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Segment Reporting
 9 Months Ended
Sep. 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
September 30,		For the Nine Months Ended
September 30,
2022202120222021
(in millions)
Net revenues:
Latin America$913 $751 $2,615 $2,089 
AMEA1,704 1,629 5,106 4,826 
Europe2,649 2,714 8,210 8,035 
North America2,497 2,088 6,870 6,112 
Net revenues$7,763 $7,182 $22,801 $21,062 

Earnings before income taxes:
Operating income:
Latin America$112 $91 $305 $221 
AMEA257 267 740 842 
Europe413 508 1,170 1,478 
North America465 363 1,337 932 
Unrealized (losses)/gains on hedging activities
   (mark-to-market impacts)		(186)132 (268)270 
General corporate expenses(58)(35)(170)(177)
Amortization of intangible assets(32)(32)(96)(102)
Gain on acquisition— — — 9 
Acquisition-related costs(292)— (318)(24)
Operating income679 1,294 2,700 3,449 
Benefit plan non-service income30 37 93 135 
Interest and other expense, net(71)(82)(337)(358)
Earnings before income taxes$638 $1,249 $2,456 $3,226 

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 September 30, 2022
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$272 $655 $892 $2,166 $3,985 
Chocolate240 640 1,290 62 2,232 
Gum & Candy202 204 172 269 847 
Beverages111 119 25 — 255 
Cheese & Grocery88 86 270 — 444 
Total net revenues$913 $1,704 $2,649 $2,497 $7,763 
For the Three Months Ended September 30, 2021 (1)
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$218 $585 $859 $1,785 $3,447 
Chocolate208 623 1,371 68 2,270 
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 Nine Months Ended September 30, 2022
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$751 $1,880 $2,844 $5,866 $11,341 
Chocolate731 1,882 3,942 199 6,754 
Gum & Candy567 608 494 805 2,474 
Beverages305 460 81 — 846 
Cheese & Grocery261 276 849 — 1,386 
Total net revenues$2,615 $5,106 $8,210 $6,870 $22,801 
For the Nine Months Ended September 30, 2021 (1)
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$592 $1,677 $2,518 $5,299 $10,086 
Chocolate581 1,768 4,052 185 6,586 
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 

(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.