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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | Our segment net revenues and earnings were:
| For the Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 1,319 |  |  | $ | 1,211 |  |  |  |  |
AMEA | 1,950 |  |  | 1,939 |  |  |  |  |
Europe | 3,368 |  |  | 3,307 |  |  |  |  |
North America | 2,653 |  |  | 2,709 |  |  |  |  |
Net revenues | $ | 9,290 |  |  | $ | 9,166 |  |  |  |  |
Earnings before income taxes: |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |
Latin America | $ | 157 |  |  | $ | 139 |  |  |  |  |
AMEA | 411 |  |  | 360 |  |  |  |  |
Europe | 591 |  |  | 507 |  |  |  |  |
North America | 549 |  |  | 566 |  |  |  |  |
Unrealized gains on hedging activities (mark-to-market impacts) | 1,124 |  |  | 49 |  |  |  |  |
General corporate expenses | (67) |  |  | (77) |  |  |  |  |
Amortization of intangible assets | (38) |  |  | (39) |  |  |  |  |
Operating income | 2,727 |  |  | 1,505 |  |  |  |  |
Benefit plan non-service income | 23 |  |  | 19 |  |  |  |  |
Interest and other expense, net | (68) |  |  | (95) |  |  |  |  |
Gain on marketable securities | — |  |  | 796 |  |  |  |  |
Earnings before income taxes | $ | 2,682 |  |  | $ | 2,225 |  |  |  |  |
Schedule of Net Revenues by Product Category | Net revenues by product category were:
| For the Three Months Ended March 31, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 286 |  |  | $ | 644 |  |  | $ | 1,030 |  |  | $ | 2,339 |  |  | $ | 4,299 |
Chocolate | 382 |  |  | 771 |  |  | 1,770 |  |  | 91 |  |  | 3,014 |
Gum & Candy | 393 |  |  | 234 |  |  | 206 |  |  | 223 |  |  | 1,056 |
Beverages | 130 |  |  | 189 |  |  | 34 |  |  | — |  |  | 353 |
Cheese & Grocery | 128 |  |  | 112 |  |  | 328 |  |  | — |  |  | 568 |
Total net revenues | $ | 1,319 |  |  | $ | 1,950 |  |  | $ | 3,368 |  |  | $ | 2,653 |  |  | $ | 9,290 |
| For the Three Months Ended March 31, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 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 |

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