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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
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 )