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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | Note 19. Quarterly Financial Data (Unaudited) Our summarized operating results by quarter are detailed below.
| 2019 Quarters
| First |  | Second |  | Third |  | Fourth
| (in millions, except per share data)
Net revenues | $ | 6,538 |  |  | $ | 6,062 |  |  | $ | 6,355 |  |  | $ | 6,913 |
Gross profit | 2,593 |  |  | 2,469 |  |  | 2,516 |  |  | 2,759 |
(Provision)/benefit for income taxes (1) | (189 | ) |  | (216 | ) |  | 633 |  |  | (230 | )
Gain/(loss) on equity method investment transactions | 23 |  |  | (25 | ) |  | — |  |  | — |
Equity method investment net earnings | 113 |  |  | 113 |  |  | 111 |  |  | 105 |
Net earnings | 920 |  |  | 808 |  |  | 1,428 |  |  | 729 |
Noncontrolling interest | (6 | ) |  | (1 | ) |  | (5 | ) |  | (3 | )
Net earnings attributable to Mondelēz International | $ | 914 |  |  | $ | 807 |  |  | $ | 1,423 |  |  | $ | 726 |
Weighted-average shares for basic EPS | 1,449 |  |  | 1,445 |  |  | 1,445 |  |  | 1,441 |
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares | 12 |  |  | 13 |  |  | 13 |  |  | 12 |
Weighted-average shares for diluted EPS | 1,461 |  |  | 1,458 |  |  | 1,458 |  |  | 1,453 |
Per share data: |  |  |  |  |  |  |
Basic EPS attributable to Mondelēz International: | $ | 0.63 |  |  | $ | 0.56 |  |  | $ | 0.98 |  |  | $ | 0.50 |
Diluted EPS attributable to Mondelēz International: | $ | 0.63 |  |  | $ | 0.55 |  |  | $ | 0.98 |  |  | $ | 0.50 |
Dividends declared | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.285 |  |  | $ | 0.285 |
| 2018 Quarters
| First |  | Second |  | Third |  | Fourth
| (in millions, except per share data)
Net revenues | $ | 6,765 |  |  | $ | 6,112 |  |  | $ | 6,288 |  |  | $ | 6,773 |
Gross profit | 2,849 |  |  | 2,540 |  |  | 2,414 |  |  | 2,549 |
Provision for income taxes | (337 | ) |  | (15 | ) |  | (310 | ) |  | (111 | )
Gain on equity method investment transactions | — |  |  | — |  |  | 757 |  |  | 21 |
Equity method investment net earnings | 232 |  |  | 87 |  |  | 80 |  |  | 149 |
Net earnings | 1,052 |  |  | 320 |  |  | 1,197 |  |  | 826 |
Noncontrolling interest | (6 | ) |  | (2 | ) |  | (3 | ) |  | (3 | )
Net earnings attributable to Mondelēz International | $ | 1,046 |  |  | $ | 318 |  |  | $ | 1,194 |  |  | $ | 823 |
Weighted-average shares for basic EPS | 1,489 |  |  | 1,475 |  |  | 1,466 |  |  | 1,457 |
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares | 16 |  |  | 13 |  |  | 14 |  |  | 13 |
Weighted-average shares for diluted EPS | 1,505 |  |  | 1,488 |  |  | 1,480 |  |  | 1,470 |
Per share data: |  |  |  |  |  |  |
Basic EPS attributable to Mondelēz International: | $ | 0.70 |  |  | $ | 0.22 |  |  | $ | 0.81 |  |  | $ | 0.56 |
Diluted EPS attributable to Mondelēz International: | $ | 0.70 |  |  | $ | 0.21 |  |  | $ | 0.81 |  |  | $ | 0.56 |
Dividends declared | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.26 |  |  | $ | 0.26 |
(1) | The third quarter of 2019 was significantly impacted by the $769 million net deferred tax benefit related to Swiss tax reform. Refer to Note 16, Income Taxes for more 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 2019 and 2018, we recorded the following pre-tax (charges)/benefits in earnings from continuing operations:
| 2019 Quarters
| First |  | Second |  | Third |  | Fourth
| (in millions)
Asset impairment and exit costs | $ | (20 | ) |  | $ | (15 | ) |  | $ | (134 | ) |  | $ | (59 | )
Divestiture-related costs | 1 |  |  | (11 | ) |  | 4 |  |  | — |
Net gain on divestiture | — |  |  | 41 |  |  | 3 |  |  | — |
Impact from pension participation changes | — |  |  | 35 |  |  | (3 | ) |  | (3 | )
Impact from the resolution of tax matters | — |  |  | — |  |  | — |  |  | (85 | )
Loss related to interest rate swaps | — |  |  | — |  |  | (111 | ) |  | — |
Net gain/(loss) on equity method investment transactions | 23 |  |  | (25 | ) |  | — |  |  | — |
| $ | 4 |  |  | $ | 25 |  |  | $ | (241 | ) |  | $ | (147 | )
| 2018 Quarters
| First |  | Second |  | Third |  | Fourth
| (in millions)
Asset impairment and exit costs | $ | (54 | ) |  | $ | (111 | ) |  | $ | (125 | ) |  | $ | (99 | )
Divestiture-related costs | 3 |  |  | — |  |  | — |  |  | (2 | )
Impact from pension participation changes | — |  |  | (409 | ) |  | (3 | ) |  | (17 | )
Impact from the resolution of tax matters | — |  |  | (15 | ) |  | — |  |  | 26 |
Gain/(loss) related to interest rate swaps | 14 |  |  | (5 | ) |  | 1 |  |  | — |
Loss on early extinguishment of debt and related expenses | — |  |  | (140 | ) |  | — |  |  | — |
Gain on equity method investment transaction | — |  |  | — |  |  | 757 |  |  | 21 |
| $ | (37 | ) |  | $ | (680 | ) |  | $ | 630 |  |  | $ | (71 | )
Items impacting our operating results are discussed in Note 1, Summary of Significant Accounting Policies, Note 2, Divestitures and Acquisitions, Note 6, Goodwill and Intangible Assets, Note 7, Equity Method Investments, Note 8, Restructuring Program, Note 9, Debt and Borrowing Arrangements, Note 10, Financial Instruments, Note 11, Benefit Plans and Note 14, Commitments and Contingencies – Tax Matters.

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