Note 18. Quarterly Financial Data (Unaudited)

Our summarized operating results by quarter are detailed below.


	2014 Quarters
	First			Second		Third		Fourth
	(in millions, except per share data)

Net revenues	$	8,641		$	8,436	$	8,337	$	8,830
Gross profit		3,204			3,105		3,142		3,146
(Benefit) / provision for income taxes ⁽¹⁾		(27	)		91		178		111

Net earnings	$	150		$	642	$	902	$	507
Noncontrolling interest		(13	)		20		3		7

Net earnings attributable to Mondelēz International	$	163		$	622	$	899	$	500


Weighted-average shares for basic EPS		1,704			1,694		1,688		1,677
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		18			18		17		18

Weighted-average shares for diluted EPS		1,722			1,712		1,705		1,695


Per share data:
Basic EPS attributable to Mondelēz International:	$	0.10		$	0.37	$	0.53	$	0.30

Diluted EPS attributable to Mondelēz International:	$	0.09		$	0.36	$	0.53	$	0.29


Dividends declared	$	0.14		$	0.14	$	0.15	$	0.15

Market price - high	$	36.05		$	38.47	$	39.54	$	39.42
- low	$	31.84		$	34.03	$	33.93	$	31.83

(1)	In the fourth quarter of 2014, we recorded a tax benefit of $43 million associated with the lapse of a statute of limitations that related to the third quarter of 2014.


	2013 Quarters
	First		Second		Third		Fourth
	(in millions, except per share data)

Net revenues	$	8,744	$	8,595	$	8,472	$	9,488
Gross profit		3,242		3,231		3,144		3,493
Provision / (benefit) for income taxes		13		28		26		(7	)

Earnings from continuing operations	$	542	$	602	$	1,018	$	170
Earnings from discontinued operations, net of income taxes		–		–		–		1,603

Net earnings	$	542	$	602	$	1,018	$	1,773
Noncontrolling interest		6		1		6		7

Net earnings attributable to Mondelēz International	$	536	$	601	$	1,012	$	1,766


Weighted-average shares for basic EPS		1,784		1,788		1,779		1,743
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		14		15		15		18

Weighted-average shares for diluted EPS		1,798		1,803		1,794		1,761


Per share data:
Basic EPS attributable to Mondelēz International:
Continuing operations	$	0.30	$	0.34	$	0.57	$	0.09
Discontinued operations		–		–		–		0.92

Net earnings attributable to Mondelēz International:	$	0.30	$	0.34	$	0.57	$	1.01

Diluted EPS attributable to Mondelēz International:
Continuing operations	$	0.30	$	0.33	$	0.56	$	0.09
Discontinued operations		–		–		–		0.91

Net earnings attributable to Mondelēz International:	$	0.30	$	0.33	$	0.56	$	1.00


Dividends declared	$	0.13	$	0.13	$	0.14	$	0.14

Market price - high	$	30.66	$	32.10	$	33.08	$	35.43
- low	$	25.78	$	28.22	$	28.50	$	30.07

(1)

In the third quarter of 2013, we recorded a $385 million pre-tax gain ($363 million net of tax) due to the resolution of a Cadbury acquisition-related indemnification. See Note 11, Commitments and Contingencies, for additional information. In the fourth quarter of 2013, we recorded a $608 million pre-tax loss ($386 million net of tax) in connection with extinguishing debt in the December 18, 2013 tender offer and a $2.5 billion pre-tax gain ($1.6 billion net of tax) on the resolution of the Starbucks arbitration. See Note 8, Debt and Borrowing Arrangements and Note 2, Divestitures and Acquisitions, for additional information.

Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the year.

During 2014 and 2013, we recorded the following pre-tax charges / (gains) in earnings from continuing operations:


	2014 Quarters
	First			Second			Third			Fourth
	(in millions)

Asset impairment and exit costs	$	42		$	55		$	188		$	407
Unrealized (gain) / loss on planned coffee business transactions currency hedge		–			7			(420	)		(215	)
Loss on early extinguishment of debt and related expenses		494			1			–			–

	$	536		$	63		$	(232	)	$	192


	2013 Quarters
	First			Second			Third			Fourth
	(in millions)

Asset impairment and exit costs	$	44		$	48		$	43		$	138
Benefit from indemnification resolution		–			–			(385	)		–
Loss on early extinguishment of debt and related expenses		–			–			–			612
(Gains) / losses on divestitures, net		(22	)		(6	)		–			(2	)

	$	22		$	42		$	(342	)	$	748