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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2016
Net Revenues and Earnings by Segment | Our segment net revenues and earnings were:
|  | For the Three Months Ended |
| March 31, |
|  | 2016 |  |  | 2015 |
|  | (in millions) |
Net revenues: |  |  |  |  |  |  |  |
Latin America (1) |  | $ | 817 |  |  | $ | 1,257 |
Asia Pacific (2) |  |  | 1,127 |  |  |  | 1,153 |
EEMEA (2) |  |  | 547 |  |  |  | 695 |
Europe (2) |  |  | 2,289 |  |  |  | 2,975 |
North America |  |  | 1,675 |  |  |  | 1,682 |
Net revenues |  | $ | 6,455 |  |  | $ | 7,762 |
| (1) | For the three months ended March 31, 2015, net revenues of $218 million from our Venezuelan subsidiaries are included in our condensed consolidated financial statements. Beginning in 2016, we account for our Venezuelan subsidiaries using the cost method of accounting and no longer include net revenues of our Venezuelan subsidiaries within our condensed consolidated financial statements. Refer to Note 1, Basis of Presentation – Currency Translation and Highly Inflationary Accounting: Venezuela, for more information.
| (2) | On July 2, 2015, we contributed our global coffee businesses primarily from our Europe, EEMEA and Asia Pacific segments. The net revenues of our global coffee business for the three months ended March 31, 2015 were $618 million in Europe, $116 million in EEMEA and $18 million in Asia Pacific. Refer to Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions, for more information.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2016 |  |  | 2015 |
|  | (in millions) |
Earnings from continuing operations before income taxes: |  |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |  |
Latin America |  | $ | 67 |  |  | $ | 154 |
Asia Pacific |  |  | 148 |  |  |  | 146 |
EEMEA |  |  | 51 |  |  |  | 32 |
Europe |  |  | 343 |  |  |  | 326 |
North America |  |  | 271 |  |  |  | 281 |
Unrealized gains / (losses) on hedging activities |  |  | (54 | ) |  |  | (7 | )
General corporate expenses |  |  | (60 | ) |  |  | (74 | )
Amortization of intangibles |  |  | (44 | ) |  |  | (46 | )
Acquisition-related costs |  |  | – |  |  |  | (1 | )
Operating income |  |  | 722 |  |  |  | 811 |
Interest and other expense, net |  |  | (244 | ) |  |  | (386 | )
Earnings from continuing operations before income taxes |  | $ | 478 |  |  | $ | 425 |
Net Revenues by Consumer Sector | Net revenues by product category were:
|  | For the Three Months Ended March 31, 2016 |
|  | Latin |  |  | Asia |  |  |  |  |  |  |  |  | North |  |  |  |
| America |  |  | Pacific |  |  | EEMEA |  |  | Europe |  |  | America |  |  | Total |
|  | (in millions) |
Biscuits |  | $ | 164 |  |  | $ | 336 |  |  | $ | 125 |  |  | $ | 589 |  |  | $ | 1,361 |  |  | $ | 2,575 |
Chocolate |  |  | 198 |  |  |  | 393 |  |  |  | 160 |  |  |  | 1,203 |  |  |  | 45 |  |  |  | 1,999 |
Gum & Candy |  |  | 216 |  |  |  | 186 |  |  |  | 114 |  |  |  | 172 |  |  |  | 269 |  |  |  | 957 |
Beverages (1) |  |  | 164 |  |  |  | 96 |  |  |  | 82 |  |  |  | 47 |  |  |  | – |  |  |  | 389 |
Cheese & Grocery |  |  | 75 |  |  |  | 116 |  |  |  | 66 |  |  |  | 278 |  |  |  | – |  |  |  | 535 |
Total net revenues |  | $ | 817 |  |  | $ | 1,127 |  |  | $ | 547 |  |  | $ | 2,289 |  |  | $ | 1,675 |  |  | $ | 6,455 |
|  | For the Three Months Ended March 31, 2015 |
|  | Latin |  |  | Asia |  |  |  |  |  |  |  |  | North |  |  |  |
| America (2) |  |  | Pacific |  |  | EEMEA |  |  | Europe (3) |  |  | America |  |  | Total |
|  | (in millions) |
Biscuits |  | $ | 309 |  |  | $ | 316 |  |  | $ | 124 |  |  | $ | 594 |  |  | $ | 1,358 |  |  | $ | 2,701 |
Chocolate |  |  | 294 |  |  |  | 402 |  |  |  | 199 |  |  |  | 1,234 |  |  |  | 56 |  |  |  | 2,185 |
Gum & Candy |  |  | 295 |  |  |  | 191 |  |  |  | 118 |  |  |  | 183 |  |  |  | 268 |  |  |  | 1,055 |
Beverages (1) |  |  | 214 |  |  |  | 115 |  |  |  | 185 |  |  |  | 674 |  |  |  | – |  |  |  | 1,188 |
Cheese & Grocery |  |  | 145 |  |  |  | 129 |  |  |  | 69 |  |  |  | 290 |  |  |  | – |  |  |  | 633 |
Total net revenues |  | $ | 1,257 |  |  | $ | 1,153 |  |  | $ | 695 |  |  | $ | 2,975 |  |  | $ | 1,682 |  |  | $ | 7,762 |
| (1) | On July 2, 2015, we contributed our global coffee businesses primarily from our Europe, EEMEA and Asia Pacific segment beverage categories. The net revenues of our global coffee business for the three months ended March 31, 2015 were $618 million in Europe, $116 million in EEMEA and $18 million in Asia Pacific. Refer to Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions, for more information.
| (2) | For the three months ended March 31, 2015, our Venezuelan subsidiaries net revenues of $104 million in biscuits, $63 million in cheese & grocery, $35 million in gum & candy and $16 million in beverages are included in our condensed consolidated financial statements. Beginning in 2016, we account for our Venezuelan subsidiaries using the cost method of accounting and no longer include net revenues of our Venezuelan subsidiaries within our condensed consolidated financial statements. Refer to Note 1, Basis of Presentation – Currency Translation and Highly Inflationary Accounting: Venezuela, for more information.
| (3) | During 2016, we realigned some of our products across product categories within our Europe segment and as such, we reclassified the product category net revenues on a basis consistent with the 2016 presentation.

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