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Segment Reporting
 3 Months Ended
Mar. 31, 2025
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

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 certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily 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 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:
 Three Months Ended March 31, 2025
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$1,203 $2,016 $3,550 $2,544 $9,313 
Segment cost of sales(815)(1,270)(2,541)(1,583)(6,209)
Segment selling, general and administrative expenses (1)
(249)(403)(547)(476)(1,675)
Segment operating income$139 $343 $462 $485 1,429 
Mark-to-market losses on commodity
and foreign currency derivatives
(669)
General corporate expenses(43)
Amortization of intangible assets(37)
Operating income$680 
 Three Months Ended March 31, 2024
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$1,319 $1,950 $3,368 $2,653 $9,290 
Segment cost of sales(866)(1,138)(2,137)(1,525)(5,666)
Segment selling, general and administrative expenses (1)
(296)(401)(640)(579)(1,916)
Segment operating income$157 $411 $591 $549 1,708 
Mark-to-market gains on commodity
and foreign currency derivatives
1,124 
General corporate expenses(67)
Amortization of intangible assets(38)
Operating income$2,727 
(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:
 Three Months Ended
March 31,
 20252024
 (in millions)
Depreciation expense (2):
Latin America$34 $38 
AMEA41 40 
Europe71 67 
North America43 38 
  Corporate
11 13 
Total depreciation expense$200 $196 
(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.


 Three Months Ended
March 31,
 20252024
 (in millions)
Capital expenditures:
Latin America$(35)$(38)
AMEA(54)(52)
Europe(123)(141)
North America(64)(63)
   Corporate
(1)(5)
Total capital expenditures$(277)$(299)
Net revenues by product category, reflecting our current segment structure for all periods presented, were:

For the Three Months Ended March 31, 2025
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$287 $736 $1,088 $2,220 $4,331 
Chocolate369 773 1,940 100 3,182 
Gum & Candy341 243 162 224 970 
Beverages96 164 37 — 297 
Cheese & Grocery110 100 323 — 533 
Total net revenues$1,203 $2,016 $3,550 $2,544 $9,313 
For the Three Months Ended March 31, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks
$286 $644 $1,030 $2,339 $4,299 
Chocolate382 771 1,770 91 3,014 
Gum & Candy393 234 206 223 1,056 
Beverages130 189 34 — 353 
Cheese & Grocery128 112 328 — 568 
Total net revenues$1,319 $1,950 $3,368 $2,653 $9,290