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Segment Reporting
 12 Months Ended
Dec. 31, 2021
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 acquisitions 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,
 202120202019
 (in millions)
Net revenues:
Latin America
$2,797 $2,477 $3,018 
AMEA
6,465 5,740 5,770 
Europe
11,156 10,207 9,972 
North America
8,302 8,157 7,108 
Net revenues$28,720 $26,581 $25,868 
Earnings before income taxes:
Operating income:
Latin America$261 $189 $341 
AMEA1,054 821 691 
Europe2,092 1,775 1,732 
North America1,371 1,587 1,451 
Unrealized gains/(losses) on hedging activities
(mark-to-market impacts)		279 16 91 
General corporate expenses(253)(326)(330)
Amortization of intangible assets(134)(194)(174)
Net gain on acquisition and divestitures8 — 44 
Acquisition-related costs(25)(15)(3)
Operating income4,653 3,853 3,843 
Benefit plan non-service income163 138 60 
Interest and other expense, net(447)(608)(456)
Earnings before income taxes$4,369 $3,383 $3,447 

No single customer accounted for 10% or more of our net revenues from continuing operations in 2021. Our five largest customers accounted for 16.7% and our ten largest customers accounted for 23.0% of net revenues from continuing operations in 2021.

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,
 202120202019
 (in millions)
Total assets:
Latin America (1)
$4,106 $4,181 $4,716 
AMEA (1)
10,386 9,997 9,740 
Europe (1)
20,927 21,442 20,354 
North America (1)
23,321 23,297 21,637 
Equity method investments5,289 6,036 7,178 
Unallocated assets and adjustments (2)
3,063 2,857 890 
Total assets$67,092 $67,810 $64,515 

(1)Segment assets do not reflect outstanding intercompany asset balances that 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,
 202120202019
 (in millions)
Depreciation expense (1):
Latin America$105 $101 $105 
AMEA173 159 164 
Europe257 238 238 
North America148 154 138 
Total depreciation expense$683 $652 $645 

(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 total depreciation and amortization expenses.
 For the Years Ended December 31,
 202120202019
 (in millions)
Capital expenditures:
Latin America$165 $219 $197 
AMEA208 177 244 
Europe409 295 297 
North America183 172 187 
Total capital expenditures$965 $863 $925 
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,
 202120202019
 (in millions)
Net revenues:
United States$7,146 $7,130 $6,625 
Other21,574 19,451 19,243 
Total net revenues$28,720 $26,581 $25,868 

 As of December 31,
 202120202019
 (in millions)
Long-lived assets:
United States$1,851 $1,956 $1,806 
United Kingdom1,125 888 843 
Other7,675 7,784 7,527 
Total long-lived assets$10,651 $10,628 $10,176 

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, 2021
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits$798 $2,253 $3,328 $7,145 $13,524 
Chocolate759 2,396 5,862 282 9,299 
Gum & Candy567 816 614 875 2,872 
Beverages359 550 126 — 1,035 
Cheese & Grocery314 450 1,226 — 1,990 
Total net revenues$2,797 $6,465 $11,156 $8,302 $28,720 
 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