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Segment Reporting | 9 Months Ended
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Sep. 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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 1,204 |  |  | $ | 1,305 |  |  | $ | 3,755 |  |  | $ | 3,744 |
AMEA | 1,851 |  |  | 1,791 |  |  | 5,388 |  |  | 5,339 |
Europe | 3,323 |  |  | 3,086 |  |  | 9,565 |  |  | 9,319 |
North America | 2,826 |  |  | 2,847 |  |  | 8,129 |  |  | 8,300 |
Net revenues | $ | 9,204 |  |  | $ | 9,029 |  |  | $ | 26,837 |  |  | $ | 26,702 |
Earnings before income taxes: |  |  |  |  |  |  |
Segment operating income: |  |  |  |  |  |  |
Latin America | $ | 125 |  |  | $ | 156 |  |  | $ | 426 |  |  | $ | 429 |
AMEA | 335 |  |  | 302 |  |  | 1,036 |  |  | 869 |
Europe | 605 |  |  | 494 |  |  | 1,746 |  |  | 1,450 |
North America | 918 |  |  | 532 |  |  | 2,012 |  |  | 1,678 |
Unrealized (losses)/gains on hedging activities (mark-to-market impacts) | (710) |  |  | 19 |  |  | (157) |  |  | 239 |
General corporate expenses | (78) |  |  | (86) |  |  | (212) |  |  | (242) |
Amortization of intangible assets | (40) |  |  | (38) |  |  | (115) |  |  | (114) |
Acquisition-related costs | (2) |  |  | — |  |  | (2) |  |  | — |
Operating income | 1,153 |  |  | 1,379 |  |  | 4,734 |  |  | 4,309 |
Benefit plan non-service income | 25 |  |  | 19 |  |  | 76 |  |  | 60 |
Interest and other expense, net | (46) |  |  | (66) |  |  | (146) |  |  | (258) |
(Loss)/gain on marketable securities | — |  |  | (1) |  |  | — |  |  | 606 |
Earnings before income taxes | $ | 1,132 |  |  | $ | 1,331 |  |  | $ | 4,664 |  |  | $ | 4,717 |
Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Acquisitions and 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 September 30, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 312 |  |  | $ | 661 |  |  | $ | 1,162 |  |  | $ | 2,470 |  |  | $ | 4,605 |
Chocolate | 299 |  |  | 752 |  |  | 1,640 |  |  | 92 |  |  | 2,783 |
Gum & Candy | 374 |  |  | 240 |  |  | 145 |  |  | 264 |  |  | 1,023 |
Beverages | 104 |  |  | 105 |  |  | 28 |  |  | — |  |  | 237 |
Cheese & Grocery | 115 |  |  | 93 |  |  | 348 |  |  | — |  |  | 556 |
Total net revenues | $ | 1,204 |  |  | $ | 1,851 |  |  | $ | 3,323 |  |  | $ | 2,826 |  |  | $ | 9,204 |
| For the Three Months Ended September 30, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 313 |  |  | $ | 642 |  |  | $ | 1,120 |  |  | $ | 2,409 |  |  | $ | 4,484 |
Chocolate | 347 |  |  | 701 |  |  | 1,428 |  |  | 83 |  |  | 2,559 |
Gum & Candy | 408 |  |  | 233 |  |  | 199 |  |  | 355 |  |  | 1,195 |
Beverages | 112 |  |  | 118 |  |  | 29 |  |  | — |  |  | 259 |
Cheese & Grocery | 125 |  |  | 97 |  |  | 310 |  |  | — |  |  | 532 |
Total net revenues | $ | 1,305 |  |  | $ | 1,791 |  |  | $ | 3,086 |  |  | $ | 2,847 |  |  | $ | 9,029 |
| For the Nine Months Ended September 30, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 908 |  |  | $ | 1,865 |  |  | $ | 3,285 |  |  | $ | 7,203 |  |  | $ | 13,261 |
Chocolate | 985 |  |  | 2,102 |  |  | 4,703 |  |  | 240 |  |  | 8,030 |
Gum & Candy | 1,148 |  |  | 711 |  |  | 491 |  |  | 686 |  |  | 3,036 |
Beverages | 348 |  |  | 418 |  |  | 90 |  |  | — |  |  | 856 |
Cheese & Grocery | 366 |  |  | 292 |  |  | 996 |  |  | — |  |  | 1,654 |
Total net revenues | $ | 3,755 |  |  | $ | 5,388 |  |  | $ | 9,565 |  |  | $ | 8,129 |  |  | $ | 26,837 |
| For the Nine Months Ended September 30, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 898 |  |  | $ | 1,881 |  |  | $ | 3,311 |  |  | $ | 7,105 |  |  | $ | 13,195 |
Chocolate | 1,031 |  |  | 2,011 |  |  | 4,339 |  |  | 223 |  |  | 7,604 |
Gum & Candy | 1,124 |  |  | 674 |  |  | 652 |  |  | 972 |  |  | 3,422 |
Beverages | 335 |  |  | 476 |  |  | 88 |  |  | — |  |  | 899 |
Cheese & Grocery | 356 |  |  | 297 |  |  | 929 |  |  | — |  |  | 1,582 |
Total net revenues | $ | 3,744 |  |  | $ | 5,339 |  |  | $ | 9,319 |  |  | $ | 8,300 |  |  | $ | 26,702 |

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- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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