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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2015
Net Revenues by Segment | Our segment net revenues were:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
| September 30, |  |  | September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
|  | (in millions) |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Latin America |  | $ | 1,233 |  |  | $ | 1,315 |  |  | $ | 3,730 |  |  | $ | 3,913 |
Asia Pacific |  |  | 1,101 |  |  |  | 1,153 |  |  |  | 3,278 |  |  |  | 3,460 |
EEMEA |  |  | 586 |  |  |  | 894 |  |  |  | 2,150 |  |  |  | 2,740 |
Europe |  |  | 2,173 |  |  |  | 3,215 |  |  |  | 7,963 |  |  |  | 10,151 |
North America |  |  | 1,756 |  |  |  | 1,760 |  |  |  | 5,151 |  |  |  | 5,150 |
Net revenues |  | $ | 6,849 |  |  | $ | 8,337 |  |  | $ | 22,272 |  |  | $ | 25,414 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Our segment earnings were:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
|  | (in millions) |
Earnings before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Latin America |  | $ | 134 |  |  | $ | 120 |  |  | $ | 422 |  |  | $ | 304 |
Asia Pacific |  |  | 71 |  |  |  | 65 |  |  |  | 321 |  |  |  | 364 |
EEMEA |  |  | 52 |  |  |  | 93 |  |  |  | 184 |  |  |  | 303 |
Europe |  |  | 298 |  |  |  | 368 |  |  |  | 885 |  |  |  | 1,294 |
North America |  |  | 275 |  |  |  | 272 |  |  |  | 817 |  |  |  | 744 |
Unrealized gains / (losses) on hedging activities |  |  | (4 | ) |  |  | 39 |  |  |  | 75 |  |  |  | (8 | )
General corporate expenses |  |  | (95 | ) |  |  | (56 | ) |  |  | (240 | ) |  |  | (191 | )
Amortization of intangibles |  |  | (45 | ) |  |  | (48 | ) |  |  | (137 | ) |  |  | (157 | )
Gains on coffee business transactions and divestiture |  |  | 7,122 |  |  |  | – |  |  |  | 7,135 |  |  |  | – |
Acquisition-related costs |  |  | (6 | ) |  |  | – |  |  |  | (8 | ) |  |  | – |
Operating income |  |  | 7,802 |  |  |  | 853 |  |  |  | 9,454 |  |  |  | 2,653 |
Interest and other (expense) / income |  |  | (114 | ) |  |  | 227 |  |  |  | (814 | ) |  |  | (717 | )
Earnings before income taxes |  | $ | 7,688 |  |  | $ | 1,080 |  |  | $ | 8,640 |  |  | $ | 1,936 |
Total Assets by Segment | Total assets by segment were:
|  | As of September 30, |  |  | As of December 31, |
|  | 2015 |  |  | 2014 |
|  | (in millions) |
Total assets (1): |  |  |  |  |  |  |  |
Latin America |  | $ | 5,654 |  |  | $ | 6,470 |
Asia Pacific (2) |  |  | 8,057 |  |  |  | 8,068 |
EEMEA (2) |  |  | 4,100 |  |  |  | 5,153 |
Europe (2) |  |  | 21,993 |  |  |  | 24,568 |
North America |  |  | 21,332 |  |  |  | 21,287 |
Equity method investments |  |  | 4,895 |  |  |  | 662 |
Unallocated assets (3) |  |  | 359 |  |  |  | 607 |
Total assets |  | $ | 66,390 |  |  | $ | 66,815 |
| (1) | Beginning in the third quarter of 2015, earnings from equity method investees are reported outside of segment operating income, as discussed above in this Note and Note 1, Basis of Presentation – Equity Method Investments, and outside of segment assets. We reclassified equity method investments above as of December 31, 2014 on a basis consistent with the 2015 presentation.
| (2) | On July 2, 2015, we deconsolidated our global coffee businesses, primarily from our Europe, EEMEA and Asia Pacific segments. See Note 2, Divestitures and Acquisitions – Coffee Business Transactions, for more information.
| (3) | Unallocated assets consist primarily of cash and cash equivalents, deferred income taxes, centrally held property, plant and equipment, prepaid pension assets and derivative financial instrument balances.
Net Revenues by Consumer Sector | Net revenues by product category were:
|  | For the Three Months Ended September 30, 2015 |
|  | Latin |  |  | Asia |  |  |  |  |  |  |  |  | North |  |  |  |
| America |  |  | Pacific |  |  | EEMEA |  |  | Europe |  |  | America |  |  | Total |
|  | (in millions) |
Biscuits |  | $ | 428 |  |  | $ | 356 |  |  | $ | 125 |  |  | $ | 592 |  |  | $ | 1,403 |  |  | $ | 2,904 |
Chocolate |  |  | 184 |  |  |  | 370 |  |  |  | 232 |  |  |  | 1,086 |  |  |  | 64 |  |  |  | 1,936 |
Gum & Candy |  |  | 262 |  |  |  | 171 |  |  |  | 134 |  |  |  | 177 |  |  |  | 289 |  |  |  | 1,033 |
Beverages (1) |  |  | 178 |  |  |  | 76 |  |  |  | 45 |  |  |  | 43 |  |  |  | – |  |  |  | 342 |
Cheese & Grocery |  |  | 181 |  |  |  | 128 |  |  |  | 50 |  |  |  | 275 |  |  |  | – |  |  |  | 634 |
Total net revenues |  | $ | 1,233 |  |  | $ | 1,101 |  |  | $ | 586 |  |  | $ | 2,173 |  |  | $ | 1,756 |  |  | $ | 6,849 |
|  | For the Three Months Ended September 30, 2014 (2) |
|  | Latin |  |  | Asia |  |  |  |  |  |  |  |  | North |  |  |  |
| America |  |  | Pacific |  |  | EEMEA |  |  | Europe |  |  | America |  |  | Total |
|  | (in millions) |
Biscuits |  | $ | 338 |  |  | $ | 294 |  |  | $ | 165 |  |  | $ | 712 |  |  | $ | 1,382 |  |  | $ | 2,891 |
Chocolate |  |  | 253 |  |  |  | 408 |  |  |  | 287 |  |  |  | 1,214 |  |  |  | 76 |  |  |  | 2,238 |
Gum & Candy |  |  | 314 |  |  |  | 191 |  |  |  | 152 |  |  |  | 216 |  |  |  | 302 |  |  |  | 1,175 |
Beverages (1) |  |  | 232 |  |  |  | 100 |  |  |  | 227 |  |  |  | 723 |  |  |  | – |  |  |  | 1,282 |
Cheese & Grocery |  |  | 178 |  |  |  | 160 |  |  |  | 63 |  |  |  | 350 |  |  |  | – |  |  |  | 751 |
Total net revenues |  | $ | 1,315 |  |  | $ | 1,153 |  |  | $ | 894 |  |  | $ | 3,215 |  |  | $ | 1,760 |  |  | $ | 8,337 |
|  | For the Nine Months Ended September 30, 2015 |
|  | Latin |  |  | Asia |  |  |  |  |  |  |  |  | North |  |  |  |
| America |  |  | Pacific |  |  | EEMEA |  |  | Europe |  |  | America |  |  | Total |
|  | (in millions) |
Biscuits |  | $ | 1,144 |  |  | $ | 940 |  |  | $ | 396 |  |  | $ | 1,828 |  |  | $ | 4,161 |  |  | $ | 8,469 |
Chocolate |  |  | 680 |  |  |  | 1,074 |  |  |  | 627 |  |  |  | 3,204 |  |  |  | 161 |  |  |  | 5,746 |
Gum & Candy |  |  | 852 |  |  |  | 550 |  |  |  | 418 |  |  |  | 558 |  |  |  | 829 |  |  |  | 3,207 |
Beverages (1) |  |  | 570 |  |  |  | 324 |  |  |  | 502 |  |  |  | 1,493 |  |  |  | – |  |  |  | 2,889 |
Cheese & Grocery |  |  | 484 |  |  |  | 390 |  |  |  | 207 |  |  |  | 880 |  |  |  | – |  |  |  | 1,961 |
Total net revenues |  | $ | 3,730 |  |  | $ | 3,278 |  |  | $ | 2,150 |  |  | $ | 7,963 |  |  | $ | 5,151 |  |  | $ | 22,272 |
|  | For the Nine Months Ended September 30, 2014 (2) |
|  | Latin |  |  | Asia |  |  |  |  |  |  |  |  | North |  |  |  |
| America |  |  | Pacific |  |  | EEMEA |  |  | Europe |  |  | America |  |  | Total |
|  | (in millions) |
Biscuits |  | $ | 998 |  |  | $ | 898 |  |  | $ | 483 |  |  | $ | 2,228 |  |  | $ | 4,121 |  |  | $ | 8,728 |
Chocolate |  |  | 833 |  |  |  | 1,155 |  |  |  | 751 |  |  |  | 3,804 |  |  |  | 189 |  |  |  | 6,732 |
Gum & Candy |  |  | 893 |  |  |  | 585 |  |  |  | 499 |  |  |  | 677 |  |  |  | 840 |  |  |  | 3,494 |
Beverages (1) |  |  | 684 |  |  |  | 359 |  |  |  | 782 |  |  |  | 2,348 |  |  |  | – |  |  |  | 4,173 |
Cheese & Grocery |  |  | 505 |  |  |  | 463 |  |  |  | 225 |  |  |  | 1,094 |  |  |  | – |  |  |  | 2,287 |
Total net revenues |  | $ | 3,913 |  |  | $ | 3,460 |  |  | $ | 2,740 |  |  | $ | 10,151 |  |  | $ | 5,150 |  |  | $ | 25,414 |
| (1) | On July 2, 2015, we contributed our global coffee businesses primarily from our Europe, EEMEA and Asia Pacific segment beverage categories. The year-over-year decrease in beverages primarily reflects the coffee business transactions and unfavorable currency on our remaining beverage business. The impact of deconsolidating our coffee businesses on July 2, 2015 was $670 million in Europe, $169 million in EEMEA and $16 million in Asia Pacific on a year-over-year third quarter and constant currency basis. The impact of deconsolidating our coffee businesses on July 2, 2015 was $824 million in Europe, $250 million in EEMEA, $10 million in Asia Pacific and $2 million in Latin America on a year-over-year nine month period and constant currency basis. Refer to Note 2, Divestitures and Acquisitions – Coffee Business Transactions, for more information.
| (2) | During 2014, we realigned some of our products across product categories and as such, we reclassified the product category net revenues on a basis consistent with the 2015 presentation.

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