Schedule of Net Sales and Earnings by Segment |
Our segment net sales and earnings were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | October 1, 2023 | | October 2, 2022 | | October 1, 2023 | | October 2, 2022 | Net sales: | | | | | | | | | North America Confectionery | | $ | 2,457,647 | | | $ | 2,235,550 | | | $ | 6,902,891 | | | $ | 6,361,695 | | North America Salty Snacks | | 345,182 | | 275,024 | | 887,532 | | 757,443 | International | | 227,158 | | 217,579 | | 717,458 | | 647,818 | Total | | $ | 3,029,987 | | | $ | 2,728,153 | | | $ | 8,507,881 | | | $ | 7,766,956 | | | | | | | | | | | Segment income: | | | | | | | | | North America Confectionery | | $ | 847,469 | | $ | 706,815 | | $ | 2,392,397 | | $ | 2,107,564 | North America Salty Snacks | | 57,389 | | | 44,516 | | | 147,934 | | | 103,250 | | International | | 31,688 | | | 35,379 | | | 127,838 | | | 108,058 | | Total segment income | | 936,546 | | 786,710 | | 2,668,169 | | 2,318,872 | Unallocated corporate expense (1) | | 199,270 | | 179,632 | | 562,974 | | 518,834 | Unallocated mark-to-market losses on commodity derivatives | | 1,753 | | 50,065 | | 5,217 | | 63,524 | | | | | | | | | | (Benefits) costs associated with business realignment activities (see Note 9) | | (426) | | | 393 | | | 3,440 | | | 2,373 | | | | | | | | | | | | | | | | | | | | Operating profit | | 735,949 | | 556,620 | | 2,096,538 | | 1,734,141 | Interest expense, net (see Note 4) | | 39,755 | | | 35,378 | | | 114,101 | | | 101,970 | | Other (income) expense, net (see Note 17) | | 42,781 | | 48,157 | | 130,248 | | 78,222 | Income before income taxes | | $ | 653,413 | | | $ | 473,085 | | | $ | 1,852,189 | | | $ | 1,553,949 | |
(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-related costs, and (e) other gains or losses that are not integral to segment performance.
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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 | | | October 1, 2023 | | October 2, 2022 | | October 1, 2023 | | October 2, 2022 | Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income | | $ | (17,103) | | | $ | 14,044 | | | $ | (52) | | | $ | (28,027) | | Net gains on commodity derivative positions reclassified from unallocated to segment income | | 18,856 | | | 36,021 | | | 5,269 | | | 91,551 | | Net losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses | | $ | 1,753 | | | $ | 50,065 | | | $ | 5,217 | | | $ | 63,524 | |
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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 | | October 1, 2023 | | October 2, 2022 | | October 1, 2023 | | October 2, 2022 | North America Confectionery | $ | 59,921 | | | $ | 56,678 | | | $ | 176,604 | | | $ | 170,025 | | North America Salty Snacks | | 19,779 | | | 17,444 | | | 55,622 | | | 51,106 | | International | 5,919 | | | 5,929 | | | 17,597 | | | 17,510 | | Corporate | 17,690 | | | 14,149 | | | 53,273 | | | 40,441 | | Total | $ | 103,309 | | | $ | 94,200 | | | $ | 303,096 | | | $ | 279,082 | |
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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 | | October 1, 2023 | | October 2, 2022 | | October 1, 2023 | | October 2, 2022 | Net sales: | | | | | | | | | United States | | $ | 2,683,348 | | | $ | 2,392,590 | | | $ | 7,459,710 | | | $ | 6,793,283 | | All other countries | | 346,639 | | | 335,563 | | | 1,048,171 | | | 973,673 | | Total | | $ | 3,029,987 | | | $ | 2,728,153 | | | $ | 8,507,881 | | | $ | 7,766,956 | |
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