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v3.23.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | Our segment net revenues and earnings were:
| For the Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 1,211 |  |  | $ | 826 |  |  |  |  |
AMEA | 1,939 |  |  | 1,867 |  |  |  |  |
Europe | 3,307 |  |  | 2,935 |  |  |  |  |
North America | 2,709 |  |  | 2,136 |  |  |  |  |
Net revenues | $ | 9,166 |  |  | $ | 7,764 |  |  |  |  |
Earnings before income taxes: |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |
Latin America | $ | 139 |  |  | $ | 103 |  |  |  |  |
AMEA | 360 |  |  | 272 |  |  |  |  |
Europe | 507 |  |  | 377 |  |  |  |  |
North America | 566 |  |  | 418 |  |  |  |  |
Unrealized gains/(losses) on hedging activities (mark-to-market impacts) | 49 |  |  | 27 |  |  |  |  |
General corporate expenses | (77) |  |  | (50) |  |  |  |  |
Amortization of intangible assets | (39) |  |  | (32) |  |  |  |  |
Acquisition-related costs | — |  |  | (21) |  |  |  |  |
Operating income | 1,505 |  |  | 1,094 |  |  |  |  |
Benefit plan non-service income | 19 |  |  | 33 |  |  |  |  |
Interest and other expense, net | (95) |  |  | (168) |  |  |  |  |
Gain on marketable securities | 796 |  |  | — |  |  |  |  |
Earnings before income taxes | $ | 2,225 |  |  | $ | 959 |  |  |  |  |
Schedule of Net Revenues by Product Category | Net revenues by product category were:
| For the Three Months Ended March 31, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 276 |  |  | $ | 669 |  |  | $ | 1,062 |  |  | $ | 2,313 |  |  | $ | 4,320 |
Chocolate | 368 |  |  | 747 |  |  | 1,670 |  |  | 84 |  |  | 2,869 |
Gum & Candy | 348 |  |  | 206 |  |  | 233 |  |  | 312 |  |  | 1,099 |
Beverages | 111 |  |  | 208 |  |  | 33 |  |  | — |  |  | 352 |
Cheese & Grocery | 108 |  |  | 109 |  |  | 309 |  |  | — |  |  | 526 |
Total net revenues | $ | 1,211 |  |  | $ | 1,939 |  |  | $ | 3,307 |  |  | $ | 2,709 |  |  | $ | 9,166 |
| For the Three Months Ended March 31, 2022
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 224 |  |  | $ | 657 |  |  | $ | 951 |  |  | $ | 1,799 |  |  | $ | 3,631 |
Chocolate | 248 |  |  | 706 |  |  | 1,512 |  |  | 77 |  |  | 2,543 |
Gum & Candy | 172 |  |  | 203 |  |  | 152 |  |  | 260 |  |  | 787 |
Beverages | 102 |  |  | 197 |  |  | 32 |  |  | — |  |  | 331 |
Cheese & Grocery | 80 |  |  | 104 |  |  | 288 |  |  | — |  |  | 472 |
Total net revenues | $ | 826 |  |  | $ | 1,867 |  |  | $ | 2,935 |  |  | $ | 2,136 |  |  | $ | 7,764 |

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