Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 22, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	MDLZ
Entity Registrant Name	Mondelez International, Inc.
Entity Central Index Key	0001103982
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,552,060,693

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net revenues	$ 6,455	$ 7,762
Cost of sales	3,920	4,821
Gross profit	2,535	2,941
Selling, general and administrative expenses	1,615	1,924
Asset impairment and exit costs	154	160
Amortization of intangibles	44	46
Operating income	722	811
Interest and other expense, net	244	386
Earnings from continuing operations before income taxes	478	425
Provision for income taxes	(49)	(113)
Gain on equity method investment exchange	43
Equity method investment net earnings	85
Net earnings	557	312
Noncontrolling interest (earnings) / losses	(3)	12
Net earnings attributable to Mondelez International	$ 554	$ 324
Per share data:
Basic earnings per share attributable to Mondelez International	$ 0.35	$ 0.20
Diluted earnings per share attributable to Mondelez International	0.35	0.19
Dividends declared	$ 0.17	$ 0.15

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net earnings	$ 557	$ 312
Other comprehensive earnings / (losses):
Currency translation adjustment	601	(1,913)
Pension and other benefits	24	42
Derivatives accounted for as hedges	(7)	(44)
Total other comprehensive earnings / (losses)	618	(1,915)
Comprehensive earnings / (losses)	1,175	(1,603)
less: Comprehensive earnings / (losses) attributable to noncontrolling interests	16	(37)
Comprehensive earnings / (losses) attributable to Mondelez International	$ 1,159	$ (1,566)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 1,338	$ 1,870
Trade receivables (net of allowances of $57 at March 31, 2016 and $54 at December 31, 2015)	3,101	2,634
Other receivables (net of allowances of $111 at March 31, 2016 and $109 at December 31, 2015)	1,224	1,212
Inventories, net	2,756	2,609
Other current assets	590	633
Total current assets	9,009	8,958
Property, plant and equipment, net	8,534	8,362
Goodwill	20,977	20,664
Intangible assets, net	19,094	18,768
Prepaid pension assets	73	69
Deferred income taxes	281	277
Equity method investments	5,630	5,387
Other assets	377	358
TOTAL ASSETS	63,975	62,843
LIABILITIES
Short-term borrowings	2,564	236
Current portion of long-term debt	1,035	605
Accounts payable	4,779	4,890
Accrued marketing	1,630	1,634
Accrued employment costs	702	844
Other current liabilities	2,468	2,713
Total current liabilities	13,178	10,922
Long-term debt	13,800	14,557
Deferred income taxes	4,738	4,750
Accrued pension costs	1,951	2,183
Accrued postretirement health care costs	512	499
Other liabilities	1,934	1,832
TOTAL LIABILITIES	$ 36,113	$ 34,743
Commitments and Contingencies (Note 11)
EQUITY
Common Stock, no par value (5,000,000,000 shares authorized and 1,996,537,778 shares issued at March 31, 2016 and December 31, 2015)	$ 0	$ 0
Additional paid-in capital	31,714	31,760
Retained earnings	20,970	20,700
Accumulated other comprehensive losses	(9,381)	(9,986)
Treasury stock, at cost (441,948,124 shares at March 31, 2016 and 416,504,624 shares at December 31, 2015)	(15,533)	(14,462)
Total Mondelez International Shareholders' Equity	27,770	28,012
Noncontrolling interest	92	88
TOTAL EQUITY	27,862	28,100
TOTAL LIABILITIES AND EQUITY	$ 63,975	$ 62,843

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Trade receivables, allowances	$ 57	$ 54
Other receivables, allowances	$ 111	$ 109
Common Stock, no par value
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common Stock, shares issued	1,996,537,778	1,996,537,778
Treasury stock, shares	441,948,124	416,504,624

Condensed Consolidated Statements of Equity - USD ($)
$ in Millions

Total

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Earnings/(Losses)

Treasury Stock

Noncontrolling Interest

^[1]

Balances at Dec. 31, 2014

$ 27,853

$ 31,651

$ 14,529

$ (7,318)

$ (11,112)

$ 103

Comprehensive earnings / (losses):

Net earnings

7,291

7,267

Other comprehensive earnings (losses), net of income taxes

(2,694)

(2,668)

(26)

Exercise of stock options and issuance of other stock awards

311

109

(70)

272

Common Stock repurchased

(3,622)

Cash dividends declared ($0.17 per share for 2016 and $0.64 per share for 2015)

(1,026)

Dividends paid on noncontrolling interest and other activities

(13)

Balances at Dec. 31, 2015

28,100

31,760

20,700

(9,986)

(14,462)

Comprehensive earnings / (losses):

Net earnings

557

554

Other comprehensive earnings (losses), net of income taxes

618

605

Exercise of stock options and issuance of other stock awards

(46)

(18)

116

Common Stock repurchased

(1,187)

Cash dividends declared ($0.17 per share for 2016 and $0.64 per share for 2015)

(266)

Dividends paid on noncontrolling interest and other activities

(12)

Balances at Mar. 31, 2016

$ 27,862

$ 31,714

$ 20,970

$ (9,381)

$ (15,533)

$ 92

[1]	Noncontrolling interest as of March 31, 2015 was $66 million, as compared to $103 million as of January 1, 2015. The change of $(37) million during the three months ended March 31, 2015 was due to $(12) million of net losses and $(25) million of other comprehensive losses, net of taxes.

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Cash dividends declared, per share	$ 0.17	$ 0.15	$ 0.64	$ 0.58
Noncontrolling interest	$ 92	$ 66	$ 88	$ 103
Change in noncontrolling interest		(37)
Net losses	$ 3	(12)
Other comprehensive losses, net of taxes	$ 13	$ (25)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES
Net earnings	$ 557	$ 312
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	207	232
Stock-based compensation expense	30	36
Deferred income tax (benefit) / provision	(53)	25
Asset impairments	67	78
Loss on early extinguishment of debt		708
JDE coffee business transactions currency-related net gains		(551)
Gain on equity method investment exchange	(43)
Income from equity method investments	(85)	(26)
Distributions from equity method investments	54	56
Other non-cash items, net	102	37
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	(404)	(558)
Inventories, net	(77)	(178)
Accounts payable	(135)	317
Other current assets	14	(50)
Other current liabilities	(463)	(481)
Change in pension and postretirement assets and liabilities, net	(225)	(239)
Net cash used in operating activities	(454)	(282)
CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES
Capital expenditures	(335)	(439)
Proceeds from JDE coffee business transactions currency hedge settlements		939
Acquisitions, net of cash received		(81)
Proceeds from sale of property, plant and equipment and other	19	(2)
Net cash (used in) / provided by investing activities	(316)	417
CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days	67	333
Repayments of commercial paper, maturities greater than 90 days		(96)
Net (repayments) / issuances of other short-term borrowings	2,246	2,154
Long-term debt proceeds	1,149	3,601
Long-term debt repaid	(1,755)	(4,085)
Repurchase of Common Stock	(1,187)	(1,500)
Dividends paid	(269)	(249)
Other	(44)	27
Net cash provided by financing activities	207	185
Effect of exchange rate changes on cash and cash equivalents	31	(116)
Cash and cash equivalents:
(Decrease) / increase	(532)	204
Balance at beginning of period	1,870	1,631
Balance at end of period	$ 1,338	$ 1,835

Basis of Presentation

3 Months Ended

Mar. 31, 2016

Basis of Presentation

Note 1. Basis of Presentation

The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries.

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our financial position and operating results. Net revenues and net earnings for any interim period are not necessarily indicative of future or annual results.

We derived the condensed consolidated balance sheet data as of December 31, 2015 from audited financial statements, but do not include all disclosures required by U.S. GAAP. You should read these statements in conjunction with our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2015.

Principles of Consolidation:

For the three months ended March 31, 2015, the operating results of our Venezuelan subsidiaries are included in our condensed consolidated financial statements. As of the close of the fourth quarter of 2015, we deconsolidated our Venezuelan operations from our consolidated financial statements. As such, the results of our Venezuelan subsidiaries are not included in our condensed consolidated financial statements for the three months ended March 31, 2016. See Currency Translation and Highly Inflationary Accounting: Venezuela below for more information.

On July 2, 2015, we contributed our global coffee businesses to a new company, Jacobs Douwe Egberts (“JDE”), in which we now hold an equity interest (collectively, the “JDE coffee business transactions”). Historically, our coffee businesses and the income from equity method investments were recorded within our operating income as these businesses were part of our base business. While we retain an ongoing interest in coffee through significant equity method investments including JDE and Keurig Green Mountain Inc. (“Keurig”), and we have significant influence with JDE, Keurig and other equity method investments, we do not have control over these operations directly. As such, beginning in the third quarter of 2015, and for the three months ended March 31, 2016, we recognize equity method investment earnings outside of operating income and segment income. For the three months ended March 31, 2015, our historical coffee and equity method investment earnings were included within our operating income and segment income. Please see Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions and Keurig Transaction, and Note 15, Segment Reporting, for more information on these transactions.

Currency Translation and Highly Inflationary Accounting:

We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings.

Venezuela. From January 1, 2010 through December 31, 2015, we accounted for the results of our Venezuelan subsidiaries using the U.S. dollar as the functional currency as prescribed by U.S. GAAP for highly inflationary economies.

Effective as of the close of the 2015 fiscal year, we concluded that we no longer met the accounting criteria for consolidation of our Venezuelan subsidiaries due to a loss of control over our Venezuelan operations and an other-than-temporary lack of currency exchangeability. During the fourth quarter of 2015, representatives of the Venezuelan government arbitrarily imposed pricing restrictions on our local operations that resulted in our inability to recover operating costs. We immediately began an appeal process with the Venezuelan authorities to demonstrate that our pricing was in line with the regulatory requirements. In January 2016, local officials communicated that some of the pricing restrictions had been lifted; however, the legally required administrative order has not been issued and it is uncertain when it will be issued. The legal and regulatory environment has become more unreliable. While we have been complying with the Venezuelan law governing pricing and profitability controls and have followed the legal process for appeal, the appeal process was not available to us as outlined under law. Additionally, we have been increasingly facing issues procuring raw materials and packaging. Taken together, these actions, the economic environment in Venezuela and the progressively limited access to dollars to import goods through the use of any of the available currency mechanisms have impaired our ability to operate and control our Venezuelan businesses. As a result of these factors, we concluded that we no longer met the criteria for the consolidation of our Venezuelan subsidiaries.

As of the close of the 2015 fiscal year, we deconsolidated and changed to the cost method of accounting for our Venezuelan operations. We recorded a $778 million pre-tax loss on December 31, 2015 as we reduced the value of our cost method investment in Venezuela and all Venezuelan receivables held by our other subsidiaries to realizable fair value, resulting in full impairment. The recorded loss also included historical cumulative translation adjustments related to our Venezuelan operations that had previously been recorded in accumulated other comprehensive losses within equity. The fair value of our investments in our Venezuelan subsidiaries was estimated based on discounted cash flow projections of current and expected operating losses in the foreseeable future and our ability to operate the business on a sustainable basis. Our fair value estimate included U.S. dollar exchange and discount rate assumptions that reflect the inflation and economic uncertainty in Venezuela.

Beginning in 2016, we no longer include net revenues, earnings or net assets of our Venezuelan subsidiaries within our consolidated financial statements. Under the cost method of accounting, earnings are only recognized to the extent cash is received. Given the current and ongoing difficult economic, regulatory and business environment in Venezuela, there continues to be significant uncertainty related to our operations in Venezuela, and we expect these conditions will continue for the foreseeable future. We will monitor the extent of our ability to control our Venezuelan operations and the liquidity and availability of U.S. dollars at different rates, including the recent changes to the currency exchange systems in March 2016, as our current situation in Venezuela may change over time and lead to consolidation at a future date.

We recorded no earnings or other financial results from our Venezuelan subsidiaries during the three months ended March 31, 2016, and we continue to monitor the business, economic and regulatory climate in Venezuela. For the three months ended March 31, 2015, the operating results of our Venezuelan operations were included in our condensed consolidated statements of earnings. During this time, we recognized an $11 million currency-related remeasurement loss resulting from a devaluation of the Venezuela bolivar exchange rate we historically used to source U.S. dollars for purchases of imported raw materials, packaging and other goods and services. For the three months ended March 31, 2015, our Venezuelan subsidiaries contributed $218 million, or 2.8% of consolidated net revenues and $41 million, or 5.1% of consolidated operating income.

Argentina. On December 16, 2015, the new Argentinean government fiscal authority announced the lifting of strict currency controls and reduced restrictions on exports and imports. The next day, the value of the Argentine peso relative to the U.S. dollar fell by 36%. In the first quarter of 2016, the value of the Argentinean peso relative to the U.S. dollar declined 14%. Further volatility in the exchange rate is expected. While the business operating environment remains challenging, we continue to monitor and actively manage our investment and exposures in Argentina. We continue executing our hedging programs and refining our product portfolio to improve our product offerings, mix and profitability. We also continue to implement additional cost initiatives to protect the business. While further currency declines could have an adverse impact on our ongoing results of operations, we believe the actions by the new government to reduce economic controls and business restrictions will provide favorable opportunities for our Argentinean subsidiaries. Our Argentinian operations contributed $130 million, or 2.0% of consolidated net revenues and $22 million, or 3.0% of consolidated operating income for the three months ended March 31, 2016. As of March 31, 2016, the net monetary liabilities of our Argentina operations were not material. Argentina is not designated as a highly-inflationary economy for accounting purposes, so we record currency translation adjustments within equity and realized exchange gains and losses on transactions in earnings.

Other Countries. Since we have operations in over 80 countries and sell in 165 countries, we regularly monitor economic and currency-related risks and seek to take protective measures in response to these exposures. Some of the countries in which we do business have recently experienced periods of significant economic uncertainty. These include Brazil, China, Russia, Egypt and Ukraine, most of which have had either currency devaluation or volatility in exchange rates. We continue to monitor operations, currencies and net monetary exposures in these countries. At this time, we do not have material net monetary asset exposures or risk to our operating results from changing to highly inflationary accounting in these countries.

Transfers of Financial Assets:

We account for transfers of financial assets, such as uncommitted revolving non-recourse accounts receivable factoring arrangements, when we have surrendered control over the related assets. Determining whether control has transferred requires an evaluation of relevant legal considerations, an assessment of the nature and extent of our continuing involvement with the assets transferred and any other relevant considerations. We use receivable factoring arrangements periodically when circumstances are favorable to manage liquidity. We have a factoring arrangement with a major global bank for a maximum combined capacity of $820 million. Under the program, we may sell eligible short-term trade receivables to the bank in exchange for cash. We then continue to collect the receivables sold, acting solely as a collecting agent on behalf of the bank. We also enter into certain arrangements with customers to achieve earlier collection of receivables. The incremental cost of factoring receivables was $1 million in the three months ended March 31, 2016 and less than $1 million in the three months ended March 31, 2015 and was recorded in net revenue. The outstanding principal amount of receivables under these arrangements amounted to $552 million as of March 31, 2016 and $352 million as of March 31, 2015.

Accounting Calendar Change:

In connection with moving toward a common consolidation date across the Company, in the first quarter of 2015, we changed the consolidation date for our North America segment from the last Saturday of each period to the last calendar day of each period. The change had a favorable impact of $38 million on net revenues and $19 million on operating income in the three months ended March 31, 2015. As a result of this change, each of our operating subsidiaries now reports results as of the last calendar day of the period.

New Accounting Pronouncements:

In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to simplify the accounting for stock-based compensation. The ASU addresses several areas of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and cash flow statement presentation. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements.

In March 2016, the FASB issued an ASU that simplifies the transition accounting for increases in investments that require a change from the cost basis to the equity method of accounting. U.S. GAAP currently requires the impact of such changes in accounting method to be retroactively applied to all prior periods that the investment was held. Under the new standard, adjustments to the investor’s basis in the investment should be recorded on the date the investment becomes qualified for equity method accounting. The equity method of accounting is then applied prospectively from that date. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements.

In March 2016, the FASB issued an ASU that clarifies whether contingent put and call options meet the “clearly and closely related” criteria in connection with accounting for embedded derivatives. U.S GAAP requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. The criteria include determining that the economic characteristics and risks of the embedded derivatives are not “clearly and closely related” to those of the host contract. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements.

In March 2016, the FASB issued an ASU that applies when there is a contract novation to a new counterparty for a derivative designated as an accounting hedge. The ASU clarifies that such a change in counterparty does not, in and of itself, require de-designation of the hedging relationship, provided that all other hedge accounting criteria continue to be met. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements.

In February 2016, the FASB issued an ASU on lease accounting. The ASU revises existing U.S. GAAP and outlines a new model for lessors and lessees to use in accounting for lease contracts. The guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, with the exception of short-term leases. In the income statement, lessees will classify leases as either operating (resulting in straight-line expense) or financing (resulting in a front-loaded expense pattern). The ASU is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements.

In January 2016, the FASB issued an ASU that provides updated guidance for the recognition, measurement, presentation and disclosure of financial assets and liabilities. The ASU is effective for fiscal years beginning after December 15, 2017. We are currently assessing the impact across our operations and on our consolidated financial statements.

In July 2015, the FASB issued an ASU that simplifies the guidance on the subsequent measurement of inventory. U.S. GAAP currently requires an entity to measure inventory at the lower of cost or market. Previously, market could be replacement cost, net realizable value or net realizable value less an approximate normal profit margin. Under the new standard, inventory should be valued at the lower of cost or net realizable value. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We early adopted the new standard on January 1, 2016 on a prospective basis. The adoption of the standard did not have a material impact on our consolidated financial statements.

In May 2015, the FASB issued an ASU that applies to reporting entities that elect to measure the fair value of an investment using the net asset value (“NAV”) per share (or its equivalent) practical expedient. This ASU removes the requirement to include investments measured using the practical expedient within fair value hierarchy disclosures. Also, practical expedient disclosures previously required for all eligible investments are now only required for investments for which the practical expedient has been elected. The update is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. As we measure certain defined benefit plan assets using the NAV practical expedient, we adopted the new standard on January 1, 2016. The new standard will impact our year-end pension disclosures and is not otherwise expected to have an impact on our consolidated financial statements.

In April 2015, the FASB issued an ASU that provides guidance on evaluating whether a cloud computing arrangement includes a software license. If there is a software license component, software licensing accounting should be applied; otherwise, service contract accounting should be applied. The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We adopted the new standard on January 1, 2016 and on a prospective basis. The standard did not have a material impact on our consolidated financial statements.

In February 2015, the FASB issued an ASU that amends current consolidation guidance related to the evaluation of whether certain legal entities should be consolidated. The standard modifies both the variable interest entity (“VIE”) model and the voting interest model, including analyses of whether limited partnerships are VIEs and the impact of service fees and related party interests in determining if an entity is a VIE to the reporting entity. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We adopted the new standard on January 1, 2016 and the standard did not have a material impact on our consolidated financial statements.

In May 2014, the FASB issued an ASU on revenue recognition from contracts with customers. The new ASU outlines a new, single comprehensive model for companies to use in accounting for revenue. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for the goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows from customer contracts, including significant judgments made in recognizing revenue. In May 2015, the FASB proposed changes to the new guidance in the areas of licenses and identifying performance obligations. In August 2015, the FASB issued an ASU that defers the effective date by one year to annual reporting periods beginning after December 15, 2017. In March 2016, the FASB issued an ASU that clarifies the implementation guidance on principal versus agent considerations within the new revenue recognition guidance. The FASB also issued an ASU in March 2016 that clarifies that certain prepaid stored-value products should be accounted for under the breakage guidance under the new revenue recognition guidance and not under other U.S. GAAP. In April 2016, the FASB issued an ASU that clarifies the guidance for identifying performance obligations within a contract and the accounting for licenses. Early adoption is permitted as of the original effective date which was for annual reporting periods beginning after December 15, 2016. The ASU may be applied retrospectively to historical periods presented or as a cumulative-effect adjustment as of the date of adoption. We have made progress in our due diligence and scoping reviews and continue to assess the impact of the new standard across our operations and on our consolidated financial statements. We anticipate adopting the new standard on January 1, 2018.

Divestitures and Acquisitions

3 Months Ended

Mar. 31, 2016

Divestitures and Acquisitions

Note 2. Divestitures and Acquisitions

JDE Coffee Business Transactions:

On July 2, 2015, we completed transactions to combine our wholly owned coffee businesses (including our coffee portfolio in France) with those of D.E Master Blenders 1753 B.V. (“DEMB”) to create a new company, Jacobs Douwe Egberts (“JDE”). Following the exchange of a portion of our investment in JDE for an interest in Keurig Green Mountain Inc. (“Keurig”) in March 2016, we now hold a 26.5% equity interest in JDE. The remaining 73.5% equity interest in JDE is held by a subsidiary of Acorn Holdings B.V. (“AHBV,” owner of DEMB prior to July 2, 2015). Please see discussion of the acquisition of an interest in Keurig below under Keurig Transaction.

In connection with the contribution of our global coffee businesses to JDE, we recorded a pre-tax gain of $6.8 billion (or $6.6 billion after taxes) in 2015. We also recorded approximately $1.0 billion of pre-tax net gains related to hedging the expected cash proceeds from the transactions as described further below.

The consideration we received consisted of €3.8 billion of cash ($4.2 billion as of July 2, 2015), a 43.5% equity interest in JDE (prior to the decrease in ownership due to the Keurig transaction discussed below) and $794 million in receivables (related to sales price adjustments and tax formation cost payments). During the third quarter of 2015, we also recorded $283 million of cash and receivables from JDE related to reimbursement of costs that we incurred in separating our coffee businesses. The cash and equity consideration we received at closing reflects that we retained our interest in a Korea-based joint venture, Dongsuh Foods Corporation (“DSF”). During the second quarter of 2015, we also completed the sale of our interest in a Japanese coffee joint venture, Ajinomoto General Foods, Inc. (“AGF”). In lieu of contributing our interest in the AGF joint venture to JDE, we contributed the net cash proceeds from the sale, and the transaction did not change the consideration received for our global coffee businesses. Please see discussion of the divestiture of AGF below under Other Divestitures and Acquisitions.

During the fourth quarter of 2015, we and JDE concluded negotiations of a sales price adjustment and completed the valuation of our investment in JDE. Primarily due to the negotiated resolution of the sales price adjustment in the fourth quarter, we recorded a $313 million reduction in the pre-tax gain on the coffee transaction, reducing the $7.1 billion estimated gain in the third quarter to the $6.8 billion final gain for 2015. As part of our sales price negotiations, we retained the right to collect future cash payments if certain estimated pension liabilities come in over an agreed amount in the future. As such, we may recognize additional income related to this negotiated term in the future.

The final value of our investment in JDE on July 2, 2015 was €4.1 billion ($4.5 billion as of July 2, 2015). The fair value of the JDE investment was determined using both income-based and market-based valuation techniques. The discounted cash flow analysis reflected growth, discount and tax rates and other assumptions reflecting the underlying combined businesses and countries in which the combined coffee businesses operate. The fair value of the JDE investment also included the fair values of the Carte Noire and Merrild businesses, which JDE planned to divest to comply with the conditioned approval by the European Commission related to the JDE coffee business transactions. As of the end of the first quarter of 2016, these businesses have been sold by JDE. As the July 2, 2015 fair values for these businesses were recorded by JDE at their pending sales values, we did not record any gain or loss on the sales of these businesses in our share of JDE’s earnings.

In connection with the expected receipt of cash in euros at the time of closing, we entered into a number of consecutive currency exchange forward contracts in 2014 and 2015 to lock in an equivalent expected value in U.S. dollars as of the date the JDE coffee business transactions were first announced in May 2014. Cumulatively, we realized aggregate net gains and received cash of approximately $1.0 billion on these hedging contracts that increased the cash we received in connection with the JDE coffee business transactions from $4.2 billion in cash consideration received to $5.2 billion. In connection with these currency contracts, we recognized net gains of $551 million in the three months ended March 31, 2015 within interest and other expense, net.

We also incurred incremental expenses related to readying our global coffee businesses for the transactions that totaled $28 million for the three months ended March 31, 2015. These expenses were recorded within selling, general and administrative expenses of primarily our Europe segment, as well as within our Eastern Europe, Middle East and Africa (“EEMEA”) segment and general corporate expenses.

JDE Capital Increase:

On December 18, 2015, AHBV and we agreed to provide JDE additional capital to pay down some of its debt with lenders. Our pro rata share of the capital increase was €499 million ($544 million as of December 18, 2015) and was made in return for a pro rata number of additional shares in JDE such that our ownership in JDE did not change following the capital increase. To fund our share of the capital increase, we contributed €460 million ($501 million) of JDE receivables and made a €39 million ($43 million) cash payment.

Keurig Transaction:

On March 3, 2016, a subsidiary of AHBV completed the $13.9 billion acquisition of all the outstanding common stock of Keurig through a merger transaction. On March 7, 2016, we exchanged with a subsidiary of AHBV a portion of our equity interest in JDE with a carrying value of €1.7 billion (approximately $2.0 billion as of March 7, 2016) for an interest in Keurig with a fair value of $2.0 billion based on the merger consideration per share for Keurig. We recorded the difference between the fair value of Keurig and our basis in JDE shares as a $43 million gain on equity method investment exchange in March 2016. Following the exchange, our ownership interest in JDE is 26.5% and our interest in Keurig is 24.2%. Both AHBV and we hold our investments in Keurig through a combination of equity and interests in a shareholder loan, with pro-rata ownership of each. Our initial $2.0 billion investment in Keurig includes a $1.6 billion Keurig equity interest and a $0.4 billion shareholder loan receivable, which are reported on a combined basis within equity method investments on our condensed consolidated balance sheet as of March 31, 2016. The shareholder loan has a 5.5% interest rate and is payable at the end of a seven-year term on February 27, 2023. For the month ended March 31, 2016, we recorded $8 million of equity earnings and $2 million of interest income from the shareholder loan within equity method earnings. We continue to account for our investments in JDE and Keurig under the equity method and recognize our share of their earnings within equity method investment earnings and our share of their dividends within our cash flows.

We have reflected the results of our historical coffee businesses and equity earnings from JDE, Keurig and DSF in our results from continuing operations as the coffee category continues to be a significant part of our net earnings and business strategy going forward. For the three months ended March 31, 2016, the equity method investment earnings contributed by our coffee investments included $47 million from JDE and $24 million from DSF, as well as $10 million from Keurig for the month of March. For the three months ended March 31, 2015, after-tax earnings were $113 million for the coffee businesses we contributed to JDE on July 2, 2015 and $20 million for DSF.

Other Divestitures and Acquisitions:

On March 31, 2016, we received and accepted a binding offer totaling €175 million ($199 million as of March 31, 2016) for the sale of several manufacturing facilities in France and sale or license of certain local confectionery brands. The transactions are expected to be completed and remaining pre-closing conditions satisfied in the second quarter of 2017. The transactions are subject to EU and local regulatory approvals, completion of employee consultation requirements and additional steps to prepare the assets for transfer. Prior to closing, together with the buyer, we will undertake consultations with all Works Councils and employee representatives required in connection with the transactions. Given a number of closing conditions and a closing timeline of greater than one year, the net assets pending sale are currently classified as held for use. On March 31, 2016, we recorded a $14 million impairment charge for a gum & candy trademark as a portion of its carrying value would not be recoverable based on future cash flows expected under a planned license agreement with the buyer.

On July 15, 2015, we acquired an 80% interest in a biscuit operation in Vietnam, which is now a subsidiary within our Asia Pacific segment. Total cash paid to date for the biscuit operation, intellectual property, non-compete and consulting agreements less purchase price adjustments received was 11,645 billion Vietnamese dong ($534 million using applicable exchange rates on July 15 and November 27). We have made, received and expect to make the following cash payments in connection with the acquisition:

•

On November 10, 2014, we deposited $46 million in escrow upon signing the purchase agreement.

•

On July 15, 2015, we made a 9,122 billion Vietnamese dong ($418 million as of July 15, 2015) payment for the biscuit operation, a $44 million additional escrow deposit and a 759 billion Vietnamese dong ($35 million as of July 15, 2015) partial payment for the non-compete and continued consulting agreements.

•

On November 27, 2015, we received 197 billion Vietnamese dong ($9 million as of November 27, 2015) as a purchase price adjustment related to working capital adjustments at closing.

•

Subject to the satisfaction of final conditions, including the resolution of warranty, other claims and further purchase price adjustments, we expect to release previously escrowed funds of $90 million for the remaining 20% interest in the biscuit operation and to make a final payment of 759 billion Vietnamese dong ($34 million as of March 31, 2016) for the non-compete and consulting agreements. We anticipate resolution of these conditions by the end of the third quarter of 2016.

We are in the process of completing the valuation work for the acquired net assets. As of March 31, 2016, we have recorded a preliminary allocation of the consideration paid including $10 million to inventory, $49 million to property, plant and equipment, $87 million of intangible assets, $385 million of goodwill and $32 million to other net liabilities. The allocation of the fair values had an immaterial impact on operating results. We recorded the non-compete and consulting agreements as prepaid contracts within other current and non-current assets and they will be amortized into net earnings over the remaining contract terms. The acquisition added $37 million in incremental net revenues and $3 million in incremental operating income in the three months ended March 31, 2016. Integration costs were not material to our condensed consolidated financial statements for the three months ended March 31, 2016.

On April 23, 2015, we completed the divestiture of our 50% equity interest in AGF, our Japanese coffee joint venture, to our joint venture partner, which generated cash proceeds of 27 billion Japanese yen ($225 million as of April 23, 2015) and a pre-tax gain of $13 million (after-tax loss of $9 million) in the second quarter of 2015. Upon closing, we divested our $99 million investment in the joint venture, $65 million of goodwill and $41 million of accumulated other comprehensive losses. We also incurred approximately $7 million of transaction costs. The operating results of the divestiture were not material to our condensed consolidated financial statements for the three months ended March 31, 2015.

On February 16, 2015, we acquired a U.S. snack food company, Enjoy Life Foods, within our North America segment. We paid cash and settled debt totaling $81 million in connection with the acquisition. Upon finalizing the valuation of the acquired net assets during the second quarter of 2015, we recorded an $81 million purchase price allocation of $58 million in identifiable intangible assets, $20 million of goodwill and $3 million of other net assets. The acquisition-related costs and operating results of the acquisition were not material to our condensed consolidated financial statements for the three months ended March 31, 2016 and 2015.

Inventories

3 Months Ended

Mar. 31, 2016

Inventories

Note 3. Inventories

Inventories consisted of the following:


	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Raw materials	$	849		$	782
Finished product		2,009			1,930


		2,858			2,712
Inventory reserves		(102	)		(103	)

Inventories, net	$	2,756		$	2,609

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment

Note 4. Property, Plant and Equipment Property, plant and equipment consisted of the following:
	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Land and land improvements	$	508		$	495
Buildings and building improvements		2,857			2,753
Machinery and equipment		10,382			10,044
Construction in progress		1,281			1,262

		15,028			14,554
Accumulated depreciation		(6,494	)		(6,192	)

Property, plant and equipment, net	$	8,534		$	8,362

Capital expenditures of $335 million for the three months ended March 31, 2016 exclude $211 million of accrued capital expenditures remaining unpaid at March 31, 2016 and include payment for $322 million of capital expenditures that were accrued and unpaid at December 31, 2015.

In connection with our restructuring programs, we recorded non-cash asset write-downs (including accelerated depreciation and asset impairments) of $52 million in the three months ended March 31, 2016 and $78 million in the three months ended March 31, 2015 (see Note 6, 2014-2018 Restructuring Program). These charges were recorded in the condensed consolidated statements of earnings within asset impairment and exit costs as follows:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)

Latin America	$	6	$	13
Asia Pacific		8		19
EEMEA		3		–
Europe		19		25
North America		16		21

Total non-cash asset write-downs	$	52	$	78

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets Goodwill by reportable segment was:
	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Latin America	$	902		$	858
Asia Pacific		2,519			2,520
EEMEA		1,316			1,304
Europe		7,332			7,117
North America		8,908			8,865

Goodwill	$	20,977		$	20,664

Intangible assets consisted of the following:
	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Non-amortizable intangible assets	$	17,852		$	17,527
Amortizable intangible assets		2,391			2,320


		20,243			19,847
Accumulated amortization		(1,149	)		(1,079	)

Intangible assets, net	$	19,094		$	18,768

Non-amortizable intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the Spanish and Portuguese operations of United Biscuits, the global LU biscuit business of Groupe Danone S.A. and Cadbury Limited. Amortizable intangible assets consist primarily of trademarks, customer-related intangibles, process technology, licenses and non-compete agreements. At March 31, 2016, the weighted-average life of our amortizable intangible assets was 13.6 years.

Amortization expense for intangible assets was $44 million in the three months ended March 31, 2016 and $46 million in the three months ended March 31, 2015. We currently estimate annual amortization expense for each of the next five years to be approximately $185 million, estimated using March 31, 2016 exchange rates.

Changes in goodwill and intangible assets consisted of:


				Intangible
	Goodwill			Assets, at cost
	(in millions)

Balance at January 1, 2016	$	20,664		$	19,847
Changes due to:
Currency		389			323
Acquisition		(76	)		87
Asset impairment		–			(14	)

Balance at March 31, 2016	$	20,977		$	20,243

Changes to goodwill and intangibles were:

•

Asset impairment – On March 31, 2016, we recorded $14 million of impairment charges related to a gum & candy trademark in our Europe segment in connection with a binding offer to sell and license certain local confectionery brands in France. See Note 2, Divestitures and Acquisitions – Other Divestitures and Acquisitions, for additional information.

•

Acquisition – During the first quarter of 2016, in connection with the July 15, 2015 acquisition of an 80% interest in a biscuit operation in Vietnam, we recorded a preliminary allocation of the consideration paid including $26 million of amortizable intangible assets and $61 million of non-amortizable intangible assets. Intangible assets acquired included trademarks and customer-related intangibles with definite and indefinite lives. A preliminary goodwill balance recorded as of July 15, 2015, was adjusted during the first quarter to reflect intangible asset and other asset fair valuations. See Note 2, Divestitures and Acquisitions – Other Divestitures and Acquisitions, for additional information.

During our 2015 annual testing of non-amortizable intangible assets, we recorded $71 million of impairment charges in the three months ended December 31, 2015 related to four trademarks in Asia Pacific, Europe and Latin America. We also noted seven brands, including the four impaired trademarks, with $598 million of aggregate book value as of December 31, 2015 that each had a fair value in excess of book value of 10% or less. While these intangible assets passed our annual impairment testing and we believe our current plans for each of these brands will allow them to continue to not be impaired, if expectations are not met or specific valuation factors outside of our control, such as discount rates, change significantly, then a brand or brands could become impaired in the future.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

2014-2018 Restructuring Program

3 Months Ended

Mar. 31, 2016

2014-2018 Restructuring Program

Note 6. 2014-2018 Restructuring Program

On May 6, 2014, our Board of Directors approved a $3.5 billion restructuring program, comprised of approximately $2.5 billion in cash costs and $1 billion in non-cash costs (the “2014-2018 Restructuring Program”), and up to $2.2 billion of capital expenditures. The primary objective of the 2014-2018 Restructuring Program is to reduce our operating cost structure in both our supply chain and overhead costs. The program is intended primarily to cover severance as well as asset disposals and other manufacturing-related one-time costs. Since inception, we have incurred total restructuring and related implementation charges of $1.6 billion related to the 2014-2018 Restructuring Program. We expect to incur the majority of the program’s remaining charges in 2016 and to complete the program by year-end 2018.

Restructuring Costs:

We recorded restructuring charges of $139 million in the three months ended March 31, 2016 and $163 million in the three months ended March 31, 2015 within asset impairment and exit costs. The activity for the 2014-2018 Restructuring Program liability for the three months ended March 31, 2016 was:


	Severance and related costs			Asset Write-downs			Total
	(in millions)

Liability balance, January 1, 2016	$	395		$	–		$	395
Charges		87			52			139
Cash spent		(74	)		–			(74	)
Non-cash settlements / adjustments		–			(52	)		(52	)
Currency		10			–			10

Liability balance, March 31, 2016	$	418		$	–		$	418

We spent $74 million in the three months ended March 31, 2016 and $39 million in the three months ended March 31, 2015 in cash severance and related costs. We also recognized non-cash asset write-downs (including accelerated depreciation and asset impairments) of $52 million in the three months ended March 31, 2016 and $78 million in the three months ended March 31, 2015. At March 31, 2016, $332 million of our net restructuring liability was recorded within other current liabilities and $86 million was recorded within other long-term liabilities.

Implementation Costs:

Implementation costs are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. We believe the disclosure of implementation costs provides readers of our financial statements with more information on the total costs of our 2014-2018 Restructuring Program. Implementation costs primarily relate to reorganizing our operations and facilities in connection with our supply chain reinvention program and other identified productivity and cost saving initiatives. The costs include incremental expenses related to the closure of facilities, costs to terminate certain contracts and the simplification of our information systems. Within our continuing results of operations, we recorded implementation costs of $98 million in the three months ended March 31, 2016 and $61 million in the three months ended March 31, 2015. We recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses.

Restructuring and Implementation Costs in Operating Income:

During the three months ended March 31, 2016 and 2015 and since inception of the 2014-2018 Restructuring Program, we recorded restructuring and implementation costs within operating income as follows:


	Latin America		Asia Pacific		EEMEA		Europe		North America⁽¹⁾		Corporate⁽²⁾		Total
							(in millions)

For the Three Months Ended March 31, 2016
Restructuring Costs	$	12	$	23	$	9	$	64	$	31	$	–	$	139
Implementation Costs		7		6		3		29		38		15		98

Total	$	19	$	29	$	12	$	93	$	69	$	15	$	237


For the Three Months Ended March 31, 2015
Restructuring Costs	$	15	$	25	$	2	$	109	$	11	$	1	$	163
Implementation Costs		9		4		4		20		9		15		61

Total	$	24	$	29	$	6	$	129	$	20	$	16	$	224


Total Project 2014-2016 ⁽³⁾
Restructuring Costs	$	238	$	172	$	91	$	383	$	202	$	38	$	1,124
Implementation Costs		62		34		19		139		112		130		496

Total	$	300	$	206	$	110	$	522	$	314	$	168	$	1,620

(1)

During the three months ended March 31, 2016, our North America region implementation costs included costs that we incurred related to re-negotiating collective bargaining agreements that expired at the end of February 2016 for eight U.S. facilities and related to executing business continuity plans for the North America business. We expect to incur additional costs related to these activities in future quarters of 2016.

(2)

Includes adjustment for rounding.

(3)

Includes all charges recorded since program inception on May 6, 2014 through March 31, 2016.

Debt and Borrowing Arrangements

3 Months Ended

Mar. 31, 2016

Debt and Borrowing Arrangements

Note 7. Debt and Borrowing Arrangements

Short-Term Borrowings:

Our short-term borrowings and related weighted-average interest rates consisted of:


	As of March 31, 2016				As of December 31, 2015
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions)				(in millions)

Commercial paper	$	2,291		0.8%	$	–		0.0%
Bank loans		273		10.5%		236		9.5%

Total short-term borrowings	$	2,564			$	236

As of March 31, 2016, the commercial paper issued and outstanding had between 1 and 90 days remaining to maturity. Bank loans include borrowings on primarily uncommitted credit lines maintained by some of our international subsidiaries to meet short-term working capital needs.

Borrowing Arrangements:

We maintain a revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. Our $4.5 billion multi-year senior unsecured revolving credit facility expires on October 11, 2018. The revolving credit agreement includes a covenant that we maintain a minimum shareholders’ equity of at least $24.6 billion, excluding accumulated other comprehensive earnings / (losses) and the cumulative effects of any changes in accounting principles. At March 31, 2016, we complied with the covenant as our shareholders’ equity as defined by the covenant was $37.1 billion. The revolving credit facility agreement also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security. As of March 31, 2016, no amounts were drawn on the facility.

Some of our international subsidiaries maintain primarily uncommitted credit lines to meet short-term working capital needs. Collectively, these credit lines amounted to $2.0 billion at March 31, 2016 and $1.9 billion at December 31, 2015. Borrowings on these lines amounted to $273 million at March 31, 2016 and $236 million at December 31, 2015.

Long-Term Debt:

On February 9, 2016, $1,750 million of our 4.125% U.S. dollar notes matured. The notes and accrued interest to date were paid with net proceeds from the fr.400 million Swiss franc-denominated notes issuance on January 26, 2016 and the €700 million euro-denominated notes issuance on January 21, 2016, as well as cash on hand and the issuance of commercial paper. As we refinanced $1,150 million of the matured notes with net proceeds from long-term debt issued in January 2016, we reflected this amount within long-term debt as of December 31, 2015.

On January 26, 2016, we issued fr.400 million of Swiss franc-denominated notes, or $399 million in U.S. dollars locked in with a forward currency contract on January 12, 2016, consisting of:

•

fr.250 million (or $249 million) of 0.080% fixed rate notes that mature on January 26, 2018

•

fr.150 million (or $150 million) of 0.650% fixed rate notes that mature on July 26, 2022

We received proceeds net of premiums and deferred financing costs of $398 million that were used to partially fund the February 2016 note maturity and for other general corporate purposes. We recorded approximately $1 million of premiums and deferred financing costs, which will be amortized into interest expense over the life of the notes.

On January 21, 2016, we issued €700 million of euro-denominated 1.625% notes, or $760 million in U.S. dollars locked in with a forward currency contract on January 13, 2016. The euro-denominated notes will mature on January 20, 2023. We received proceeds net of discounts and deferred financing costs of $752 million that were used to partially fund the February 2016 note maturity and for other general corporate purposes. We recorded approximately $8 million of discounts and deferred financing costs, which will be amortized into interest expense over the life of the notes.

Our weighted-average interest rate on our total debt was 3.1% as of March 31, 2016, following the refinancing of the February 9, 2016 debt maturity. Our weighted-average interest rate on our total debt was 3.7% as of December 31, 2015, down from 4.3% as of December 31, 2014.

Fair Value of Our Debt:

The fair value of our short-term borrowings at March 31, 2016 and December 31, 2015 reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheet. The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations. At March 31, 2016, the aggregate fair value of our total debt was $18,428 million and its carrying value was $17,399 million. At December 31, 2015, the aggregate fair value of our total debt was $15,908 million and its carrying value was $15,398 million.

Interest and Other Expense, net:

Interest and other expense, net within our results of continuing operations consisted of:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)

Interest expense, debt	$	136	$	175
Loss on debt extinguishment and related expenses		–		713
JDE coffee business transactions currency-related net gains		–		(551	)
Loss related to interest rate swaps		97		34
Other expense, net		11		15

Interest and other expense, net	$	244	$	386

See Note 2, Divestitures and Acquisitions, and Note 8, Financial Instruments, for information on the currency exchange forward contracts associated with the JDE coffee business transactions. Also see Note 8, Financial Instruments, for information on the loss related to U.S. dollar interest rate swaps no longer designated as accounting cash flow hedges during the first quarters of 2016 and 2015.

Financial Instruments

3 Months Ended

Mar. 31, 2016

Financial Instruments

Note 8. Financial Instruments

Fair Value of Derivative Instruments:

Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2016				As of December 31, 2015
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(in millions)

Derivatives designated as accounting hedges:
Currency exchange contracts	$	4	$	7	$	20	$	7
Commodity contracts		11		10		37		35
Interest rate contracts		17		4		12		57

	$	32	$	21	$	69	$	99


Derivatives not designated as accounting hedges:
Currency exchange contracts	$	34	$	88	$	61	$	33
Commodity contracts		33		48		70		56
Interest rate contracts		37		25		43		28

	$	104	$	161	$	174	$	117

Total fair value	$	136	$	182	$	243	$	216

During the first quarter of 2016 and 2015, derivatives designated as accounting hedges include cash flow and fair value hedges and derivatives not designated as accounting hedges include economic hedges. Non-U.S. dollar denominated debt designated as a hedge of our net investments in non-U.S. operations is not reflected in the table above, but is included in long-term debt summarized in Note 7,Debt and Borrowing Arrangements. We record derivative assets and liabilities on a gross basis in our condensed consolidated balance sheet. The fair value of our asset derivatives is recorded within other current assets and the fair value of our liability derivatives is recorded within other current liabilities.

The fair values (asset / (liability)) of our derivative instruments were determined using:


	As of March 31, 2016
	Total Fair Value of Net Asset / (Liability)			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	(in millions)

Currency exchange contracts	$	(57	)	$	–		$	(57	)	$	–
Commodity contracts		(14	)		(10	)		(4	)		–
Interest rate contracts		25			–			25			–

Total derivatives	$	(46	)	$	(10	)	$	(36	)	$	–


	As of December 31, 2015
	Total Fair Value of Net Asset / (Liability)			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	(in millions)

Currency exchange contracts	$	41		$	–	$	41		$	–
Commodity contracts		16			29		(13	)		–
Interest rate contracts		(30	)		–		(30	)		–

Total derivatives	$	27		$	29	$	(2	)	$	–

Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options. The fair value of these instruments is determined based on quoted market prices on commodity exchanges. Our exchange-traded derivatives are generally subject to master netting arrangements that permit net settlement of transactions with the same counterparty when certain criteria are met, such as in the event of default. We also are required to maintain cash margin accounts in connection with funding the settlement of our open positions, and the margin requirements generally fluctuate daily based on market conditions. We have recorded margin deposits related to our exchange-traded derivatives of $23 million as of March 31, 2016 and $22 million as of December 31, 2015 within other current assets. Based on our net asset or liability positions with individual counterparties, in the event of default and immediate net settlement of all of our open positions, for derivatives we have in a net asset position, our counterparties would owe us a total of $14 million as of March 31, 2016 and $52 million as of December 31, 2015. As of March 31, 2016 and December 31, 2015, there were no Level 1 derivatives in a net liability position.

Level 2 financial assets and liabilities consist primarily of over-the-counter (“OTC”) currency exchange forwards, options and swaps; commodity forwards and options; and interest rate swaps. Our currency exchange contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Our OTC derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our commodity and currency exchange OTC derivatives do not have a legal right of set-off. In connection with our OTC derivatives that could be net-settled in the event of default, assuming all parties were to fail to comply with the terms of the agreements, for derivatives we have in a net liability position, we would owe $40 million as of March 31, 2016 and $101 million as of December 31, 2015, and for derivatives we have in a net asset position, our counterparties would owe us a total of $61 million as of March 31, 2016 and $64 million as of December 31, 2015. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

Derivative Volume:

The net notional values of our derivative instruments were:


	Notional Amount
	As of March 31,		As of December 31,
	2016		2015
	(in millions)

Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	4,162	$	4,148
Forecasted transactions		1,464		1,094
Commodity contracts		544		732
Interest rate contracts		2,115		3,033
Net investment hedge – euro notes		5,349		4,345
Net investment hedge – pound sterling notes		1,368		1,404
Net investment hedge – Swiss franc notes		1,534		1,073

Cash Flow Hedges:

Cash flow hedge activity, net of taxes, within accumulated other comprehensive earnings / (losses) included:


	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Accumulated gain / (loss) at January 1	$	(45	)	$	(2	)
Transfer of realized losses / (gains) in fair value to earnings		58			(18	)
Unrealized gain / (loss) in fair value		(66	)		(26	)

Accumulated gain / (loss) at March 31	$	(53	)	$	(46	)

After-tax gains / (losses) reclassified from accumulated other comprehensive earnings / (losses) into net earnings were:


	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Currency exchange contracts – forecasted transactions	$	5		$	46
Commodity contracts		(3	)		(2	)
Interest rate contracts		(60	)		(26	)

Total	$	(58	)	$	18

After-tax gains / (losses) recognized in other comprehensive earnings / (losses) were:


	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Currency exchange contracts – forecasted transactions	$	(12	)	$	49
Commodity contracts		(5	)		(38	)
Interest rate contracts		(49	)		(37	)

Total	$	(66	)	$	(26	)

Cash flow hedge ineffectiveness was not material for all periods presented.

Within interest and other expenses, net, we recorded pre-tax losses of $97 million in the first quarter of 2016 and $34 million in the first quarter of 2015 related to amounts excluded from effectiveness testing. These amounts relate to interest rate swaps no longer designated as cash flow hedges due to changes in financing plans. Due to lower overall costs and our decision to hedge a greater portion of our net investments in operations that use currencies other than the U.S. dollar as their functional currencies, our plans to issue U.S. dollar-denominated debt changed and we instead issued euro and Swiss franc-denominated notes in the current year first quarter, and euro, British pound sterling and Swiss franc-denominated notes in the prior-year first quarter.

We record pre-tax and after-tax (i) gains or losses reclassified from accumulated other comprehensive earnings / (losses) into earnings, (ii) gains or losses on ineffectiveness and (iii) gains or losses on amounts excluded from effectiveness testing in:

•

cost of sales for commodity contracts;

•

cost of sales for currency exchange contracts related to forecasted transactions; and

•

interest and other expense, net for interest rate contracts and currency exchange contracts related to intercompany loans.

Based on current market conditions, we would expect to transfer unrealized losses of $4 million (net of taxes) for commodity cash flow hedges, unrealized losses of $8 million (net of taxes) for currency cash flow hedges and unrealized losses of less than $1 million (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months.

Hedge Coverage:

As of March 31, 2016, we hedged transactions forecasted to impact cash flows over the following periods:

•

commodity transactions for periods not exceeding the next 21 months;

•

interest rate transactions for periods not exceeding the next 7 years and 6 months; and

•

currency exchange transactions for periods not exceeding the next 21 months.

Fair Value Hedges:

Pre-tax gains / (losses) due to changes in fair value of our interest rate swaps and related hedged long-term debt were recorded in interest and other expense, net:


	For the Three Months Ended March 31,
	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Derivatives	$	5		$	4
Borrowings		(5	)		(4	)
Fair value hedge ineffectiveness and amounts excluded from effectiveness testing were not material for all periods presented. Economic Hedges: Pre-tax gains / (losses) recorded in net earnings for economic hedges were:
	For the Three Months Ended March 31,						Location of Gain / (Loss) Recognized in Earnings
	2016			2015
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	5		$	7		Interest and other expense, net
Forecasted transactions		(31	)		(3	)	Cost of sales
Forecasted transactions		8			553		Interest and other expense, net
Forecasted transactions		4			(11	)	Selling, general and administrative expenses
Interest rate contracts		–			1		Interest and other expense, net
Commodity contracts		(44	)		(41	)	Cost of sales

Total	$	(58	)	$	506

In connection with the JDE coffee business transactions, we entered into a number of consecutive euro to U.S. dollar currency exchange forward contracts in 2015 to lock in an equivalent expected value in U.S. dollars. The mark-to-market gains and losses on the derivatives were recorded in earnings. We recorded net gains of $551 million for the three months ended March 31, 2015 within interest and other expense, net in connection with the forward contracts and the transferring of proceeds to our subsidiaries where coffee net assets and shares were deconsolidated. The currency hedge and related gains and losses were recorded within interest and other expense, net. See Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions, for additional information.

Hedges of Net Investments in International Operations:

After-tax gains / (losses) related to hedges of net investments in international operations in the form of euro, pound sterling and Swiss franc-denominated debt were:


	For the Three Months Ended March 31,						Location of Gain / (Loss) Recognized in AOCI
	2016			2015
	(in millions)
Euro notes	$	154		$	314			Currency
Pound sterling notes		(23	)		32			Translation
Swiss franc notes		43			(13	)		Adjustment

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Benefit Plans

3 Months Ended

Mar. 31, 2016

Benefit Plans


	For the Three Months Ended March 31,						Location of Gain / (Loss) Recognized in AOCI
	2016			2015
	(in millions)
Euro notes	$	154		$	314			Currency
Pound sterling notes		(23	)		32			Translation
Swiss franc notes		43			(13	)		Adjustment
Note 9. Benefit Plans Pension Plans Components of Net Periodic Pension Cost: Net periodic pension cost consisted of the following:
	U.S. Plans						Non-U.S. Plans
	For the Three Months Ended March 31,						For the Three Months Ended March 31,
	2016			2015			2016			2015
	(in millions)						(in millions)

Service cost	$	13		$	17		$	38		$	50
Interest cost		16			17			60			77
Expected return on plan assets		(24	)		(23	)		(110	)		(119	)
Amortization:
Net loss from experience differences		9			12			31			39
Prior service cost		–			–			(1	)		–
Settlement losses and other expenses		4			3			–			–

Net periodic pension cost	$	18		$	26		$	18		$	47

Net periodic pension cost decreased in the first quarter of 2016 due to a combination of factors, including a decreased number of plan participants, changes in discount rates, company contributions to the plans and a change in our approach to measuring service and interest costs. For 2015, we measured service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016, we have elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. We believe the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. The impact of this change was approximately a $16 million decrease in net periodic pension cost for the three months ended March 31, 2016. This change does not affect the measurement of our plan obligations. We have accounted for this change as a change in accounting estimate and, accordingly, have accounted for it on a prospective basis.

Net pension costs of our Non-U.S. plans in the first quarter of 2016 were also favorably impacted by the reduction in our pension plan obligations due to the JDE coffee business transactions. Prior to the July 2, 2015 closing of the JDE coffee business transactions, certain active employees who transitioned to JDE participated in our Non-U.S. pension plans. Following the transactions, benefits began to be provided directly by JDE to participants continuing with JDE. JDE assumed certain pension plan obligations and received the related plan assets. In 2015, we reduced our net benefit plan liabilities by $131 million and the related deferred tax assets by $24 million. Refer to Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions, for more information. For participants that elected not to transfer into the JDE plans, we retained the plan obligations and related plan assets.

Employer Contributions:

During the three months ended March 31, 2016, we contributed $154 million to our U.S. plans and $116 million to our non-U.S. plans. As of March 31, 2016, we plan to make further contributions of approximately $16 million to our U.S. plans and approximately $263 million to our non-U.S. plans during the remainder of 2016. However, our actual contributions may differ due to many factors, including changes in tax and other benefit laws or significant differences between expected and actual pension asset performance or interest rates.

Postretirement Benefit Plans

Net periodic postretirement health care costs consisted of the following:


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions)
Service cost	$	3		$	4
Interest cost		5			6
Amortization:
Net loss from experience differences		2			3
Prior service credit		(2	)		(2	)

Net periodic postretirement health care costs	$	8		$	11

Net periodic postretirement health care costs decreased in the first quarter of 2016 due to a combination of factors, including a decreased number of plan participants, changes in discount rates, company contributions to the plans and a change in our approach to measuring service and interest costs. For 2015, we measured service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016, we elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. We believe the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. The impact of this change was approximately a $1 million decrease in net periodic postretirement health care costs for the three months ended March 31, 2016. This change does not affect the measurement of our plan obligations. We have accounted for this change as a change in accounting estimate and, accordingly, have accounted for it on a prospective basis.

Postemployment Benefit Plans

Net periodic postemployment costs consisted of the following:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)
Service cost	$	2	$	2
Interest cost		1		1

Net periodic postemployment costs	$	3	$	3

Stock Plans

3 Months Ended

Mar. 31, 2016

Stock Plans

Note 10. Stock Plans

Stock Options:

Stock option activity is reflected below:


	Shares Subject to Option			Weighted- Average Exercise or Grant Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value

Balance at January 1, 2016		57,034,108			26.12		6 years	$	229 million

Annual grant to eligible employees		7,517,290			39.70
Additional options issued		77,190			42.93

Total options granted		7,594,480			39.73
Options exercised		(1,719,156	)		24.45			$	28 million
Options cancelled		(487,243	)		34.42

Balance at March 31, 2016		62,422,189			27.75		6 years	$	281 million

Deferred Stock Units, Performance Share Units and Restricted Stock:

Historically we have made grants of deferred stock units, performance share units and restricted stock. Beginning in 2016, we will only grant deferred stock units and performance share units and no longer grant restricted stock. Our deferred stock unit, performance share unit and restricted stock activity is reflected below:


	Number of Shares			Grant Date		Weighted-Average Fair Value Per Share		Weighted-Average Aggregate Fair Value

Balance at January 1, 2016		9,418,216				$	28.00

Annual grant to eligible employees:					Feb. 22, 2016
Performance share units		1,406,500					39.70
Deferred stock units		1,040,790					39.70
Additional shares granted ⁽¹⁾		624,378			Various		26.56

Total shares granted		3,071,668					37.03	$	114 million
Vested ⁽²⁾		(3,675,455	)				39.95	$	147 million
Forfeited ⁽²⁾		(297,220	)				35.41

Balance at March 31, 2016		8,517,209					25.84

(1)

Includes performance share units and deferred stock units.

(2)

Includes performance share units, deferred stock units and historically granted restricted stock.

Share Repurchase Program:

During 2013, our Board of Directors authorized the repurchase of $7.7 billion of our Common Stock through December 31, 2016. On July 29, 2015, our Finance Committee, with authorization delegated from our Board of Directors, approved an increase of $6.0 billion in the share repurchase program, raising the authorization to $13.7 billion of Common Stock repurchases, and extended the program through December 31, 2018. Repurchases under the program are determined by management and are wholly discretionary. During the three months ended March 31, 2016, we repurchased 28.9 million shares of Common Stock at an average cost of $41.04 per share, or an aggregate cost of $1.2 billion, all of which was paid during the quarter. All share repurchases were funded through available cash and commercial paper issuances. As of March 31, 2016, we have $4.3 billion in remaining share repurchase capacity.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies

Note 11. Commitments and Contingencies

Legal Proceedings:

We routinely are involved in legal proceedings, claims and governmental inspections or investigations (“Legal Matters”) arising in the ordinary course of our business.

A compliant and ethical corporate culture, which includes adhering to laws and industry regulations in all jurisdictions in which we do business, is integral to our success. Accordingly, after we acquired Cadbury in February 2010, we began reviewing and adjusting, as needed, Cadbury’s operations in light of applicable standards as well as our policies and practices. We initially focused on such high priority areas as food safety, the Foreign Corrupt Practices Act (“FCPA”) and antitrust. Based upon Cadbury’s pre-acquisition policies and compliance programs and our post-acquisition reviews, our preliminary findings indicated that Cadbury’s overall state of compliance was sound. Nonetheless, through our reviews, we determined that in certain jurisdictions, including India, there appeared to be facts and circumstances warranting further investigation. We are continuing our investigations in certain jurisdictions, including in India, and we continue to cooperate with governmental authorities.

As we previously disclosed, on February 1, 2011, we received a subpoena from the SEC in connection with an investigation under the FCPA, primarily related to a facility in India that we acquired in the Cadbury acquisition. The subpoena primarily requests information regarding dealings with Indian governmental agencies and officials to obtain approvals related to the operation of that facility. We are continuing to cooperate with the U.S. and Indian governments in their investigations of these matters, including through ongoing meetings with the U.S. government to discuss potential conclusion of the U.S. government investigation. On February 11, 2016, we received a “Wells” notice from the SEC indicating that the staff has made a preliminary determination to recommend that the SEC file an enforcement action against us for violations of the books and records and internal controls provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in connection with the investigation. On March 18, 2016, we made a submission to the staff of the SEC in response to the notice.

In February 2013 and March 2014, Cadbury India Limited (now known as Mondelez India Foods Private Limited), a subsidiary of Mondelēz International, and other parties received show cause notices from the Indian Central Excise Authority (the “Excise Authority”) calling upon the parties to demonstrate why the Excise Authority should not collect a total of 3.7 billion Indian rupees ($56 million as of March 31, 2016) of unpaid excise tax and an equivalent amount of penalties, as well as interest, related to production at the same Indian facility. We contested these demands for unpaid excise taxes, penalties and interest. On March 27, 2015, after several hearings, the Commissioner of the Excise Authority issued an order denying the excise exemption that we claimed for the Indian facility and confirming the Excise Authority’s demands for total taxes and penalties in the amount of 5.8 billion Indian rupees ($88 million as of March 31, 2016). We have appealed this order. In addition, the Excise Authority issued additional show cause notices on February 6, 2015 and December 8, 2015 on the same issue but covering the periods January to October 2014 and November 2014 to September 2015, respectively. These notices added a total of 2.4 billion Indian rupees ($36 million as of March 31, 2016) of unpaid excise taxes as well as penalties to be determined up to an amount equivalent to that claimed by the Excise Authority and interest. We believe that the decision to claim the excise tax benefit is valid and we are continuing to contest the show cause notices through the administrative and judicial process.

In April 2013, the staff of the U.S. Commodity Futures Trading Commission (“CFTC”) advised us and Kraft Foods Group that it was investigating activities related to the trading of December 2011 wheat futures contracts that occurred prior to the Spin-Off of Kraft Foods Group. We cooperated with the staff in its investigation. On April 1, 2015, the CFTC filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois, Eastern Division (the “CFTC action”). The complaint alleges that Kraft Foods Group and Mondelēz Global (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures and (3) engaged in non-competitive trades by trading both sides of exchange-for-physical Chicago Board of Trade wheat contracts. The CFTC seeks civil monetary penalties of either triple the monetary gain for each violation of the Commodity Exchange Act (the “Act”) or $1 million for each violation of Section 6(c)(1), 6(c)(3) or 9(a)(2) of the Act and $140,000 for each additional violation of the Act, plus post-judgment interest; an order of permanent injunction prohibiting Kraft Foods Group and Mondelēz Global from violating specified provisions of the Act; disgorgement of profits; and costs and fees. In December 2015, the court denied Mondelēz Global and Kraft Foods Group’s motion to dismiss the CFTC’s claims of market manipulation and attempted manipulation, and the parties are now in discovery. Additionally, several class action complaints were filed against Kraft Foods Group and Mondelēz Global in the U.S. District Court for the Northern District of Illinois by investors in wheat futures and options on behalf of themselves and others similarly situated. The complaints make similar allegations as those made in the CFTC action and seek class action certification; an unspecified amount for damages, interest and unjust enrichment; costs and fees; and injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated in the Northern District of Illinois. It is not possible to predict the outcome of these matters; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to predominantly bear any monetary penalties or other payments in connection with the CFTC action.

While we cannot predict with certainty the results of any Legal Matters in which we are currently involved, we do not expect that the ultimate costs to resolve any of these Legal Matters, individually or in the aggregate, will have a material effect on our financial results.

Third-Party Guarantees:

We enter into third-party guarantees primarily to cover the long-term obligations of our vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. At March 31, 2016, we had no material third-party guarantees recorded on our condensed consolidated balance sheet.

Reclassifications from Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2016

Reclassifications from Accumulated Other Comprehensive Income

Note 12. Reclassifications from Accumulated Other Comprehensive Income

The following table summarizes the changes in the accumulated balances of each component of accumulated other comprehensive earnings / (losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings / (losses) to net earnings (net of tax) were net losses of $140 million in the three months ended March 31, 2016 and $24 million in the three months ended March 31, 2015.


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions)
Currency Translation Adjustments:
Balances at January 1,	$	(8,006	)	$	(5,042	)
Currency translation adjustments attributable to:
Translation of international operations ⁽¹⁾		792			(2,352	)
Pension and other benefits		(30	)		131
Derivatives accounted for as net investment hedges		(274	)		525
Noncontrolling interests		13			(25	)
Tax (expense) / benefit		100			(192	)

Other comprehensive earnings / (losses)		601			(1,913	)
Less: portion attributable to noncontrolling interests		13			(25	)

Balances at March 31,		(7,418	)		(6,930	)

Pension and Other Benefits:
Balances at January 1,	$	(1,934	)	$	(2,274	)
Losses / (gains) reclassified into net earnings:
Amortization of experience losses and prior service costs ⁽²⁾		29			52
Settlement losses ⁽²⁾		4			3
Tax (expense) / benefit on reclassifications⁽³⁾		(9	)		(13	)

Other comprehensive earnings / (losses)		24			42

Balances at March 31,		(1,910	)		(2,232	)

Derivatives Accounted for as Hedges:
Balances at January 1,	$	(46	)	$	(2	)
Net derivative gains / (losses)		(90	)		(56	)
Tax (expense) / benefit on net derivative gain / (loss)		24			30
Losses / (gains) reclassified into net earnings:
Currency exchange contracts - forecasted transactions ⁽⁴⁾		(6	)		(50	)
Commodity contracts ⁽⁴⁾		5			5
Interest rate contracts ⁽⁵⁾		96			41
Tax (expense) / benefit on reclassifications⁽³⁾		(36	)		(14	)

Other comprehensive earnings / (losses)		(7	)		(44	)

Balances at March 31,		(53	)		(46	)

Accumulated other comprehensive income attributable to Mondelēz International:
Balance at January 1,	$	(9,986	)	$	(7,318	)
Total other comprehensive earnings / (losses)		618			(1,915	)
Less: portion attributable to noncontrolling interests		13			(25	)

Other comprehensive earnings / (losses) attributable to Mondelez International		605			(1,890	)

Balance at March 31,	$	(9,381	)	$	(9,208	)

(1)

Includes $57 million of historical cumulative transaction adjustments reclassified to net earnings within the gain on equity method investment exchange.

(2)

These reclassified gains or losses are included in the components of net periodic benefit costs disclosed in Note 9, Benefit Plans, and equity method investment net earnings.

(3)

Taxes related to reclassified gains or losses are recorded within the provision for income taxes.

(4)

These reclassified gains or losses are recorded within cost of sales.

(5)

These reclassified gains or losses are recorded within interest and other expense, net.

- Definition

The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation.

+ References + Details

Income Taxes

3 Months Ended

Mar. 31, 2016

Income Taxes

Note 13. Income Taxes

Based on current tax laws, our estimated annual effective tax rate for 2016 is 22.0%, reflecting favorable impacts from the mix of pre-tax income in various non-U.S. tax jurisdictions. Our 2016 first quarter effective tax rate of 10.3% was favorably impacted by net tax benefit from $56 million of discrete one-time events. The discrete net tax benefit primarily consisted of a $39 million benefit from release of uncertain tax positions due to expirations of statutes of limitations in several jurisdictions.

As of the first quarter of 2015, our estimated annual effective tax rate for 2015 was 20.5%, reflecting favorable impacts from the mix of pre-tax income in various non-U.S. tax jurisdictions. Our 2015 first quarter effective tax rate of 26.6% was unfavorably impacted by net tax expense from $25 million of discrete one-time events. The discrete net tax expense primarily consisted of a $32 million tax charge related to the sale of our interest in a Japanese coffee joint venture that subsequently closed on April 23, 2015. The investment’s change to held-for-sale status in the first quarter of 2015 resulted in the recognition of the tax charge since we were no longer indefinitely reinvested in this joint venture.

Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share

Note 14. Earnings Per Share

Basic and diluted earnings per share (“EPS”) from continuing and discontinued operations were calculated using the following:


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions, except per share data)

Net earnings	$	557		$	312
Noncontrolling interest (earnings) / losses		(3	)		12

Net earnings attributable to Mondelēz International	$	554		$	324


Weighted-average shares for basic EPS		1,569			1,648
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		18			17

Weighted-average shares for diluted EPS		1,587			1,665


Basic earnings per share attributable to Mondelēz International	$	0.35		$	0.20
Diluted earnings per share attributable to Mondelēz International	$	0.35		$	0.19

We exclude antidilutive Mondelēz International stock options from our calculation of weighted-average shares for diluted EPS. We excluded 8.6 million antidilutive stock options for the three months ended March 31, 2016 and 10.9 million antidilutive stock options for the three months ended March 31, 2015.

Segment Reporting

3 Months Ended

Mar. 31, 2016

Segment Reporting

Note 15. Segment Reporting

We manufacture and market primarily snack food products, including biscuits (cookies, crackers and salted snacks), chocolate, gum & candy and various cheese & grocery products, as well as powdered beverage products. We manage our global business and report operating results through geographic units.

Our operations and management structure are organized into five reportable operating segments:

•

Latin America

•

Asia Pacific

•

EEMEA

•

Europe

•

North America

We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise in our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.

Historically, we have recorded income from equity method investments within our operating income as these investments were part of our base business. Beginning in the third quarter of 2015, to align with the accounting for our new coffee equity method investment in JDE, we began to record the earnings from our equity method investments in equity method investment earnings outside of segment operating income. For the three months ended March 31, 2016, equity method investment net earnings were $85 million. Earnings from equity method investments for the three months ended March 31, 2015 recorded within segment operating income were $22 million in Asia Pacific, $3 million in North America and $1 million in EEMEA. See Note 1, Basis of Presentation – Principles of Consolidation, for additional information.

We use segment operating income to evaluate segment performance and allocate resources. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures or acquisitions, gain on the JDE coffee business transactions, gain on equity method investment exchange, loss on deconsolidation of Venezuela and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that management reviews.

Our segment net revenues and earnings were:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)
Net revenues:
Latin America ⁽¹⁾	$	817	$	1,257
Asia Pacific ⁽²⁾		1,127		1,153
EEMEA ⁽²⁾		547		695
Europe ⁽²⁾		2,289		2,975
North America		1,675		1,682

Net revenues	$	6,455	$	7,762

(1)

For the three months ended March 31, 2015, net revenues of $218 million from our Venezuelan subsidiaries are included in our condensed consolidated financial statements. Beginning in 2016, we account for our Venezuelan subsidiaries using the cost method of accounting and no longer include net revenues of our Venezuelan subsidiaries within our condensed consolidated financial statements. Refer to Note 1, Basis of Presentation – Currency Translation and Highly Inflationary Accounting: Venezuela, for more information.

(2)

On July 2, 2015, we contributed our global coffee businesses primarily from our Europe, EEMEA and Asia Pacific segments. The net revenues of our global coffee business for the three months ended March 31, 2015 were $618 million in Europe, $116 million in EEMEA and $18 million in Asia Pacific. Refer to Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions, for more information.


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions)
Earnings from continuing operations before income taxes:
Operating income:
Latin America	$	67		$	154
Asia Pacific		148			146
EEMEA		51			32
Europe		343			326
North America		271			281
Unrealized gains / (losses) on hedging activities		(54	)		(7	)
General corporate expenses		(60	)		(74	)
Amortization of intangibles		(44	)		(46	)
Acquisition-related costs		–			(1	)

Operating income		722			811
Interest and other expense, net		(244	)		(386	)

Earnings from continuing operations before income taxes	$	478		$	425

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, including the Venezuela deconsolidation and currency devaluation, Note 2, Divestitures and Acquisitions, Note 5, Goodwill and Intangible Assets, and Note 6, 2014-2018 Restructuring Program. Also see Note 7, Debt and Borrowing Arrangements, and Note 8, Financial Instruments, for more information on our interest and other expense, net for each period.

Net revenues by product category were:


	For the Three Months Ended March 31, 2016
	Latin		Asia						North
	America		Pacific		EEMEA		Europe		America		Total
	(in millions)

Biscuits	$	164	$	336	$	125	$	589	$	1,361	$	2,575
Chocolate		198		393		160		1,203		45		1,999
Gum & Candy		216		186		114		172		269		957
Beverages ⁽¹⁾		164		96		82		47		–		389
Cheese & Grocery		75		116		66		278		–		535

Total net revenues	$	817	$	1,127	$	547	$	2,289	$	1,675	$	6,455


	For the Three Months Ended March 31, 2015
	Latin		Asia						North
	America ⁽²⁾		Pacific		EEMEA		Europe ⁽³⁾		America		Total
	(in millions)

Biscuits	$	309	$	316	$	124	$	594	$	1,358	$	2,701
Chocolate		294		402		199		1,234		56		2,185
Gum & Candy		295		191		118		183		268		1,055
Beverages ⁽¹⁾		214		115		185		674		–		1,188
Cheese & Grocery		145		129		69		290		–		633

Total net revenues	$	1,257	$	1,153	$	695	$	2,975	$	1,682	$	7,762

(1)

On July 2, 2015, we contributed our global coffee businesses primarily from our Europe, EEMEA and Asia Pacific segment beverage categories. The net revenues of our global coffee business for the three months ended March 31, 2015 were $618 million in Europe, $116 million in EEMEA and $18 million in Asia Pacific. Refer to Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions, for more information.

(2)

For the three months ended March 31, 2015, our Venezuelan subsidiaries net revenues of $104 million in biscuits, $63 million in cheese & grocery, $35 million in gum & candy and $16 million in beverages are included in our condensed consolidated financial statements. Beginning in 2016, we account for our Venezuelan subsidiaries using the cost method of accounting and no longer include net revenues of our Venezuelan subsidiaries within our condensed consolidated financial statements. Refer to Note 1, Basis of Presentation – Currency Translation and Highly Inflationary Accounting: Venezuela, for more information.

(3)

During 2016, we realigned some of our products across product categories within our Europe segment and as such, we reclassified the product category net revenues on a basis consistent with the 2016 presentation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2016
Basis of Presentation	The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries. Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our financial position and operating results. Net revenues and net earnings for any interim period are not necessarily indicative of future or annual results. We derived the condensed consolidated balance sheet data as of December 31, 2015 from audited financial statements, but do not include all disclosures required by U.S. GAAP. You should read these statements in conjunction with our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2015.
Principles of Consolidation	Principles of Consolidation: For the three months ended March 31, 2015, the operating results of our Venezuelan subsidiaries are included in our condensed consolidated financial statements. As of the close of the fourth quarter of 2015, we deconsolidated our Venezuelan operations from our consolidated financial statements. As such, the results of our Venezuelan subsidiaries are not included in our condensed consolidated financial statements for the three months ended March 31, 2016. See Currency Translation and Highly Inflationary Accounting: Venezuela below for more information. On July 2, 2015, we contributed our global coffee businesses to a new company, Jacobs Douwe Egberts (“JDE”), in which we now hold an equity interest (collectively, the “JDE coffee business transactions”). Historically, our coffee businesses and the income from equity method investments were recorded within our operating income as these businesses were part of our base business. While we retain an ongoing interest in coffee through significant equity method investments including JDE and Keurig Green Mountain Inc. (“Keurig”), and we have significant influence with JDE, Keurig and other equity method investments, we do not have control over these operations directly. As such, beginning in the third quarter of 2015, and for the three months ended March 31, 2016, we recognize equity method investment earnings outside of operating income and segment income. For the three months ended March 31, 2015, our historical coffee and equity method investment earnings were included within our operating income and segment income. Please see Note 2, Divestitures and Acquisitions – JDE Coffee Business Transactions and Keurig Transaction, and Note 15, Segment Reporting, for more information on these transactions.
Currency Translation and Highly Inflationary Accounting	Currency Translation and Highly Inflationary Accounting: We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings. Venezuela. From January 1, 2010 through December 31, 2015, we accounted for the results of our Venezuelan subsidiaries using the U.S. dollar as the functional currency as prescribed by U.S. GAAP for highly inflationary economies. Effective as of the close of the 2015 fiscal year, we concluded that we no longer met the accounting criteria for consolidation of our Venezuelan subsidiaries due to a loss of control over our Venezuelan operations and an other-than-temporary lack of currency exchangeability. During the fourth quarter of 2015, representatives of the Venezuelan government arbitrarily imposed pricing restrictions on our local operations that resulted in our inability to recover operating costs. We immediately began an appeal process with the Venezuelan authorities to demonstrate that our pricing was in line with the regulatory requirements. In January 2016, local officials communicated that some of the pricing restrictions had been lifted; however, the legally required administrative order has not been issued and it is uncertain when it will be issued. The legal and regulatory environment has become more unreliable. While we have been complying with the Venezuelan law governing pricing and profitability controls and have followed the legal process for appeal, the appeal process was not available to us as outlined under law. Additionally, we have been increasingly facing issues procuring raw materials and packaging. Taken together, these actions, the economic environment in Venezuela and the progressively limited access to dollars to import goods through the use of any of the available currency mechanisms have impaired our ability to operate and control our Venezuelan businesses. As a result of these factors, we concluded that we no longer met the criteria for the consolidation of our Venezuelan subsidiaries. As of the close of the 2015 fiscal year, we deconsolidated and changed to the cost method of accounting for our Venezuelan operations. We recorded a $778 million pre-tax loss on December 31, 2015 as we reduced the value of our cost method investment in Venezuela and all Venezuelan receivables held by our other subsidiaries to realizable fair value, resulting in full impairment. The recorded loss also included historical cumulative translation adjustments related to our Venezuelan operations that had previously been recorded in accumulated other comprehensive losses within equity. The fair value of our investments in our Venezuelan subsidiaries was estimated based on discounted cash flow projections of current and expected operating losses in the foreseeable future and our ability to operate the business on a sustainable basis. Our fair value estimate included U.S. dollar exchange and discount rate assumptions that reflect the inflation and economic uncertainty in Venezuela. Beginning in 2016, we no longer include net revenues, earnings or net assets of our Venezuelan subsidiaries within our consolidated financial statements. Under the cost method of accounting, earnings are only recognized to the extent cash is received. Given the current and ongoing difficult economic, regulatory and business environment in Venezuela, there continues to be significant uncertainty related to our operations in Venezuela, and we expect these conditions will continue for the foreseeable future. We will monitor the extent of our ability to control our Venezuelan operations and the liquidity and availability of U.S. dollars at different rates, including the recent changes to the currency exchange systems in March 2016, as our current situation in Venezuela may change over time and lead to consolidation at a future date. We recorded no earnings or other financial results from our Venezuelan subsidiaries during the three months ended March 31, 2016, and we continue to monitor the business, economic and regulatory climate in Venezuela. For the three months ended March 31, 2015, the operating results of our Venezuelan operations were included in our condensed consolidated statements of earnings. During this time, we recognized an $11 million currency-related remeasurement loss resulting from a devaluation of the Venezuela bolivar exchange rate we historically used to source U.S. dollars for purchases of imported raw materials, packaging and other goods and services. For the three months ended March 31, 2015, our Venezuelan subsidiaries contributed $218 million, or 2.8% of consolidated net revenues and $41 million, or 5.1% of consolidated operating income. Argentina. On December 16, 2015, the new Argentinean government fiscal authority announced the lifting of strict currency controls and reduced restrictions on exports and imports. The next day, the value of the Argentine peso relative to the U.S. dollar fell by 36%. In the first quarter of 2016, the value of the Argentinean peso relative to the U.S. dollar declined 14%. Further volatility in the exchange rate is expected. While the business operating environment remains challenging, we continue to monitor and actively manage our investment and exposures in Argentina. We continue executing our hedging programs and refining our product portfolio to improve our product offerings, mix and profitability. We also continue to implement additional cost initiatives to protect the business. While further currency declines could have an adverse impact on our ongoing results of operations, we believe the actions by the new government to reduce economic controls and business restrictions will provide favorable opportunities for our Argentinean subsidiaries. Our Argentinian operations contributed $130 million, or 2.0% of consolidated net revenues and $22 million, or 3.0% of consolidated operating income for the three months ended March 31, 2016. As of March 31, 2016, the net monetary liabilities of our Argentina operations were not material. Argentina is not designated as a highly-inflationary economy for accounting purposes, so we record currency translation adjustments within equity and realized exchange gains and losses on transactions in earnings. Other Countries. Since we have operations in over 80 countries and sell in 165 countries, we regularly monitor economic and currency-related risks and seek to take protective measures in response to these exposures. Some of the countries in which we do business have recently experienced periods of significant economic uncertainty. These include Brazil, China, Russia, Egypt and Ukraine, most of which have had either currency devaluation or volatility in exchange rates. We continue to monitor operations, currencies and net monetary exposures in these countries. At this time, we do not have material net monetary asset exposures or risk to our operating results from changing to highly inflationary accounting in these countries.
Transfers of Financial Assets	Transfers of Financial Assets: We account for transfers of financial assets, such as uncommitted revolving non-recourse accounts receivable factoring arrangements, when we have surrendered control over the related assets. Determining whether control has transferred requires an evaluation of relevant legal considerations, an assessment of the nature and extent of our continuing involvement with the assets transferred and any other relevant considerations. We use receivable factoring arrangements periodically when circumstances are favorable to manage liquidity. We have a factoring arrangement with a major global bank for a maximum combined capacity of $820 million. Under the program, we may sell eligible short-term trade receivables to the bank in exchange for cash. We then continue to collect the receivables sold, acting solely as a collecting agent on behalf of the bank. We also enter into certain arrangements with customers to achieve earlier collection of receivables. The incremental cost of factoring receivables was $1 million in the three months ended March 31, 2016 and less than $1 million in the three months ended March 31, 2015 and was recorded in net revenue. The outstanding principal amount of receivables under these arrangements amounted to $552 million as of March 31, 2016 and $352 million as of March 31, 2015.
Accounting Calendar Change	Accounting Calendar Change: In connection with moving toward a common consolidation date across the Company, in the first quarter of 2015, we changed the consolidation date for our North America segment from the last Saturday of each period to the last calendar day of each period. The change had a favorable impact of $38 million on net revenues and $19 million on operating income in the three months ended March 31, 2015. As a result of this change, each of our operating subsidiaries now reports results as of the last calendar day of the period.
New Accounting Pronouncements	New Accounting Pronouncements: In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to simplify the accounting for stock-based compensation. The ASU addresses several areas of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and cash flow statement presentation. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements. In March 2016, the FASB issued an ASU that simplifies the transition accounting for increases in investments that require a change from the cost basis to the equity method of accounting. U.S. GAAP currently requires the impact of such changes in accounting method to be retroactively applied to all prior periods that the investment was held. Under the new standard, adjustments to the investor’s basis in the investment should be recorded on the date the investment becomes qualified for equity method accounting. The equity method of accounting is then applied prospectively from that date. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements. In March 2016, the FASB issued an ASU that clarifies whether contingent put and call options meet the “clearly and closely related” criteria in connection with accounting for embedded derivatives. U.S GAAP requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. The criteria include determining that the economic characteristics and risks of the embedded derivatives are not “clearly and closely related” to those of the host contract. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements. In March 2016, the FASB issued an ASU that applies when there is a contract novation to a new counterparty for a derivative designated as an accounting hedge. The ASU clarifies that such a change in counterparty does not, in and of itself, require de-designation of the hedging relationship, provided that all other hedge accounting criteria continue to be met. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements. In February 2016, the FASB issued an ASU on lease accounting. The ASU revises existing U.S. GAAP and outlines a new model for lessors and lessees to use in accounting for lease contracts. The guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, with the exception of short-term leases. In the income statement, lessees will classify leases as either operating (resulting in straight-line expense) or financing (resulting in a front-loaded expense pattern). The ASU is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently assessing the impact across our operations and on our consolidated financial statements. In January 2016, the FASB issued an ASU that provides updated guidance for the recognition, measurement, presentation and disclosure of financial assets and liabilities. The ASU is effective for fiscal years beginning after December 15, 2017. We are currently assessing the impact across our operations and on our consolidated financial statements. In July 2015, the FASB issued an ASU that simplifies the guidance on the subsequent measurement of inventory. U.S. GAAP currently requires an entity to measure inventory at the lower of cost or market. Previously, market could be replacement cost, net realizable value or net realizable value less an approximate normal profit margin. Under the new standard, inventory should be valued at the lower of cost or net realizable value. The ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We early adopted the new standard on January 1, 2016 on a prospective basis. The adoption of the standard did not have a material impact on our consolidated financial statements. In May 2015, the FASB issued an ASU that applies to reporting entities that elect to measure the fair value of an investment using the net asset value (“NAV”) per share (or its equivalent) practical expedient. This ASU removes the requirement to include investments measured using the practical expedient within fair value hierarchy disclosures. Also, practical expedient disclosures previously required for all eligible investments are now only required for investments for which the practical expedient has been elected. The update is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. As we measure certain defined benefit plan assets using the NAV practical expedient, we adopted the new standard on January 1, 2016. The new standard will impact our year-end pension disclosures and is not otherwise expected to have an impact on our consolidated financial statements. In April 2015, the FASB issued an ASU that provides guidance on evaluating whether a cloud computing arrangement includes a software license. If there is a software license component, software licensing accounting should be applied; otherwise, service contract accounting should be applied. The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We adopted the new standard on January 1, 2016 and on a prospective basis. The standard did not have a material impact on our consolidated financial statements. In February 2015, the FASB issued an ASU that amends current consolidation guidance related to the evaluation of whether certain legal entities should be consolidated. The standard modifies both the variable interest entity (“VIE”) model and the voting interest model, including analyses of whether limited partnerships are VIEs and the impact of service fees and related party interests in determining if an entity is a VIE to the reporting entity. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We adopted the new standard on January 1, 2016 and the standard did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued an ASU on revenue recognition from contracts with customers. The new ASU outlines a new, single comprehensive model for companies to use in accounting for revenue. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for the goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows from customer contracts, including significant judgments made in recognizing revenue. In May 2015, the FASB proposed changes to the new guidance in the areas of licenses and identifying performance obligations. In August 2015, the FASB issued an ASU that defers the effective date by one year to annual reporting periods beginning after December 15, 2017. In March 2016, the FASB issued an ASU that clarifies the implementation guidance on principal versus agent considerations within the new revenue recognition guidance. The FASB also issued an ASU in March 2016 that clarifies that certain prepaid stored-value products should be accounted for under the breakage guidance under the new revenue recognition guidance and not under other U.S. GAAP. In April 2016, the FASB issued an ASU that clarifies the guidance for identifying performance obligations within a contract and the accounting for licenses. Early adoption is permitted as of the original effective date which was for annual reporting periods beginning after December 15, 2016. The ASU may be applied retrospectively to historical periods presented or as a cumulative-effect adjustment as of the date of adoption. We have made progress in our due diligence and scoping reviews and continue to assess the impact of the new standard across our operations and on our consolidated financial statements. We anticipate adopting the new standard on January 1, 2018.

- Definition

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

+ References + Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Components of Inventories

Inventories consisted of the following:


	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Raw materials	$	849		$	782
Finished product		2,009			1,930


		2,858			2,712
Inventory reserves		(102	)		(103	)

Inventories, net	$	2,756		$	2,609

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2016

Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following:
	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Land and land improvements	$	508		$	495
Buildings and building improvements		2,857			2,753
Machinery and equipment		10,382			10,044
Construction in progress		1,281			1,262

		15,028			14,554
Accumulated depreciation		(6,494	)		(6,192	)

Property, plant and equipment, net	$	8,534		$	8,362

Property Plant and Equipment | Asset impairment and exit costs

Schedule of Restructuring and Implementation Costs

These charges were recorded in the condensed consolidated statements of earnings within asset impairment and exit costs as follows:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)

Latin America	$	6	$	13
Asia Pacific		8		19
EEMEA		3		–
Europe		19		25
North America		16		21

Total non-cash asset write-downs	$	52	$	78

2014-2018 Restructuring Program

Schedule of Restructuring and Implementation Costs


	Latin America		Asia Pacific		EEMEA		Europe		North America⁽¹⁾		Corporate⁽²⁾		Total
							(in millions)

For the Three Months Ended March 31, 2016
Restructuring Costs	$	12	$	23	$	9	$	64	$	31	$	–	$	139
Implementation Costs		7		6		3		29		38		15		98

Total	$	19	$	29	$	12	$	93	$	69	$	15	$	237


For the Three Months Ended March 31, 2015
Restructuring Costs	$	15	$	25	$	2	$	109	$	11	$	1	$	163
Implementation Costs		9		4		4		20		9		15		61

Total	$	24	$	29	$	6	$	129	$	20	$	16	$	224


Total Project 2014-2016 ⁽³⁾
Restructuring Costs	$	238	$	172	$	91	$	383	$	202	$	38	$	1,124
Implementation Costs		62		34		19		139		112		130		496

Total	$	300	$	206	$	110	$	522	$	314	$	168	$	1,620

(1)

(2)

Includes adjustment for rounding.

(3)

Includes all charges recorded since program inception on May 6, 2014 through March 31, 2016.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Goodwill by Reportable Segment

Goodwill by reportable segment was:
	As of March 31,		As of December 31,
	2016		2015
	(in millions)

Latin America	$	902	$	858
Asia Pacific		2,519		2,520
EEMEA		1,316		1,304
Europe		7,332		7,117
North America		8,908		8,865

Goodwill	$	20,977	$	20,664

Intangible Assets Disclosure

Intangible assets consisted of the following:
	As of March 31,			As of December 31,
	2016			2015
	(in millions)

Non-amortizable intangible assets	$	17,852		$	17,527
Amortizable intangible assets		2,391			2,320


		20,243			19,847
Accumulated amortization		(1,149	)		(1,079	)

Intangible assets, net	$	19,094		$	18,768

Changes in Goodwill and Intangible Assets

Changes in goodwill and intangible assets consisted of:


				Intangible
	Goodwill			Assets, at cost
	(in millions)

Balance at January 1, 2016	$	20,664		$	19,847
Changes due to:
Currency		389			323
Acquisition		(76	)		87
Asset impairment		–			(14	)

Balance at March 31, 2016	$	20,977		$	20,243

2014-2018 Restructuring Program (Tables)

3 Months Ended

Mar. 31, 2016

2014-2018 Restructuring Program

Schedule of Restructuring Costs

The activity for the 2014-2018 Restructuring Program liability for the three months ended March 31, 2016 was:


	Severance and related costs			Asset Write-downs			Total
	(in millions)

Liability balance, January 1, 2016	$	395		$	–		$	395
Charges		87			52			139
Cash spent		(74	)		–			(74	)
Non-cash settlements / adjustments		–			(52	)		(52	)
Currency		10			–			10

Liability balance, March 31, 2016	$	418		$	–		$	418

Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2016

Short-Term Borrowings and Related Weighted-Average Interest Rates

Our short-term borrowings and related weighted-average interest rates consisted of:


	As of March 31, 2016				As of December 31, 2015
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions)				(in millions)

Commercial paper	$	2,291		0.8%	$	–		0.0%
Bank loans		273		10.5%		236		9.5%

Total short-term borrowings	$	2,564			$	236

Interest and Other Expense Net Within Results of Continuing Operations

Interest and other expense, net within our results of continuing operations consisted of:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)

Interest expense, debt	$	136	$	175
Loss on debt extinguishment and related expenses		–		713
JDE coffee business transactions currency-related net gains		–		(551	)
Loss related to interest rate swaps		97		34
Other expense, net		11		15

Interest and other expense, net	$	244	$	386

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value of Derivatives Instruments

Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2016				As of December 31, 2015
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(in millions)

Derivatives designated as accounting hedges:
Currency exchange contracts	$	4	$	7	$	20	$	7
Commodity contracts		11		10		37		35
Interest rate contracts		17		4		12		57

	$	32	$	21	$	69	$	99


Derivatives not designated as accounting hedges:
Currency exchange contracts	$	34	$	88	$	61	$	33
Commodity contracts		33		48		70		56
Interest rate contracts		37		25		43		28

	$	104	$	161	$	174	$	117

Total fair value	$	136	$	182	$	243	$	216

Notional Values of Derivative Instruments

The net notional values of our derivative instruments were:


	Notional Amount
	As of March 31,		As of December 31,
	2016		2015
	(in millions)

Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	4,162	$	4,148
Forecasted transactions		1,464		1,094
Commodity contracts		544		732
Interest rate contracts		2,115		3,033
Net investment hedge – euro notes		5,349		4,345
Net investment hedge – pound sterling notes		1,368		1,404
Net investment hedge – Swiss franc notes		1,534		1,073

Hedges of Net Investments in International Operations

After-tax gains / (losses) related to hedges of net investments in international operations in the form of euro, pound sterling and Swiss franc-denominated debt were:


	For the Three Months Ended March 31,						Location of Gain / (Loss) Recognized in AOCI
	2016			2015
	(in millions)
Euro notes	$	154		$	314			Currency
Pound sterling notes		(23	)		32			Translation
Swiss franc notes		43			(13	)		Adjustment

Derivative

Schedule of Derivative Instruments Fair Value and Measurement Inputs

The fair values (asset / (liability)) of our derivative instruments were determined using:


	As of March 31, 2016
	Total Fair Value of Net Asset / (Liability)			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	(in millions)

Currency exchange contracts	$	(57	)	$	–		$	(57	)	$	–
Commodity contracts		(14	)		(10	)		(4	)		–
Interest rate contracts		25			–			25			–

Total derivatives	$	(46	)	$	(10	)	$	(36	)	$	–


	As of December 31, 2015
	Total Fair Value of Net Asset / (Liability)			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	(in millions)

Currency exchange contracts	$	41		$	–	$	41		$	–
Commodity contracts		16			29		(13	)		–
Interest rate contracts		(30	)		–		(30	)		–

Total derivatives	$	27		$	29	$	(2	)	$	–

Cash Flow Hedges

Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Income, Net of Taxes

Cash flow hedge activity, net of taxes, within accumulated other comprehensive earnings / (losses) included:


	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Accumulated gain / (loss) at January 1	$	(45	)	$	(2	)
Transfer of realized losses / (gains) in fair value to earnings		58			(18	)
Unrealized gain / (loss) in fair value		(66	)		(26	)

Accumulated gain / (loss) at March 31	$	(53	)	$	(46	)

Schedule of Effects of Derivative Instruments

After-tax gains / (losses) reclassified from accumulated other comprehensive earnings / (losses) into net earnings were:


	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Currency exchange contracts – forecasted transactions	$	5		$	46
Commodity contracts		(3	)		(2	)
Interest rate contracts		(60	)		(26	)

Total	$	(58	)	$	18

After-tax gains / (losses) recognized in other comprehensive earnings / (losses) were:


	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Currency exchange contracts – forecasted transactions	$	(12	)	$	49
Commodity contracts		(5	)		(38	)
Interest rate contracts		(49	)		(37	)

Total	$	(66	)	$	(26	)

Fair Value Hedges

Schedule of Effects of Derivative Instruments

Pre-tax gains / (losses) due to changes in fair value of our interest rate swaps and related hedged long-term debt were recorded in interest and other expense, net:


	For the Three Months Ended March 31,
	For the Three Months Ended March 31,
	2016			2015
	(in millions)
Derivatives	$	5		$	4
Borrowings		(5	)		(4	)

Economic Hedging

Schedule of Effects of Derivative Instruments

Pre-tax gains / (losses) recorded in net earnings for economic hedges were:
	For the Three Months Ended March 31,						Location of Gain / (Loss) Recognized in Earnings
	2016			2015
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	5		$	7		Interest and other expense, net
Forecasted transactions		(31	)		(3	)	Cost of sales
Forecasted transactions		8			553		Interest and other expense, net
Forecasted transactions		4			(11	)	Selling, general and administrative expenses
Interest rate contracts		–			1		Interest and other expense, net
Commodity contracts		(44	)		(41	)	Cost of sales

Total	$	(58	)	$	506

Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2016

Pension Plans

Components of Net Costs

Net periodic pension cost consisted of the following:
	U.S. Plans						Non-U.S. Plans
	For the Three Months Ended March 31,						For the Three Months Ended March 31,
	2016			2015			2016			2015
	(in millions)						(in millions)

Service cost	$	13		$	17		$	38		$	50
Interest cost		16			17			60			77
Expected return on plan assets		(24	)		(23	)		(110	)		(119	)
Amortization:
Net loss from experience differences		9			12			31			39
Prior service cost		–			–			(1	)		–
Settlement losses and other expenses		4			3			–			–

Net periodic pension cost	$	18		$	26		$	18		$	47

Postretirement Benefit Plans

Components of Net Costs

Net periodic postretirement health care costs consisted of the following:


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions)
Service cost	$	3		$	4
Interest cost		5			6
Amortization:
Net loss from experience differences		2			3
Prior service credit		(2	)		(2	)

Net periodic postretirement health care costs	$	8		$	11

Postemployment Benefit Plans

Components of Net Costs

Net periodic postemployment costs consisted of the following:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)
Service cost	$	2	$	2
Interest cost		1		1

Net periodic postemployment costs	$	3	$	3

Stock Plans (Tables)

3 Months Ended

Mar. 31, 2016

Stock Options Activity

Stock option activity is reflected below:


	Shares Subject to Option			Weighted- Average Exercise or Grant Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value

Balance at January 1, 2016		57,034,108			26.12		6 years	$	229 million

Annual grant to eligible employees		7,517,290			39.70
Additional options issued		77,190			42.93

Total options granted		7,594,480			39.73
Options exercised		(1,719,156	)		24.45			$	28 million
Options cancelled		(487,243	)		34.42

Balance at March 31, 2016		62,422,189			27.75		6 years	$	281 million

Deferred stock unit, performance share unit and restricted stock

Deferred Stock Unit, Performance Share Unit and Restricted Stock Activity

Our deferred stock unit, performance share unit and restricted stock activity is reflected below:


	Number of Shares			Grant Date		Weighted-Average Fair Value Per Share		Weighted-Average Aggregate Fair Value

Balance at January 1, 2016		9,418,216				$	28.00

Annual grant to eligible employees:					Feb. 22, 2016
Performance share units		1,406,500					39.70
Deferred stock units		1,040,790					39.70
Additional shares granted ⁽¹⁾		624,378			Various		26.56

Total shares granted		3,071,668					37.03	$	114 million
Vested ⁽²⁾		(3,675,455	)				39.95	$	147 million
Forfeited ⁽²⁾		(297,220	)				35.41

Balance at March 31, 2016		8,517,209					25.84

(1)

Includes performance share units and deferred stock units.

(2)

Includes performance share units, deferred stock units and historically granted restricted stock.

Reclassifications from Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2016

Amounts Reclassified from Accumulated Other Comprehensive Earnings/ (Losses)

Amounts reclassified from accumulated other comprehensive earnings / (losses) to net earnings (net of tax) were net losses of $140 million in the three months ended March 31, 2016 and $24 million in the three months ended March 31, 2015.


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions)
Currency Translation Adjustments:
Balances at January 1,	$	(8,006	)	$	(5,042	)
Currency translation adjustments attributable to:
Translation of international operations ⁽¹⁾		792			(2,352	)
Pension and other benefits		(30	)		131
Derivatives accounted for as net investment hedges		(274	)		525
Noncontrolling interests		13			(25	)
Tax (expense) / benefit		100			(192	)

Other comprehensive earnings / (losses)		601			(1,913	)
Less: portion attributable to noncontrolling interests		13			(25	)

Balances at March 31,		(7,418	)		(6,930	)

Pension and Other Benefits:
Balances at January 1,	$	(1,934	)	$	(2,274	)
Losses / (gains) reclassified into net earnings:
Amortization of experience losses and prior service costs ⁽²⁾		29			52
Settlement losses ⁽²⁾		4			3
Tax (expense) / benefit on reclassifications⁽³⁾		(9	)		(13	)

Other comprehensive earnings / (losses)		24			42

Balances at March 31,		(1,910	)		(2,232	)

Derivatives Accounted for as Hedges:
Balances at January 1,	$	(46	)	$	(2	)
Net derivative gains / (losses)		(90	)		(56	)
Tax (expense) / benefit on net derivative gain / (loss)		24			30
Losses / (gains) reclassified into net earnings:
Currency exchange contracts - forecasted transactions ⁽⁴⁾		(6	)		(50	)
Commodity contracts ⁽⁴⁾		5			5
Interest rate contracts ⁽⁵⁾		96			41
Tax (expense) / benefit on reclassifications⁽³⁾		(36	)		(14	)

Other comprehensive earnings / (losses)		(7	)		(44	)

Balances at March 31,		(53	)		(46	)

Accumulated other comprehensive income attributable to Mondelēz International:
Balance at January 1,	$	(9,986	)	$	(7,318	)
Total other comprehensive earnings / (losses)		618			(1,915	)
Less: portion attributable to noncontrolling interests		13			(25	)

Other comprehensive earnings / (losses) attributable to Mondelez International		605			(1,890	)

Balance at March 31,	$	(9,381	)	$	(9,208	)

(1)

Includes $57 million of historical cumulative transaction adjustments reclassified to net earnings within the gain on equity method investment exchange.

(2)

These reclassified gains or losses are included in the components of net periodic benefit costs disclosed in Note 9, Benefit Plans, and equity method investment net earnings.

(3)

Taxes related to reclassified gains or losses are recorded within the provision for income taxes.

(4)

These reclassified gains or losses are recorded within cost of sales.

(5)

These reclassified gains or losses are recorded within interest and other expense, net.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share (“EPS”) from continuing and discontinued operations were calculated using the following:


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions, except per share data)

Net earnings	$	557		$	312
Noncontrolling interest (earnings) / losses		(3	)		12

Net earnings attributable to Mondelēz International	$	554		$	324


Weighted-average shares for basic EPS		1,569			1,648
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		18			17

Weighted-average shares for diluted EPS		1,587			1,665


Basic earnings per share attributable to Mondelēz International	$	0.35		$	0.20
Diluted earnings per share attributable to Mondelēz International	$	0.35		$	0.19

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2016

Net Revenues and Earnings by Segment

Our segment net revenues and earnings were:


	For the Three Months Ended
	March 31,
	2016		2015
	(in millions)
Net revenues:
Latin America ⁽¹⁾	$	817	$	1,257
Asia Pacific ⁽²⁾		1,127		1,153
EEMEA ⁽²⁾		547		695
Europe ⁽²⁾		2,289		2,975
North America		1,675		1,682

Net revenues	$	6,455	$	7,762

(1)

(2)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	For the Three Months Ended
	March 31,
	2016			2015
	(in millions)
Earnings from continuing operations before income taxes:
Operating income:
Latin America	$	67		$	154
Asia Pacific		148			146
EEMEA		51			32
Europe		343			326
North America		271			281
Unrealized gains / (losses) on hedging activities		(54	)		(7	)
General corporate expenses		(60	)		(74	)
Amortization of intangibles		(44	)		(46	)
Acquisition-related costs		–			(1	)

Operating income		722			811
Interest and other expense, net		(244	)		(386	)

Earnings from continuing operations before income taxes	$	478		$	425

Net Revenues by Consumer Sector

Net revenues by product category were:


	For the Three Months Ended March 31, 2016
	Latin		Asia						North
	America		Pacific		EEMEA		Europe		America		Total
	(in millions)

Biscuits	$	164	$	336	$	125	$	589	$	1,361	$	2,575
Chocolate		198		393		160		1,203		45		1,999
Gum & Candy		216		186		114		172		269		957
Beverages ⁽¹⁾		164		96		82		47		–		389
Cheese & Grocery		75		116		66		278		–		535

Total net revenues	$	817	$	1,127	$	547	$	2,289	$	1,675	$	6,455


	For the Three Months Ended March 31, 2015
	Latin		Asia						North
	America ⁽²⁾		Pacific		EEMEA		Europe ⁽³⁾		America		Total
	(in millions)

Biscuits	$	309	$	316	$	124	$	594	$	1,358	$	2,701
Chocolate		294		402		199		1,234		56		2,185
Gum & Candy		295		191		118		183		268		1,055
Beverages ⁽¹⁾		214		115		185		674		–		1,188
Cheese & Grocery		145		129		69		290		–		633

Total net revenues	$	1,257	$	1,153	$	695	$	2,975	$	1,682	$	7,762

(1)

(2)

(3)

Basis of Presentation - Additional Information (Detail) $ in Millions		3 Months Ended		12 Months Ended
	Dec. 16, 2015	Mar. 31, 2016 USD ($) Country	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net revenues		$ 6,455	$ 7,762
Operating income		$ 722	811
Number of countries in which entity operates \| Country		80
Number of countries in which products are sold \| Country		165
Uncommitted revolving non-recourse accounts receivable factoring arrangements, maximum combined capacity		$ 820
Cost of factoring receivables		1
Outstanding principal amount of receivables sold under factoring arrangement		552	352
Change in accounting policy effect of change on net revenue			38
Change in accounting policy effect of change on operating results			19
Maximum
Summary Of Significant Accounting Policies [Line Items]
Cost of factoring receivables			1
Venezuela
Summary Of Significant Accounting Policies [Line Items]
Loss on deconsolidation				$ (778)
Remeasurement losses			11
Net revenues			$ 218
Percentage of consolidated net revenues			2.80%
Operating income			$ 41
Percentage of consolidated operating income			5.10%
Argentina
Summary Of Significant Accounting Policies [Line Items]
Net revenues		$ 130
Percentage of consolidated net revenues		2.00%
Operating income		$ 22
Percentage of consolidated operating income		3.00%
Argentina, Pesos
Summary Of Significant Accounting Policies [Line Items]
Devalued percentage against US Dollar	36.00%	14.00%

Divestitures and Acquisitions - Additional Information (Detail)
€ in Millions, $ in Millions, ₫ in Billions, ¥ in Billions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

14 Months Ended

Mar. 31, 2016

USD ($)

Mar. 07, 2016

USD ($)

Mar. 07, 2016

EUR (€)

Mar. 03, 2016

USD ($)

Dec. 18, 2015

USD ($)

Dec. 18, 2015

EUR (€)

Nov. 27, 2015

USD ($)

Nov. 27, 2015

VND (₫)

Jul. 15, 2015

USD ($)

Jul. 15, 2015

VND (₫)

Jul. 02, 2015

USD ($)

Apr. 23, 2015

USD ($)

Apr. 23, 2015

JPY (¥)

Feb. 16, 2015

USD ($)

Mar. 31, 2016

USD ($)

Jun. 30, 2017

USD ($)

Jun. 30, 2017

EUR (€)

Sep. 30, 2016

USD ($)

Sep. 30, 2016

VND (₫)

Mar. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Sep. 30, 2015

USD ($)

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Mar. 31, 2016

USD ($)

Mar. 31, 2016

VND (₫)

Dec. 31, 2015

USD ($)

Jul. 06, 2015

USD ($)

Jul. 06, 2015

EUR (€)

Jul. 02, 2015

EUR (€)

Nov. 10, 2014

USD ($)

Acquisition And Dispositions [Line Items]

Proceeds from coffee business divestiture currency hedge settlements

$ 939

Equity method investments

$ 5,630

$ 5,387

$ 5,630

$ 5,387

Net gain (loss) on coffee business divestiture currency hedges

551

Gain on equity method investment exchange

Equity method investment net earnings

Proceeds from sale of property, plant and equipment and other

(2)

Asset impairment charges on intangible assets

Business acquisition, goodwill

20,977

20,664

20,977

20,664

Components of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Raw materials	$ 849	$ 782
Finished product	2,009	1,930
Inventory, Gross, Total	2,858	2,712
Inventory reserves	(102)	(103)
Inventories, net	$ 2,756	$ 2,609

Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,028	$ 14,554
Accumulated depreciation	(6,494)	(6,192)
Property, plant and equipment, net	8,534	8,362
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	508	495
Buildings and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,857	2,753
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,382	10,044
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,281	$ 1,262

Summary of Asset Impairment and Exit Costs (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	$ 67	$ 78
2014-2018 Restructuring Program
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	52	78
2014-2018 Restructuring Program \| Latin America Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	6	13
2014-2018 Restructuring Program \| Asia Pacific Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	8	19
2014-2018 Restructuring Program \| EEMEA Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	3
2014-2018 Restructuring Program \| Europe Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	19	25
2014-2018 Restructuring Program \| North America Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairment charges	$ 16	$ 21

Goodwill by Reportable Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Goodwill	$ 20,977	$ 20,664
Latin America Segment
Segment Reporting Information [Line Items]
Goodwill	902	858
Asia Pacific Segment
Segment Reporting Information [Line Items]
Goodwill	2,519	2,520
EEMEA Segment
Segment Reporting Information [Line Items]
Goodwill	1,316	1,304
Europe Segment
Segment Reporting Information [Line Items]
Goodwill	7,332	7,117
North America Segment
Segment Reporting Information [Line Items]
Goodwill	$ 8,908	$ 8,865

Intangible Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Intangible Assets [Line Items]
Non-amortizable intangible assets	$ 17,852	$ 17,527
Amortizable intangible assets	2,391	2,320
Total intangible assets, gross	20,243	19,847
Accumulated amortization	(1,149)	(1,079)
Intangible assets, net	$ 19,094	$ 18,768

Goodwill and Intangible Assets - Additional Information (Detail) $ in Millions		3 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) Brand	Mar. 31, 2015 USD ($)	Jul. 15, 2015
Goodwill and Intangible Assets Disclosure [Line Items]
Amortization expense for intangible assets		$ 44		$ 46
Estimated amortization expense in year 1	$ 185	185
Estimated amortization expense in year 2	185	185
Estimated amortization expense in year 3	185	185
Estimated amortization expense in year 4	185	185
Estimated amortization expense in year 5	185	185
Asset impairment charges on intangible assets		14
Number of brands \| Brand			7
Intangible asset, aggregate book value	17,852	17,852	$ 17,527
Fair Value Over Book Value 10% or Less
Goodwill and Intangible Assets Disclosure [Line Items]
Intangible asset, aggregate book value			598
Vietnam
Goodwill and Intangible Assets Disclosure [Line Items]
Percentage of equity interest acquired					80.00%
Finite-lived intangible assets acquired		26
Indefinite-lived intangible assets acquired		$ 61
Trademarks
Goodwill and Intangible Assets Disclosure [Line Items]
Asset impairment charges on intangible assets			$ 71
Trademarks \| Europe Segment
Goodwill and Intangible Assets Disclosure [Line Items]
Asset impairment charges on intangible assets	$ 14
Weighted Average
Goodwill and Intangible Assets Disclosure [Line Items]
Life of our amortizable intangible assets (in years)		13 years 7 months 6 days

Changes in Goodwill and Intangible Assets (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Goodwill And Intangible Assets [Line Items]
Goodwill beginning balance	$ 20,664
Goodwill, Currency	389
Goodwill, Acquisition	(76)
Goodwill, Asset impairments	0
Goodwill ending balance	20,977
Intangible Assets, at Cost beginning balance	19,847
Intangible Assets, Currency	323
Intangible Assets, Acquisition	87
Intangible Assets, Asset impairments	(14)
Intangible Assets, at Cost ending balance	$ 20,243

Short-Term Borrowings and Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Amount outstanding	$ 2,564	$ 236
Commercial Paper
Short-term Debt [Line Items]
Amount outstanding	$ 2,291
Weighted-average rate	0.80%	0.00%
Bank Loans
Short-term Debt [Line Items]
Amount outstanding	$ 273	$ 236
Weighted-average rate	10.50%	9.50%

Debt and Borrowing Arrangements - Additional Information (Detail) € in Millions, SFr in Millions				3 Months Ended
	Feb. 09, 2016 USD ($)	Jan. 26, 2016 USD ($)	Jan. 21, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Jan. 31, 2016 USD ($)	Jan. 26, 2016 CHF (SFr)	Jan. 21, 2016 EUR (€)	Dec. 31, 2015 USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility debt covenant				$ 24,600,000,000
Debt instrument, principal amount				$ 1,755,000,000	$ 4,085,000,000
Weighted-average interest rate				3.10%					3.70%	4.30%
Fair value of total debt				$ 18,428,000,000					$ 15,908,000,000
Carrying value of total debt				17,399,000,000					15,398,000,000
International Subsidiaries
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				2,000,000,000					1,900,000,000
Line of credit facility outstanding amount				$ 273,000,000					$ 236,000,000
Commercial Paper \| Minimum
Debt Instrument [Line Items]
Commercial paper, Maturity period				1 day
Commercial Paper \| Maximum
Debt Instrument [Line Items]
Commercial paper, Maturity period				90 days
Revolving Credit Facility, October 11, 2018
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 4,500,000,000
Revolving credit facility expiration date				Oct. 11, 2018
Revolving credit facility debt covenant terms				Minimum shareholders' equity of at least $24.6 billion, excluding accumulated other comprehensive earnings / (losses) and the cumulative effects of any changes in accounting principles.
Revolving credit facility debt covenant compliance				At March 31, 2016, we complied with the covenant
Total shareholders' equity, excluding accumulated other comprehensive earnings / (losses)				$ 37,100,000,000
Line of credit facility outstanding amount				$ 0
Swiss franc notes
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 399,000,000					SFr 400
Net proceeds from issuance of notes		398,000,000
Discounts and deferred financing costs		1,000,000
0.080% Fixed Rate Notes, mature on January 26, 2018
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 249,000,000					SFr 250
Debt instrument, fixed interest rate		0.08%					0.08%
Debt instrument maturity Year		Jan. 26, 2018
0.650% Fixed Rate Notes, mature on July 26, 2022
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 150,000,000					SFr 150
Debt instrument, fixed interest rate		0.65%					0.65%
Debt instrument maturity Year		Jul. 26, 2022
4.125% U.S. dollar Notes
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 1,750,000,000
Debt instrument, stated interest rate	4.125%
4.125% U.S. dollar Notes \| January 26 & 21 issuances
Debt Instrument [Line Items]
Debt instrument, principal amount						$ 1,150,000,000
Euro notes
Debt Instrument [Line Items]
Debt instrument, principal amount \| €								€ 700
1.625% Notes Due 2023
Debt Instrument [Line Items]
Debt instrument, stated interest rate			1.625%					1.625%
Debt instrument, principal amount			$ 760,000,000					€ 700
Debt instrument maturity Year			Jan. 20, 2023
Net proceeds from issuance of notes			$ 752,000,000
Discounts and deferred financing costs			$ 8,000,000

Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 136	$ 243
Liability Derivatives	182	216
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	32	69
Liability Derivatives	21	99
Derivatives Designated as Hedging Instruments \| Currency exchange contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	4	20
Liability Derivatives	7	7
Derivatives Designated as Hedging Instruments \| Commodity contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	11	37
Liability Derivatives	10	35
Derivatives Designated as Hedging Instruments \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	17	12
Liability Derivatives	4	57
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	104	174
Liability Derivatives	161	117
Derivatives Not Designated as Hedging Instruments \| Currency exchange contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	34	61
Liability Derivatives	88	33
Derivatives Not Designated as Hedging Instruments \| Commodity contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	33	70
Liability Derivatives	48	56
Derivatives Not Designated as Hedging Instruments \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	37	43
Liability Derivatives	$ 25	$ 28

Derivative Instruments Fair Value and Measurement Inputs (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative fair value net asset (liability)	$ (46)	$ 27
Currency exchange contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(57)	41
Commodity contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(14)	16
Interest rate contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	25	(30)
Quoted Prices In Active Markets For Identical Assets (Level 1)
Derivative [Line Items]
Derivative fair value net asset (liability)	(10)	29
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Commodity contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(10)	29
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative fair value net asset (liability)	(36)	(2)
Significant Other Observable Inputs (Level 2) \| Currency exchange contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(57)	41
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(4)	(13)
Significant Other Observable Inputs (Level 2) \| Interest rate contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	$ 25	$ (30)

Notional Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Net investment hedge \| Euro notes
Derivative [Line Items]
Notional Amount	$ 5,349	$ 4,345
Net investment hedge \| Pound sterling notes
Derivative [Line Items]
Notional Amount	1,368	1,404
Net investment hedge \| Swiss franc notes
Derivative [Line Items]
Notional Amount	1,534	1,073
Currency exchange contracts \| Intercompany loans and forecasted interest payments
Derivative [Line Items]
Notional Amount	4,162	4,148
Currency exchange contracts \| Forecasted transactions
Derivative [Line Items]
Notional Amount	1,464	1,094
Commodity contracts
Derivative [Line Items]
Notional Amount	544	732
Interest rate contracts
Derivative [Line Items]
Notional Amount	$ 2,115	$ 3,033

Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Income, Net of Taxes (Detail) - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated gain / (loss) at beginning of period	$ (45)	$ (2)
Transfer of realized losses / (gains) in fair value to earnings	58	(18)
Unrealized gain / (loss) in fair value	(66)	(26)
Accumulated gain / (loss) at end of period	$ (53)	$ (46)

Fair Value Hedges (Detail) - USD ($) $ in Millions	3 Months Ended
Fair Value Hedges (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (loss) recognized in income on fair value of hedges	$ 5	$ 4
Long-term Debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (loss) recognized in income on fair value of hedges	$ (5)	$ (4)

Economic Hedges (Detail) - USD ($) $ in Millions	3 Months Ended
Economic Hedges (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings		$ 551
Derivatives Not Designated as Hedging Instruments \| Economic Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	$ (58)	506
Derivatives Not Designated as Hedging Instruments \| Economic Hedging \| Interest rate contracts \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings		1
Derivatives Not Designated as Hedging Instruments \| Economic Hedging \| Commodity contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	(44)	(41)
Derivatives Not Designated as Hedging Instruments \| Economic Hedging \| Intercompany loans and forecasted interest payments \| Currency exchange contracts \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	5	7
Derivatives Not Designated as Hedging Instruments \| Economic Hedging \| Forecasted transactions \| Currency exchange contracts \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	8	553
Derivatives Not Designated as Hedging Instruments \| Economic Hedging \| Forecasted transactions \| Currency exchange contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	(31)	(3)
Derivatives Not Designated as Hedging Instruments \| Economic Hedging \| Forecasted transactions \| Currency exchange contracts \| Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	$ 4	$ (11)

Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 13	$ 17
Interest cost	16	17
Expected return on plan assets	(24)	(23)
Net loss from experience differences	9	12
Settlement losses and other expenses	4	3
Net periodic pension cost	18	26
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	38	50
Interest cost	60	77
Expected return on plan assets	(110)	(119)
Net loss from experience differences	31	39
Prior service cost	(1)
Net periodic pension cost	$ 18	$ 47

Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Shares subject to option
Beginning balance	57,034,108
Options granted	7,594,480
Options exercised	(1,719,156)
Options cancelled	(487,243)
Ending balance	62,422,189	57,034,108
Weighted-average exercise price
Beginning balance	$ 26.12
Options granted	39.73
Options exercised	24.45
Options cancelled	34.42
Ending balance	$ 27.75	$ 26.12
Average remaining contractual term
Opening balance	6 years	6 years
Aggregate intrinsic value
Options exercised	$ 28
Aggregate intrinsic value	$ 281	$ 229
Annual grant to eligible employees
Shares subject to option
Options granted	7,517,290
Weighted-average exercise price
Options granted	$ 39.70
Additional granted
Shares subject to option
Options granted	77,190
Weighted-average exercise price
Options granted	$ 42.93

Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended	12 Months Ended
	Jul. 29, 2015	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Class of Stock [Line Items]
Cost of shares repurchased		$ 1,187,000,000	$ 3,622,000,000
Common Class A
Class of Stock [Line Items]
Stock repurchase expiration date	Dec. 31, 2018			Dec. 31, 2016
Stock repurchase value	$ 13,700,000,000			$ 7,700,000,000
Increase in share repurchase value	$ 6,000,000,000
Number of shares repurchased		28.9
Average cost of shares repurchased		$ 41.04
Cost of shares repurchased		$ 1,200,000,000
Stock repurchase remaining amount		$ 4,300,000,000

Commitments and Contingencies - Additional Information (Detail) - 3 months ended Mar. 31, 2016 ₨ in Billions	USD ($)	INR (₨)
Indian Department of Central Excise Authority \| Cadbury
Loss Contingencies [Line Items]
Amount for formal claim of notice presented for unpaid excise tax, as of the balance sheet date	$ 56,000,000	₨ 3.7
Indian Department of Central Excise Authority \| Cadbury \| Show case notice
Loss Contingencies [Line Items]
Amount for formal claim of notice presented for unpaid excise tax, as of the balance sheet date	36,000,000	2.4
Indian Department of Central Excise Authority \| Cadbury \| Maximum
Loss Contingencies [Line Items]
Tax penalties and interest expense	$ 88,000,000	₨ 5.8
U.S. Commodity Futures Trading Commission ("CFTC")
Loss Contingencies [Line Items]
Loss contingency, filling date	April 1, 2015
Loss contingency, damages sought	$ 1,000,000
U.S. Commodity Futures Trading Commission ("CFTC") \| Each Additional Violation of the Commodity Exchange Act
Loss Contingencies [Line Items]
Loss contingency, damages sought	$ 140,000

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Mondelez International stock options excluded from the calculation of diluted EPS	8.6	10.9