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Segment Reporting
 9 Months Ended
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,
2024202320242023
(in millions)
Net revenues:
Latin America$1,204 $1,305 $3,755 $3,744 
AMEA1,851 1,791 5,388 5,339 
Europe3,323 3,086 9,565 9,319 
North America2,826 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 
AMEA335 302 1,036 869 
Europe605 494 1,746 1,450 
North America918 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 income1,153 1,379 4,734 4,309 
Benefit plan non-service income25 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$312 $661 $1,162 $2,470 $4,605 
Chocolate299 752 1,640 92 2,783 
Gum & Candy374 240 145 264 1,023 
Beverages104 105 28 — 237 
Cheese & Grocery115 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$313 $642 $1,120 $2,409 $4,484 
Chocolate347 701 1,428 83 2,559 
Gum & Candy408 233 199 355 1,195 
Beverages112 118 29 — 259 
Cheese & Grocery125 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$908 $1,865 $3,285 $7,203 $13,261 
Chocolate985 2,102 4,703 240 8,030 
Gum & Candy1,148 711 491 686 3,036 
Beverages348 418 90 — 856 
Cheese & Grocery366 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$898 $1,881 $3,311 $7,105 $13,195 
Chocolate1,031 2,011 4,339 223 7,604 
Gum & Candy1,124 674 652 972 3,422 
Beverages335 476 88 — 899 
Cheese & Grocery356 297 929 — 1,582 
Total net revenues$3,744 $5,339 $9,319 $8,300 $26,702