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Segment Reporting
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting
Note 16. 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 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,
2023202220232022
(in millions)
Net revenues:
Latin America$1,228 $876 $2,439 $1,702 
AMEA1,609 1,535 3,548 3,402 
Europe2,926 2,626 6,233 5,561 
North America2,744 2,237 5,453 4,373 
Net revenues$8,507 $7,274 $17,673 $15,038 

Earnings before income taxes:
Operating income:
Latin America$134 $90 $273 $193 
AMEA207 211 567 483 
Europe449 380 956 757 
North America580 454 1,146 872 
Unrealized gains/(losses) on hedging activities
   (mark-to-market impacts)		171 (109)220 (82)
General corporate expenses(79)(62)(156)(112)
Amortization of intangible assets(37)(32)(76)(64)
Acquisition-related costs— (5)— (26)
Operating income1,425 927 2,930 2,021 
Benefit plan non-service income22 30 41 63 
Interest and other expense, net(97)(98)(192)(266)
(Loss)/gain on marketable securities(189)— 607 — 
Earnings before income taxes$1,161 $859 $3,386 $1,818 

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, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$309 $570 $1,129 $2,383 $4,391 
Chocolate316 563 1,241 56 2,176 
Gum & Candy368 235 220 305 1,128 
Beverages112 150 26 — 288 
Cheese & Grocery123 91 310 — 524 
Total net revenues$1,228 $1,609 $2,926 $2,744 $8,507 
For the Three Months Ended June 30, 2022
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$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 
For the Six Months Ended June 30, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$585 $1,239 $2,191 $4,696 $8,711 
Chocolate684 1,310 2,911 140 5,045 
Gum & Candy716 441 453 617 2,227 
Beverages223 358 59 — 640 
Cheese & Grocery231 200 619 — 1,050 
Total net revenues$2,439 $3,548 $6,233 $5,453 $17,673 
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