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v3.22.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | Our segment net revenues and earnings were:
| For the Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 826 |  |  | $ | 669 |  |  |  |  |
AMEA | 1,867 |  |  | 1,745 |  |  |  |  |
Europe | 2,935 |  |  | 2,847 |  |  |  |  |
North America | 2,136 |  |  | 1,977 |  |  |  |  |
Net revenues | $ | 7,764 |  |  | $ | 7,238 |  |  |  |  |
Earnings before income taxes: |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |
Latin America | $ | 103 |  |  | $ | 76 |  |  |  |  |
AMEA | 272 |  |  | 362 |  |  |  |  |
Europe | 377 |  |  | 557 |  |  |  |  |
North America | 418 |  |  | 270 |  |  |  |  |
Unrealized gains/(losses) on hedging activities (mark-to-market impacts) | 27 |  |  | 118 |  |  |  |  |
General corporate expenses | (50) |  |  | (64) |  |  |  |  |
Amortization of intangible assets | (32) |  |  | (38) |  |  |  |  |
Gain on acquisition | — |  |  | 9 |  |  |  |  |
Acquisition-related costs | (21) |  |  | (7) |  |  |  |  |
Operating income | 1,094 |  |  | 1,283 |  |  |  |  |
Benefit plan non-service income | 33 |  |  | 44 |  |  |  |  |
Interest and other expense, net | (168) |  |  | (218) |  |  |  |  |
Earnings before income taxes | $ | 959 |  |  | $ | 1,109 |  |  |  |  |
Schedule of Net Revenues by Product Category | Net revenues by product category were:
| For the Three Months Ended March 31, 2022
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 224 |  |  | $ | 657 |  |  | $ | 951 |  |  | $ | 1,799 |  |  | $ | 3,631 |
Chocolate | 248 |  |  | 706 |  |  | 1,512 |  |  | 77 |  |  | 2,543 |
Gum & Candy | 172 |  |  | 203 |  |  | 152 |  |  | 260 |  |  | 787 |
Beverages | 102 |  |  | 197 |  |  | 32 |  |  | — |  |  | 331 |
Cheese & Grocery | 80 |  |  | 104 |  |  | 288 |  |  | — |  |  | 472 |
Total net revenues | $ | 826 |  |  | $ | 1,867 |  |  | $ | 2,935 |  |  | $ | 2,136 |  |  | $ | 7,764 |
| Three Months Ended March 31, 2021 (1)
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 177 |  |  | $ | 583 |  |  | $ | 810 |  |  | $ | 1,736 |  |  | $ | 3,306 |
Chocolate | 192 |  |  | 670 |  |  | 1,544 |  |  | 63 |  |  | 2,469 |
Gum & Candy | 131 |  |  | 194 |  |  | 148 |  |  | 178 |  |  | 651 |
Beverages | 94 |  |  | 180 |  |  | 33 |  |  | — |  |  | 307 |
Cheese & Grocery | 75 |  |  | 118 |  |  | 312 |  |  | — |  |  | 505 |
Total net revenues | $ | 669 |  |  | $ | 1,745 |  |  | $ | 2,847 |  |  | $ | 1,977 |  |  | $ | 7,238 |

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