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Segment Reporting
 9 Months Ended
Sep. 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 September 30, 2025
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$1,238 $2,017 $3,674 $2,815 $9,744 
Segment cost of sales(849)(1,379)(2,791)(1,766)(6,785)
Segment selling, general and administrative expenses (1)
(242)(439)(608)(502)(1,791)
Segment operating income$147 $199 $275 $547 1,168 
Mark-to-market losses from derivatives
(348)
General corporate expenses(44)
Amortization of intangible assets(32)
Operating income$744 

 Three Months Ended September 30, 2024
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$1,204 $1,851 $3,323 $2,826 $9,204 
Segment cost of sales(780)(1,048)(2,002)(1,663)(5,493)
Segment selling, general and administrative expenses (1)
(299)(468)(716)(245)(1,728)
Segment operating income$125 $335 $605 $918 1,983 
Mark-to-market losses from derivatives
(710)
General corporate expenses(78)
Amortization of intangible assets(40)
Acquisition-related costs(2)
Operating income$1,153 
 Nine Months Ended September 30, 2025
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$3,635 $5,854 $10,636 $7,916 $28,041 
Segment cost of sales(2,471)(3,838)(7,675)(4,964)(18,948)
Segment selling, general and administrative expenses (1)
(745)(1,203)(1,710)(1,466)(5,124)
Segment operating income$419 $813 $1,251 $1,486 3,969 
Mark-to-market losses from derivatives
(1,110)
General corporate expenses(156)
Amortization of intangible assets(107)
Operating income$2,596 
 Nine Months Ended September 30, 2024
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$3,755 $5,388 $9,565 $8,129 $26,837 
Segment cost of sales(2,446)(3,099)(5,868)(4,722)(16,135)
Segment selling, general and administrative expenses (1)
(883)(1,253)(1,951)(1,395)(5,482)
Segment operating income$426 $1,036 $1,746 $2,012 5,220 
Mark-to-market losses from derivatives
(157)
General corporate expenses(212)
Amortization of intangible assets(115)
Acquisition-related costs(2)
Operating income$4,734 
(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
September 30,		Nine Months Ended
September 30,
 2025202420252024
 (in millions)
Depreciation expense (2):
Latin America$38 $38 $107 $115 
AMEA43 40 127 119 
Europe81 72 231 207 
North America44 50 132 130 
  Corporate
12 11 33 33 
Total depreciation expense$218 $211 $630 $604 
(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.


 Nine Months Ended
September 30,
 20252024
 (in millions)
Capital expenditures:
Latin America$(130)$(138)
AMEA(191)(206)
Europe(354)(400)
North America(195)(218)
   Corporate
(11)(20)
Total capital expenditures$(881)$(982)
Disaggregation of Net Revenue
Net revenues by product category, reflecting our current segment structure for all periods presented, were:

For the Three Months Ended September 30, 2025
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$286 $760 $1,308 $2,445 $4,799 
Chocolate352 807 1,806 111 3,076 
Gum & Candy396 243 153 259 1,051 
Beverages80 102 35 — 217 
Cheese & Grocery124 105 372 — 601 
Total net revenues$1,238 $2,017 $3,674 $2,815 $9,744 
For the Three Months Ended September 30, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$312 $661 $1,162 $2,470 $4,605 
Chocolate299 752 1,640 92 2,783 
Gum & Candy374 240 145 264 1,023 
Beverages104 105 28 — 237 
Cheese & Grocery115 93 348 — 556 
  Total net revenues
$1,204 $1,851 $3,323 $2,826 $9,204 
For the Nine Months Ended September 30, 2025
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$868 $2,182 $3,685 $6,970 $13,705 
Chocolate1,066 2,237 5,335 281 8,919 
Gum & Candy1,098 747 461 665 2,971 
Beverages255 388 98 — 741 
Cheese & Grocery348 300 1,057 — 1,705 
  Total net revenues
$3,635 $5,854 $10,636 $7,916 $28,041 
For the Nine Months Ended September 30, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks
$908 $1,865 $3,285 $7,203 $13,261 
Chocolate985 2,102 4,703 240 8,030 
Gum & Candy1,148 711 491 686 3,036 
Beverages348 418 90 — 856 
Cheese & Grocery366 292 996 — 1,654 
Total net revenues$3,755 $5,388 $9,565 $8,129 $26,837