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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Net Revenues by Segment | Our segment net revenue, significant segment expenses and operating income, by reportable segment were as follows:
| For The Year Ended December 31, 2024
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 4,926 |  |  | $ | 7,296 |  |  | $ | 13,309 |  |  | $ | 10,910 |  |  | $ | 36,441 |
Segment cost of sales | (3,230) |  |  | (4,382) |  |  | (8,631) |  |  | (6,491) |  |  | (22,734) |
Segment selling, general and administrative expenses (1) | (1,164) |  |  | (1,722) |  |  | (2,610) |  |  | (1,927) |  |  | (7,423) |
Segment operating income | $ | 532 |  |  | $ | 1,192 |  |  | $ | 2,068 |  |  | $ | 2,492 |  |  | 6,284 |
Unrealized gains on hedging activities (mark-to-market impacts) |  |  |  |  |  |  |  |  | 543 |
General corporate expenses |  |  |  |  |  |  |  |  | (330) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (153) |
Net gain on divestitures and acquisitions |  |  |  |  |  |  |  |  | 4 |
Acquisition-related costs |  |  |  |  |  |  |  |  | (3) |
Operating income |  |  |  |  |  |  |  |  | $ | 6,345 |
| For The Year Ended December 31, 2023
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 5,006 |  |  | $ | 7,075 |  |  | $ | 12,857 |  |  | $ | 11,078 |  |  | $ | 36,016 |
Segment cost of sales | (3,284) |  |  | (4,320) |  |  | (8,359) |  |  | (6,474) |  |  | (22,437) |
Segment selling, general and administrative expenses (1) | (1,193) |  |  | (1,642) |  |  | (2,520) |  |  | (2,512) |  |  | (7,867) |
Segment operating income | $ | 529 |  |  | $ | 1,113 |  |  | $ | 1,978 |  |  | $ | 2,092 |  |  | 5,712 |
Unrealized gains on hedging activities (mark-to-market impacts) |  |  |  |  |  |  |  |  | 189 |
General corporate expenses |  |  |  |  |  |  |  |  | (356) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (151) |
Net gain on divestitures and acquisitions |  |  |  |  |  |  |  |  | 108 |
Operating income |  |  |  |  |  |  |  |  | $ | 5,502 |
| For The Year Ended December 31, 2022
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 3,629 |  |  | $ | 6,767 |  |  | $ | 11,420 |  |  | $ | 9,680 |  |  | $ | 31,496 |
Segment cost of sales | (2,443) |  |  | (4,180) |  |  | (7,318) |  |  | (5,888) |  |  | (19,829) |
Segment selling, general and administrative expenses (1) | (798) |  |  | (1,658) |  |  | (2,621) |  |  | (2,023) |  |  | (7,100) |
Segment operating income | $ | 388 |  |  | $ | 929 |  |  | $ | 1,481 |  |  | $ | 1,769 |  |  | 4,567 |
Unrealized losses on hedging activities (mark-to-market impacts) |  |  |  |  |  |  |  |  | (326) |
General corporate expenses |  |  |  |  |  |  |  |  | (245) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (132) |
Acquisition-related costs |  |  |  |  |  |  |  |  | (330) |
Operating income |  |  |  |  |  |  |  |  | $ | 3,534 |
(1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses.
Schedule of Total Assets, Depreciation Expense and Capital Expenditure by Segment | Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Depreciation expense (2): |  |  |  |  |
Latin America | $ | 151 |  |  | $ | 152 |  |  | $ | 111 |
AMEA | 162 |  |  | 155 |  |  | 160 |
Europe | 275 |  |  | 241 |  |  | 242 |
North America | 177 |  |  | 152 |  |  | 140 |
Corporate | 45 |  |  | 41 |  |  | 37 |
Total depreciation expense | $ | 810 |  |  | $ | 741 |  |  | $ | 690 |
(2)Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statement of cash flows for total depreciation and amortization expenses.
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Capital expenditures: |  |  |  |  |
Latin America | $ | 199 |  |  | $ | 164 |  |  | $ | 106 |
AMEA | 309 |  |  | 249 |  |  | 216 |
Europe | 550 |  |  | 399 |  |  | 335 |
North America | 291 |  |  | 257 |  |  | 197 |
Corporate | 38 |  |  | 43 |  |  | 52 |
Total capital expenditures | $ | 1,387 |  |  | $ | 1,112 |  |  | $ | 906 |
Schedule of Net Revenues by Geographic Area | Geographic data for net revenues (recognized in the countries where products are sold from) and long-lived assets, excluding deferred taxes, goodwill, intangible assets and equity method investments, were:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Net revenues: |  |  |  |  |
United States | $ | 9,469 |  |  | $ | 9,581 |  |  | $ | 8,315 |
Other | 26,972 |  |  | 26,435 |  |  | 23,181 |
Total net revenues | $ | 36,441 |  |  | $ | 36,016 |  |  | $ | 31,496 |
Schedule of Long-lived Assets by Geographic Area |
| As of December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Long-lived assets: |  |  |  |  |
United States | $ | 2,346 |  |  | $ | 2,226 |  |  | $ | 2,740 |
Mexico | 1,076 |  |  | 1,331 |  |  | 1,170 |
Other | 9,000 |  |  | 8,749 |  |  | 8,648 |
Total long-lived assets | $ | 12,422 |  |  | $ | 12,306 |  |  | $ | 12,558 |
Schedule of Net Revenues by Product Category | Net revenues by product category, reflecting our current segment structure for all periods presented, were:
| For the Year Ended December 31, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 1,199 |  |  | $ | 2,573 |  |  | $ | 4,425 |  |  | $ | 9,605 |  |  | $ | 17,802 |
Chocolate | 1,276 |  |  | 2,831 |  |  | 6,773 |  |  | 368 |  |  | 11,248 |
Gum & Candy | 1,512 |  |  | 947 |  |  | 644 |  |  | 937 |  |  | 4,040 |
Beverages | 454 |  |  | 525 |  |  | 117 |  |  | — |  |  | 1,096 |
Cheese & Grocery | 485 |  |  | 420 |  |  | 1,350 |  |  | — |  |  | 2,255 |
Total net revenues | $ | 4,926 |  |  | $ | 7,296 |  |  | $ | 13,309 |  |  | $ | 10,910 |  |  | $ | 36,441 |
| For the Year Ended December 31, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 1,193 |  |  | $ | 2,488 |  |  | $ | 4,429 |  |  | $ | 9,519 |  |  | $ | 17,629 |
Chocolate | 1,357 |  |  | 2,690 |  |  | 6,225 |  |  | 347 |  |  | 10,619 |
Gum & Candy | 1,509 |  |  | 893 |  |  | 812 |  |  | 1,212 |  |  | 4,426 |
Beverages | 457 |  |  | 593 |  |  | 135 |  |  | — |  |  | 1,185 |
Cheese & Grocery | 490 |  |  | 411 |  |  | 1,256 |  |  | — |  |  | 2,157 |
Total net revenues | $ | 5,006 |  |  | $ | 7,075 |  |  | $ | 12,857 |  |  | $ | 11,078 |  |  | $ | 36,016 |
| For the Year Ended December 31, 2022
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 1,013 |  |  | $ | 2,515 |  |  | $ | 3,818 |  |  | $ | 8,262 |  |  | $ | 15,608 |
Chocolate | 1,003 |  |  | 2,520 |  |  | 5,646 |  |  | 317 |  |  | 9,486 |
Gum & Candy | 840 |  |  | 780 |  |  | 691 |  |  | 1,101 |  |  | 3,412 |
Beverages | 409 |  |  | 572 |  |  | 119 |  |  | — |  |  | 1,100 |
Cheese & Grocery | 364 |  |  | 380 |  |  | 1,146 |  |  | — |  |  | 1,890 |
Total net revenues | $ | 3,629 |  |  | $ | 6,767 |  |  | $ | 11,420 |  |  | $ | 9,680 |  |  | $ | 31,496 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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