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Segment Reporting (Notes)
 9 Months Ended
Sep. 28, 2019
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Management evaluates segment performance based on several factors, including net sales and Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), provision for/(benefit from) income taxes, and depreciation and amortization (excluding integration and restructuring expenses); in addition to these adjustments, we exclude, when they occur, the impacts of integration and restructuring expenses, deal costs, unrealized gains/(losses) on commodity hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, and equity award compensation expense (excluding integration and restructuring expenses). Segment Adjusted EBITDA is a tool that can assist management and investors in comparing our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our underlying operations. Management uses Segment Adjusted EBITDA to evaluate segment performance and allocate resources.
Management does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment.
Net sales by segment were (in millions):
 
For the Three Months Ended
 
For the Nine Months Ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
 
 
 
(As Restated)
 
 
 
(As Restated)
Net sales:
 
 
 
 
 
 
 
United States
$
4,361

 
$
4,431

 
$
13,074

 
$
13,312

Canada
415

 
525

 
1,425

 
1,573

EMEA
612

 
634

 
1,862

 
2,026

Rest of World
688

 
793

 
2,080

 
2,466

Total net sales
$
6,076

 
$
6,383

 
$
18,441

 
$
19,377


Segment Adjusted EBITDA was (in millions):
 
For the Three Months Ended
 
For the Nine Months Ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
 
 
 
(As Restated)
 
 
 
(As Restated)
Segment Adjusted EBITDA:
 
 
 
 
 
 
 
United States
$
1,155

 
$
1,176

 
$
3,539

 
$
3,969

Canada
107

 
144

 
371

 
451

EMEA
165

 
165

 
479

 
553

Rest of World
100

 
148

 
303

 
505

General corporate expenses
(58
)
 
(39
)
 
(192
)
 
(128
)
Depreciation and amortization (excluding integration and restructuring expenses)
(243
)
 
(245
)
 
(730
)
 
(679
)
Integration and restructuring expenses
(15
)
 
(32
)
 
(56
)
 
(215
)
Deal costs
(6
)
 
(3
)
 
(19
)
 
(19
)
Unrealized gains/(losses) on commodity hedges
(9
)
 
(6
)
 
30

 
(11
)
Impairment losses
(5
)
 
(217
)
 
(1,223
)
 
(451
)
Equity award compensation expense (excluding integration and restructuring expenses)
(11
)
 
(17
)
 
(26
)
 
(44
)
Operating income/(loss)
1,180

 
1,074

 
2,476

 
3,931

Interest expense
398

 
326

 
1,035

 
959

Other expense/(income)
(380
)
 
(71
)
 
(893
)
 
(181
)
Income/(loss) before income taxes
$
1,162

 
$
819

 
$
2,334

 
$
3,153


In the fourth quarter of 2018, we reorganized the products within our product categories to reflect how we manage our business. We have reflected this change for all historical periods presented. Net sales by product category were (in millions):
 
For the Three Months Ended
 
For the Nine Months Ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
 
 
 
(As Restated)
 
 
 
(As Restated)
Condiments and sauces
$
1,611

 
$
1,629

 
$
4,850

 
$
5,113

Cheese and dairy
1,104

 
1,236

 
3,552

 
3,727

Ambient foods
623

 
612

 
1,782

 
1,866

Frozen and chilled foods
643

 
685

 
1,847

 
1,900

Meats and seafood
612

 
645

 
1,852

 
1,893

Refreshment beverages
397

 
387

 
1,190

 
1,197

Coffee
296

 
342

 
932

 
1,041

Infant and nutrition
120

 
172

 
387

 
596

Desserts, toppings and baking
246

 
244

 
693

 
714

Nuts and salted snacks
233

 
229

 
687

 
650

Other
191

 
202

 
669

 
680

Total net sales
$
6,076

 
$
6,383

 
$
18,441

 
$
19,377