North America's operating income for the years ended December 31, 2013 and 2012 was$2,432 million and $2,597 million, respectively. In both 2013 and 2012, operating income was minimally impacted by fluctuations in foreign currency exchange rates. The decrease in operating income and operating margin was primarily due to unfavorable product and package mix. North America’s operating income was also reduced by $282 million due to charges related to the Company’s productivity and reinvestment program, as compared to $227 million of similar charges in 2012. 

Operating income in Pacific for the years ended December 31, 2013 and 2012 was$2,478 million and $2,516 million, respectively. In 2013, the segment's operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 2 percent, charges of $25 million related to the Company’s productivity and reinvestment program as well as other restructuring initiatives, as compared to $2 million of similar charges in 2012. 

Our Bottling Investments segment's operating income for the years ended December 31, 2013 and 2012 was$115 million and $140 million, respectively. In 2013, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 8 percent. Operating income was also reduced due to the deconsolidation of our Philippine and Brazilian bottling operations. Refer to Note 2 of Notes to Consolidated Financial Statements. In addition, operating income in 2013 was reduced by $194 million due to charges related to the Company’s productivity and reinvestment program as well as other restructuring initiatives, as compared to $164 million of related charges in 2012. 

The Corporate segment's operating loss for the years ended December 31, 2013 and 2012 was$1,651 million and $1,391 million, respectively. Operating loss in 2013 included impairment charges of $195 million recorded on certain of the Company’s intangible assets. Operating loss also included charges of $120 million related to the Company’s productivity and reinvestment program as well as other restructuring initiatives, as compared to similar charges of $33 million in 2012. Operating loss in 2013 was favorably impacted by fluctuations in foreign currency exchange rates by 2 percent. 

Based on spot rates as of the beginning of February 2014 and our hedging coverage in place, the Company expects currencies to have a 10 percent unfavorable impact on operating income for the first quarter of 2014 and a 7 percent unfavorable impact on operating income for the full year of 2014. Additionally, in January 2014, in an effort to control inflation, pricing and product shortages, the Venezuelan government imposed a cap on profit margins earned by businesses in Venezuela. We are currently evaluating the impact of this law which, along with further controls on foreign currency exchange, further devaluation or other actions by the Venezuelan government, could have an adverse impact on our 2014 operating income. 

Year Ended December 31, 2012, versus Year Ended December 31, 2011 

In 2012, foreign currency exchange rates unfavorably impacted consolidated operating income by 5 percent. The