revenues | $ | 6,642 |  |  | $ | 5,911 |  |  | $ | 13,880 |  |  | $ | 12,618 |
Earnings before income taxes: |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |
Latin America | $ | 54 |  |  | $ | (6) |  |  | $ | 130 |  |  | $ | 72 |
AMEA | 213 |  |  | 171 |  |  | 575 |  |  | 405 |
Europe | 413 |  |  | 297 |  |  | 970 |  |  | 769 |
North America | 299 |  |  | 424 |  |  | 569 |  |  | 805 |
Unrealized gains/(losses) on hedging activities (mark-to-market impacts) | 20 |  |  | (2) |  |  | 138 |  |  | (187) |
General corporate expenses | (78) |  |  | (111) |  |  | (142) |  |  | (187) |
Amortization of intangible assets | (32) |  |  | (50) |  |  | (70) |  |  | (93) |
Gain on acquisition | — |  |  | — |  |  | 9 |  |  | — |
Acquisition-related costs | (17) |  |  | (10) |  |  | (24) |  |  | (15) |
Operating income | 872 |  |  | 713 |  |  | 2,155 |  |  | 1,569 |
Benefit plan non-service income | 54 |  |  | 31 |  |  | 98 |  |  | 64 |
Interest and other expense, net | (58) |  |  | (85) |  |  | (276) |  |  | (275) |
Earnings before income taxes | $ | 868 |  |  | $ | 659 |  |  | $ | 1,977 |  |  | $ | 1,358 |
Schedule of Net Revenues by Product Category | Net revenues by product category were:
| For the Three Months Ended June 30, 2021
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 197 |  |  | $ | 509 |  |  | $ | 843 |  |  | $ | 1,778 |  |  | $ | 3,327 |
Chocolate | 181 |  |  | 475 |  |  | 1,143 |  |  | 54 |  |  | 1,853 |
Gum & Candy | 129 |  |  | 215 |  |  | 154 |  |  | 215 |  |  | 713 |
Beverages | 82 |  |  | 146 |  |  | 27 |  |  | — |  |  | 255 |
Cheese & Grocery | 80 |  |  | 107 |  |  | 307 |  |  | — |  |  | 494 |
Total net revenues | $ | 669 |  |  | $ | 1,452 |  |  | $ | 2,474 |  |  | $ | 2,047 |  |  | $ | 6,642 |
| For the Three Months Ended June 30, 2020
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 154 |  |  | $ | 458 |  |  | $ | 694 |  |  | $ | 1,804 |  |  | $ | 3,110 |
Chocolate | 119 |  |  | 361 |  |  | 1,001 |  |  | 39 |  |  | 1,520 |
Gum & Candy | 65 |  |  | 153 |  |  | 135 |  |  | 182 |  |  | 535 |
Beverages | 90 |  |  | 157 |  |  | 20 |  |  | — |  |  | 267 |
Cheese & Grocery | 83 |  |  | 108 |  |  | 288 |  |  | — |  |  | 479 |
Total net revenues | $ | 511 |  |  | $ | 1,237 |  |  | $ | 2,138 |  |  | $ | 2,025 |  |  | $ | 5,911 |
| For the Six Months Ended June 30, 2021
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 374 |  |  | $ | 1,092 |  |  | $ | 1,645 |  |  | $ | 3,514 |  |  | $ | 6,625 |
Chocolate | 373 |  |  | 1,145 |  |  | 2,695 |  |  | 117 |  |  | 4,330 |
Gum & Candy | 260 |  |  | 409 |  |  | 302 |  |  | 393 |  |  | 1,364 |
Beverages | 176 |  |  | 326 |  |  | 60 |  |  | — |  |  | 562 |
Cheese & Grocery | 155 |  |  | 225 |  |  | 619 |  |  | — |  |  | 999 |
Total net revenues | $ | 1,338 |  |  | $ | 3,197 |  |  | $ | 5,321 |  |  | $ | 4,024 |  |  | $ | 13,880 |
| For the Six Months Ended June 30, 2020
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 328 |  |  | $ | 966 |  |  | $ | 1,440 |  |  | $ | 3,402 |  |  | $ | 6,136 |
Chocolate | 313 |  |  | 904 |  |  | 2,364 |  |  | 95 |  |  | 3,676 |
Gum & Candy | 247 |  |  | 338 |  |  | 308 |  |  | 423 |  |  | 1,316 |
Beverages | 192 |  |  | 328 |  |  | 45 |  |  | — |  |  | 565 |
Cheese & Grocery | 157 |  |  | 203 |  |  | 565 |  |  | — |  |  | 925 |
Total net revenues | $ | 1,237 |  |  | $ | 2,739 |  |  | $ | 4,722 |  |  | $ | 3,920 |  |  | $ | 12,618 |

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