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Segment Reporting (Tables) | 9 Months Ended
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Sep. 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 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 |
Schedule of Net Revenues by Product Category | 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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