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Segment Reporting
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting
Note 18. 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 intangible assets, 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, reflecting our current segment structure for all periods presented, were:
 For the Years Ended December 31,
 202020192018
 (in millions)
Net revenues:
Latin America
$2,477 $3,018 $3,202 
AMEA
5,740 5,770 5,729 
Europe
10,207 9,972 10,122 
North America
8,157 7,108 6,885 
Net revenues$26,581 $25,868 $25,938 
Earnings before income taxes:
Operating income:
Latin America$189 $341 $410 
AMEA821 691 702 
Europe1,775 1,732 1,734 
North America1,587 1,451 849 
Unrealized gains/(losses) on hedging activities
(mark-to-market impacts)		16 91 141 
General corporate expenses(326)(330)(335)
Amortization of intangible assets(194)(174)(176)
Net gain on divestiture— 44 — 
Acquisition-related costs(15)(3)(13)
Operating income3,853 3,843 3,312 
Benefit plan non-service income138 60 50 
Interest and other expense, net(608)(456)(520)
Earnings before income taxes$3,383 $3,447 $2,842 

No single customer accounted for 10% or more of our net revenues from continuing operations in 2020. Our five largest customers accounted for 17.5% and our ten largest customers accounted for 24.0% of net revenues from continuing operations in 2020.

Items impacting our segment operating results are discussed in Note 1, Summary of Significant Accounting Policies, Note 2, Acquisitions and Divestitures, Note 4, Property, Plant and Equipment, Note 6, Goodwill and Intangible Assets, Note 8, Restructuring Program, and Note 14, Commitments and Contingencies. Also see Note 9, Debt and Borrowing Arrangements, and Note 10, Financial Instruments, for more information on our interest and other expense, net for each period.
Total assets, depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:
 For the Years Ended December 31,
 202020192018
 (in millions)
Total assets:
Latin America (1)
$4,181 $4,716 $4,699 
AMEA (1)
9,997 9,740 9,571 
Europe (1)
21,442 20,354 19,426 
North America (1)
23,297 21,637 21,015 
Equity method investments6,036 7,178 7,012 
Unallocated assets and adjustments (2)
2,857 890 895 
Total assets$67,810 $64,515 $62,618 

(1)Segment assets do not reflect outstanding intercompany asset balances as intercompany accounts have been eliminated at a segment level.
(2)Unallocated assets consist primarily of cash and cash equivalents, deferred income taxes, centrally held property, plant and equipment, prepaid pension assets and derivative financial instrument balances. Final adjustments for jurisdictional netting of deferred tax assets and liabilities is done at a consolidated level.
 For the Years Ended December 31,
 202020192018
 (in millions)
Depreciation expense (1):
Latin America$101 $105 $97 
AMEA159 164 159 
Europe238 238 248 
North America154 138 131 
Total depreciation expense$652 $645 $635 

(1)Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statement of cash flows for 2020 for total depreciation and amortization expenses.
 For the Years Ended December 31,
 202020192018
 (in millions)
Capital expenditures:
Latin America$219 $197 $261 
AMEA177 244 277 
Europe295 297 326 
North America172 187 231 
Total capital expenditures$863 $925 $1,095 
Geographic data for net revenues (recognized in the countries where products are sold from) and long-lived assets, excluding deferred taxes, goodwill, intangible assets and equity method investments, were:
 For the Years Ended December 31,
 202020192018
 (in millions)
Net revenues:
United States$7,130 $6,625 $6,401 
Other19,451 19,243 19,537 
Total net revenues$26,581 $25,868 $25,938 

 As of December 31,
 202020192018
 (in millions)
Long-lived assets:
United States$1,956 $1,806 $1,481 
Other8,672 8,370 7,539 
Total long-lived assets$10,628 $10,176 $9,020 

No individual country within Other exceeded 10% of our net revenues or long-lived assets for all periods presented.
Net revenues by product category, reflecting our current segment structure for all periods presented, were:
 For the Year Ended December 31, 2020
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits$668 $2,039 $3,035 $7,024 $12,766 
Chocolate610 2,025 5,291 253 8,179 
Gum & Candy474 696 612 880 2,662 
Beverages403 544 102 — 1,049 
Cheese & Grocery322 436 1,167 — 1,925 
Total net revenues$2,477 $5,740 $10,207 $8,157 $26,581 
 For the Year Ended December 31, 2019
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits$708 $1,844 $2,998 $5,888 $11,438 
Chocolate710 2,082 5,119 247 8,158 
Gum & Candy823 861 698 973 3,355 
Beverages452 546 97 — 1,095 
Cheese & Grocery325 437 1,060 — 1,822 
Total net revenues$3,018 $5,770 $9,972 $7,108 $25,868 
 For the Year Ended December 31, 2018
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits$727 $1,724 $3,127 $5,607 $11,185 
Chocolate747 2,080 5,083 267 8,177 
Gum & Candy865 879 736 1,011 3,491 
Beverages533 553 98 — 1,184 
Cheese & Grocery330 493 1,078 — 1,901 
Total net revenues$3,202 $5,729 $10,122 $6,885 $25,938