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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting
Note 16. 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 intangibles, gains and losses on divestitures 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 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,
2024202320242023
(in millions)
Net revenues:
Latin America$1,232 $1,228 $2,551 $2,439 
AMEA1,587 1,609 3,537 3,548 
Europe2,874 2,926 6,242 6,233 
North America2,650 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 
AMEA290 207 701 567 
Europe550 449 1,141 956 
North America545 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 income854 1,425 3,581 2,930 
Benefit plan non-service income28 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 
Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Divestitures, Note 3, Inventories, Note 4, Property, Plant and Equipment, Note 5, Goodwill and Intangible Assets, and Note 7, Restructuring Program. Also see Note 8, Debt and Borrowing Arrangements, and Note 9, Financial Instruments, for additional information on our interest and other expense, net for each period.

Net revenues by product category were:
For the Three Months Ended June 30, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$310 $560 $1,093 $2,394 $4,357 
Chocolate304 579 1,293 57 2,233 
Gum & Candy381 237 140 199 957 
Beverages114 124 28 — 266 
Cheese & Grocery123 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$309 $570 $1,129 $2,383 $4,391 
Chocolate316 563 1,241 56 2,176 
Gum & Candy368 235 220 305 1,128 
Beverages112 150 26 — 288 
Cheese & Grocery123 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$596 $1,204 $2,123 $4,733 $8,656 
Chocolate686 1,350 3,063 148 5,247 
Gum & Candy774 471 346 422 2,013 
Beverages244 313 62 — 619 
Cheese & Grocery251 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$585 $1,239 $2,191 $4,696 $8,711 
Chocolate684 1,310 2,911 140 5,045 
Gum & Candy716 441 453 617 2,227 
Beverages223 358 59 — 640 
Cheese & Grocery231 200 619 — 1,050 
Total net revenues$2,439 $3,548 $6,233 $5,453 $17,673