Note 18. Quarterly Financial Data (Unaudited)

Our summarized operating results by quarter are detailed below.


	2015 Quarters
	First			Second		Third		Fourth
	(in millions, except per share data)

Net revenues	$	7,762		$	7,661	$	6,849	$	7,364
Gross profit		2,941			3,066		2,670		2,835
Provision for income taxes		113			100		348		32
Equity method investment net losses / (earnings) ⁽¹⁾		–			–		72		(72	)

Net earnings / (loss) ⁽²⁾	$	312		$	427	$	7,268	$	(716	)
Noncontrolling interest		(12	)		21		2		13

Net earnings / (loss) attributable to Mondelēz International	$	324		$	406	$	7,266	$	(729	)


Weighted-average shares for basic EPS		1,648			1,625		1,609		1,589
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		17			18		20		21

Weighted-average shares for diluted EPS		1,665			1,643		1,629		1,610


Per share data:
Basic EPS attributable to Mondelēz International:	$	0.20		$	0.25	$	4.52	$	(0.46	)

Diluted EPS attributable to Mondelēz International ⁽³⁾:	$	0.19		$	0.25	$	4.46	$	(0.46	)


Dividends declared	$	0.15		$	0.15	$	0.17	$	0.17

Market price - high	$	37.88		$	41.81	$	48.58	$	47.42
- low	$	33.97		$	35.93	$	38.91	$	41.55


	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 ⁽⁴⁾		(27	)		91		178		111

Net earnings ⁽²⁾	$	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)

Historically, we have recorded income from equity method investments within our operating income as these investments operated as extensions of our base business. Beginning in the third quarter of 2015, to align with the accounting for JDE earnings, we began to record the earnings from our equity method investments in after-tax equity method investment earnings outside of operating income. As the after-tax equity method investment net earnings for the six months ended December 31, 2015 was less than $1 million, this line item is not shown on our consolidated statement of earnings. Pre-tax earnings from equity method investments recorded within segment operating income were $56 million for the six months ended July 2, 2015. See Note 1, Summary of Significant Accounting Policies – Principles of Consolidation, for additional information.

(2)	See the following table for significant items that affected the comparability of earnings each quarter.

(3)	In the fourth quarter of 2015, we recorded a net loss, primarily due to the loss on deconsolidation of Venezuela and coffee business transaction final sales price adjustment. In accordance with U.S. GAAP, due to the net loss in the quarter, diluted EPS was equal to basic EPS.

(4)	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.

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 2015 and 2014, we recorded the following pre-tax (charges) / gains in earnings from continuing operations:


	2015 Quarters
	First			Second			Third			Fourth
	(in millions)

Asset impairment and exit costs	$	(160	)	$	(231	)	$	(155	)	$	(355	)
Remeasurement of net monetary assets in Venezuela		(11	)		–			–			–
Loss on deconsolidation of Venezuela		–			–			–			(778	)
Gains / (loss) on coffee business transactions and divestiture		–			13			7,122			(313	)
Coffee business transactions currency- related net gain / (loss)		551			(144	)		29			–
Loss on early extinguishment of debt and related expenses		(713	)		–			–			(40	)

	$	(333	)	$	(362	)	$	6,996		$	(1,486	)


	2014 Quarters
	First			Second			Third			Fourth
	(in millions)

Asset impairment and exit costs	$	(42	)	$	(55	)	$	(188	)	$	(407	)
Remeasurement of net monetary assets in Venezuela		(142	)		–			(19	)		(6	)
Coffee business transactions currency- related net (loss) / gain		–			(7	)		420			215
Loss on early extinguishment of debt and related expenses		(494	)		(1	)		–			–

	$	(678	)	$	(63	)	$	213		$	(198	)

Items impacting our operating results are discussed in Note 1, Summary of Significant Accounting Policies, including the Venezuela deconsolidation and currency devaluations, Note 2, Divestitures and Acquisitions, including the coffee business transactions, Note 5, Goodwill and Intangible Assets, Note 6,Restructuring Program, and Note 8, Debt and Borrowing Arrangements.