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REPORTABLE SEGMENTS (Tables) | 6 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | Reportable segment results including details of the significant expense categories provided to the CODM for the quarter and year-to-date periods ended June 28, 2025 and June 29, 2024 were as follows:
Quarter ended June 28, 2025 | Reportable segments |  |
(millions) | North America | Europe | Latin America | AMEA | Corporate | Consolidated
Net sales | $ | 1,594 |  | $ | 651 |  | $ | 309 |  | $ | 648 |  | $ | 1 |  | $ | 3,203 |
Cost of goods sold | 978 |  | 436 |  | 205 |  | 477 |  | 17 |  | 2,113 |
Selling, general, and administrative expense | 281 |  | 122 |  | 68 |  | 109 |  | 72 |  | 652 |
Operating profit | $ | 335 |  | $ | 93 |  | $ | 36 |  | $ | 62 |  | $ | (88) |  | $ | 438 |
Year-to-date period ended June 28, 2025 | Reportable segments |  |
(millions | North America | Europe | Latin America | AMEA | Corporate | Consolidated
Net sales | $ | 3,213 |  | $ | 1,230 |  | $ | 575 |  | $ | 1,268 |  | $ | — |  | $ | 6,286 |
Cost of good sold | $ | 1,984 |  | $ | 816 |  | $ | 390 |  | $ | 929 |  | $ | 18 |  | $ | 4,137 |
Selling, general, and administrative expense | $ | 589 |  | $ | 231 |  | $ | 130 |  | $ | 203 |  | $ | 128 |  | $ | 1,281 |
Operating profit | $ | 640 |  | $ | 183 |  | $ | 55 |  | $ | 136 |  | $ | (146) |  | $ | 868 |
Quarter ended June 29, 2024 | Reportable segments |  |
(millions) | North America | Europe | Latin America | AMEA | Corporate | Consolidated
Net sales | $ | 1,658 |  | $ | 639 |  | $ | 333 |  | $ | 564 |  | $ | (2) |  | $ | 3,192 |
Cost of goods sold | 1,017 |  | 406 |  | 217 |  | 397 |  | (6) |  | 2,031 |
Selling, general, and administrative expense | 302 |  | 122 |  | 70 |  | 107 |  | 67 |  | 668 |
Operating profit | $ | 339 |  | $ | 111 |  | $ | 46 |  | $ | 60 |  | $ | (63) |  | $ | 493 |
Year-to-date period ended June 29, 2024 | Reportable segments |  |
(millions) | North America | Europe | Latin America | AMEA | Corporate | Consolidated
Net Sales | $ | 3,346 |  | $ | 1,238 |  | $ | 647 |  | $ | 1,164 |  | $ | (3) |  | $ | 6,392 |
Cost of goods sold | $ | 2,072 |  | $ | 866 |  | $ | 434 |  | $ | 824 |  | $ | 4 |  | $ | 4,200 |
Selling, general, and administrative expense | $ | 600 |  | $ | 233 |  | $ | 140 |  | $ | 205 |  | $ | 128 |  | $ | 1,306 |
Operating profit | $ | 674 |  | $ | 139 |  | $ | 73 |  | $ | 135 |  | $ | (135) |  | $ | 886 |
Schedule of Reportable Segment Information |
| Quarter ended |  | Year-to-date period ended
(millions) | June 28, 2025 | June 29, 2024 |  | June 28, 2025 | June 29, 2024
Depreciation and amortization |  |  |  |  |
North America (a) | $ | 44 |  | $ | 48 |  |  | $ | 85 |  | $ | 111 |
Europe (a) | 24 |  | 25 |  |  | 46 |  | 85 |
Latin America | 7 |  | 9 |  |  | 20 |  | 17 |
AMEA | 14 |  | 12 |  |  | 28 |  | 25 |
Total Reportable Segments | 89 |  | 94 |  |  | 179 |  | 238 |
Corporate | 2 |  | 1 |  |  | 4 |  | 3 |
Consolidated | $ | 91 |  | $ | 95 |  |  | $ | 183 |  | $ | 241 |
Interest expense |  |  |  |  |
North America | $ | — |  | $ | 2 |  |  | $ | — |  | $ | 4 |
Europe | 7 |  | 18 |  |  | 16 |  | 35 |
Latin America | 1 |  | 2 |  |  | 2 |  | 3 |
AMEA | 5 |  | 4 |  |  | 10 |  | 10 |
Corporate | 50 |  | 57 |  |  | 98 |  | 114 |
Consolidated | $ | 63 |  | $ | 83 |  |  | $ | 126 |  | $ | 166 |
Income taxes |  |  |  |  |
Europe | $ | 9 |  | $ | 13 |  |  | $ | 20 |  | $ | 17 |
Latin America | 4 |  | 18 |  |  | $ | 9 |  | $ | 25 |
AMEA | 16 |  | 11 |  |  | $ | 29 |  | $ | 25 |
Corporate & North America | 54 |  | 55 |  |  | $ | 98 |  | $ | 112 |
Consolidated | $ | 83 |  | $ | 97 |  |  | $ | 156 |  | $ | 179 |
(a) Quarter ended March 30, 2024, includes asset impairment charges as discussed in Note 9.
Schedule Of Total Assets And Additions To Long Lived Assets By Segment |
| Quarter ended |  | Year-to-date period ended
(millions) | June 28, 2025 | June 29, 2024 |  | June 28, 2025 | June 29, 2024
Additions to property |  |  |  |  |
North America | $ | 54 |  | $ | 52 |  |  | $ | 105 |  | $ | 120 |
Europe | 46 |  | 28 |  |  | 97 |  | 69 |
Latin America | 16 |  | 26 |  |  | 49 |  | 50 |
AMEA | 28 |  | 32 |  |  | 64 |  | 51 |
Corporate | 4 |  | 4 |  |  | 9 |  | 7 |
Consolidated | $ | 148 |  | $ | 142 |  |  | $ | 324 |  | $ | 297 |
Revenue from External Customers by Products and Services | Supplemental product information is provided below for net sales to external customers:
|  | Quarter ended |  | Year-to-date period ended
(millions) |  | June 28, 2025 | June 29, 2024 |  | June 28, 2025 | June 29, 2024
Snacks |  | $ | 2,008 |  | $ | 2,069 |  |  | $ | 3,905 |  | $ | 4,084 |
Cereal |  | 672 |  | 689 |  |  | 1,317 |  | 1,376 |
Frozen |  | 256 |  | 262 |  |  | 546 |  | 552 |
Noodles and other |  | 267 |  | 172 |  |  | 518 |  | 380 |
Consolidated |  | $ | 3,203 |  | $ | 3,192 |  |  | $ | 6,286 |  | $ | 6,392 |

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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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