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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | Our reconciliation of segment net revenues and earnings to consolidated financial statement totals were:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 1,232 |  |  | $ | 1,228 |  |  | $ | 2,551 |  |  | $ | 2,439 |
AMEA | 1,587 |  |  | 1,609 |  |  | 3,537 |  |  | 3,548 |
Europe | 2,874 |  |  | 2,926 |  |  | 6,242 |  |  | 6,233 |
North America | 2,650 |  |  | 2,744 |  |  | 5,303 |  |  | 5,453 |
Net revenues | $ | 8,343 |  |  | $ | 8,507 |  |  | $ | 17,633 |  |  | $ | 17,673 |
Earnings before income taxes: |  |  |  |  |  |  |
Segment operating income: |  |  |  |  |  |  |
Latin America | $ | 144 |  |  | $ | 134 |  |  | $ | 301 |  |  | $ | 273 |
AMEA | 290 |  |  | 207 |  |  | 701 |  |  | 567 |
Europe | 550 |  |  | 449 |  |  | 1,141 |  |  | 956 |
North America | 545 |  |  | 580 |  |  | 1,094 |  |  | 1,146 |
Unrealized (losses)/gains on hedging activities (mark-to-market impacts) | (571) |  |  | 171 |  |  | 553 |  |  | 220 |
General corporate expenses | (67) |  |  | (79) |  |  | (134) |  |  | (156) |
Amortization of intangible assets | (37) |  |  | (37) |  |  | (75) |  |  | (76) |
Operating income | 854 |  |  | 1,425 |  |  | 3,581 |  |  | 2,930 |
Benefit plan non-service income | 28 |  |  | 22 |  |  | 51 |  |  | 41 |
Interest and other expense, net | (32) |  |  | (97) |  |  | (100) |  |  | (192) |
(Loss)/gain on marketable securities | — |  |  | (189) |  |  | — |  |  | 607 |
Earnings before income taxes | $ | 850 |  |  | $ | 1,161 |  |  | $ | 3,532 |  |  | $ | 3,386 |
Schedule of Net Revenues by Product Category | Net revenues by product category were:
| For the Three Months Ended June 30, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 310 |  |  | $ | 560 |  |  | $ | 1,093 |  |  | $ | 2,394 |  |  | $ | 4,357 |
Chocolate | 304 |  |  | 579 |  |  | 1,293 |  |  | 57 |  |  | 2,233 |
Gum & Candy | 381 |  |  | 237 |  |  | 140 |  |  | 199 |  |  | 957 |
Beverages | 114 |  |  | 124 |  |  | 28 |  |  | — |  |  | 266 |
Cheese & Grocery | 123 |  |  | 87 |  |  | 320 |  |  | — |  |  | 530 |
Total net revenues | $ | 1,232 |  |  | $ | 1,587 |  |  | $ | 2,874 |  |  | $ | 2,650 |  |  | $ | 8,343 |
| For the Three Months Ended June 30, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 309 |  |  | $ | 570 |  |  | $ | 1,129 |  |  | $ | 2,383 |  |  | $ | 4,391 |
Chocolate | 316 |  |  | 563 |  |  | 1,241 |  |  | 56 |  |  | 2,176 |
Gum & Candy | 368 |  |  | 235 |  |  | 220 |  |  | 305 |  |  | 1,128 |
Beverages | 112 |  |  | 150 |  |  | 26 |  |  | — |  |  | 288 |
Cheese & Grocery | 123 |  |  | 91 |  |  | 310 |  |  | — |  |  | 524 |
Total net revenues | $ | 1,228 |  |  | $ | 1,609 |  |  | $ | 2,926 |  |  | $ | 2,744 |  |  | $ | 8,507 |
| For the Six Months Ended June 30, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 596 |  |  | $ | 1,204 |  |  | $ | 2,123 |  |  | $ | 4,733 |  |  | $ | 8,656 |
Chocolate | 686 |  |  | 1,350 |  |  | 3,063 |  |  | 148 |  |  | 5,247 |
Gum & Candy | 774 |  |  | 471 |  |  | 346 |  |  | 422 |  |  | 2,013 |
Beverages | 244 |  |  | 313 |  |  | 62 |  |  | — |  |  | 619 |
Cheese & Grocery | 251 |  |  | 199 |  |  | 648 |  |  | — |  |  | 1,098 |
Total net revenues | $ | 2,551 |  |  | $ | 3,537 |  |  | $ | 6,242 |  |  | $ | 5,303 |  |  | $ | 17,633 |
| For the Six Months Ended June 30, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 585 |  |  | $ | 1,239 |  |  | $ | 2,191 |  |  | $ | 4,696 |  |  | $ | 8,711 |
Chocolate | 684 |  |  | 1,310 |  |  | 2,911 |  |  | 140 |  |  | 5,045 |
Gum & Candy | 716 |  |  | 441 |  |  | 453 |  |  | 617 |  |  | 2,227 |
Beverages | 223 |  |  | 358 |  |  | 59 |  |  | — |  |  | 640 |
Cheese & Grocery | 231 |  |  | 200 |  |  | 619 |  |  | — |  |  | 1,050 |
Total net revenues | $ | 2,439 |  |  | $ | 3,548 |  |  | $ | 6,233 |  |  | $ | 5,453 |  |  | $ | 17,673 |

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