v3.25.2
Segment Reporting (Tables)
 6 Months Ended
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 AmericaAMEAEuropeNorth AmericaTotal
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 AmericaAMEAEuropeNorth AmericaTotal
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 AmericaAMEAEuropeNorth AmericaTotal
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 AmericaAMEAEuropeNorth AmericaTotal
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,
 20252024
 (in millions)
Depreciation expense (2):
Latin America$35 $39 
AMEA43 39 
Europe79 68 
North America45 42 
  Corporate
10 9 
Total depreciation expense$212 $197 
 Six Months Ended
June 30,
 20252024
 (in millions)
Depreciation expense (2):
Latin America$69 $77 
AMEA84 79 
Europe150 135 
North America88 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,
 20252024
 (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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$295 $686 $1,289 $2,305 $4,575 
Chocolate345 657 1,589 70 2,661 
Gum & Candy361 261 146 182 950 
Beverages79 122 26 — 227 
Cheese & Grocery114 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$310 $560 $1,093 $2,394 $4,357 
Chocolate304 579 1,293 57 2,233 
Gum & Candy381 237 140 199 957 
Beverages114 124 28 — 266 
Cheese & Grocery123 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$582 $1,422 $2,377 $4,525 $8,906 
Chocolate714 1,430 3,529 170 5,843 
Gum & Candy702 504 308 406 1,920 
Beverages175 286 63 — 524 
Cheese & Grocery224 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		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks
$596 $1,204 $2,123 $4,733 $8,656 
Chocolate686 1,350 3,063 148 5,247 
Gum & Candy774 471 346 422 2,013 
Beverages244 313 62 — 619 
Cheese & Grocery251 199 648 — 1,098 
Total net revenues$2,551 $3,537 $6,242 $5,303 $17,633