v3.23.3
Segment Reporting
 9 Months Ended
Sep. 30, 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 and realized and unrealized changes in fair value on instruments not designated in hedging relationships 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
No single customer accounted for more than 10% of our consolidated net sales for the three and nine months ended September 30, 2023 and September 30, 2022.
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 EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
(In millions)
Americas$2,633.4 $2,376.6 $7,194.1 $6,580.2 
EMEA&APAC670.4 562.6 1,729.5 1,502.0 
Inter-segment net sales eliminations(5.4)(4.0)(12.3)(10.7)
Consolidated net sales$3,298.4 $2,935.2 $8,911.3 $8,071.5 
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
(In millions)
Americas$483.5 $377.0 $1,204.2 $812.1 
EMEA&APAC67.5 46.4 106.3 48.6 
Unallocated(7.0)(150.4)(223.5)(359.1)
Consolidated income (loss) before income taxes$544.0 $273.0 $1,087.0 $501.6 
The following table presents total assets by segment:
As of
September 30, 2023December 31, 2022
(In millions)
Americas$22,812.5 $22,242.7 
EMEA&APAC3,755.9 3,625.6 
Consolidated total assets$26,568.4 $25,868.3