Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Our reporting segments are based on the key geographic regions in which we operate and include the Americas and EMEA&APAC segments. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.

We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing-related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment and all other components remain unallocated.

Summarized Financial Information

Net sales from transactions with one customer of our Americas segment represented approximately $0.2 billion of our consolidated net sales for the three months ended March 31, 2023.

Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales and income (loss) before income taxes eliminate upon consolidation and are primarily related to the Americas segment royalties received from, and sales to the EMEA&APAC segment.

The following tables present net sales and income (loss) before income taxes by segment:

	Three Months Ended
	March 31, 2023		March 31, 2022
	(In millions)
Americas	$	1,939.0	$	1,836.2
EMEA&APAC	410.1		381.2
Inter-segment net sales eliminations	(2.8)		(2.8)
Consolidated net sales	$	2,346.3	$	2,214.6

	Three Months Ended
	March 31, 2023		March 31, 2022
	(In millions)
Americas	$	233.4	$	87.1
EMEA&APAC	(25.4)		(32.2)
Unallocated	(106.1)		118.8
Consolidated income (loss) before income taxes	$	101.9	$	173.7

The following table presents total assets by segment:

	As of
	March 31, 2023		December 31, 2022
	(In millions)
Americas	$	22,207.8	$	22,242.7
EMEA&APAC	3,644.7		3,625.6
Consolidated total assets	$	25,852.5	$	25,868.3