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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | 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.
Schedule of Total 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:
| 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) |
Schedule of Net Revenues by Product Category | 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 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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