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Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting
Note 18. Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages.

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,
 202220212020
 (in millions)
Net revenues:
Latin America
$3,629 $2,797 $2,477 
AMEA
6,767 6,465 5,740 
Europe
11,420 11,156 10,207 
North America
9,680 8,302 8,157 
Net revenues$31,496 $28,720 $26,581 
Earnings before income taxes:
Operating income:
Latin America$388 $261 $189 
AMEA929 1,054 821 
Europe1,481 2,092 1,775 
North America1,769 1,371 1,587 
Unrealized gains/(losses) on hedging activities
(mark-to-market impacts)		(326)279 16 
General corporate expenses(245)(253)(326)
Amortization of intangible assets(132)(134)(194)
Gain on acquisition— 8 — 
Acquisition-related costs(330)(25)(15)
Operating income3,534 4,653 3,853 
Benefit plan non-service income117 163 138 
Interest and other expense, net(423)(447)(608)
Earnings before income taxes$3,228 $4,369 $3,383 

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,
 202220212020
 (in millions)
Total assets:
Latin America (1)
$6,164 $4,106 $4,181 
AMEA (1)
9,882 10,386 9,997 
Europe (1)
22,713 20,927 21,442 
North America (1)
26,603 23,321 23,297 
Equity method investments4,879 5,289 6,036 
Unallocated assets and adjustments (2)
920 3,063 2,857 
Total assets$71,161 $67,092 $67,810 

(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,
 202220212020
 (in millions)
Depreciation expense (1):
Latin America$117 $105 $101 
AMEA169 173 159 
Europe256 257 238 
North America148 148 154 
Total depreciation expense$690 $683 $652 

(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,
 202220212020
 (in millions)
Capital expenditures:
Latin America$113 $165 $219 
AMEA229 208 177 
Europe355 409 295 
North America209 183 172 
Total capital expenditures$906 $965 $863 
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,
 202220212020
 (in millions)
Net revenues:
United States$8,315 $7,146 $7,130 
Other23,181 21,574 19,451 
Total net revenues$31,496 $28,720 $26,581 

 As of December 31,
 202220212020
 (in millions)
Long-lived assets:
United States$2,740 $1,851 $1,956 
United Kingdom932 1,125 888 
Other8,886 7,675 7,784 
Total long-lived assets$12,558 $10,651 $10,628 



Net revenues by product category, reflecting our current segment structure for all periods presented, were:
 For the Year Ended December 31, 2022
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$1,013 $2,515 $3,818 $8,262 $15,608 
Chocolate1,003 2,520 5,646 317 9,486 
Gum & Candy840 780 691 1,101 3,412 
Beverages409 572 119 — 1,100 
Cheese & Grocery364 380 1,146 — 1,890 
Total net revenues$3,629 $6,767 $11,420 $9,680 $31,496 
 
For the Year Ended December 31, 2021 (1)
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$799 $2,254 $3,354 $7,145 $13,552 
Chocolate758 2,395 5,836 282 9,271 
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 (1)
 Latin
America		AMEAEuropeNorth
America		Total
 (in millions)
Biscuits & Baked Snacks$669 $2,045 $3,058 $7,024 $12,796 
Chocolate609 2,019 5,268 253 8,149 
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 
(1)Our snack product categories include biscuits & baked snacks, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits & baked snacks and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.