Mondelez 2014 Annual Report Download - page 99

Table of Contents
Share Repurchase Program:
During 2013, our Board of Directors authorized the repurchase of $7.7 billion of our Common Stock through December 31, 2016.
Repurchases under the program are determined by management and are wholly discretionary. During 2014, we repurchased
51.9 million shares of Common Stock at an average cost of $36.43 per share, or an aggregate cost of $1.9 billion, of which $1.7
billion was paid during 2014 and $0.2 billion was prepaid in December 2013 at the inception of an accelerated share repurchase
program. All share repurchases were funded through available cash and commercial paper issuances. During 2013, we
repurchased 82.8 million shares of Common Stock at an average cost of $33.09 per share, or an aggregate cost of $2.7 billion. As
of December 31, 2014, we have $3.1 billion in remaining share repurchase capacity.
In December 2013, we initiated an accelerated share repurchase (“ASR”) program. On December 3, 2013, we paid $1.7 billion and
received an initial delivery of 44.8 million shares of Common Stock valued at $1.5 billion. We increased treasury stock by $1.5
billion, and the remaining $0.2 billion was recorded against additional paid in capital. In May 2014, the ASR program concluded and
we received an additional 5.1 million shares, valued at $0.2 billion, for a total of 49.9 million shares with an average repurchase
price of $34.10 per share over the life of the ASR program. The final settlement was based on the volume-weighted average price
of our Common Stock during the purchase period less a fixed per share discount. Upon conclusion of the ASR program and receipt
of the remaining repurchased shares, the $0.2 billion recorded in additional paid in capital was reclassified to treasury stock.
Note 14. Reclassifications from Accumulated Other Comprehensive Earnings / (Losses)
The components of accumulated other comprehensive earnings / (losses) attributable to Mondelēz International during 2014 and
2013 were:
96
Currency
Derivatives
Translation
Pension and
Accounted for
Adjustments
Other Benefits
as Hedges
Total
(in millions)
Balances at January 1, 2013
$
(399
)
$
(2,229
)
$
(38
)
$
(2,666
)
Other comprehensive earnings / (losses), before
reclassifications:
Currency translation adjustment
(952
)
(29
)
–
(
981
)
Pension and other benefits –
713
–
713
Derivatives accounted for as hedges
(99
)
–
169
70
Losses / (gains) reclassified into
net earnings –
197
72
269
Tax (expense) / benefit
36
(244
)
(86
)
(294
)
Total other comprehensive
earnings / (losses)
(223
)
Balances at December 31, 2013
$
(1,414
)
$
(1,592
)
$
117
$
(2,889
)
Other comprehensive earnings / (losses), before
reclassifications:
Currency translation adjustment
(1)
(3,995
)
146
–
(
3,849
)
Pension and other benefits – (
1,388
)
–
(
1,388
)
Derivatives accounted for as hedges
595
–
(
166
)
429
Losses / (gains) reclassified into
net earnings –
174
(45
)
129
Tax (expense) / benefit
(228
)
386
92
250
Total other comprehensive losses
(4,429
)
Balances at December 31, 2014
$
(5,042
)
$
(2,274
)
$
(2
)
$
(7,318
)
(1) The consolidated statement of comprehensive earnings for the year ended December 31, 2014 includes $(33) million of currency translation
adjustment attributable to noncontrolling interests.