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Segment Reporting | 6 Months Ended
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Jun. 30, 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 June 30, 2025
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 1,194 |  |  | $ | 1,821 |  |  | $ | 3,412 |  |  | $ | 2,557 |  |  | $ | 8,984 |
Segment cost of sales | (807) |  |  | (1,189) |  |  | (2,343) |  |  | (1,615) |  |  | (5,954) |
Segment selling, general and administrative expenses (1) | (254) |  |  | (361) |  |  | (555) |  |  | (488) |  |  | (1,658) |
Segment operating income | $ | 133 |  |  | $ | 271 |  |  | $ | 514 |  |  | $ | 454 |  |  | 1,372 |
Mark-to-market losses from derivatives |  |  |  |  |  |  |  |  | (93) |
General corporate expenses |  |  |  |  |  |  |  |  | (69) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (38) |
Operating income |  |  |  |  |  |  |  |  | $ | 1,172 |
| Three Months Ended June 30, 2024
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 1,232 |  |  | $ | 1,587 |  |  | $ | 2,874 |  |  | $ | 2,650 |  |  | $ | 8,343 |
Segment cost of sales | (800) |  |  | (913) |  |  | (1,729) |  |  | (1,534) |  |  | (4,976) |
Segment selling, general and administrative expenses (1) | (288) |  |  | (384) |  |  | (595) |  |  | (571) |  |  | (1,838) |
Segment operating income | $ | 144 |  |  | $ | 290 |  |  | $ | 550 |  |  | $ | 545 |  |  | 1,529 |
Mark-to-market losses from derivatives |  |  |  |  |  |  |  |  | (571) |
General corporate expenses |  |  |  |  |  |  |  |  | (67) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (37) |
Operating income |  |  |  |  |  |  |  |  | $ | 854 |
| Six Months Ended June 30, 2025
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 2,397 |  |  | $ | 3,837 |  |  | $ | 6,962 |  |  | $ | 5,101 |  |  | $ | 18,297 |
Segment cost of sales | (1,622) |  |  | (2,459) |  |  | (4,884) |  |  | (3,198) |  |  | (12,163) |
Segment selling, general and administrative expenses (1) | (503) |  |  | (764) |  |  | (1,102) |  |  | (964) |  |  | (3,333) |
Segment operating income | $ | 272 |  |  | $ | 614 |  |  | $ | 976 |  |  | $ | 939 |  |  | 2,801 |
Mark-to-market losses from derivatives |  |  |  |  |  |  |  |  | (762) |
General corporate expenses |  |  |  |  |  |  |  |  | (112) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (75) |
Operating income |  |  |  |  |  |  |  |  | $ | 1,852 |
| Six Months Ended June 30, 2024
| (in millions)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
Net revenues | $ | 2,551 |  |  | $ | 3,537 |  |  | $ | 6,242 |  |  | $ | 5,303 |  |  | $ | 17,633 |
Segment cost of sales | (1,666) |  |  | (2,051) |  |  | (3,866) |  |  | (3,059) |  |  | (10,642) |
Segment selling, general and administrative expenses (1) | (584) |  |  | (785) |  |  | (1,235) |  |  | (1,150) |  |  | (3,754) |
Segment operating income | $ | 301 |  |  | $ | 701 |  |  | $ | 1,141 |  |  | $ | 1,094 |  |  | 3,237 |
Mark-to-market gains from derivatives |  |  |  |  |  |  |  |  | 553 |
General corporate expenses |  |  |  |  |  |  |  |  | (134) |
Amortization of intangible assets |  |  |  |  |  |  |  |  | (75) |
Operating income |  |  |  |  |  |  |  |  | $ | 3,581 |
(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 June 30,
| 2025 |  | 2024
| (in millions)
Depreciation expense (2): |  |  |
Latin America | $ | 35 |  |  | $ | 39 |
AMEA | 43 |  |  | 39 |
Europe | 79 |  |  | 68 |
North America | 45 |  |  | 42 |
Corporate | 10 |  |  | 9 |
Total depreciation expense | $ | 212 |  |  | $ | 197 |
| Six Months Ended June 30,
| 2025 |  | 2024
| (in millions)
Depreciation expense (2): |  |  |
Latin America | $ | 69 |  |  | $ | 77 |
AMEA | 84 |  |  | 79 |
Europe | 150 |  |  | 135 |
North America | 88 |  |  | 80 |
Corporate | 21 |  |  | 22 |
Total depreciation expense | $ | 412 |  |  | $ | 393 |
(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 statements of cash flows for total depreciation and amortization expenses.
| Six Months Ended June 30,
| 2025 |  | 2024
| (in millions)
Capital expenditures: |  |  |
Latin America | $ | (82) |  |  | $ | (97) |
AMEA | (124) |  |  | (134) |
Europe | (235) |  |  | (280) |
North America | (134) |  |  | (141) |
Corporate | (7) |  |  | (14) |
Total capital expenditures | $ | (582) |  |  | $ | (666) |
Disaggregation of Net Revenue Net revenues by product category, reflecting our current segment structure for all periods presented, were:
| For the Three Months Ended June 30, 2025
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 295 |  |  | $ | 686 |  |  | $ | 1,289 |  |  | $ | 2,305 |  |  | $ | 4,575 |
Chocolate | 345 |  |  | 657 |  |  | 1,589 |  |  | 70 |  |  | 2,661 |
Gum & Candy | 361 |  |  | 261 |  |  | 146 |  |  | 182 |  |  | 950 |
Beverages | 79 |  |  | 122 |  |  | 26 |  |  | — |  |  | 227 |
Cheese & Grocery | 114 |  |  | 95 |  |  | 362 |  |  | — |  |  | 571 |
Total net revenues | $ | 1,194 |  |  | $ | 1,821 |  |  | $ | 3,412 |  |  | $ | 2,557 |  |  | $ | 8,984 |
| For the Three Months Ended June 30, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 310 |  |  | $ | 560 |  |  | $ | 1,093 |  |  | $ | 2,394 |  |  | $ | 4,357 |
Chocolate | 304 |  |  | 579 |  |  | 1,293 |  |  | 57 |  |  | 2,233 |
Gum & Candy | 381 |  |  | 237 |  |  | 140 |  |  | 199 |  |  | 957 |
Beverages | 114 |  |  | 124 |  |  | 28 |  |  | — |  |  | 266 |
Cheese & Grocery | 123 |  |  | 87 |  |  | 320 |  |  | — |  |  | 530 |
Total net revenues | $ | 1,232 |  |  | $ | 1,587 |  |  | $ | 2,874 |  |  | $ | 2,650 |  |  | $ | 8,343 |
| For the Six Months Ended June 30, 2025
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 582 |  |  | $ | 1,422 |  |  | $ | 2,377 |  |  | $ | 4,525 |  |  | $ | 8,906 |
Chocolate | 714 |  |  | 1,430 |  |  | 3,529 |  |  | 170 |  |  | 5,843 |
Gum & Candy | 702 |  |  | 504 |  |  | 308 |  |  | 406 |  |  | 1,920 |
Beverages | 175 |  |  | 286 |  |  | 63 |  |  | — |  |  | 524 |
Cheese & Grocery | 224 |  |  | 195 |  |  | 685 |  |  | — |  |  | 1,104 |
Total net revenues | $ | 2,397 |  |  | $ | 3,837 |  |  | $ | 6,962 |  |  | $ | 5,101 |  |  | $ | 18,297 |
| For the Six Months Ended June 30, 2024
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 596 |  |  | $ | 1,204 |  |  | $ | 2,123 |  |  | $ | 4,733 |  |  | $ | 8,656 |
Chocolate | 686 |  |  | 1,350 |  |  | 3,063 |  |  | 148 |  |  | 5,247 |
Gum & Candy | 774 |  |  | 471 |  |  | 346 |  |  | 422 |  |  | 2,013 |
Beverages | 244 |  |  | 313 |  |  | 62 |  |  | — |  |  | 619 |
Cheese & Grocery | 251 |  |  | 199 |  |  | 648 |  |  | — |  |  | 1,098 |
Total net revenues | $ | 2,551 |  |  | $ | 3,537 |  |  | $ | 6,242 |  |  | $ | 5,303 |  |  | $ | 17,633 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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