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Segment Reporting
 9 Months Ended
Sep. 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
September 30,		For the Nine Months Ended
September 30,
2023202220232022
(in millions)
Net revenues:
Latin America$1,305 $913 $3,744 $2,615 
AMEA1,791 1,704 5,339 5,106 
Europe3,086 2,649 9,319 8,210 
North America2,847 2,497 8,300 6,870 
Net revenues$9,029 $7,763 $26,702 $22,801 

Earnings before income taxes:
Operating income:
Latin America$156 $112 $429 $305 
AMEA302 257 869 740 
Europe494 413 1,450 1,170 
North America532 465 1,678 1,337 
Unrealized gains/(losses) on hedging activities
   (mark-to-market impacts)		19 (186)239 (268)
General corporate expenses(86)(58)(242)(170)
Amortization of intangible assets(38)(32)(114)(96)
Acquisition-related costs— (292)— (318)
Operating income1,379 679 4,309 2,700 
Benefit plan non-service income19 30 60 93 
Interest and other expense, net(66)(71)(258)(337)
(Loss)/gain on marketable securities(1)— 606 — 
Earnings before income taxes$1,331 $638 $4,717 $2,456 

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, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$313 $642 $1,120 $2,409 $4,484 
Chocolate347 701 1,428 83 2,559 
Gum & Candy408 233 199 355 1,195 
Beverages112 118 29 — 259 
Cheese & Grocery125 97 310 — 532 
Total net revenues$1,305 $1,791 $3,086 $2,847 $9,029 
For the Three Months Ended September 30, 2022
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$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 Nine Months Ended September 30, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$898 $1,881 $3,311 $7,105 $13,195 
Chocolate1,031 2,011 4,339 223 7,604 
Gum & Candy1,124 674 652 972 3,422 
Beverages335 476 88 — 899 
Cheese & Grocery356 297 929 — 1,582 
Total net revenues$3,744 $5,339 $9,319 $8,300 $26,702 
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