Segment Reporting (Tables)

6 Months Ended

Jun. 25, 2022

Segment Reporting [Abstract]

Net Sales by Segment

Net sales by segment were (in millions):

	For the Three Months Ended				For the Six Months Ended
	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Net sales:
North America	$	5,039	$	5,202	$	9,640	$	10,202
International	1,515		1,413		2,959		2,807
Total net sales	$	6,554	$	6,615	$	12,599	$	13,009

Segment Adjusted EBITDA

Segment Adjusted EBITDA was (in millions):

	For the Three Months Ended				For the Six Months Ended
	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Segment Adjusted EBITDA:
North America	$	1,348	$	1,491	$	2,521	$	2,858
International	248		286		490		569
General corporate expenses	(76)		(71)		(149)		(141)
Depreciation and amortization (excluding restructuring activities)	(232)		(227)		(449)		(449)
Divestiture-related license income	13		—		27		—
Restructuring activities	(11)		(19)		(30)		(37)
Deal costs	—		1		(8)		(6)
Unrealized gains/(losses) on commodity hedges	(73)		2		19		39
Impairment losses	(630)		(113)		(685)		(343)
Certain non-ordinary course legal and regulatory matters	—		(62)		—		(62)
Equity award compensation expense (excluding restructuring activities)	(45)		(53)		(79)		(104)
Operating income/(loss)	542		1,235		1,657		2,324
Interest expense	234		613		476		1,028
Other expense/(income)	(91)		(23)		(189)		(53)
Income/(loss) before income taxes	$	399	$	645	$	1,370	$	1,349

Net Sales by Platform

Net sales by platform were (in millions):

	For the Three Months Ended				For the Six Months Ended
	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Taste Elevation	$	2,150	$	1,960	$	3,980	$	3,652
Fast Fresh Meals	1,474		1,643		2,832		3,268
Easy Meals Made Better	1,227		1,104		2,465		2,305
Real Food Snacking	341		541		656		1,122
Flavorful Hydration	556		494		1,011		905
Easy Indulgent Desserts	254		252		471		464
Other	552		621		1,184		1,293
Total net sales	$	6,554	$	6,615	$	12,599	$	13,009

In the fourth quarter of 2021, following the divestiture of certain of our global cheese businesses, we reorganized certain products within our platforms to reflect how we plan to manage our business going forward, including the role assigned to these products and platforms within our business. We have reflected these changes in all historical periods presented.

Net Sales by Product Category

Net sales by product category were (in millions):

	For the Three Months Ended				For the Six Months Ended
	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Condiments and sauces	$	2,137	$	1,961	$	3,964	$	3,643
Cheese and dairy	928		1,195		1,813		2,428
Ambient foods	684		637		1,406		1,335
Frozen and chilled foods	708		657		1,382		1,331
Meats and seafood	693		668		1,321		1,279
Refreshment beverages	558		498		1,014		909
Coffee	217		204		431		414
Infant and nutrition	107		119		211		226
Desserts, toppings, and baking	286		282		532		524
Nuts and salted snacks	—		201		—		452
Other	236		193		525		468
Total net sales	$	6,554	$	6,615	$	12,599	$	13,009