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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Data (Unaudited)

Note 17. Quarterly Financial Data (Unaudited)

Our summarized operating results by quarter are detailed below.

                                                                           
     2017 Quarters  
     First      Second      Third      Fourth  
     (in millions, except per share data)  

Net revenues

    $ 6,414      $ 5,986      $ 6,530      $ 6,966  

Gross profit

      2,525        2,324        2,552        2,664  

Provision for income taxes

      (154 )       (84 )       (272 )       (178 ) 

Gain on equity method investment transactions

      –        –        –        40  

Equity method investment net earnings

      66        67        103        224  

Net earnings (1)

    $ 633      $ 500      $ 993      $ 810  

Noncontrolling interest

      (3 )       (2 )       (1 )       (8 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net earnings attributable to Mondelēz International

    $ 630      $ 498      $ 992      $ 802  
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares for basic EPS

      1,529        1,519        1,507        1,497  

Plus incremental shares from assumed conversions of
stock options and long-term incentive plan shares

      21        20        17        16  
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares for diluted EPS

      1,550        1,539        1,524        1,513  
  

 

 

     

 

 

     

 

 

     

 

 

  

Per share data:

            

Basic EPS attributable to Mondelēz International:

    $ 0.41      $ 0.33      $ 0.66      $ 0.54  
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted EPS attributable to Mondelēz International:

    $ 0.41      $ 0.32      $ 0.65      $ 0.53  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dividends declared

    $ 0.19      $ 0.19      $ 0.22      $ 0.22  

Market price - high

    $ 45.48      $ 47.23      $ 44.48      $ 43.98  

             - low

    $ 41.30      $ 42.92      $ 40.04      $ 39.19  

 

                                                                           
     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 transactions

      43        –        –        –  

Equity method investment net earnings

      85        102        31        83  

Net earnings (1)

    $ 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  

 

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

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 2017 and 2016, we recorded the following pre-tax (charges)/gains in earnings from continuing operations:

 

                                                                           
     2017 Quarters  
     First      Second      Third      Fourth  
     (in millions)  

Asset impairment and exit costs

    $ (166 )     $ (187 )     $ (183 )     $ (120 ) 

Net gain on divestitures

      –        (3 )       187        2  

Divestiture-related costs

      (19 )       (9 )       2        (8 ) 

Loss on early extinguishment of
debt and related expenses

      –        (11 )       –        –  

Benefits from the resolution of tax matters

      58        –        215        8  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ (127 )     $ (210 )     $ 221      $ (118 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
     2016 Quarters  
     First      Second      Third      Fourth  
     (in millions)  

Asset impairment and exit costs

    $ (154 )     $ (166 )     $ (190 )     $ (342 ) 

Divestiture-related costs

      –        (84 )       –        (2 ) 

Loss related to interest rate swaps

      (97 )       –        –        –  

Loss on early extinguishment of
debt and related expenses

      –        –        –        (427 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ (251 )     $ (250 )     $ (190 )     $ (771 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

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, Note 5, Goodwill and Intangible Assets, Note 6, 2014-2018 Restructuring Program, and Note 7, Debt and Borrowing Arrangements.