Mondelez 2012 Annual Report Download - page 34

Table of Contents
Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelē
z International of
$3,527 million decreased by $587 million (14.3%) in 2011. Diluted EPS attributable to Mondelēz International was $1.99 in 2011,
down 16.7% from $2.39 in 2010. Diluted EPS from continuing operations attributable to Mondelēz International was $0.97 in 2011,
up 155.3% from $0.38 in 2010. Operating EPS was $1.41 in 2011, up $0.35 (33.0%) from $1.06 in 2010. Operating EPS (on a
constant currency basis) was $1.34 in 2012, up $0.28 (26.4%) from $1.06 in 2011. These changes, shown net of tax below, were
due to the following:
31
Diluted EPS
Diluted EPS Attributable to Mondel
ē
z International for the Year Ended December 31, 2010
$
2.39
Discontinued operations
2.01
Diluted EPS Attributable to Mondel
ē
z International from Continuing Operations for the Year
Ended December 31, 2010
0.38
Integration Program costs
0.29
Acquisition
-
related costs
0.13
Acquisition
-
related interest and other expense, net
0.09
Spin
-
Off interest expense adjustment
0.11
Spin
-
Off pension expense adjustment
0.03
U.S. health care legislation impact on deferred taxes
0.03
Operating EPS for the Year Ended December 31, 2010
1.06
Increases in operations
0.17
Increases in operations from the Cadbury acquisition
0.03
Change in unrealized gains/losses on hedging activities
(0.03
)
Impact from accounting calendar changes
0.02
Lower net asset impairments and exit costs
0.01
Higher interest and other expense, net
(0.04
)
Changes in income taxes
0.16
Higher shares outstanding
(0.04
)
Operating EPS for the Year Ended December 31, 2011 (constant currency)
1.34
Favorable foreign currency
0.07
Operating EPS for the Year Ended December 31, 2011
1.41
Integration Program costs
(0.28
)
Spin-Off interest expense adjustment
(0.11
)
Spin
-
Off pension expense adjustment
(0.03
)
Spin
-
Off Costs
(0.02
)
Diluted EPS Attributable to Mondel
ē
z International from Continuing Operations for the Year
Ended December 31, 2011
0.97
Discontinued operations
1.02
Diluted EPS Attributable to Mondel
ē
z International for the Year Ended December 31, 2011
$
1.99
(1)
Please see the
Non
-
GAAP Financial Measures
section at the end of this item.
(2) Represents interest expense associated with the assumed reduction of $6 billion of our debt on January 1, 2010 from the utilization of funds received from
the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization
plan. Note during the year ended December 31, 2012, a portion of the $6 billion of debt was retired. As such, we adjusted interest expense during this period
as if this debt had been repaid on January 1, 2010 to ensure consistency of our assumption and related results.
(3) Represents the estimated annual benefit plan expense associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. The
estimate of $91 million was based on market conditions and benefit plan assumptions as of January 1, 2012.
(4)
Impact of acquisition reflects the incremental January 2011 operating results from our Cadbury acquisition.
(5) Excludes the unfavorable foreign currency impact on interest expense related to our foreign denominated debt and the impacts of acquisition-related interest
and other expense, net, and includes a loss of $157 million related to several interest rate swaps that settled in 2011.
(6) Excludes the impact of the 2010 U.S. health care legislation on deferred taxes.
(1)
(1)
(2)
(3)
(1)
(4)
(5)
(6)
(1)
(1)
(2)
(3)