XML 53 R27.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Quarterly Financial Data (Unaudited)
 12 Months Ended
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.