Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Note 19. Quarterly Financial Data (Unaudited)

Our summarized operating results by quarter are detailed below.


	2020 Quarters
	First (1)		Second		Third		Fourth
	(in millions, except per share data)
Net revenues	$	6,707	$	5,911	$	6,665	$	7,298
Gross profit	2,451		2,331		2,792		2,872
Income tax (provision)/benefit	(148)		(341)		(391)		(344)
Gain/(loss) on equity method investment transactions	71		121		345		452
Equity method investment net earnings	121		106		84		110
Net earnings	743		545		1,122		1,159
Noncontrolling interest	(7)		(1)		(3)		(3)
Net earnings attributable to Mondelēz International	$	736	$	544	$	1,119	$	1,156
Weighted-average shares for basic EPS	1,434		1,431		1,432		1,429
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	11		8		10		10
Weighted-average shares for diluted EPS	1,445		1,439		1,442		1,439
Per share data:
Basic EPS attributable to Mondelēz International:	$	0.51	$	0.38	$	0.78	$	0.81
Diluted EPS attributable to Mondelēz International:	$	0.51	$	0.38	$	0.78	$	0.80
Dividends declared	$	0.285	$	0.285	$	0.315	$	0.315


	2019 Quarters (1)
	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
Income tax (provision)/benefit (2)	(189)		(216)		633		(230)
Gain/(loss) on equity method investment transactions	23		(25)		—		—
Equity method investment net earnings	166		109		114		112
Net earnings	973		804		1,431		736
Noncontrolling interest	(6)		(1)		(5)		(3)
Net earnings attributable to Mondelēz International	$	967	$	803	$	1,426	$	733
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:	$	0.67	$	0.56	$	0.99	$	0.51
Diluted EPS attributable to Mondelēz International:	$	0.66	$	0.55	$	0.98	$	0.50
Dividends declared	$	0.26	$	0.26	$	0.285	$	0.285

(1)During the second quarter of 2020, we changed to reporting JDE Peet's earnings on a quarter lag basis and we recast all prior periods presented on the same basis. Please see Note 7, Equity Method Investments, for more information.

(2)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 2020 and 2019, we recorded the following pre-tax (charges)/benefits in earnings from continuing operations:


	2020 Quarters
	First		Second		Third		Fourth
	(in millions)
Asset impairment and exit costs	$	(15)	$	(115)	$	(123)	$	(48)


Impact from pension participation changes	(3)		(3)		(3)		(2)
Impact from the resolution of tax matters	—		—		—		48
Loss related to interest rate swaps	(103)		—		—		—
Loss on debt extinguishment	—		—		—		(185)
Gain on equity method investment transactions	71		121		345		452
	$	(50)	$	3	$	219	$	265


	2019 Quarters
	First		Second		Third		Fourth
	(in millions)
Asset impairment and exit costs	$	(20)	$	(15)	$	(134)	$	(59)

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)		—

Gain/(loss) on equity method investment transactions	23		(25)		—		—
	$	3	$	36	$	(245)	$	(147)

Items impacting our operating results are discussed in Note 1, Summary of Significant Accounting Policies, Note 2, Acquisitions and Divestitures, 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.