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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting
Note 18. 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

Our Chief Operating Decision Maker (CODM) is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. 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 intangible assets, gains and losses on divestitures and acquisitions 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. We do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM.
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 AmericaAMEAEuropeNorth AmericaTotal
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 acquisitions4 
Acquisition-related costs(3)
Operating income$6,345 
 For The Year Ended December 31, 2023
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
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 acquisitions108 
Operating income$5,502 
 For The Year Ended December 31, 2022
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
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.
Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:
 For the Years Ended December 31,
 202420232022
 (in millions)
Depreciation expense (2):
Latin America$151 $152 $111 
AMEA162 155 160 
Europe275 241 242 
North America177 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,
 202420232022
 (in millions)
Capital expenditures:
Latin America$199 $164 $106 
AMEA309 249 216 
Europe550 399 335 
North America291 257 197 
   Corporate
38 43 52 
Total capital expenditures$1,387 $1,112 $906 


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,
 202420232022
 (in millions)
Net revenues:
United States$9,469 $9,581 $8,315 
Other26,972 26,435 23,181 
Total net revenues$36,441 $36,016 $31,496 

 As of December 31,
 202420232022
 (in millions)
Long-lived assets:
United States$2,346 $2,226 $2,740 
Mexico
1,076 1,331 1,170 
Other9,000 8,749 8,648 
Total long-lived assets$12,422 $12,306 $12,558 
Net revenues by product category, reflecting our current segment structure for all periods presented, were:
 For the Year Ended December 31, 2024
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$1,199 $2,573 $4,425 $9,605 $17,802 
Chocolate1,276 2,831 6,773 368 11,248 
Gum & Candy1,512 947 644 937 4,040 
Beverages454 525 117 — 1,096 
Cheese & Grocery485 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		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$1,193 $2,488 $4,429 $9,519 $17,629 
Chocolate1,357 2,690 6,225 347 10,619 
Gum & Candy1,509 893 812 1,212 4,426 
Beverages457 593 135 — 1,185 
Cheese & Grocery490 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		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$1,013 $2,515 $3,818 $8,262 $15,608 
Chocolate1,003 2,520 5,646 317 9,486 
Gum & Candy840 780 691 1,101 3,412 
Beverages409 572 119 — 1,100 
Cheese & Grocery364 380 1,146 — 1,890 
Total net revenues$3,629 $6,767 $11,420 $9,680 $31,496