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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,
 202320222021
 (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 
AMEA1,113 929 1,054 
Europe1,978 1,481 2,092 
North America2,092 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 income5,502 3,534 4,653 
Benefit plan non-service income82 117 163 
Interest and other expense, net(310)(423)(447)
Gain on marketable securities606 — — 
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,
 202320222021
 (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 investments3,242 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,
 202320222021
 (in millions)
Depreciation expense (1):
Latin America$161 $117 $105 
AMEA164 169 173 
Europe255 256 257 
North America161 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,
 202320222021
 (in millions)
Capital expenditures:
Latin America$171 $113 $165 
AMEA259 229 208 
Europe415 355 409 
North America267 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,
 202320222021
 (in millions)
Net revenues:
United States$9,581 $8,315 $7,146 
Other26,435 23,181 21,574 
Total net revenues$36,016 $31,496 $28,720 

 As of December 31,
 202320222021
 (in millions)
Long-lived assets:
United States$2,226 $2,740 $1,851 
United Kingdom1,012 932 1,125 
Mexico
1,331 1,170 927 
Other7,737 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		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$1,193 $2,488 $4,429 $9,519 $17,629 
Chocolate1,357 2,690 6,225 347 10,619 
Gum & Candy1,509 893 812 1,212 4,426 
Beverages457 593 135 — 1,185 
Cheese & Grocery490 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		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$1,013 $2,515 $3,818 $8,262 $15,608 
Chocolate1,003 2,520 5,646 317 9,486 
Gum & Candy840 780 691 1,101 3,412 
Beverages409 572 119 — 1,100 
Cheese & Grocery364 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		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$799 $2,254 $3,354 $7,145 $13,552 
Chocolate758 2,395 5,836 282 9,271 
Gum & Candy567 816 614 875 2,872 
Beverages359 550 126 — 1,035 
Cheese & Grocery314 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.