Refer to Note 17 of Notes to Consolidated Financial Statements. 

Purchases of Property, Plant and Equipment — Net 

Purchases of property, plant and equipment net of disposals for the years ended December 31, 2010, 2009 and 2008 were approximately $2,081 million, $1,889 million and $1,839 million, respectively. The increase in 2010 compared to 2009 and 2008 was primarily attributable to the acquisition of CCE's North American business. Refer to the heading "Operations Review — Structural Changes, Acquired Brands and New License Agreements." Generally, bottling and finished products operations are more capital intensive compared to concentrate and syrup operations. Total capital expenditures for property, plant and equipment (including our investments in information technology) and the percentage of such totals by operating segment were as follows (in millions) 

In 2010, other investing activities primarily related to the impact of the deconsolidation of certain entities due to the Company's adoption of new accounting guidance issued by the FASB. Refer to the heading "Operations Review — Structural Changes, Acquired Brands and New License Agreements," and Note 1 of Notes to Consolidated Financial Statements for additional information. The cash flow impact in other investing activities primarily represents the balance of cash and cash equivalents on the deconsolidated entities' balance sheets as of December 31, 2009. 

Eurasia & Africa

Europe 1.5

Latin America 4.2 6.2 North America 32.1 23.0 

Pacific 4.6

Bottling Investments 42.5 41.4 

Corporate 12.4

In 2011, our annual capital expenditures will increase as we integrate CCE's North American business and make investments to further enhance our operational effectiveness. 

The net result of these North America-specific expenditures will result in an estimated increase of $1.0 billion to our 2011 capital expenditure program. 

In addition, we plan to make further strategic investments in 2011, primarily related to expanding our production and sales capabilities within our Bottling Investments operating segment. As a result, we expect our annual 2011 capital expenditures to range between $3.0 billion and $3.2 billion. We currently expect this level of capital expenditure to remain relatively constant for the next two years, but anticipate these levels to decrease over time. 

Debt Financing 

Our Company maintains debt levels we consider prudent based on our cash flows, interest coverage ratio and percentage of debt to capital. We use debt financing to lower our overall cost of capital, which increases our return on shareowners' equity. This exposes us to adverse changes in interest rates. Our interest expense may also be affected by our credit ratings. 

As of December 31, 2010, our long-term debt was rated "A+" by Standard & Poor's, "Aa3" by Moody's and "A+" by Fitch. Our commercial paper program was rated "A-1" by Standard & Poor's, "P-1" by Moody's and "F-1" by Fitch. In assessing our credit strength, all three agencies consider our capital structure (including the amount and maturity dates of our debt) and financial policies as well as the aggregated balance sheet and other financial