XML 45 R27.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting | Note 18. Segment Reporting We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions. Our operations and management structure are organized into four operating segments: •Latin America •AMEA •Europe •North America We use segment operating income to evaluate segment performance and allocate resources. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangible assets, gains and losses on divestitures and acquisitions and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that management reviews. Our segment net revenues and earnings, reflecting our current segment structure for all periods presented, were:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Net revenues: |  |  |  |  |
Latin America | $ | 5,006 |  |  | $ | 3,629 |  |  | $ | 2,797 |
AMEA | 7,075 |  |  | 6,767 |  |  | 6,465 |
Europe | 12,857 |  |  | 11,420 |  |  | 11,156 |
North America | 11,078 |  |  | 9,680 |  |  | 8,302 |
Net revenues | $ | 36,016 |  |  | $ | 31,496 |  |  | $ | 28,720 |
Earnings before income taxes: |  |  |  |  |
Operating income: |  |  |  |  |
Latin America | $ | 529 |  |  | $ | 388 |  |  | $ | 261 |
AMEA | 1,113 |  |  | 929 |  |  | 1,054 |
Europe | 1,978 |  |  | 1,481 |  |  | 2,092 |
North America | 2,092 |  |  | 1,769 |  |  | 1,371 |
Unrealized gains/(losses) on hedging activities (mark-to-market impacts) | 189 |  |  | (326) |  |  | 279 |
General corporate expenses | (356) |  |  | (245) |  |  | (253) |
Amortization of intangible assets | (151) |  |  | (132) |  |  | (134) |
Net gain on divestitures and acquisitions | 108 |  |  | — |  |  | 8 |
Acquisition-related costs | — |  |  | (330) |  |  | (25) |
Operating income | 5,502 |  |  | 3,534 |  |  | 4,653 |
Benefit plan non-service income | 82 |  |  | 117 |  |  | 163 |
Interest and other expense, net | (310) |  |  | (423) |  |  | (447) |
Gain on marketable securities | 606 |  |  | — |  |  | — |
Earnings before income taxes | $ | 5,880 |  |  | $ | 3,228 |  |  | $ | 4,369 |
Items impacting our segment operating results are discussed in Note 1, Summary of Significant Accounting Policies, Note 2, Acquisitions and Divestitures, Note 4, Property, Plant and Equipment, Note 6, Goodwill and Intangible Assets, Note 8, Restructuring Program, and Note 14, Commitments and Contingencies. Also see Note 9, Debt and Borrowing Arrangements, and Note 10, Financial Instruments, for more information on our interest and other expense, net for each period. Total assets, depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Total assets: |  |  |  |  |
Latin America (1) | $ | 7,360 |  |  | $ | 6,164 |  |  | $ | 4,106 |
AMEA (1) | 9,965 |  |  | 9,882 |  |  | 10,386 |
Europe (1) | 22,990 |  |  | 22,713 |  |  | 20,927 |
North America (1) | 25,557 |  |  | 26,603 |  |  | 23,321 |
Equity method investments | 3,242 |  |  | 4,879 |  |  | 5,289 |
Unallocated assets and adjustments (2) | 2,277 |  |  | 920 |  |  | 3,063 |
Total assets | $ | 71,391 |  |  | $ | 71,161 |  |  | $ | 67,092 |
(1)Segment assets do not reflect outstanding intercompany asset balances that have been eliminated at a segment level. (2)Unallocated assets consist primarily of cash and cash equivalents, deferred income taxes, centrally held property, plant and equipment, prepaid pension assets and derivative financial instrument balances. Final adjustments for jurisdictional netting of deferred tax assets and liabilities is done at a consolidated level.
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Depreciation expense (1): |  |  |  |  |
Latin America | $ | 161 |  |  | $ | 117 |  |  | $ | 105 |
AMEA | 164 |  |  | 169 |  |  | 173 |
Europe | 255 |  |  | 256 |  |  | 257 |
North America | 161 |  |  | 148 |  |  | 148 |
Total depreciation expense | $ | 741 |  |  | $ | 690 |  |  | $ | 683 |
(1)Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statement of cash flows for total depreciation and amortization expenses.
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Capital expenditures: |  |  |  |  |
Latin America | $ | 171 |  |  | $ | 113 |  |  | $ | 165 |
AMEA | 259 |  |  | 229 |  |  | 208 |
Europe | 415 |  |  | 355 |  |  | 409 |
North America | 267 |  |  | 209 |  |  | 183 |
Total capital expenditures | $ | 1,112 |  |  | $ | 906 |  |  | $ | 965 |
Geographic data for net revenues (recognized in the countries where products are sold from) and long-lived assets, excluding deferred taxes, goodwill, intangible assets and equity method investments, were:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Net revenues: |  |  |  |  |
United States | $ | 9,581 |  |  | $ | 8,315 |  |  | $ | 7,146 |
Other | 26,435 |  |  | 23,181 |  |  | 21,574 |
Total net revenues | $ | 36,016 |  |  | $ | 31,496 |  |  | $ | 28,720 |
| As of December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Long-lived assets: |  |  |  |  |
United States | $ | 2,226 |  |  | $ | 2,740 |  |  | $ | 1,851 |
United Kingdom | 1,012 |  |  | 932 |  |  | 1,125 |
Mexico | 1,331 |  |  | 1,170 |  |  | 927 |
Other | 7,737 |  |  | 7,716 |  |  | 6,748 |
Total long-lived assets | $ | 12,306 |  |  | $ | 12,558 |  |  | $ | 10,651 |
Net revenues by product category, reflecting our current segment structure for all periods presented, were:
| For the Year Ended December 31, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 1,193 |  |  | $ | 2,488 |  |  | $ | 4,429 |  |  | $ | 9,519 |  |  | $ | 17,629 |
Chocolate | 1,357 |  |  | 2,690 |  |  | 6,225 |  |  | 347 |  |  | 10,619 |
Gum & Candy | 1,509 |  |  | 893 |  |  | 812 |  |  | 1,212 |  |  | 4,426 |
Beverages | 457 |  |  | 593 |  |  | 135 |  |  | — |  |  | 1,185 |
Cheese & Grocery | 490 |  |  | 411 |  |  | 1,256 |  |  | — |  |  | 2,157 |
Total net revenues | $ | 5,006 |  |  | $ | 7,075 |  |  | $ | 12,857 |  |  | $ | 11,078 |  |  | $ | 36,016 |
| For the Year Ended December 31, 2022
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 1,013 |  |  | $ | 2,515 |  |  | $ | 3,818 |  |  | $ | 8,262 |  |  | $ | 15,608 |
Chocolate | 1,003 |  |  | 2,520 |  |  | 5,646 |  |  | 317 |  |  | 9,486 |
Gum & Candy | 840 |  |  | 780 |  |  | 691 |  |  | 1,101 |  |  | 3,412 |
Beverages | 409 |  |  | 572 |  |  | 119 |  |  | — |  |  | 1,100 |
Cheese & Grocery | 364 |  |  | 380 |  |  | 1,146 |  |  | — |  |  | 1,890 |
Total net revenues | $ | 3,629 |  |  | $ | 6,767 |  |  | $ | 11,420 |  |  | $ | 9,680 |  |  | $ | 31,496 |
| For the Year Ended December 31, 2021 (1)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 799 |  |  | $ | 2,254 |  |  | $ | 3,354 |  |  | $ | 7,145 |  |  | $ | 13,552 |
Chocolate | 758 |  |  | 2,395 |  |  | 5,836 |  |  | 282 |  |  | 9,271 |
Gum & Candy | 567 |  |  | 816 |  |  | 614 |  |  | 875 |  |  | 2,872 |
Beverages | 359 |  |  | 550 |  |  | 126 |  |  | — |  |  | 1,035 |
Cheese & Grocery | 314 |  |  | 450 |  |  | 1,226 |  |  | — |  |  | 1,990 |
Total net revenues | $ | 2,797 |  |  | $ | 6,465 |  |  | $ | 11,156 |  |  | $ | 8,302 |  |  | $ | 28,720 |
(1)Our snack product categories include biscuits & baked snacks, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits & baked snacks and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration