Mondelez 2013 Annual Report Download - page 75

Table of Contents
We believe these changes are preferable and will improve business planning and financial reporting by better matching the close
dates of the operating subsidiaries and bringing the reporting dates closer to the period-end date. As the effect to prior-period
results was not material, we have not revised prior-period results.
Revision of Financial Statements :
In finalizing our 2013 results, we identified certain out-of-period, non-cash income tax-related errors in prior interim and annual
periods. These errors are not material to any previously reported financial results; however, we have revised our first through third
quarter 2013 and prior-year financial statements in these consolidated financial statements and accompanying notes to reflect
these items in the appropriate periods. The net effect of the revision was to lower tax expense in years prior to 2013. The impact of
the revision to 2013 results through the third quarter was a $59 million reduction of net earnings related to both current and prior-
year corrections. The impact of the revision to fiscal years prior to 2013 was an increase in cumulative net earnings of $94 million.
We evaluated the cumulative impact of the errors on prior periods under the guidance in Accounting Standards Codification (“ASC”
)
250-10, Accounting Changes and Error Corrections , and the guidance from the Securities Exchange Commission (“SEC”) in Staff
Accounting Bulletin (“SAB”) No. 99, Materiality . We also evaluated the impact of correcting the errors through an adjustment to our
financial statements under the guidance in ASC 250-10 relating to SAB No. 108, Considering the Effects of Prior Year
Misstatements When Quantifying Misstatements in Current Year Financial Statements . We concluded that these errors were not
material, individually or in the aggregate, to any of the prior reporting periods, and therefore, amendments of previously filed reports
were not required. We plan to revise our quarterly results for 2013 when we file subsequent reports on Form 10
-Q. Our revised
quarterly financial data for the years ended December 31, 2013 and December 31, 2012 is presented in Note 18, Quarterly
Financial Data (unaudited) .
The effects of the prior period corrections on the annual consolidated financial statements are detailed below. For periods prior to
January 1, 2011, our consolidated statements of equity reflect a $28 million cumulative correction to retained earnings as of
January 1, 2011.
Consolidated Statement of Earnings
68
For the Years Ended December 31,
2012
2011
Reported
Correction
Revised
Reported
Correction
Revised
(in millions, except per share data)
Provision for income taxes
207
(39
)
168
143
(27
)
116
Earnings from continuing
operations
1,567
39
1,606
1,737
27
1,764
Net earnings
3,055
39
3,094
3,547
27
3,574
Net earnings attributable to
Mondelēz International
3,028
39
3,067
3,527
27
3,554
Net earnings attributable to
Mondelēz International:
Per share, basic
(continuing operations)
$
0.87
$
0.03
$
0.90
$
0.97
$
0.02
$
0.99
Per share, diluted
(continuing operations)
$
0.86
$
0.02
$
0.88
$
0.97
$
0.02
$
0.99
Net earnings attributable to
Mondelēz International:
Per share, basic
$
1.70
$
0.03
$
1.73
$
2.00
$
0.01
$
2.01
Per share, diluted
$
1.69
$
0.02
$
1.71
$
1.99
$
0.02
$
2.01