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Segment Reporting
 3 Months Ended
Mar. 31, 2024
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
March 31,
20242023
(in millions)
Net revenues:
Latin America$1,319 $1,211 
AMEA1,950 1,939 
Europe3,368 3,307 
North America2,653 2,709 
Net revenues$9,290 $9,166 

Earnings before income taxes:
Operating income:
Latin America$157 $139 
AMEA411 360 
Europe591 507 
North America549 566 
Unrealized gains on hedging activities
(mark-to-market impacts)
1,124 49 
General corporate expenses(67)(77)
Amortization of intangible assets(38)(39)
Operating income2,727 1,505 
Benefit plan non-service income23 19 
Interest and other expense, net(68)(95)
Gain on marketable securities
— 796 
Earnings before income taxes$2,682 $2,225 

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, 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 additional information on our interest and other expense, net for each period.
Net revenues by product category were:
For the Three Months Ended March 31, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$286 $644 $1,030 $2,339 $4,299 
Chocolate382 771 1,770 91 3,014 
Gum & Candy393 234 206 223 1,056 
Beverages130 189 34 — 353 
Cheese & Grocery128 112 328 — 568 
Total net revenues$1,319 $1,950 $3,368 $2,653 $9,290 
For the Three Months Ended March 31, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$276 $669 $1,062 $2,313 $4,320 
Chocolate368 747 1,670 84 2,869 
Gum & Candy348 206 233 312 1,099 
Beverages111 208 33 — 352 
Cheese & Grocery108 109 309 — 526 
Total net revenues$1,211 $1,939 $3,307 $2,709 $9,166