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28
Results of Operations by Segment
We report our business in three segments: Beverage Concentrates, Packaged Beverages and Latin America Beverages. The
key financial measures management uses to assess the performance of our segments are net sales and SOP. The following tables
set forth net sales and SOP for our segments for 2012 and 2011, as well as the other amounts necessary to reconcile our total
segment results to our consolidated results presented in accordance with accounting principles generally accepted in the United
States of America ("U.S. GAAP") (in millions):
For the Year Ended
December 31,
2012 2011
Segment Results — Net sales
Beverage Concentrates $ 1,221 $ 1,193
Packaged Beverages 4,358 4,292
Latin America Beverages 416 418
Net sales $ 5,995 $ 5,903
For the Year Ended
December 31,
2012 2011
Segment Results — SOP
Beverage Concentrates $ 774 $ 779
Packaged Beverages 539 519
Latin America Beverages 51 43
Total SOP 1,364 1,341
Unallocated corporate costs 261 306
Other operating expense, net 11 11
Income from operations 1,092 1,024
Interest expense, net 123 111
Other income, net (9)(12)
Income before provision for income taxes and equity in earnings of unconsolidated
subsidiaries $ 978 $ 925
BEVERAGE CONCENTRATES
The following table details our Beverage Concentrates segment's net sales and SOP for the years ended December 31, 2012
and 2011 (in millions):
For the Year Ended
December 31,
2012 2011 Change
Net sales $ 1,221 $ 1,193 $ 28
SOP 774 779 (5)
Net Sales. Net sales increased $28 million, for the year ended December 31, 2012, compared with the year ended December
31, 2011. The increase was primarily due to an increase in concentrate prices, lower discounts and favorable mix, which were
partially offset by a 2% decline in concentrate case sales.