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Segment Reporting
 6 Months Ended
Jun. 30, 2021
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
June 30,		For the Six Months Ended
June 30,
2021202020212020
(in millions)
Net revenues:
Latin America$669 $511 $1,338 $1,237 
AMEA1,452 1,237 3,197 2,739 
Europe2,474 2,138 5,321 4,722 
North America2,047 2,025 4,024 3,920 
Net revenues$6,642 $5,911 $13,880 $12,618 

Earnings before income taxes:
Operating income:
Latin America$54 $(6)$130 $72 
AMEA213 171 575 405 
Europe413 297 970 769 
North America299 424 569 805 
Unrealized gains/(losses) on hedging activities
   (mark-to-market impacts)		20 (2)138 (187)
General corporate expenses(78)(111)(142)(187)
Amortization of intangible assets(32)(50)(70)(93)
Gain on acquisition— — 9 — 
Acquisition-related costs(17)(10)(24)(15)
Operating income872 713 2,155 1,569 
Benefit plan non-service income54 31 98 64 
Interest and other expense, net(58)(85)(276)(275)
Earnings before income taxes$868 $659 $1,977 $1,358 

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 June 30, 2021
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$197 $509 $843 $1,778 $3,327 
Chocolate181 475 1,143 54 1,853 
Gum & Candy129 215 154 215 713 
Beverages82 146 27 — 255 
Cheese & Grocery80 107 307 — 494 
Total net revenues$669 $1,452 $2,474 $2,047 $6,642 
For the Three Months Ended June 30, 2020
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$154 $458 $694 $1,804 $3,110 
Chocolate119 361 1,001 39 1,520 
Gum & Candy65 153 135 182 535 
Beverages90 157 20 — 267 
Cheese & Grocery83 108 288 — 479 
Total net revenues$511 $1,237 $2,138 $2,025 $5,911 
For the Six Months Ended June 30, 2021
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$374 $1,092 $1,645 $3,514 $6,625 
Chocolate373 1,145 2,695 117 4,330 
Gum & Candy260 409 302 393 1,364 
Beverages176 326 60 — 562 
Cheese & Grocery155 225 619 — 999 
Total net revenues$1,338 $3,197 $5,321 $4,024 $13,880 
For the Six Months Ended June 30, 2020
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$328 $966 $1,440 $3,402 $6,136 
Chocolate313 904 2,364 95 3,676 
Gum & Candy247 338 308 423 1,316 
Beverages192 328 45 — 565 
Cheese & Grocery157 203 565 — 925 
Total net revenues$1,237 $2,739 $4,722 $3,920 $12,618