Europe’s operating income for the years ended December 31, 2013 and 2012 was$2,859 million and $2,960 million, respectively. In 2013, operating income was minimally impacted by fluctuations in foreign currency exchange rates. Operating margin was unfavorably impacted by higher cost of goods sold and higher operating expenses due to the consolidation of the innocent branded juice and smoothie business. Generally, bottling and finished product operations have higher net operating revenues but lower operating margins when compared to concentrate and syrup operations. During 2013, operating income was reduced by $57 million due to charges related to the Company’s productivity and reinvestment program. 

Operating income in Latin America for the years ended December 31, 2013 and 2012 was$2,908 million and $2,879 million, respectively. In 2013, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 10 percent. Operating income for the segment was also impacted by favorable pricing across all of the business units and volume growth in the Latin Center and South Latin business units, partially offset by continued investments in the brands, including investments related to the 2014 FIFA World CupTM. 

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 Asia 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 and 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