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Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting
Note 16. Segment Reporting

We manufacture and market primarily snack food products, including biscuits, 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,
2022202120222021
(in millions)
Net revenues:
Latin America$876 $669 $1,702 $1,338 
AMEA1,535 1,452 3,402 3,197 
Europe2,626 2,474 5,561 5,321 
North America2,237 2,047 4,373 4,024 
Net revenues$7,274 $6,642 $15,038 $13,880 

Earnings before income taxes:
Operating income:
Latin America$90 $54 $193 $130 
AMEA211 213 483 575 
Europe380 413 757 970 
North America454 299 872 569 
Unrealized (losses)/gains on hedging activities
   (mark-to-market impacts)		(109)20 (82)138 
General corporate expenses(62)(78)(112)(142)
Amortization of intangible assets(32)(32)(64)(70)
Gain on acquisition— — — 9 
Acquisition-related costs(5)(17)(26)(24)
Operating income927 872 2,021 2,155 
Benefit plan non-service income30 54 63 98 
Interest and other expense, net(98)(58)(266)(276)
Earnings before income taxes$859 $868 $1,818 $1,977 

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Acquisitions and Divestitures, Note 3, Inventories, 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, 2022
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$255 $568 $1,001 $1,901 $3,725 
Chocolate243 536 1,140 60 1,979 
Gum & Candy193 201 170 276 840 
Beverages92 144 24 — 260 
Cheese & Grocery93 86 291 — 470 
Total net revenues$876 $1,535 $2,626 $2,237 $7,274 
Three Months Ended June 30, 2021 (1)
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$197 $509 $849 $1,778 $3,333 
Chocolate181 475 1,137 54 1,847 
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 Six Months Ended June 30, 2022
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$479 $1,225 $1,952 $3,700 $7,356 
Chocolate491 1,242 2,652 137 4,522 
Gum & Candy365 404 322 536 1,627 
Beverages194 341 56 — 591 
Cheese & Grocery173 190 579 — 942 
Total net revenues$1,702 $3,402 $5,561 $4,373 $15,038 
Six Months Ended June 30, 2021 (1)
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$374 $1,092 $1,659 $3,514 $6,639 
Chocolate373 1,145 2,681 117 4,316 
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 

(1)     Our snack product categories include biscuits, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.