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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 29, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales and Earnings by Segment | Our segment net sales and earnings were as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
Net sales: |  |  |  |  |  |  |  |
North America Confectionery |  | $ | 2,477,303 |  |  | $ | 2,457,647 |  |  | $ | 6,764,439 |  |  | $ | 6,902,891 |
North America Salty Snacks |  | 291,835 |  | 345,182 |  | 856,835 |  | 887,532
International |  | 218,356 |  | 227,158 |  | 693,449 |  | 717,458
Total |  | $ | 2,987,494 |  |  | $ | 3,029,987 |  |  | $ | 8,314,723 |  |  | $ | 8,507,881 |
Segment income: |  |  |  |  |  |  |  |
North America Confectionery |  | $ | 724,822 |  | $ | 847,469 |  | $ | 2,137,514 |  | $ | 2,392,397
North America Salty Snacks |  | 53,977 |  |  | 57,389 |  |  | 144,887 |  |  | 147,934 |
International |  | 14,207 |  |  | 31,688 |  |  | 81,967 |  |  | 127,838 |
Total segment income |  | 793,006 |  | 936,546 |  | 2,364,368 |  | 2,668,169
Unallocated corporate expense (1) |  | 161,796 |  | 199,270 |  | 496,215 |  | 562,974
Unallocated mark-to-market (gains) losses on commodity derivatives |  | (31,083) |  | 1,753 |  | (195,727) |  | 5,217
Costs associated with business realignment activities (see Note 9) |  | 49,129 |  |  | (426) |  |  | 104,795 |  |  | 3,440 |
Operating profit |  | 613,164 |  | 735,949 |  | 1,959,085 |  | 2,096,538
Interest expense, net (see Note 4) |  | 44,316 |  |  | 39,755 |  |  | 125,511 |  |  | 114,101 |
Other (income) expense, net (see Note 17) |  | 50,101 |  | 42,781 |  | 82,695 |  | 130,248
Income before income taxes |  | $ | 518,747 |  |  | $ | 653,413 |  |  | $ | 1,750,879 |  |  | $ | 1,852,189 |
(1)Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance, and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense, (d) acquisition and integration-related costs, and (e) other gains or losses that are not integral to segment performance.
Schedule of Unallocated Mark-to-Market (Gains) Losses on Commodity Derivatives | Activity within the unallocated mark-to-market adjustment for commodity derivatives is as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in income |  | $ | (32,270) |  |  | $ | (17,103) |  |  | $ | (191,734) |  |  | $ | (52) |
Net gains (losses) on commodity derivative positions reclassified from unallocated to segment income |  | 1,187 |  |  | 18,856 |  |  | (3,993) |  |  | 5,269 |
Net losses (gains) on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses |  | $ | (31,083) |  |  | $ | 1,753 |  |  | $ | (195,727) |  |  | $ | 5,217 |
Schedule of Depreciation and Amortization Expense Included within Segment Income | Depreciation and amortization expense included within segment income presented above is as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
North America Confectionery |  | $ | 64,805 |  |  | $ | 59,921 |  |  | $ | 191,210 |  |  | $ | 176,604 |
North America Salty Snacks |  | 19,776 |  |  | 19,779 |  |  | 59,475 |  |  | 55,622 |
International |  | 6,268 |  |  | 5,919 |  |  | 18,467 |  |  | 17,597 |
Corporate |  | 22,406 |  |  | 17,690 |  |  | 62,288 |  |  | 53,273 |
Total |  | $ | 113,255 |  |  | $ | 103,309 |  |  | $ | 331,440 |  |  | $ | 303,096 |
Schedule of Segment Information by Geography | Additional information regarding our net sales disaggregated by geographical region is as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
Net sales: |  |  |  |  |  |  |  |
United States |  | $ | 2,640,336 |  |  | $ | 2,683,348 |  |  | $ | 7,273,235 |  |  | $ | 7,459,710 |
All other countries |  | 347,158 |  |  | 346,639 |  |  | 1,041,488 |  |  | 1,048,171 |
Total |  | $ | 2,987,494 |  |  | $ | 3,029,987 |  |  | $ | 8,314,723 |  |  | $ | 8,507,881 |

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