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Segment Reporting
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting
Note 16. Segment Reporting

We manufacture and market primarily snack food products, including biscuits (cookies, crackers and salted snacks), chocolate, gum & candy and various cheese & grocery products, as well as powdered beverage products.

We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.

Our operations and management structure are organized into four operating segments:
    • Latin America
    • AMEA
    • Europe
    • North America

We use segment operating income to evaluate segment performance and allocate resources. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that management reviews.
Our segment net revenues and earnings were:
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2020201920202019
(in millions)
Net revenues:
Latin America$610 $736 $1,847 $2,273 
AMEA1,470 1,419 4,209 4,312 
Europe2,526 2,377 7,248 7,175 
North America2,059 1,823 5,979 5,195 
Net revenues$6,665 $6,355 $19,283 $18,955 

Earnings before income taxes:
Operating income:
Latin America$77 $84 $149 $250 
AMEA210 188 615 635 
Europe432 331 1,201 1,239 
North America387 370 1,192 1,096 
Unrealized gains/(losses) on hedging activities
(mark-to-market impacts)		145 20 (42)69 
General corporate expenses(66)(76)(253)(264)
Amortization of intangibles(50)(43)(143)(130)
Net gain on divestiture— 3 — 44 
Acquisition-related costs— (1)(15)(2)
Operating income1,135 876 2,704 2,937 
Benefit plan non-service income38 13 102 42 
Interest and other expense, net(89)(205)(364)(386)
Earnings before income taxes$1,084 $684 $2,442 $2,593 

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Acquisitions and Divestitures, Note 4, Property, Plant and Equipment, Note 5, Goodwill and Intangible Assets, and Note 7, Restructuring Program. Also see Note 8, Debt and Borrowing Arrangements, and Note 9, Financial Instruments, for more information on our interest and other expense, net for each period.
Net revenues by product category were:
For the Three Months Ended September 30, 2020
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$172 $550 $803 $1,768 $3,293 
Chocolate151 533 1,255 61 2,000 
Gum & Candy103 173 153 230 659 
Beverages102 109 23 — 234 
Cheese & Grocery82 105 292 — 479 
Total net revenues$610 $1,470 $2,526 $2,059 $6,665 
For the Three Months Ended September 30, 2019
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$186 $495 $752 $1,514 $2,947 
Chocolate164 526 1,177 61 1,928 
Gum & Candy212 213 165 248 838 
Beverages93 103 21 — 217 
Cheese & Grocery81 82 262 — 425 
Total net revenues$736 $1,419 $2,377 $1,823 $6,355 
For the Nine Months Ended September 30, 2020
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$500 $1,516 $2,243 $5,170 $9,429 
Chocolate464 1,437 3,619 156 5,676 
Gum & Candy350 511 461 653 1,975 
Beverages294 437 68 — 799 
Cheese & Grocery239 308 857 — 1,404 
Total net revenues$1,847 $4,209 $7,248 $5,979 $19,283 
For the Nine Months Ended September 30, 2019
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$542 $1,361 $2,253 $4,337 $8,493 
Chocolate551 1,521 3,543 162 5,777 
Gum & Candy621 662 519 696 2,498 
Beverages324 444 67 — 835 
Cheese & Grocery235 324 793 — 1,352 
Total net revenues$2,273 $4,312 $7,175 $5,195 $18,955