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Segment Reporting
 9 Months Ended
Sep. 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
September 30,		For the Nine Months Ended
September 30,
2021202020212020
(in millions)
Net revenues:
Latin America$751 $610 $2,089 $1,847 
AMEA1,629 1,470 4,826 4,209 
Europe2,714 2,526 8,035 7,248 
North America2,088 2,059 6,112 5,979 
Net revenues$7,182 $6,665 $21,062 $19,283 

Earnings before income taxes:
Operating income:
Latin America$91 $77 $221 $149 
AMEA267 210 842 615 
Europe508 432 1,478 1,201 
North America363 387 932 1,192 
Unrealized gains/(losses) on hedging activities
   (mark-to-market impacts)		132 145 270 (42)
General corporate expenses(35)(66)(177)(253)
Amortization of intangible assets(32)(50)(102)(143)
Gain on acquisition— — 9 — 
Acquisition-related costs— — (24)(15)
Operating income1,294 1,135 3,449 2,704 
Benefit plan non-service income37 38 135 102 
Interest and other expense, net(82)(89)(358)(364)
Earnings before income taxes$1,249 $1,084 $3,226 $2,442 

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, 2021
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$218 $585 $853 $1,785 $3,441 
Chocolate208 623 1,377 68 2,276 
Gum & Candy157 205 157 235 754 
Beverages89 112 27 — 228 
Cheese & Grocery79 104 300 — 483 
Total net revenues$751 $1,629 $2,714 $2,088 $7,182 
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 Nine Months Ended September 30, 2021
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$592 $1,677 $2,498 $5,299 $10,066 
Chocolate581 1,768 4,072 185 6,606 
Gum & Candy417 614 459 628 2,118 
Beverages265 438 87 — 790 
Cheese & Grocery234 329 919 — 1,482 
Total net revenues$2,089 $4,826 $8,035 $6,112 $21,062 
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