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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2016
Summary of Operating Results | Our summarized operating results by quarter are detailed below.
|  | 2016 Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | (in millions, except per share data) |
Net revenues |  | $ | 6,455 |  |  | $ | 6,302 |  |  | $ | 6,396 |  |  | $ | 6,770 |
Gross profit |  |  | 2,535 |  |  |  | 2,516 |  |  |  | 2,488 |  |  |  | 2,589 |
Provision for income taxes |  |  | (49 | ) |  |  | (118 | ) |  |  | (40 | ) |  |  | 78 |
Gain on equity method investment exchange |  |  | 43 |  |  |  | – |  |  |  | – |  |  |  | – |
Equity method investment net earnings (1) |  |  | 85 |  |  |  | 102 |  |  |  | 31 |  |  |  | 83 |
Net earnings (2) |  | $ | 557 |  |  | $ | 471 |  |  | $ | 548 |  |  | $ | 93 |
Noncontrolling interest |  |  | (3 | ) |  |  | (7 | ) |  |  | – |  |  |  | – |
Net earnings attributable to Mondelēz International |  | $ | 554 |  |  | $ | 464 |  |  | $ | 548 |  |  | $ | 93 |
Weighted-average shares for basic EPS |  |  | 1,569 |  |  |  | 1,557 |  |  |  | 1,557 |  |  |  | 1,540 |
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares |  |  | 18 |  |  |  | 19 |  |  |  | 19 |  |  |  | 19 |
Weighted-average shares for diluted EPS |  |  | 1,587 |  |  |  | 1,576 |  |  |  | 1,576 |  |  |  | 1,559 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic EPS attributable to Mondelēz International: |  | $ | 0.35 |  |  | $ | 0.30 |  |  | $ | 0.35 |  |  | $ | 0.06 |
Diluted EPS attributable to Mondelēz International: |  | $ | 0.35 |  |  | $ | 0.29 |  |  | $ | 0.35 |  |  | $ | 0.06 |
Dividends declared |  | $ | 0.17 |  |  | $ | 0.17 |  |  | $ | 0.19 |  |  | $ | 0.19 |
Market price - high |  | $ | 44.45 |  |  | $ | 45.75 |  |  | $ | 46.36 |  |  | $ | 46.40 |
- low |  | $ | 35.88 |  |  | $ | 39.53 |  |  | $ | 41.96 |  |  | $ | 40.50 |
|  | 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 (2) |  |  | – |  |  |  | – |  |  |  | (72 | ) |  |  | 72 |
Net earnings / (loss) (1) |  | $ | 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 |
(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. Equity method investment net earnings were lower in the third quarter of 2016 due to the JDE unfavorable tax expense disclosed in Note 2, Divestitures and Acquisitions – JDE Tax Matter Resolution.
(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.
Pre-Tax (Charges) / Gains in Earnings From Continuing Operations | During 2016 and 2015, we recorded the following pre-tax (charges) / gains in earnings from continuing operations:
|  | 2016 Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | (in millions) |
Asset impairment and exit costs |  | $ | (154 | ) |  | $ | (166 | ) |  | $ | (190 | ) |  | $ | (342 | )
Loss related to interest rate swaps |  |  | (97 | ) |  |  | – |  |  |  | – |  |  |  | – |
Divestiture-related costs |  |  | – |  |  |  | (84 | ) |  |  | – |  |  |  | (2 | )
Loss on early extinguishment of debt and related expenses |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (427 | )
|  | $ | (251 | ) |  | $ | (250 | ) |  | $ | (190 | ) |  | $ | (771 | )
|  | 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 JDE coffee business transactions and divestiture |  |  | – |  |  |  | 13 |  |  |  | 7,122 |  |  |  | (313 | )
JDE coffee business transactions currency- related net gain / (loss) |  |  | 551 |  |  |  | (144 | ) |  |  | 29 |  |  |  | – |
Loss related to interest rate swaps |  |  | (34 | ) |  |  |  |  |  |  |  |  |  |  |  |
Loss on early extinguishment of debt and related expenses |  |  | (713 | ) |  |  | – |  |  |  | – |  |  |  | (40 | )
|  | $ | (367 | ) |  | $ | (362 | ) |  | $ | 6,996 |  |  | $ | (1,486 | )

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