Other comprehensive earnings/(losses), net of income taxes

1,028

217

Balances at Jun. 30, 2016

(9,768)

Balances at Dec. 31, 2015

28,100

31,760

20,700

(9,986)

(14,462)

Other comprehensive earnings/(losses), net of income taxes

1,669

1,659

(1,153)

(1,136)

(17)

Exercise of stock options and issuance of other stock awards

343

(94)

350

Common Stock repurchased

(2,601)

Cash dividends declared

(1,116)

Dividends paid on noncontrolling interest and other activities

(27)

Balances at Dec. 31, 2016

25,215

31,847

21,149

(11,122)

(16,713)

Balances at Mar. 31, 2016

(9,381)

Other comprehensive earnings/(losses), net of income taxes

471

(401)

Balances at Jun. 30, 2016

(9,768)

Balances at Dec. 31, 2016

25,215

31,847

21,149

(11,122)

(16,713)

Other comprehensive earnings/(losses), net of income taxes

1,133

1,128

921

905

Exercise of stock options and issuance of other stock awards

216

(48)

251

Common Stock repurchased

(1,109)

Cash dividends declared

(581)

Dividends paid on noncontrolling interest and other activities

(3)

Balances at Jun. 30, 2017

25,792

31,860

21,648

(10,217)

(17,571)

Balances at Mar. 31, 2017

(10,564)

Other comprehensive earnings/(losses), net of income taxes

500

359

Balances at Jun. 30, 2017

$ 25,792

$ 31,860

$ 21,648

$ (10,217)

$ (17,571)

$ 72

[1]

Noncontrolling interest as of June 30, 2016 was $84 million, as compared to $88 million as of January 1, 2016. The change of $(4) million during the six months ended June 30, 2016 was due to $(13) million of dividends paid, $(1) million of other comprehensive earnings, net of taxes offset by $10 million of net earnings.

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Cash dividends declared, per share	$ 0.19	$ 0.17	$ 0.38	$ 0.34	$ 0.72
Noncontrolling interest	$ 72	$ 84	$ 72	$ 84	$ 54	$ 88
Change in noncontrolling interest				(4)
Other comprehensive earnings, net of taxes	12	(14)	16	(1)
Net earnings	$ 2	$ 7	$ 5	10
Dividends paid				$ 13

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings	$ 1,133	$ 1,028
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	395	408
Stock-based compensation expense	77	72
Deferred income tax provision/(benefit)		(86)
Asset impairments and accelerated depreciation	168	142
Loss on early extinguishment of debt	11
Gain on equity method investment exchange		(43)
Loss on divestiture	3
Equity method investment net earnings	(133)	(187)
Distributions from equity method investments	132	58
Other non-cash items, net	(29)	126
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	153	(27)
Inventories, net	(181)	(63)
Accounts payable	(430)	(319)
Other current assets	(88)	23
Other current liabilities	(646)	(457)
Change in pension and postretirement assets and liabilities, net	(303)	(338)
Net cash provided by operating activities	262	337
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures	(488)	(604)
Proceeds from divestiture, net of disbursements	169
Proceeds from sale of property, plant and equipment and other assets	33	99
Net cash used in investing activities	(286)	(505)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days	1,150	491
Repayments of commercial paper, maturities greater than 90 days	(1,141)	(68)
Net issuances of other short-term borrowings	2,230	2,008
Long-term debt proceeds	350	1,149
Long-term debt repaid	(1,469)	(1,757)
Repurchase of Common Stock	(1,069)	(1,312)
Dividends paid	(581)	(537)
Other	154	54
Net cash (used in)/provided by financing activities	(376)	28
Effect of exchange rate changes on cash and cash equivalents	56	25
Cash and cash equivalents:
Decrease	(344)	(115)
Balance at beginning of period	1,741	1,870
Balance at end of period	$ 1,397	$ 1,755

Basis of Presentation

6 Months Ended

Jun. 30, 2017

Basis of Presentation

Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual 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 results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2016.

Principles of Consolidation:

The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except 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. As such, for all periods presented, we have excluded the results of operations, financial position and cash flows of our Venezuelan subsidiaries from our condensed consolidated financial statements.

Segment Change:

On October 1, 2016, we integrated our Eastern Europe, Middle East, and Africa (“EEMEA”) operating segment into our Europe and Asia Pacific operating segments to further leverage and optimize the operating scale built within the Europe and Asia Pacific regions. Russia, Ukraine, Turkey, Belarus, Georgia and Kazakhstan were combined within our Europe region, while the remaining Middle East and African countries were combined within our Asia Pacific region to form a new Asia, Middle East and Africa (“AMEA”) operating segment. We have reflected the segment change as if it had occurred in all periods presented.

As of October 1, 2016, our operations and management structure were organized into four reportable operating segments:

•

Latin America

•

AMEA

•

Europe

•

North America

See Note 15, Segment Reporting, for additional information on our segments.

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 and realized exchange gains and losses on transactions in earnings.

Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country, from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings. As of June 30, 2017, none of our consolidated subsidiaries were subject to highly inflationary accounting.

Argentina. We continue to closely monitor inflation and the potential for the economy to become highly inflationary for accounting purposes. As of June 30, 2017, the Argentinian economy was not designated as highly inflationary. At this time, we continue to record currency translation adjustments within equity and realized exchange gains and losses on transactions in earnings. Our Argentinian operations contributed $159 million, or 2.7% of consolidated net revenues in the three months and $301 million, or 2.4% of consolidated net revenues in the six months ended June 30, 2017, and our Argentinian operations had a net monetary liability position as of June 30, 2017.

Ukraine. In the second quarter of 2017, based on projected inflation data published by the National Bank of Ukraine, Ukraine’s three-year cumulative inflation rate dropped below 100% and it is projected to stay below 100% in late 2017. As such, Ukraine is no longer designated highly inflationary and we continue to record currency translation adjustments

within equity and realized exchange gains and losses on transactions in earnings. Our Ukraine operations contributed $15 million, or 0.3%, of consolidated net revenues in the three months and $30 million, or 0.2% of consolidated net revenues in the six months ended June 30, 2017, and our Ukraine net monetary assets as of June 30, 2017 were not material.

Other Countries. Since we sell in approximately 165 countries and have operations in over 80 countries, we 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, Mexico, Russia, United Kingdom (Brexit), Turkey, Egypt, Nigeria and South Africa, most of which have had exchange rate volatility. We continue to monitor operations, currencies and net monetary exposures in these countries. At this time, we do not anticipate a 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 $1.0 billion. 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. The outstanding principal amount of receivables under this arrangement amounted to $594 million as of June 30, 2017 and $644 million as of December 31, 2016. The incremental cost of factoring receivables under this arrangement was recorded in net revenue and was approximately $2 million in the three months and $3 million in the six months ended June 30, 2017 and was $1 million in the three months and $2 million in the six months ended June 30, 2016. During our contract negotiations with customers, we also work with our customers to achieve earlier collection of receivables. The outstanding principal amount of receivables under these arrangements amounted to $38 million as of June 30, 2017 and $101 million as of December 31, 2016. The incremental cost of these arrangements was recorded in net revenue and was less than $1 million in the three months and $1 million in the six months ended June 30, 2017 and was $2 million in the three months and $3 million in the six months ended June 30, 2016.

New Accounting Pronouncements:

In May 2017, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to clarify when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The ASU is applied prospectively to awards that are modified on or after the adoption date. The ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We are currently assessing the impact on our consolidated financial statements and do not anticipate a material impact to our consolidated financial statements.

In March 2017, the FASB issued an ASU to amend the amortization period for certain purchased callable debt securities held at a premium, shortening the period to the earliest call date instead of the maturity date. The standard does not impact securities held at a discount as the discount continues to be amortized to maturity. The ASU is applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently assessing the impact on our consolidated financial statements and do not anticipate a material impact to our consolidated financial statements.

In March 2017, the FASB issued an ASU to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The standard requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amount and location where the net benefit cost is recorded in the income statement or capitalized in assets. The standard is to be applied on a retrospective basis for the change in presentation in the income statement and prospectively for the change in presentation on the balance sheet. The ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We are currently assessing the impact on our consolidated financial statements.

In January 2017, the FASB issued an ASU that clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The definition of a business may affect many areas of accounting including acquisitions, disposals, goodwill and consolidation. The ASU is applied on a prospective basis and is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We continue to assess the ASU based on any pending or new transactions that may arise prior to the January 1, 2018 adoption date. At this time, we do not anticipate early adopting nor a material impact on our consolidated financial statements.

In November 2016, the FASB issued an ASU that requires the change in restricted cash or cash equivalents to be included with other changes in cash and cash equivalents in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We anticipate adopting this standard at the same time as the cash flow statement classification changes described below go into effect on January 1, 2018. We continue to assess the impact on our consolidated statement of cash flows.

In October 2016, the FASB issued an ASU that requires the recognition of tax consequences of intercompany asset transfers other than inventory when the transfer occurs and removes the exception to postpone recognition until the asset has been sold to an outside party. The standard is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We anticipate adopting on January 1, 2018 and do not expect the ASU to have a material impact on our consolidated financial statements.

In August 2016, the FASB issued an ASU to provide guidance on eight specific cash flow classification issues and reduce diversity in practice in how some cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We anticipate adopting this standard on January 1, 2018. We continue to assess the impact on our consolidated statement of cash flows.

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 statement of earnings, 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 anticipate adopting the new standard on January 1, 2019. We continue to make progress in our due diligence and assess the impact of the new standard across our operations and on our consolidated financial statements, which will consist primarily of recording lease assets and liabilities on our balance sheet for our operating leases.

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 standard requires that equity investments (other than those accounted for under equity method of accounting or those that result in consolidation of the investee) be measured at fair value, with changes in fair value recognized in net income. The standard also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The ASU is effective for fiscal years beginning after December 15, 2017. This ASU is not expected to have a significant impact on our consolidated financial statements.

In May 2014, the FASB issued an ASU on revenue recognition from contracts with customers. The 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 control over 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 2016 and early 2017, the FASB issued several ASUs that clarified principal versus agent (gross versus net) revenue presentation considerations, confirmed the accounting for certain prepaid stored-value products and clarified the guidance for identifying performance obligations within a contract, the accounting for licenses and partial sales of nonfinancial assets. The FASB also issued two ASUs providing technical corrections, narrow scope exceptions and practical expedients to clarify and improve the implementation of the new revenue recognition guidance. The revenue guidance is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as of the original effective date (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 plan to adopt the new standard on January 1, 2018 on a full retrospective basis. We are finalizing reviews and working on implementing the process, policy and disclosure changes that will go into effect on January 1, 2018. At this time, we do not expect a material financial impact from adopting the new revenue standards.

Reclassifications:

Certain amounts previously reported have been reclassified to conform to current-year presentation. In connection with the October 1, 2016 segment change described above, see Notes 5, Goodwill and Intangible Assets; 6, 2014-2018 Restructuring Program; and 15, Segment Reporting for information on related changes made to prior-period segment goodwill, net revenues and earnings aligned with the new segment structure. We also reclassified certain amounts previously reported within our condensed consolidated statements of cash flows, condensed consolidated statements of comprehensive earnings and Note 12, Reclassifications from Accumulated Other Comprehensive Income, to be consistent with the current-year presentation.

Divestitures and Acquisitions

6 Months Ended

Jun. 30, 2017

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 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 held a 26.5% equity interest in JDE. (See discussion under Keurig Transaction below.) The remaining 73.5% equity interest in JDE was held by a subsidiary of Acorn Holdings B.V. (“AHBV,” owner of DEMB prior to July 2, 2015). Following the transactions discussed under JDE Stock-Based Compensation Arrangements below, as of June 30, 2017, we hold a 26.5% voting interest, a 26.4% ownership interest and a 26.2% profit and dividend sharing interest in JDE. We recorded $19 million of JDE equity earnings for three months and $38 million for the six months ended June 30, 2017 and $45 million for the three months and $92 million for the six months ended June 30, 2016. We also recorded $49 million of cash dividends received during the first quarter of 2017.

JDE Stock-Based Compensation Arrangements:

On June 30, 2016, we entered into agreements with AHBV and its affiliates to establish a new stock-based compensation arrangement tied to the issuance of JDE equity compensation awards to JDE employees. This arrangement replaced a temporary equity compensation program tied to the issuance of AHBV equity compensation to JDE employees. New Class C, D and E JDE shares were authorized and issued for investments made by, and vested stock-based compensation awards granted to, JDE employees. Under these arrangements, share ownership dilution from the JDE Class C, D and E shareholders is limited to 2%. We retained our 26.5% voting rights and have a slightly lower portion of JDE’s profits and dividends than our shareholder ownership interest as certain employee shareholders receive a slightly larger share. Upon execution of the agreements and the creation of the Class C, D and E JDE shares, as a percentage of the total JDE issued shares, our Class B shares decreased from 26.5% to 26.4% and AHBV’s Class A shares decreased from 73.5% to 73.22%, while the Class C, D and E shares, held by AHBV and its affiliates until the JDE employee awards vest, comprised 0.38% of JDE’s shares. Additional Class C shares are available to be issued when planned long-term incentive plan (“JDE LTIP”) awards vest, generally over the next five years. When the JDE Class C shares are issued in connection with the vested JDE LTIP awards, the Class A and B relative ownership interests will decrease. Based on estimated achievement and forfeiture assumptions, we do not expect our JDE ownership interest to decrease below 26.27%.

Keurig Transaction:

On March 3, 2016, a subsidiary of AHBV completed a $13.9 billion acquisition of all of 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 the equity method investment exchange in March 2016. Immediately following the exchange, our ownership interest in JDE was 26.5% and our interest in Keurig was 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 June 30, 2017. The shareholder loan has a 5.5% interest rate and is payable at the end of a seven-year term on February 27, 2023. We recorded Keurig equity earnings, shareholder loan interest and dividends of $15 million, $6 million and $2 million during the three months and $29 million, $12 million and $6 million during the six months ended June 30, 2017. In 2016, we recorded Keurig equity earnings, shareholder loan interest and dividends of $21 million, $6 million and no dividends during the three months and $29 million, $8 million and $2 million during the four months ended June 30, 2016.

Other Divestitures and Acquisitions:

On July 4, 2017, we completed the sale of most of our grocery business in Australia and New Zealand to Bega Cheese Limited for $456 million Australian dollars ($347 million as of July 4, 2017) and we expect to make a final working capital adjustment next quarter. We divested approximately $25 million of current assets, approximately $135 million of non-current assets and approximately $5 million of current liabilities based on the July 4, 2017 exchange rate.

On April 28, 2017, we completed the sale of several manufacturing facilities in France and the sale or license of several local confectionery brands. We received net cash of approximately €157 million ($169 million as of April 28, 2017) at the transaction date, for proceeds net of cash in the businesses which transferred to the buyer. Sales price adjustments related to employee-related liabilities and working capital transferred at closing will be settled in the remainder of 2017. The sale was subject to E.U. and local regulatory approvals, completion of employee consultation requirements and additional steps to prepare the assets for transfer. During the fourth quarter of 2016, the buyer obtained anti-trust clearance in all markets where it was required and we received the Works Council approval. On April 28, 2017, we divested $44 million of current assets, $155 million of non-current assets, $8 million of current liabilities and $22 million of non-current liabilities based on the April 28, 2017 euro-to-U.S. dollar exchange rate. We recorded a $3 million loss on the sale during the three months ended June 30, 2017. We also incurred divestiture-related costs of $3 million in the three months and $21 million in the six months ended June 30, 2017, and $84 million for the three and six months ended June 30, 2016. These costs were recorded within cost of sales and selling, general and administrative expenses of our Europe segment. In prior periods, we recorded a $5 million impairment charge in May 2016 for a candy trademark to reduce the overall net assets to the estimated net sales proceeds after transaction costs. On March 31, 2016, we recorded a $14 million impairment charge for another 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 November 2, 2016, we purchased from Burton’s Biscuit Company certain intangibles, which include the license to manufacture, market and sell Cadbury-branded biscuits in additional key markets around the world, including in the U.K., France, Ireland, North America and Saudi Arabia. The transaction was accounted for as a business combination. Total cash paid for the acquired assets was £199 million ($245 million as of November 2, 2016). We have recorded a preliminary purchase price allocation of $72 million to definite-lived intangible assets, $155 million to goodwill, $14 million to property, plant and equipment and $4 million to inventory, reflecting a November 2, 2016 exchange rate.

On May 2, 2016, we completed the sale of certain local biscuit brands in Finland as part of our strategic decisions to exit select small and local brands and shift investment towards our Power Brands. The sales price was €14 million ($16 million as of May 2, 2016) and we divested $8 million of indefinite-lived intangible assets and less than $1 million of other assets. We received cash proceeds of €12 million ($14 million as of May 2, 2016) upon closing and another €2 million ($2 million as of October 31, 2016) following the completion of post-closing requirements. The additional $2 million of consideration increased the pre-tax gain of $6 million recorded in the second quarter of 2016 to a total 2016 pre-tax gain of $8 million.

Sales of Property:

In the second quarter of 2016, we sold property within our North America segment and from our centrally held corporate assets. The North America sale generated cash proceeds of $40 million and a pre-tax gain of $33 million. The corporate aircraft sale generated cash proceeds of $20 million and a pre-tax gain of $6 million. The gains were recorded within selling, general and administrative expenses and cash proceeds were recorded in cash flows from other investing activities in the six months ended June 30, 2016.

Inventories

6 Months Ended

Jun. 30, 2017

Inventories

Note 3. Inventories

Inventories consisted of the following:


	As of June 30,			As of December 31,
	2017			2016
	(in millions)

Raw materials	$	757		$	722
Finished product		2,087			1,865


		2,844			2,587
Inventory reserves		(134	)		(118	)

Inventories, net	$	2,710		$	2,469

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2017

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of June 30,			As of December 31,
	2017			2016
	(in millions)

Land and land improvements	$	484		$	471
Buildings and building improvements		2,946			2,801
Machinery and equipment		10,920			10,302
Construction in progress		1,027			1,113

		15,377			14,687
Accumulated depreciation		(6,933	)		(6,458	)

Property, plant and equipment, net	$	8,444		$	8,229

For the six months ended June 30, 2017, capital expenditures of $488 million excluded $190 million of accrued capital expenditures remaining unpaid at June 30, 2017 and included payment for a portion of the $343 million of capital expenditures that were accrued and unpaid at December 31, 2016. For the six months ended June 30, 2016, capital expenditures of $604 million excluded $222 million of accrued capital expenditures remaining unpaid at June 30, 2016 and included payment for $322 million of capital expenditures that were accrued and unpaid at December 31, 2015.

In connection with our restructuring program, we recorded non-cash asset write-downs (including accelerated depreciation and asset impairments) of $47 million in the three months and $118 million in the six months ended June 30, 2017 and $61 million in the three months and $113 million in the six months ended June 30, 2016 (see Note 6, 2014-2018 Restructuring Program). These charges were recorded in the condensed consolidated statements of earnings within asset impairment and exit costs and in the segment results as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in millions)

Latin America	$	6	$	8	$	12	$	13
AMEA		30		12		42		21
Europe		4		17		42		38
North America		7		22		22		39
Corporate		–		2		–		2

Total non-cash asset write-downs	$	47	$	61	$	118	$	113

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Goodwill by segment reflects our current segment structure for both periods presented:


	As of June 30,		As of December 31,
	2017		2016
	(in millions)

Latin America	$	925	$	897
AMEA		3,413		3,324
Europe		7,667		7,170
North America		8,910		8,885

Goodwill	$	20,915	$	20,276

Intangible assets consisted of the following:


	As of June 30,			As of December 31,
	2017			2016
	(in millions)

Non-amortizable intangible assets	$	17,465		$	17,004
Amortizable intangible assets		2,389			2,315

		19,854			19,319
Accumulated amortization		(1,340	)		(1,218	)

Intangible assets, net	$	18,514		$	18,101

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 June 30, 2017, the weighted-average life of our amortizable intangible assets was 13.6 years.

Amortization expense for intangible assets was $44 million in each of the three months and $88 million in each of the six months ended June 30, 2017 and June 30, 2016. For the next five years, we currently estimate annual amortization expense of approximately $175 million for the next four years and approximately $85 million in year five, reflecting June 30, 2017 exchange rates.

Changes in goodwill and intangible assets consisted of:


	Goodwill			Intangible Assets, at cost
	(in millions)

Balance at January 1, 2017	$	20,276		$	19,319
Currency		651			634
Divestiture		(23	)		(62	)
Acquisition		12			–
Asset impairment		–			(38	)
Other		(1	)		1

Balance at June 30, 2017	$	20,915		$	19,854

Changes to goodwill and intangibles were:

•

Divestiture – During the second quarter of 2017, we divested several manufacturing facilities primarily in France and as a result of the divestiture, $23 million of goodwill and $62 million of amortizable and non-amortizable intangible assets. See Note 2, Divestitures and Acquisitions, for additional information.

•

Acquisition – During the second quarter of 2017, we recorded a $12 million adjustment to goodwill in connection with our preliminary purchase price allocation for the Burton’s Biscuit Company purchase completed in the fourth quarter of 2016. See Note 2, Divestitures and Acquisitions, for additional information.

•

Asset impairment – During the second quarter of 2017, we recorded a $38 million intangible asset impairment charge resulting from a category decline and lower than expected product growth related to a gum trademark in our North America segment.

During our 2016 annual testing of non-amortizable intangible assets, we recorded $98 million of impairment charges in the fourth quarter of 2016 related to five trademarks recorded across all regions. We also noted nine brands, including the five impaired trademarks, with $630 million of aggregate book value as of December 31, 2016 that each had a fair value in excess of book value of 10% or less. We believe our current plans for each of these brands will allow them to continue to not be impaired, but if the product line 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.

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.

2014-2018 Restructuring Program

6 Months Ended

Jun. 30, 2017

Debt and Borrowing Arrangements

Note 6. 2014-2018 Restructuring Program

On May 6, 2014, our Board of Directors approved a $3.5 billion restructuring program and up to $2.2 billion of capital expenditures. On August 31, 2016, our Board of Directors approved a $600 million reallocation between restructuring program cash costs and capital expenditures so that now the $5.7 billion program consists of approximately $4.1 billion of restructuring program costs ($3.1 billion cash costs and $1 billion non-cash costs) and up to $1.6 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 $2.9 billion related to the 2014-2018 Restructuring Program. We expect to incur the full $4.1 billion of program charges by year-end 2018.

Restructuring Costs:

We recorded restructuring charges of $148 million in the three months and $305 million in the six months ended June 30, 2017 and $154 million in the three months and $293 million in the six months ended June 30, 2016 within asset impairment and exit costs. The 2014-2018 Restructuring Program liability activity for the six months ended June 30, 2017 was:


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

Liability balance, January 1, 2017	$	464		$	–		$	464
Charges		184			121			305
Cash spent		(162	)		–			(162	)
Non-cash settlements/adjustments		(5	)		(121	)		(126	)
Currency		19			–			19

Liability balance, June 30, 2017	$	500		$	–		$	500

We spent $78 million in the three months and $162 million in the six months ended June 30, 2017 and $86 million in the three months and $160 million in the six months ended June 30, 2016 in cash severance and related costs. We also recognized non-cash pension settlement losses (See Note 9, Benefit Plans), non-cash asset write-downs (including accelerated depreciation and asset impairments) and other non-cash adjustments totaling $54 million in the three months and $126 million in the six months ended June 30, 2017 and $72 million in the three months and $124 million in the six months ended June 30, 2016. At June 30, 2017, $435 million of our net restructuring liability was recorded within other current liabilities and $65 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 $63 million in the three months and $117 million in the six months ended June 30, 2017 and $74 million in the three months and $172 million in the six months ended June 30, 2016. 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 and six months ended June 30, 2017 and June 30, 2016, and since inception of the 2014-2018 Restructuring Program, we recorded restructuring and implementation costs within operating income by segment (as revised to reflect our current segment structure) as follows:


	Latin						North
	America		AMEA		Europe		America ⁽¹⁾		Corporate ⁽²⁾		Total
	(in millions)

For the Three Months Ended June 30, 2017
Restructuring Costs	$	8	$	48	$	50	$	33	$	9	$	148
Implementation Costs		10		10		19		13		11		63

Total	$	18	$	58	$	69	$	46	$	20	$	211


For the Six Months Ended June 30, 2017
Restructuring Costs	$	31	$	73	$	119	$	72	$	10	$	305
Implementation Costs		20		20		31		25		21		117

Total	$	51	$	93	$	150	$	97	$	31	$	422


For the Three Months Ended June 30, 2016
Restructuring Costs	$	32	$	34	$	45	$	36	$	7	$	154
Implementation Costs		12		10		3		35		14		74

Total	$	44	$	44	$	48	$	71	$	21	$	228


For the Six Months Ended June 30, 2016
Restructuring Costs	$	44	$	63	$	112	$	68	$	6	$	293
Implementation Costs		19		18		33		72		30		172

Total	$	63	$	81	$	145	$	140	$	36	$	465


Total Project 2014-2017 ⁽³⁾
Restructuring Costs	$	369	$	382	$	768	$	425	$	60	$	2,004
Implementation Costs		128		104		235		221		199		887

Total	$	497	$	486	$	1,003	$	646	$	259	$	2,891

(1)

During 2017 and 2016, our North America region implementation costs included incremental 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.

(2)

Includes adjustment for rounding.

(3)

Includes all charges recorded since program inception on May 6, 2014 through June 30, 2017.

Debt and Borrowing Arrangements

6 Months Ended

Jun. 30, 2017

Note 7. Debt and Borrowing Arrangements

Short-Term Borrowings:

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


	As of June 30, 2017				As of December 31, 2016
	Amount		Weighted-		Amount		Weighted-
	Outstanding		Average Rate		Outstanding		Average Rate
	(in millions)				(in millions)

Commercial paper	$	4,219		1.2%	$	2,371		1.0%
Bank loans		594		6.9%		160		10.6%

Total short-term borrowings	$	4,813			$	2,531

As of June 30, 2017, commercial paper issued and outstanding had between 3 and 89 days remaining to maturity. Commercial paper borrowings increased since year-end primarily as a result of issuances to finance the payment of long-term debt maturities, dividend payments and share repurchases during the quarter.

Some of our international subsidiaries maintain primarily uncommitted credit lines to meet short-term working capital needs. Collectively, these credit lines amounted to $2.2 billion at June 30, 2017 and $1.8 billion at December 31, 2016. Borrowings on these lines were $594 million at June 30, 2017 and $160 million at December 31, 2016. Short-term bank loans and cash and cash equivalents increased at the end of the second quarter as scheduled cash sweeps, which normally transfer cash between accounts to fund obligations, did not occur. As a result, temporary bank overdrafts resulted in the accounts scheduled to be funded and were recorded within short-term bank loans and funded in early July.

Borrowing Arrangements:

On March 1, 2017, to supplement our commercial paper program, we entered into a $1.5 billion revolving credit agreement for a 364-day senior unsecured credit facility that is scheduled to expire on February 28, 2018. The agreement includes the same terms and conditions as our existing $4.5 billion multi-year credit facility discussed below. As of June 30, 2017, no amounts were drawn on the facility.

We also maintain a $4.5 billion multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. On October 14, 2016, the revolving credit agreement, which was scheduled to expire on October 11, 2018, was extended through October 11, 2021. 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 June 30, 2017, we complied with this covenant as our shareholders’ equity, as defined by the covenant, was $35.9 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 June 30, 2017, no amounts were drawn on the facility.

Long-Term Debt:

On April 12, 2017, we discharged $488 million of our 6.500% U.S. dollar-denominated debt. We paid $504 million, representing principal as well as past and future interest accruals from February 2017 through the August 2017 maturity date. We recorded an $11 million loss on debt extinguishment within interest expense and a $5 million reduction in accrued interest.

On March 30, 2017, fr.175 million of our 0.000% Swiss franc-denominated notes matured. The notes and accrued interest to date were paid with net proceeds from the fr.350 million Swiss franc-denominated notes issued on March 13, 2017.

On March 13, 2017, we launched an offering of fr.350 million of Swiss franc-denominated notes, or $349 million in U.S. dollars as of March 31, 2017, consisting of:

•

fr.225 million (or $224 million) of 0.050% fixed rate notes that mature on March 30, 2020

•

fr.125 million (or $125 million) of 0.617% fixed rate notes that mature on September 30, 2024

On March 30, 2017, we received net proceeds of fr.349 million (or $349 million) that were used for general corporate purposes.

On January 26, 2017, €750 million of our 1.125% euro-denominated notes matured. The notes and accrued interest to date were paid with the issuance of commercial paper and cash on hand.

Our weighted-average interest rate on our total debt was 2.1% as of June 30, 2017 and 2.2% as of December 31, 2016, down from 3.7% as of December 31, 2015.

Fair Value of Our Debt:

The fair value of our short-term borrowings at June 30, 2017 and December 31, 2016 reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. 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 June 30, 2017, the aggregate fair value of our total debt was $19,477 million and its carrying value was $18,781 million. At December 31, 2016, the aggregate fair value of our total debt was $17,882 million and its carrying value was $17,199 million.

Interest and Other Expense, net:

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in millions)

Interest expense, debt	$	103	$	135	$	206	$	271
Loss on debt extinguishment		11		–		11		–
Loss related to interest rate swaps		–		–		–		97
Other expense, net		10		16		26		27

Interest and other expense, net	$	124	$	151	$	243	$	395

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 quarter of 2016.

Financial Instruments

6 Months Ended

Jun. 30, 2017

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 June 30, 2017				As of December 31, 2016
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(in millions)

Derivatives designated as accounting hedges:
Currency exchange contracts	$	2	$	1	$	19	$	8
Commodity contracts		1		9		17		22
Interest rate contracts		22		246		108		19

	$	25	$	256	$	144	$	49


Derivatives not designated as accounting hedges:
Currency exchange contracts	$	51	$	49	$	29	$	43
Commodity contracts		57		234		112		167
Interest rate contracts		22		15		27		19

	$	130	$	298	$	168	$	229

Total fair value	$	155	$	554	$	312	$	278

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 on our condensed consolidated balance sheets. 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 June 30, 2017
				Quoted Prices in
				Active Markets			Significant			Significant
	Total			for Identical			Other Observable			Unobservable
	Fair Value of Net			Assets			Inputs			Inputs
	Asset/(Liability)			(Level 1)			(Level 2)			(Level 3)
	(in millions)

Currency exchange contracts	$	3		$	–		$	3		$	–
Commodity contracts		(185	)		(175	)		(10	)		–
Interest rate contracts		(217	)		–			(217	)		–

Total derivatives	$	(399	)	$	(175	)	$	(224	)	$	–


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

Currency exchange contracts	$	(3	)	$	–		$	(3	)	$	–
Commodity contracts		(60	)		(86	)		26			–
Interest rate contracts		97			–			97			–

Total derivatives	$	34		$	(86	)	$	120		$	–

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 $270 million as of June 30, 2017 and $133 million as of December 31, 2016 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 $95 million as of June 30, 2017 and $48 million as of December 31, 2016. As of June 30, 2017, we have no derivatives in a net liability position, and as of December 31, 2016 we would have owed $2 million for derivatives we have 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 $257 million as of June 30, 2017 and $40 million as of December 31, 2016, and for derivatives we have in a net asset position, our counterparties would owe us a total of $30 million as of June 30, 2017 and $162 million as of December 31, 2016. 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 June 30,		As of December 31,
	2017		2016
	(in millions)

Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,992	$	3,343
Forecasted transactions		1,432		1,452
Commodity contracts		1,174		837
Interest rate contracts		6,480		6,365
Net investment hedge – euro notes		3,844		4,012
Net investment hedge – pound sterling notes		442		419
Net investment hedge – Swiss franc notes		1,723		1,447

Cash Flow Hedges:

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Accumulated (loss)/gain at January 1	$	(103	)	$	(53	)	$	(121	)	$	(45	)
Transfer of realized (gains)/losses in fair value to earnings		(4	)		8			3			66
Unrealized gain/(loss) in fair value		16			9			27			(57	)

Accumulated (loss)/gain at June 30	$	(91	)	$	(36	)	$	(91	)	$	(36	)


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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Currency exchange contracts – forecasted transactions	$	1		$	(2	)	$	1		$	3
Commodity contracts		3			(6	)		(4	)		(9	)
Interest rate contracts		–			–			–			(60	)

Total	$	4		$	(8	)	$	(3	)	$	(66	)


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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Currency exchange contracts – forecasted transactions	$	(14	)	$	2		$	(26	)	$	(10	)
Commodity contracts		6			14			6			9
Interest rate contracts		24			(7	)		47			(56	)

Total	$	16		$	9		$	27		$	(57	)

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

Within interest and other expense, net, we recorded pre-tax losses of $97 million in the first quarter of 2016 related to amounts excluded from effectiveness testing. This amount relates 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, we changed our plans to issue U.S. dollar-denominated debt and instead issued euro and Swiss franc-denominated notes in the first quarter of 2016. Amounts excluded from effectiveness testing were not material for all periods presented.

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 losses of $20 million (net of taxes) for commodity cash flow hedges, unrealized gains of $1 million (net of taxes) for currency cash flow hedges and unrealized losses of $1 million (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months.

Cash Flow Hedge Coverage:

As of June 30, 2017, we hedged transactions forecasted to impact cash flows over the following periods:

•

commodity transactions for periods not exceeding the next 6 months;

•

interest rate transactions for periods not exceeding the next 6 years and 4 months; and

•

currency exchange transactions for periods not exceeding the next 6 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 June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Derivatives	$	1		$	4		$	(2	)	$	9
Borrowings		(1	)		(4	)		2			(9	)

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 June 30,						For the Six Months Ended June 30,						Location of Gain/(Loss) Recognized in Earnings
	2017			2016			2017			2016			Location of Gain/(Loss) Recognized in Earnings
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	3		$	6		$	5		$	11		Interest and other expense, net
Forecasted transactions		18			(46	)		2			(77	)	Cost of sales
Forecasted transactions		1			–			(2	)		8		Interest and other expense, net
Forecasted transactions		2			8			2			12		Selling, general and administrative expenses
Commodity contracts		(97	)		31			(160	)		(13	)	Cost of sales

Total	$	(73	)	$	(1	)	$	(153	)	$	(59	)

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 June 30,					For the Six Months Ended June 30,						Location of Gain/(Loss) Recognized in AOCI
	2017			2016		2017			2016			Location of Gain/(Loss) Recognized in AOCI
	(in millions)
Euro notes	$	(168	)	$	82	$	(196	)	$	(72	)	Currency
Pound sterling notes		(10	)		63		(15	)		86		Translation
Swiss franc notes		(49	)		14		(64	)		(29	)	Adjustment

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
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

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+ Details

Benefit Plans

6 Months Ended

Jun. 30, 2017

Benefit Plans

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 June 30,						For the Three Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Service cost	$	10		$	14		$	38		$	39
Interest cost		16			15			49			62
Expected return on plan assets		(25	)		(24	)		(108	)		(111	)
Amortization:
Net loss from experience differences		9			9			40			31
Prior service cost/(credit)		–			1			–			(1	)
Settlement losses/(gains) and other expenses		18			12			1			(1	)

Net periodic pension cost	$	28		$	27		$	20		$	19


	U.S. Plans						Non-U.S. Plans
	For the Six Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Service cost	$	22		$	27		$	77		$	77
Interest cost		31			31			97			122
Expected return on plan assets		(50	)		(48	)		(212	)		(221	)
Amortization:
Net loss from experience differences		17			18			81			62
Prior service cost/(credit)		1			1			(1	)		(2	)
Settlement losses/(gains) and other expenses		21			16			2			(1	)

Net periodic pension cost	$	42		$	45		$	44		$	37

Within settlement losses/(gains) and other expenses are losses of $11 million for the three and six months ended June 30, 2017 and $9 million for the three and six months ended June 30, 2016, that are related to our 2014-2018 Restructuring Program and are recorded within asset impairment and exit costs on our condensed consolidated statements of earnings.

Employer Contributions:

During the six months ended June 30, 2017, we contributed $9 million to our U.S. pension plans and $369 million to our non-U.S. pension plans. The non-U.S. amount included a non-recurring $250 million contribution made in connection with a new funding agreement for a Company plan in the U.K. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of June 30, 2017, we plan to make further contributions of approximately $4 million to our U.S. plans and approximately $86 million to our non-U.S. plans during the remainder of 2017. Our actual contributions may be different due to many factors, including changes in tax and other benefit laws, 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 June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Service cost	$	2		$	3		$	4		$	6
Interest cost		3			5			7			10
Amortization:
Net loss from experience differences		4			1			7			3
Prior service credit ⁽¹⁾		(10	)		(1	)		(20	)		(3	)

Net periodic postretirement health care costs	$	(1	)	$	8		$	(2	)	$	16

(1)

For the three and six months ended June 30, 2017, amortization of prior service credit includes an $8 million and $16 million gain respectively, related to a change in the eligibility requirement and a change in benefits to Medicare-eligible participants.

Postemployment Benefit Plans

Net periodic postemployment costs consisted of the following:


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017			2016
	(in millions)
Service cost	$	2		$	1	$	3		$	3
Interest cost		1			2		2			3
Amortization of net gains		(1	)		–		(2	)		–

Net periodic postemployment costs	$	2		$	3	$	3		$	6

Stock Plans

6 Months Ended

Jun. 30, 2017

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, 2017		53,601,612		$	28.02		6 years	$	874 million

Annual grant to eligible employees		6,012,140			43.20
Additional options issued		26,600			44.30

Total options granted		6,038,740			43.20
Options exercised ⁽¹⁾		(6,099,149	)		27.38			$	109 million
Options cancelled		(1,270,978	)		38.80

Balance at June 30, 2017		52,270,225			29.59		6 years	$	711 million

(1)

Cash received from options exercised was $113 million in the three months and $170 million in the six months ended June 30, 2017. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $10 million in the three months and $18 million in the six months ended June 30, 2017.

Performance Share Units and Other Stock-Based Awards:

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


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

Balance at January 1, 2017		7,593,627				$	24.29

Annual grant to eligible employees:					Feb. 16, 2017
Performance share units		1,087,010					43.20
Deferred stock units		845,550					43.20
Additional shares granted ⁽¹⁾		304,961			Various		40.39

Total shares granted		2,237,521					42.82	$	96 million
Vested ⁽²⁾		(2,443,709	)				43.01	$	105 million
Forfeited ⁽²⁾		(569,922	)				39.59

Balance at June 30, 2017		6,817,517					22.38

(1)

Includes performance share units and deferred stock units.

(2)

Includes performance share units, deferred stock units and historically granted restricted stock. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $1 million in the three months and $7 million for six months ended June 30, 2017.

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. Prior to January 1, 2017, we had repurchased $10.8 billion of Common Stock pursuant to this authorization. During the six months ended June 30, 2017, we repurchased approximately 25 million shares of Common Stock at an average cost of $44.61 per share, or an aggregate cost of approximately $1,109 million, all of which was paid during the period except for approximately $40 million settled in July 2017. All share repurchases were funded through available cash and commercial paper issuances. As of June 30, 2017, we have $1.7 billion in remaining share repurchase capacity.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Commitments and Contingencies

Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

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.

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 ($58 million as of June 30, 2017) 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 ($90 million as of June 30, 2017). We have appealed this order. In addition, the Excise Authority issued additional show cause notices in February 2015 and December 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 ($37 million as of June 30, 2017) 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. In June 2016, the court denied Mondelēz Global and Kraft Foods Group’s motion to dismiss, and the parties are now in discovery. 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 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 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 June 30, 2017, we had no material third-party guarantees recorded on our condensed consolidated balance sheet.

Tax Matters:

As part of our 2010 Cadbury acquisition, we became the responsible party for tax matters under a February 2, 2006 dated Deed of Tax Covenant between the Cadbury Schweppes PLC and related entities (“Schweppes”) and Black Lion Beverages and related entities. The tax matters included an ongoing transfer pricing case with the Spanish tax authorities related to the Schweppes businesses Cadbury divested prior to our acquisition of Cadbury. During the first quarter of 2017, the Spanish Supreme Court decided the case in our favor. As a result of the final ruling, during the first quarter of 2017, we recorded a favorable earnings impact of $46 million in selling, general and administrative expenses and $12 million in interest and other expense, net, for a total pre-tax impact of $58 million due to the non-cash reversal of Cadbury-related accrued liabilities related to this matter.

During the first quarter of 2017, the Brazilian Supreme Court (the “Court”) ruled against the Brazilian tax authorities in a case related to the computation of certain social taxes. The Court ruled that the social tax base should not include a value-added tax known as ICMS. By removing the ICMS from the tax base, the Court effectively eliminated a “tax on a tax.” Our Brazilian subsidiary received an injunction against making payments for the “tax on a tax” in 2008 and since that time until December 2016, we have accrued for the ICMS tax each quarter in the event that the ICMS tax was reaffirmed by the Brazilian courts. The decision of the Court has not yet been published and we are awaiting further instructions from the Court and tax authorities related to amounts previously paid and accrued for the ICMS tax. We cannot reasonably estimate the amount and timing of the impact at this time.

Reclassifications from Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2017

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 $67 million in the three months and $110 million in the six months ended June 30, 2017 and $38 million in the three months and $178 million in the six months ended June 30, 2016.


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(8,375	)	$	(7,388	)	$	(8,914	)	$	(8,006	)
Currency translation adjustments		252			(436	)		764			38
Reclassification to earnings related to:
Equity method investment exchange		–			–			–			57
Tax benefit/(expense)		128			(92	)		159			8

Other comprehensive earnings/(losses)		380			(528	)		923			103
Less: (gain)/loss attributable to noncontrolling interests		(12	)		14			(16	)		1

Balance at end of period		(8,007	)		(7,902	)		(8,007	)		(7,902	)

Pension and Other Benefit Plans:
Balance at beginning of period	$	(2,086	)	$	(1,940	)	$	(2,087	)	$	(1,934	)
Net actuarial (loss)/gain arising during period		16			24			9			24
Tax benefit/(expense) on net actuarial loss		(2	)		(9	)		–			(9	)
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs ⁽¹⁾		42			34			83			63
Settlement losses and other expenses ⁽¹⁾		15			11			18			15
Tax benefit on reclassifications ⁽²⁾		(12	)		(15	)		(21	)		(24	)
Currency impact		(92	)		65			(121	)		35

Other comprehensive (losses)/earnings		(33	)		110			(32	)		104

Balance at end of period		(2,119	)		(1,830	)		(2,119	)		(1,830	)

Derivative Cash Flow Hedges:
Balance at beginning of period	$	(103	)	$	(53	)	$	(121	)	$	(46	)
Net derivative gains/(losses)		22			6			29			(83	)
Tax benefit on net derivative gain/(loss)		(1	)		3			4			27
Losses/(gains) reclassified into net earnings:
Currency exchange contracts – forecasted transactions ⁽³⁾		(1	)		2			–			(4	)
Commodity contracts ⁽³⁾		(2	)		10			6			15
Interest rate contracts ⁽⁴⁾		–			–			–			96
Tax benefit on reclassifications ⁽²⁾		(1	)		(4	)		(3	)		(40	)
Currency impact		(5	)		–			(6	)		(1	)

Other comprehensive earnings/(losses)		12			17			30			10

Balance at end of period		(91	)		(36	)		(91	)		(36	)

Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,564	)	$	(9,381	)	$	(11,122	)	$	(9,986	)
Total other comprehensive earnings/(losses)		359			(401	)		921			217
Less: loss/(gain) attributable to noncontrolling interests		(12	)		14			(16	)		1

Other comprehensive earnings/(losses) attributable to Mondelēz International		347			(387	)		905			218

Balance at end of period	$	(10,217	)	$	(9,768	)	$	(10,217	)	$	(9,768	)

(1)

These reclassified losses are included in the components of net periodic benefit costs disclosed in Note 9, Benefit Plans.

(2)

Taxes reclassified to earnings are recorded within the provision for income taxes.

(3)

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

(4)

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

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.

Income Taxes

6 Months Ended

Jun. 30, 2017

Income Taxes

Note 13. Income Taxes

Based on current tax laws, our estimated annual effective tax rate for 2017 is 25.8%, reflecting favorable impacts from the mix of pre-tax income in various non-U.S. tax jurisdictions, partially offset by an increase in domestic earnings as compared to the prior year. Our 2017 second quarter effective tax rate of 16.2% was favorably impacted by net tax benefits of $47 million from discrete one-time events. The discrete net tax benefits primarily consisted of a $46 million benefit from the release of uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions. Our effective tax rate for the six months ended June 30, 2017 of 19.2% was favorably impacted by net tax benefits of $83 million from discrete one-time events. The discrete net tax benefits primarily consisted of a $62 million benefit from the release of uncertain tax positions due to expirations of statutes of limitations and audit settlements in various jurisdictions and a $16 million benefit related to the U.S. domestic production activities deduction.

As of the end of the second quarter of 2016, our estimated annual effective tax rate for 2016 was 22.5%, reflecting favorable impacts from the mix of pre-tax income in various non-U.S. tax jurisdictions. Our 2016 second quarter effective tax rate of 24.2% included net expense from discrete one-time events of $6 million, mainly due to interest accruals on uncertain tax positions. Our effective tax rate for the six months ended June 30, 2016 of 17.3% was favorably impacted by net tax benefits of $49 million from discrete one-timeevents. The discrete net tax benefits primarily consisted of a $39 million benefit from the release of uncertain tax positions due to expirations of statutes of limitations in several jurisdictions.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share

Note 14. Earnings Per Share

Basic and diluted earnings per share (“EPS”) were calculated as follows:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions, except per share data)

Net earnings	$	500		$	471		$	1,133		$	1,028
Noncontrolling interest (earnings)		(2	)		(7	)		(5	)		(10	)

Net earnings attributable to Mondelēz International	$	498		$	464		$	1,128		$	1,018

Weighted-average shares for basic EPS		1,519			1,557			1,524			1,563
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		20			19			20			18

Weighted-average shares for diluted EPS		1,539			1,576			1,544			1,581

Basic earnings per share attributable to Mondelēz International	$	0.33		$	0.30		$	0.74		$	0.65

Diluted earnings per share attributable to Mondelēz International	$	0.32		$	0.29		$	0.73		$	0.64

We exclude antidilutive Mondelēz International stock options from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options of 8.6 million for the three months and 7.7 million for the six months ended June 30, 2017 and 6.5 million for the three months and 10.2 million for the six months ended June 30, 2016.

Segment Reporting

6 Months Ended

Jun. 30, 2017

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 four reportable operating segments:

•

Latin America

•

AMEA

•

Europe

•

North America

On October 1, 2016, we integrated our EEMEA operating segment into our Europe and Asia Pacific operating segments to further leverage and optimize the operating scale built within the Europe and Asia Pacific regions. Russia, Ukraine, Turkey, Belarus, Georgia and Kazakhstan were combined within our Europe operating segment, while the remaining Middle East and African countries were combined within our Asia Pacific region to form the AMEA operating segment. We have reflected the segment change as if it had occurred in all periods presented.

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.

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 and loss on divestiture 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, revised to reflect our new segment structure, were:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
	(in millions)

Net revenues:
Latin America	$	848		$	843		$	1,758		$	1,660
AMEA		1,394			1,446			2,885			2,961
Europe		2,171			2,293			4,536			4,741
North America		1,573			1,720			3,221			3,395

Net revenues	$	5,986		$	6,302		$	12,400		$	12,757

Earnings before income taxes:
Operating income:
Latin America	$	103		$	32		$	214		$	99
AMEA		162			149			343			339
Europe		339			256			748			608
North America		214			295			506			566
Unrealized (losses)/gains on hedging activities (mark-to-market impacts)		(46	)		17			(97	)		(37	)
General corporate expenses		(84	)		(67	)		(142	)		(127	)
Amortization of intangibles		(44	)		(44	)		(88	)		(88	)
Loss on divestiture		(3	)		–			(3	)		–

Operating income		641			638			1,481			1,360
Interest and other expense, net		(124	)		(151	)		(243	)		(395	)

Earnings before income taxes	$	517		$	487		$	1,238		$	965

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Divestitures and Acquisitions, Note 4, Property, Plant and Equipment, Note 5, Goodwill and Intangible Assets, Note 6, 2014-2018 Restructuring Program and Note 11, Commitments and Contingencies. 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, revised to reflect our new segment structure, were:


	For the Three Months Ended June 30, 2017
	Latin America		AMEA		Europe		North America		Total
	(in millions)

Biscuits	$	200	$	355	$	718	$	1,301	$	2,574
Chocolate		194		425		946		50		1,615
Gum & Candy		241		238		204		222		905
Beverages		129		189		24		–		342
Cheese & Grocery		84		187		279		–		550

Total net revenues	$	848	$	1,394	$	2,171	$	1,573	$	5,986


	For the Three Months Ended June 30, 2016
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	196	$	356	$	719	$	1,398	$	2,669
Chocolate		179		392		981		43		1,595
Gum & Candy		250		250		254		279		1,033
Beverages		138		229		39		–		406
Cheese & Grocery		80		219		300		–		599

Total net revenues	$	843	$	1,446	$	2,293	$	1,720	$	6,302


	For the Six Months Ended June 30, 2017
	Latin America		AMEA		Europe		North America		Total
	(in millions)

Biscuits	$	370	$	754	$	1,369	$	2,634	$	5,127
Chocolate		453		940		2,169		120		3,682
Gum & Candy		454		467		397		467		1,785
Beverages		322		362		65		–		749
Cheese & Grocery		159		362		536		–		1,057

Total net revenues	$	1,758	$	2,885	$	4,536	$	3,221	$	12,400


	For the Six Months Ended June 30, 2016
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	360	$	763	$	1,362	$	2,759	$	5,244
Chocolate		377		885		2,244		88		3,594
Gum & Candy		466		506		470		548		1,990
Beverages		302		406		87		–		795
Cheese & Grocery		155		401		578		–		1,134

Total net revenues	$	1,660	$	2,961	$	4,741	$	3,395	$	12,757

Principles of Consolidation

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2017

Basis of Presentation

Principles of Consolidation:

Segment Change

Segment Change:

As of October 1, 2016, our operations and management structure were organized into four reportable operating segments:

•

Latin America

•

AMEA

•

Europe

•

North America

See Note 15, Segment Reporting, for additional information on our segments.

Currency Translation and Highly Inflationary Accounting

Currency Translation and Highly Inflationary Accounting:

Transfers of Financial Assets

Transfers of Financial Assets:

New Accounting Pronouncements

New Accounting Pronouncements:

Reclassifications

Reclassifications:

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.

Components of Inventories

Inventories (Tables)

6 Months Ended

Jun. 30, 2017

Inventories consisted of the following:


	As of June 30,			As of December 31,
	2017			2016
	(in millions)

Raw materials	$	757		$	722
Finished product		2,087			1,865


		2,844			2,587
Inventory reserves		(134	)		(118	)

Inventories, net	$	2,710		$	2,469

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2017

Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of June 30,			As of December 31,
	2017			2016
	(in millions)

Land and land improvements	$	484		$	471
Buildings and building improvements		2,946			2,801
Machinery and equipment		10,920			10,302
Construction in progress		1,027			1,113

		15,377			14,687
Accumulated depreciation		(6,933	)		(6,458	)

Property, plant and equipment, net	$	8,444		$	8,229

Schedule of Restructuring and Implementation Costs


	Latin						North
	America		AMEA		Europe		America ⁽¹⁾		Corporate ⁽²⁾		Total
	(in millions)

For the Three Months Ended June 30, 2017
Restructuring Costs	$	8	$	48	$	50	$	33	$	9	$	148
Implementation Costs		10		10		19		13		11		63

Total	$	18	$	58	$	69	$	46	$	20	$	211


For the Six Months Ended June 30, 2017
Restructuring Costs	$	31	$	73	$	119	$	72	$	10	$	305
Implementation Costs		20		20		31		25		21		117

Total	$	51	$	93	$	150	$	97	$	31	$	422


For the Three Months Ended June 30, 2016
Restructuring Costs	$	32	$	34	$	45	$	36	$	7	$	154
Implementation Costs		12		10		3		35		14		74

Total	$	44	$	44	$	48	$	71	$	21	$	228


For the Six Months Ended June 30, 2016
Restructuring Costs	$	44	$	63	$	112	$	68	$	6	$	293
Implementation Costs		19		18		33		72		30		172

Total	$	63	$	81	$	145	$	140	$	36	$	465


Total Project 2014-2017 ⁽³⁾
Restructuring Costs	$	369	$	382	$	768	$	425	$	60	$	2,004
Implementation Costs		128		104		235		221		199		887

Total	$	497	$	486	$	1,003	$	646	$	259	$	2,891

(1)

(2)

Includes adjustment for rounding.

(3)

Includes all charges recorded since program inception on May 6, 2014 through June 30, 2017.

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 and in the segment results as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in millions)

Latin America	$	6	$	8	$	12	$	13
AMEA		30		12		42		21
Europe		4		17		42		38
North America		7		22		22		39
Corporate		–		2		–		2

Total non-cash asset write-downs	$	47	$	61	$	118	$	113

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Goodwill by Segment

Goodwill by segment reflects our current segment structure for both periods presented:


	As of June 30,		As of December 31,
	2017		2016
	(in millions)

Latin America	$	925	$	897
AMEA		3,413		3,324
Europe		7,667		7,170
North America		8,910		8,885

Goodwill	$	20,915	$	20,276

Intangible Assets Disclosure

Intangible assets consisted of the following:


	As of June 30,			As of December 31,
	2017			2016
	(in millions)

Non-amortizable intangible assets	$	17,465		$	17,004
Amortizable intangible assets		2,389			2,315

		19,854			19,319
Accumulated amortization		(1,340	)		(1,218	)

Intangible assets, net	$	18,514		$	18,101

Changes in Goodwill and Intangible Assets

Changes in goodwill and intangible assets consisted of:


	Goodwill			Intangible Assets, at cost
	(in millions)

Balance at January 1, 2017	$	20,276		$	19,319
Currency		651			634
Divestiture		(23	)		(62	)
Acquisition		12			–
Asset impairment		–			(38	)
Other		(1	)		1

Balance at June 30, 2017	$	20,915		$	19,854

2014-2018 Restructuring Program (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Restructuring Costs

The 2014-2018 Restructuring Program liability activity for the six months ended June 30, 2017 was:


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

Liability balance, January 1, 2017	$	464		$	–		$	464
Charges		184			121			305
Cash spent		(162	)		–			(162	)
Non-cash settlements/adjustments		(5	)		(121	)		(126	)
Currency		19			–			19

Liability balance, June 30, 2017	$	500		$	–		$	500

Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2017

Short-Term Borrowings and Related Weighted-Average Interest Rates

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


	As of June 30, 2017				As of December 31, 2016
	Amount		Weighted-		Amount		Weighted-
	Outstanding		Average Rate		Outstanding		Average Rate
	(in millions)				(in millions)

Commercial paper	$	4,219		1.2%	$	2,371		1.0%
Bank loans		594		6.9%		160		10.6%

Total short-term borrowings	$	4,813			$	2,531

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				For the Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in millions)

Interest expense, debt	$	103	$	135	$	206	$	271
Loss on debt extinguishment		11		–		11		–
Loss related to interest rate swaps		–		–		–		97
Other expense, net		10		16		26		27

Interest and other expense, net	$	124	$	151	$	243	$	395

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value of Derivatives Instruments

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


	As of June 30, 2017				As of December 31, 2016
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(in millions)

Derivatives designated as accounting hedges:
Currency exchange contracts	$	2	$	1	$	19	$	8
Commodity contracts		1		9		17		22
Interest rate contracts		22		246		108		19

	$	25	$	256	$	144	$	49


Derivatives not designated as accounting hedges:
Currency exchange contracts	$	51	$	49	$	29	$	43
Commodity contracts		57		234		112		167
Interest rate contracts		22		15		27		19

	$	130	$	298	$	168	$	229

Total fair value	$	155	$	554	$	312	$	278

Notional Values of Derivative Instruments

The net notional values of our derivative instruments were:


	Notional Amount
	As of June 30,		As of December 31,
	2017		2016
	(in millions)

Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,992	$	3,343
Forecasted transactions		1,432		1,452
Commodity contracts		1,174		837
Interest rate contracts		6,480		6,365
Net investment hedge – euro notes		3,844		4,012
Net investment hedge – pound sterling notes		442		419
Net investment hedge – Swiss franc notes		1,723		1,447

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 June 30,					For the Six Months Ended June 30,						Location of Gain/(Loss) Recognized in AOCI
	2017			2016		2017			2016			Location of Gain/(Loss) Recognized in AOCI
	(in millions)
Euro notes	$	(168	)	$	82	$	(196	)	$	(72	)	Currency
Pound sterling notes		(10	)		63		(15	)		86		Translation
Swiss franc notes		(49	)		14		(64	)		(29	)	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 June 30, 2017
				Quoted Prices in
				Active Markets			Significant			Significant
	Total			for Identical			Other Observable			Unobservable
	Fair Value of Net			Assets			Inputs			Inputs
	Asset/(Liability)			(Level 1)			(Level 2)			(Level 3)
	(in millions)

Currency exchange contracts	$	3		$	–		$	3		$	–
Commodity contracts		(185	)		(175	)		(10	)		–
Interest rate contracts		(217	)		–			(217	)		–

Total derivatives	$	(399	)	$	(175	)	$	(224	)	$	–


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

Currency exchange contracts	$	(3	)	$	–		$	(3	)	$	–
Commodity contracts		(60	)		(86	)		26			–
Interest rate contracts		97			–			97			–

Total derivatives	$	34		$	(86	)	$	120		$	–

Cash Flow Hedges

Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Earnings/(Losses), Net of Taxes

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Accumulated (loss)/gain at January 1	$	(103	)	$	(53	)	$	(121	)	$	(45	)
Transfer of realized (gains)/losses in fair value to earnings		(4	)		8			3			66
Unrealized gain/(loss) in fair value		16			9			27			(57	)

Accumulated (loss)/gain at June 30	$	(91	)	$	(36	)	$	(91	)	$	(36	)

Schedule of Effects of Derivative Instruments


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Accumulated (loss)/gain at January 1	$	(103	)	$	(53	)	$	(121	)	$	(45	)
Transfer of realized (gains)/losses in fair value to earnings		(4	)		8			3			66
Unrealized gain/(loss) in fair value		16			9			27			(57	)

Accumulated (loss)/gain at June 30	$	(91	)	$	(36	)	$	(91	)	$	(36	)


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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Currency exchange contracts – forecasted transactions	$	1		$	(2	)	$	1		$	3
Commodity contracts		3			(6	)		(4	)		(9	)
Interest rate contracts		–			–			–			(60	)

Total	$	4		$	(8	)	$	(3	)	$	(66	)


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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)

Currency exchange contracts – forecasted transactions	$	(14	)	$	2		$	(26	)	$	(10	)
Commodity contracts		6			14			6			9
Interest rate contracts		24			(7	)		47			(56	)

Total	$	16		$	9		$	27		$	(57	)

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 June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Derivatives	$	1		$	4		$	(2	)	$	9
Borrowings		(1	)		(4	)		2			(9	)

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 June 30,						For the Six Months Ended June 30,						Location of Gain/(Loss) Recognized in Earnings
	2017			2016			2017			2016			Location of Gain/(Loss) Recognized in Earnings
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	3		$	6		$	5		$	11		Interest and other expense, net
Forecasted transactions		18			(46	)		2			(77	)	Cost of sales
Forecasted transactions		1			–			(2	)		8		Interest and other expense, net
Forecasted transactions		2			8			2			12		Selling, general and administrative expenses
Commodity contracts		(97	)		31			(160	)		(13	)	Cost of sales

Total	$	(73	)	$	(1	)	$	(153	)	$	(59	)

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30,						For the Three Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Service cost	$	10		$	14		$	38		$	39
Interest cost		16			15			49			62
Expected return on plan assets		(25	)		(24	)		(108	)		(111	)
Amortization:
Net loss from experience differences		9			9			40			31
Prior service cost/(credit)		–			1			–			(1	)
Settlement losses/(gains) and other expenses		18			12			1			(1	)

Net periodic pension cost	$	28		$	27		$	20		$	19


	U.S. Plans						Non-U.S. Plans
	For the Six Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Service cost	$	22		$	27		$	77		$	77
Interest cost		31			31			97			122
Expected return on plan assets		(50	)		(48	)		(212	)		(221	)
Amortization:
Net loss from experience differences		17			18			81			62
Prior service cost/(credit)		1			1			(1	)		(2	)
Settlement losses/(gains) and other expenses		21			16			2			(1	)

Net periodic pension cost	$	42		$	45		$	44		$	37

Postretirement Benefit Plans

Components of Net Costs

Net periodic postretirement health care costs consisted of the following:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Service cost	$	2		$	3		$	4		$	6
Interest cost		3			5			7			10
Amortization:
Net loss from experience differences		4			1			7			3
Prior service credit ⁽¹⁾		(10	)		(1	)		(20	)		(3	)

Net periodic postretirement health care costs	$	(1	)	$	8		$	(2	)	$	16

Postemployment Benefit Plans

Components of Net Costs

Net periodic postemployment costs consisted of the following:


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017			2016
	(in millions)
Service cost	$	2		$	1	$	3		$	3
Interest cost		1			2		2			3
Amortization of net gains		(1	)		–		(2	)		–

Net periodic postemployment costs	$	2		$	3	$	3		$	6

Stock Plans (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017		53,601,612		$	28.02		6 years	$	874 million

Annual grant to eligible employees		6,012,140			43.20
Additional options issued		26,600			44.30

Total options granted		6,038,740			43.20
Options exercised ⁽¹⁾		(6,099,149	)		27.38			$	109 million
Options cancelled		(1,270,978	)		38.80

Balance at June 30, 2017		52,270,225			29.59		6 years	$	711 million

(1)

Deferred stock unit, performance share unit and restricted stock

Performance Share Unit, Deferred Stock Unit, and Historically Granted Restricted Stock Activity

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


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

Balance at January 1, 2017		7,593,627				$	24.29

Annual grant to eligible employees:					Feb. 16, 2017
Performance share units		1,087,010					43.20
Deferred stock units		845,550					43.20
Additional shares granted ⁽¹⁾		304,961			Various		40.39

Total shares granted		2,237,521					42.82	$	96 million
Vested ⁽²⁾		(2,443,709	)				43.01	$	105 million
Forfeited ⁽²⁾		(569,922	)				39.59

Balance at June 30, 2017		6,817,517					22.38

(1)

Includes performance share units and deferred stock units.

(2)

Reclassifications from Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2017

Amounts Reclassified from Accumulated Other Comprehensive Earnings/(Losses)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(8,375	)	$	(7,388	)	$	(8,914	)	$	(8,006	)
Currency translation adjustments		252			(436	)		764			38
Reclassification to earnings related to:
Equity method investment exchange		–			–			–			57
Tax benefit/(expense)		128			(92	)		159			8

Other comprehensive earnings/(losses)		380			(528	)		923			103
Less: (gain)/loss attributable to noncontrolling interests		(12	)		14			(16	)		1

Balance at end of period		(8,007	)		(7,902	)		(8,007	)		(7,902	)

Pension and Other Benefit Plans:
Balance at beginning of period	$	(2,086	)	$	(1,940	)	$	(2,087	)	$	(1,934	)
Net actuarial (loss)/gain arising during period		16			24			9			24
Tax benefit/(expense) on net actuarial loss		(2	)		(9	)		–			(9	)
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs ⁽¹⁾		42			34			83			63
Settlement losses and other expenses ⁽¹⁾		15			11			18			15
Tax benefit on reclassifications ⁽²⁾		(12	)		(15	)		(21	)		(24	)
Currency impact		(92	)		65			(121	)		35

Other comprehensive (losses)/earnings		(33	)		110			(32	)		104

Balance at end of period		(2,119	)		(1,830	)		(2,119	)		(1,830	)

Derivative Cash Flow Hedges:
Balance at beginning of period	$	(103	)	$	(53	)	$	(121	)	$	(46	)
Net derivative gains/(losses)		22			6			29			(83	)
Tax benefit on net derivative gain/(loss)		(1	)		3			4			27
Losses/(gains) reclassified into net earnings:
Currency exchange contracts – forecasted transactions ⁽³⁾		(1	)		2			–			(4	)
Commodity contracts ⁽³⁾		(2	)		10			6			15
Interest rate contracts ⁽⁴⁾		–			–			–			96
Tax benefit on reclassifications ⁽²⁾		(1	)		(4	)		(3	)		(40	)
Currency impact		(5	)		–			(6	)		(1	)

Other comprehensive earnings/(losses)		12			17			30			10

Balance at end of period		(91	)		(36	)		(91	)		(36	)

Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,564	)	$	(9,381	)	$	(11,122	)	$	(9,986	)
Total other comprehensive earnings/(losses)		359			(401	)		921			217
Less: loss/(gain) attributable to noncontrolling interests		(12	)		14			(16	)		1

Other comprehensive earnings/(losses) attributable to Mondelēz International		347			(387	)		905			218

Balance at end of period	$	(10,217	)	$	(9,768	)	$	(10,217	)	$	(9,768	)

(1)

These reclassified losses are included in the components of net periodic benefit costs disclosed in Note 9, Benefit Plans.

(2)

Taxes reclassified to earnings are recorded within the provision for income taxes.

(3)

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

(4)

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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share (“EPS”) were calculated as follows:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(in millions, except per share data)

Net earnings	$	500		$	471		$	1,133		$	1,028
Noncontrolling interest (earnings)		(2	)		(7	)		(5	)		(10	)

Net earnings attributable to Mondelēz International	$	498		$	464		$	1,128		$	1,018

Weighted-average shares for basic EPS		1,519			1,557			1,524			1,563
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares		20			19			20			18

Weighted-average shares for diluted EPS		1,539			1,576			1,544			1,581

Basic earnings per share attributable to Mondelēz International	$	0.33		$	0.30		$	0.74		$	0.65

Diluted earnings per share attributable to Mondelēz International	$	0.32		$	0.29		$	0.73		$	0.64

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2017

Net Revenues by Segment

Our segment net revenues, revised to reflect our new segment structure, were:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in millions)

Net revenues:
Latin America	$	848	$	843	$	1,758	$	1,660
AMEA		1,394		1,446		2,885		2,961
Europe		2,171		2,293		4,536		4,741
North America		1,573		1,720		3,221		3,395

Net revenues	$	5,986	$	6,302	$	12,400	$	12,757

Operating Income by Segment

Our segment earnings, revised to reflect our new segment structure, were:

For the Three Months Ended

For the Six Months Ended

June 30,

2017

2016

2017

2016

(in millions)

Earnings before income taxes:
Operating income:
Latin America	$	103		$	32		$	214		$	99
AMEA		162			149			343			339
Europe		339			256			748			608
North America		214			295			506			566
Unrealized (losses)/gains on hedging activities (mark-to-market impacts)		(46	)		17			(97	)		(37	)
General corporate expenses		(84	)		(67	)		(142	)		(127	)
Amortization of intangibles		(44	)		(44	)		(88	)		(88	)
Loss on divestiture		(3	)		–			(3	)		–

Operating income		641			638			1,481			1,360
Interest and other expense, net		(124	)		(151	)		(243	)		(395	)

Earnings before income taxes	$	517		$	487		$	1,238		$	965

Net Revenues by Consumer Sector

Net revenues by product category, revised to reflect our new segment structure, were:


	For the Three Months Ended June 30, 2017
	Latin America		AMEA		Europe		North America		Total
	(in millions)

Biscuits	$	200	$	355	$	718	$	1,301	$	2,574
Chocolate		194		425		946		50		1,615
Gum & Candy		241		238		204		222		905
Beverages		129		189		24		–		342
Cheese & Grocery		84		187		279		–		550

Total net revenues	$	848	$	1,394	$	2,171	$	1,573	$	5,986


	For the Three Months Ended June 30, 2016
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	196	$	356	$	719	$	1,398	$	2,669
Chocolate		179		392		981		43		1,595
Gum & Candy		250		250		254		279		1,033
Beverages		138		229		39		–		406
Cheese & Grocery		80		219		300		–		599

Total net revenues	$	843	$	1,446	$	2,293	$	1,720	$	6,302


	For the Six Months Ended June 30, 2017
	Latin America		AMEA		Europe		North America		Total
	(in millions)

Biscuits	$	370	$	754	$	1,369	$	2,634	$	5,127
Chocolate		453		940		2,169		120		3,682
Gum & Candy		454		467		397		467		1,785
Beverages		322		362		65		–		749
Cheese & Grocery		159		362		536		–		1,057

Total net revenues	$	1,758	$	2,885	$	4,536	$	3,221	$	12,400


	For the Six Months Ended June 30, 2016
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	360	$	763	$	1,362	$	2,759	$	5,244
Chocolate		377		885		2,244		88		3,594
Gum & Candy		466		506		470		548		1,990
Beverages		302		406		87		–		795
Cheese & Grocery		155		401		578		–		1,134

Total net revenues	$	1,660	$	2,961	$	4,741	$	3,395	$	12,757

Basis of Presentation - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($) Country Subsidiary	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) Country Subsidiary Segment	Jun. 30, 2016 USD ($)	Dec. 31, 2017	Dec. 31, 2016 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| Segment			4
Number of consolidated subsidiaries subject to highly inflationary accounting \| Subsidiary	0		0
Net revenues	$ 5,986	$ 6,302	$ 12,400	$ 12,757
Number of countries in which products are sold \| Country	165		165
Number of countries in which entity operates \| Country	80		80
Uncommitted revolving non-recourse accounts receivable factoring arrangements, maximum combined capacity						$ 1,000
Total incremental cost of factoring receivables	$ 2	1	$ 3	2
Outstanding principal amount of receivables sold under factoring arrangement	594		594			644
Argentina
Summary Of Significant Accounting Policies [Line Items]
Net revenues	$ 159		$ 301
Percentage of consolidated net revenues	2.70%		2.40%
UKRAINE
Summary Of Significant Accounting Policies [Line Items]
Net revenues	$ 15		$ 30
Percentage of consolidated net revenues	0.30%		0.20%
UKRAINE \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Three-year cumulative inflation rate	100.00%		100.00%
UKRAINE \| Scenario, Forecast \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Three-year cumulative inflation rate					100.00%
Customer
Summary Of Significant Accounting Policies [Line Items]
Total incremental cost of factoring receivables		$ 2	$ 1	$ 3
Outstanding principal amount of receivables sold under factoring arrangement	$ 38		$ 38			$ 101
Customer \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Total incremental cost of factoring receivables	$ 1

Divestitures and Acquisitions - Additional Information (Detail) € in Millions, £ in Millions, AUD in Millions															1 Months Ended	3 Months Ended					4 Months Ended	6 Months Ended		12 Months Ended
	Jul. 04, 2017 USD ($)	Jul. 04, 2017 AUD	Apr. 28, 2017 USD ($)	Apr. 28, 2017 EUR (€)	Nov. 02, 2016 USD ($)	Nov. 02, 2016 GBP (£)	Oct. 31, 2016 USD ($)	Oct. 31, 2016 EUR (€)	May 02, 2016 USD ($)	May 02, 2016 EUR (€)	Mar. 31, 2016 USD ($)	Mar. 07, 2016 USD ($)	Mar. 07, 2016 EUR (€)	Mar. 03, 2016 USD ($)	May 31, 2016 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Acquisition And Dispositions [Line Items]
Equity method investment net (losses) / earnings																$ 67,000,000			$ 102,000,000			$ 133,000,000	$ 187,000,000
Gain on equity method investment exchange																							43,000,000
Equity method investments																5,853,000,000		$ 5,585,000,000				5,853,000,000		$ 5,585,000,000
Proceeds from sale of property, plant and equipment and other																						33,000,000	$ 99,000,000
Loss on divestiture																3,000,000						3,000,000
Intangible asset impairment																38,000,000						38,000,000
Business acquisition, goodwill																20,915,000,000		20,276,000,000				20,915,000,000		20,276,000,000
North America Segment
Acquisition And Dispositions [Line Items]
Business acquisition, goodwill																8,910,000,000		8,885,000,000				8,910,000,000		8,885,000,000
Proceeds from sale of property																			40,000,000
Corporate Aircraft \| Corporate Segment
Acquisition And Dispositions [Line Items]
Proceeds from sale of property																			20,000,000
Acorn Holdings BV
Acquisition And Dispositions [Line Items]
Percentage of equity interest acquired by other parties												73.50%	73.50%
Selling, general and administrative expenses \| North America Segment
Acquisition And Dispositions [Line Items]
Gain on sale of property																			33,000,000
Selling, general and administrative expenses \| Corporate Aircraft \| Corporate Segment
Acquisition And Dispositions [Line Items]
Gain on sale of property																			$ 6,000,000
Trademarks
Acquisition And Dispositions [Line Items]
Intangible asset impairment																		$ 98,000,000
Burton's Biscuit Company
Acquisition And Dispositions [Line Items]
Cash paid for acquisition					$ 245,000,000	£ 199
Business acquisition, definite-life intangible assets					72,000,000
Business acquisition, goodwill					155,000,000
Business acquisition, property, plant and equipment					14,000,000
Business acquisition, inventory					$ 4,000,000
Class A \| Acorn Holdings BV
Acquisition And Dispositions [Line Items]
Percentage of equity interest acquired by other parties												73.50%	73.50%						73.22%		73.22%		73.22%
Class C,D and E \| Acorn Holdings BV
Acquisition And Dispositions [Line Items]
Percentage of equity interest acquired by other parties																			0.38%		0.38%		0.38%
Discontinued Operations, Held-for-sale \| FRANCE
Acquisition And Dispositions [Line Items]
Disposal group, including discontinued operation, other current assets			$ 44,000,000
Disposal group, including discontinued operation, other non current assets			155,000,000
Disposal group, including discontinued operation, other current liabilities			8,000,000
Proceeds from sale of property, plant and equipment and other			169,000,000	€ 157
Disposal group, including discontinued operation, other non current liabilities			$ 22,000,000
Loss on divestiture																3,000,000
Costs related to divestiture																$ 3,000,000			$ 84,000,000			$ 21,000,000	$ 84,000,000
Discontinued Operations, Held-for-sale \| FRANCE \| Trademarks
Acquisition And Dispositions [Line Items]
Intangible asset impairment											$ 14,000,000				$ 5,000,000
Discontinued Operations, Held-for-sale \| FINLAND
Acquisition And Dispositions [Line Items]
Proceeds from divestiture of businesses									$ 16,000,000	€ 14
Proceeds from sale of property, plant and equipment and other							$ 2,000,000	€ 2	14,000,000	€ 12
Indefinite-lived Intangible assets, divested									8,000,000
Pre-tax gain after transaction costs																			$ 6,000,000					$ 8,000,000
Subsequent Event \| Discontinued Operations, Held-for-sale \| Australia And New Zealand
Acquisition And Dispositions [Line Items]
Proceeds from divestiture of businesses	$ 347,000,000	AUD 456
Disposal group, including discontinued operation, other current assets	25,000,000
Disposal group, including discontinued operation, other non current assets	135,000,000
Disposal group, including discontinued operation, other current liabilities	$ 5,000,000
Maximum \| Discontinued Operations, Held-for-sale \| FINLAND
Acquisition And Dispositions [Line Items]
Other assets, divested									$ 1,000,000
JDE
Acquisition And Dispositions [Line Items]
Equity method investment, ownership percentage												26.50%	26.50%			26.50%						26.50%
Voting interest acquired percentage																26.40%			26.50%		26.50%	26.40%	26.50%
Percentage of profit and dividend sharing interest																26.20%						26.20%
Cash dividends received																	$ 49,000,000
Gain on equity method investment exchange																				$ 43,000,000
JDE \| Acorn Holdings BV
Acquisition And Dispositions [Line Items]
Carrying value of equity method investments exchanged												$ 2,000,000,000	€ 1,700
JDE \| Equity Earnings
Acquisition And Dispositions [Line Items]
Equity method investment net (losses) / earnings																$ 19,000,000			$ 45,000,000			$ 38,000,000	$ 92,000,000
JDE \| Class B
Acquisition And Dispositions [Line Items]
Equity method investment, ownership percentage												26.50%	26.50%						26.40%		26.40%		26.40%
JDE \| Class C,D and E
Acquisition And Dispositions [Line Items]
Stock-based compensation, dilution percentage																							2.00%
JDE \| Minimum \| Class B
Acquisition And Dispositions [Line Items]
Equity method investment, ownership percentage																			26.27%		26.27%		26.27%
Keurig Green Mountain Inc.
Acquisition And Dispositions [Line Items]
Equity method investment, ownership percentage												24.20%	24.20%
Equity method investment net (losses) / earnings																2,000,000			$ 0		$ 2,000,000	6,000,000
Equity method investments and shareholders loan receivable																2,000,000,000						2,000,000,000
Equity method investments																1,600,000,000						1,600,000,000
Shareholder loan receivable																400,000,000						$ 400,000,000
Shareholder loan receivable, interest rate																						5.50%
Shareholder loan receivable, loan term																						7 years
Keurig Green Mountain Inc. \| Acorn Holdings BV
Acquisition And Dispositions [Line Items]
Business combination, consideration transferred														$ 13,900,000,000
Keurig Green Mountain Inc. \| Equity Earnings
Acquisition And Dispositions [Line Items]
Equity method investment net (losses) / earnings																15,000,000			21,000,000		29,000,000	$ 29,000,000
Keurig Green Mountain Inc. \| Interest Income
Acquisition And Dispositions [Line Items]
Equity method investment net (losses) / earnings																$ 6,000,000			$ 6,000,000		$ 8,000,000	$ 12,000,000

Components of Inventories (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Inventory [Line Items]
Raw materials	$ 757	$ 722
Finished product	2,087	1,865
Inventories, gross	2,844	2,587
Inventory reserves	(134)	(118)
Inventories, net	$ 2,710	$ 2,469

Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,377	$ 14,687
Accumulated depreciation	(6,933)	(6,458)
Property, plant and equipment, net	8,444	8,229
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	484	471
Buildings and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,946	2,801
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,920	10,302
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,027	$ 1,113

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Capital expenditures			$ 488	$ 604
Accrued capital expenditures unpaid			190	222
Payments for capital expenditures accrued in the prior year			343	322
Asset impairments and accelerated depreciation			168	142
2014-2018 Restructuring Program
Property, Plant and Equipment [Line Items]
Asset impairments and accelerated depreciation	$ 47	$ 61	$ 118	$ 113

Summary of Asset Impairment and Exit Costs (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation			$ 168	$ 142
2014-2018 Restructuring Program
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation	$ 47	$ 61	118	113
2014-2018 Restructuring Program \| Latin America Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation	6	8	12	13
2014-2018 Restructuring Program \| Asia Middle East Africa Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation	30	12	42	21
2014-2018 Restructuring Program \| Europe Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation	4	17	42	38
2014-2018 Restructuring Program \| North America Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation	$ 7	22	$ 22	39
2014-2018 Restructuring Program \| Corporate Segment
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset impairments and accelerated depreciation		$ 2		$ 2

Goodwill by Segment (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Goodwill	$ 20,915	$ 20,276
Latin America Segment
Segment Reporting Information [Line Items]
Goodwill	925	897
Asia Middle East Africa Segment
Segment Reporting Information [Line Items]
Goodwill	3,413	3,324
Europe Segment
Segment Reporting Information [Line Items]
Goodwill	7,667	7,170
North America Segment
Segment Reporting Information [Line Items]
Goodwill	$ 8,910	$ 8,885

Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Intangible Assets [Line Items]
Non-amortizable intangible assets	$ 17,465	$ 17,004
Amortizable intangible assets	2,389	2,315
Total intangible assets, gross	19,854	19,319
Accumulated amortization	(1,340)	(1,218)
Intangible assets, net	$ 18,514	$ 18,101

Goodwill and Intangible Assets - Additional Information (Detail) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) Brand	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Line Items]
Amortization expense for intangible assets	$ 44		$ 44	$ 88	$ 88
Estimated amortization expense in year 1	175			175
Estimated amortization expense in year 2	175			175
Estimated amortization expense in year 3	175			175
Estimated amortization expense in year 4	175			175
Estimated amortization expense in year 5	85			85
Goodwill, Divestitures	23			23
Intangible Assets, Divestitures	62			62
Goodwill, Acquisition	12			12
Intangible asset impairment	38			38
Number of brands \| Brand		5
Intangible asset, aggregate book value	$ 17,465	$ 17,004		$ 17,465
Trademarks
Goodwill and Intangible Assets Disclosure [Line Items]
Intangible asset impairment		98
Intangible asset, aggregate book value		$ 630
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) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Goodwill And Intangible Assets [Line Items]
Goodwill beginning balance		$ 20,276
Goodwill, Currency		651
Goodwill, Divestitures	$ (23)	(23)
Goodwill, Acquisition	12	12
Goodwill, Asset impairment		0
Goodwill, Other		(1)
Goodwill ending balance	20,915	20,915
Intangible Assets, at Cost beginning balance		19,319
Intangible Assets, Currency		634
Intangible Assets, Divestitures	(62)	(62)
Intangible Assets, Acquisition		0
Intangible Assets, Asset impairment	(38)	(38)
Intangible Assets, Other		1
Intangible Assets, at Cost ending balance	$ 19,854	$ 19,854

2014-2018 Restructuring Program - Additional Information (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

38 Months Ended

Aug. 31, 2016

May 06, 2014

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Dec. 31, 2016

Capital expenditures

$ 488

$ 604

Reallocation of previously approved capital expenditures to be spent on restructuring program cash costs

$ 5,700

600

Restructuring and related cost, cost incurred

$ 211

$ 228

422

465

$ 2,891

^[1]

Restructuring charges

148

154

305

293

2,004

^[1]

Cash spent

162

160

Non-cash asset write-downs

126

124

Restructuring reserve

500

$ 464

2014-2018 Restructuring Program | Maximum

117

172

887

^[1]

2014-2018 Restructuring Program | Restructuring Program Costs

Capital expenditures

1,600

$ 2,200

2014-2018 Restructuring Program | Cash Expense

4,100

$ 3,500

2014-2018 Restructuring Program | Non Cash Expense

3,100

2014-2018 Restructuring Program | Selling, general and administrative expenses

$ 1,000

2014-2018 Restructuring Program | Other current liabilities

$ 74

117

$ 172

2014-2018 Restructuring Program | Other liabilities

Restructuring reserve

435

Restructuring reserve

$ 65

[1]	Includes all charges recorded since program inception on May 6, 2014 through June 30, 2017.

Schedule of Restructuring Costs (Detail) - 2014-2018 Restructuring Program - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

38 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Balance at beginning of period

$ 464

Charges

$ 148

$ 154

305

$ 293

$ 2,004

^[1]

Cash spent

(78)

(86)

(162)

(160)

Non-cash settlements/adjustments

(54)

$ (72)

(126)

$ (124)

Currency

Balance at end of period

500

Severance and Related Costs

Balance at beginning of period

464

Charges

184

Cash spent

(162)

Non-cash settlements/adjustments

(5)

Currency

Balance at end of period

$ 500

500

$ 500

Asset Write-Downs

Non-cash settlements/adjustments

Charges

121

$ (121)

[1]	Includes all charges recorded since program inception on May 6, 2014 through June 30, 2017.

Restructuring and Implementation Costs (Detail) - 2014-2018 Restructuring Program - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

38 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

^[1]

$ 148

$ 154

$ 305

$ 293

$ 2,004

117

172

887

Operating Segments | Latin America Segment

211

228

422

465

2,891

369

128

Operating Segments | Asia Middle East Africa Segment

497

382

104

Operating Segments | Europe Segment

486

119

112

768

235

Operating Segments | North America Segment

150

145

1,003

^[2]

425

^[2]

221

^[2]

140

646

Corporate

^[3]

^[3]

199

Defined Benefit Plan Disclosure [Line Items]

^[3]

$ 20

$ 21

$ 31

$ 36

$ 259

[1]	Includes all charges recorded since program inception on May 6, 2014 through June 30, 2017.
[2]	During 2017 and 2016, our North America region implementation costs included incremental 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.
[3]	Includes adjustment for rounding.

Short-Term Borrowings and Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Amount outstanding	$ 4,813	$ 2,531
Commercial Paper
Short-term Debt [Line Items]
Amount outstanding	$ 4,219	$ 2,371
Weighted-average rate	1.20%	1.00%
Bank Loans
Short-term Debt [Line Items]
Amount outstanding	$ 594	$ 160
Weighted-average rate	6.90%	10.60%

Debt and Borrowing Arrangements - Additional Information (Detail) € in Millions, SFr in Millions							3 Months Ended	6 Months Ended
	Apr. 12, 2017 USD ($)	Mar. 30, 2017 USD ($)	Mar. 30, 2017 CHF (SFr)	Mar. 13, 2017 CHF (SFr)	Mar. 01, 2017 USD ($)	Oct. 14, 2016	Jun. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2017 USD ($)	Jan. 26, 2017 EUR (€)	Dec. 31, 2016 USD ($)	Dec. 31, 2015
Debt Instrument [Line Items]
Revolving credit facility debt covenant								$ 24,600,000,000
Long-term debt repaid								1,469,000,000	$ 1,757,000,000
Loss on early extinguishment of debt							$ 11,000,000	$ 11,000,000
Weighted-average interest rate							2.10%	2.10%				2.20%	3.70%
Fair value of total debt							$ 19,477,000,000	$ 19,477,000,000				$ 17,882,000,000
Carrying value of total debt							18,781,000,000	18,781,000,000				17,199,000,000
International Subsidiaries
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity							2,200,000,000	2,200,000,000				1,800,000,000
Line of credit facility outstanding amount							594,000,000	594,000,000				$ 160,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity					$ 1,500,000,000
Line of credit facility outstanding amount							0	0
Line of credit, expiration period					364 days
Revolving credit facility expiration date					Feb. 28, 2018
Revolving Credit Facility, October 11, 2018
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity							4,500,000,000	4,500,000,000
Line of credit facility outstanding amount							0	$ 0
Revolving credit facility expiration date						Oct. 11, 2021		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 June 30, 2017, we complied with this covenant
Total shareholders' equity, excluding accumulated other comprehensive earnings / (losses)							35,900,000,000	$ 35,900,000,000
Minimum \| Commercial Paper
Debt Instrument [Line Items]
Commercial paper, Maturity period								3 days
Maximum \| Commercial Paper
Debt Instrument [Line Items]
Commercial paper, Maturity period								89 days
6.500% U.S. dollar-denominated Notes
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 488,000,000
Debt instrument, interest rate	6.50%
Long-term debt repaid	$ 504,000,000
Loss on early extinguishment of debt	11,000,000
Decrease in accrued interest	$ 5,000,000
0.000% Swiss franc-denominated Notes
Debt Instrument [Line Items]
Debt instrument, principal amount \| SFr			SFr 175
Debt instrument, interest rate			0.00%
Swiss franc notes
Debt Instrument [Line Items]
Debt instrument, principal amount				SFr 350						$ 349,000,000
Net proceeds from issuance of notes		$ 349,000,000	SFr 349
0.050% Fixed Rate Notes, Mature on March 30, 2020
Debt Instrument [Line Items]
Debt instrument, principal amount				SFr 225			224,000,000	$ 224,000,000
Debt instrument, fixed interest rate				0.05%
Debt instrument maturity Year				Mar. 30, 2020
0.617% Fixed Rate Notes, Mature on September 30, 2024
Debt Instrument [Line Items]
Debt instrument, principal amount				SFr 125			$ 125,000,000	$ 125,000,000
Debt instrument, fixed interest rate				0.617%
Debt instrument maturity Year				Sep. 30, 2024
1.125% Euro-denominated Notes
Debt Instrument [Line Items]
Debt instrument, principal amount \| €											€ 750
Debt instrument, interest rate											1.125%

Interest and Other Expense Net Within Results of Continuing Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Interest expense, debt	$ 103	$ 135	$ 206	$ 271
Loss on debt extinguishment	11		11
Loss related to interest rate swaps				97
Other expense, net	10	16	26	27
Interest and other expense, net	$ 124	$ 151	$ 243	$ 395

Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 155	$ 312
Liability Derivatives	554	278
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	25	144
Liability Derivatives	256	49
Derivatives Designated as Hedging Instruments \| Currency exchange contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	19
Liability Derivatives	1	8
Derivatives Designated as Hedging Instruments \| Commodity contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	1	17
Liability Derivatives	9	22
Derivatives Designated as Hedging Instruments \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	22	108
Liability Derivatives	246	19
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	130	168
Liability Derivatives	298	229
Derivatives Not Designated as Hedging Instruments \| Currency exchange contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	51	29
Liability Derivatives	49	43
Derivatives Not Designated as Hedging Instruments \| Commodity contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	57	112
Liability Derivatives	234	167
Derivatives Not Designated as Hedging Instruments \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives	22	27
Liability Derivatives	$ 15	$ 19

Derivative Instruments Fair Value and Measurement Inputs (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative fair value net asset (liability)	$ (399)	$ 34
Currency exchange contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	3	(3)
Commodity contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(185)	(60)
Interest rate contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(217)	97
Quoted Prices In Active Markets For Identical Assets (Level 1)
Derivative [Line Items]
Derivative fair value net asset (liability)	(175)	(86)
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Commodity contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(175)	(86)
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative fair value net asset (liability)	(224)	120
Significant Other Observable Inputs (Level 2) \| Currency exchange contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	3	(3)
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	(10)	26
Significant Other Observable Inputs (Level 2) \| Interest rate contracts
Derivative [Line Items]
Derivative fair value net asset (liability)	$ (217)	$ 97

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Loss related to interest rate swaps			$ (97)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Hedged forecasted transactions		6 years 4 months
Interest rate contracts \| Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Loss related to interest rate swaps	$ (97)
Expected transfers of unrealized gains (losses) to earnings, within next 12 months		$ (1)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Hedged forecasted transactions		6 months
Commodity contracts \| Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Expected transfers of unrealized gains (losses) to earnings, within next 12 months		$ (20)
Currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Hedged forecasted transactions		6 months
Currency exchange contracts \| Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Expected transfers of unrealized gains (losses) to earnings, within next 12 months		$ 1
Quoted Prices In Active Markets For Identical Assets (Level 1)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities after effects of netting		0		$ 2
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Exchange Traded Options
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets after effects of netting		95		48
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Exchange Traded Options \| Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Margin deposits related to exchange traded derivatives		270		133
Significant Other Observable Inputs (Level 2)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets after effects of netting		30		162
Derivative liabilities after effects of netting		$ 257		$ 40

Notional Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Net investment hedge \| Euro notes
Derivative [Line Items]
Notional Amount	$ 3,844	$ 4,012
Net investment hedge \| Pound sterling notes
Derivative [Line Items]
Notional Amount	442	419
Net investment hedge \| Swiss franc notes
Derivative [Line Items]
Notional Amount	1,723	1,447
Currency exchange contracts \| Intercompany loans and forecasted interest payments
Derivative [Line Items]
Notional Amount	2,992	3,343
Currency exchange contracts \| Forecasted transactions
Derivative [Line Items]
Notional Amount	1,432	1,452
Commodity contracts
Derivative [Line Items]
Notional Amount	1,174	837
Interest rate contracts
Derivative [Line Items]
Notional Amount	$ 6,480	$ 6,365

Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Earnings/(Losses), Net of Taxes (Detail) - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated (loss)/gain at beginning of period	$ (103)	$ (53)	$ (121)	$ (45)
Transfer of realized (gains)/losses in fair value to earnings	(4)	8	3	66
Unrealized gain/(loss) in fair value	16	9	27	(57)
Accumulated (loss)/gain at end of period	$ (91)	$ (36)	$ (91)	$ (36)

Effects of Cash Flow Hedges (Detail) - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) reclassified from AOCI into earnings	$ 4	$ (8)	$ (3)	$ (66)
Gains / (losses) recognized in OCI	16	9	27	(57)
Currency exchange contracts \| Forecasted transactions
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) reclassified from AOCI into earnings	1	(2)	1	3
Gains / (losses) recognized in OCI	(14)	2	(26)	(10)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) reclassified from AOCI into earnings	3	(6)	(4)	(9)
Gains / (losses) recognized in OCI	6	14	6	9
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) reclassified from AOCI into earnings				(60)
Gains / (losses) recognized in OCI	$ 24	$ (7)	$ 47	$ (56)

Fair Value Hedges (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Fair Value Hedges (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (loss) recognized in income on fair value of hedges	$ 1	$ 4	$ (2)	$ 9
Long-term Debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (loss) recognized in income on fair value of hedges	$ (1)	$ (4)	$ 2	$ (9)

Economic Hedges (Detail) - Economic Hedging - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	$ (73)	$ (1)	$ (153)	$ (59)
Commodity contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	(97)	31	(160)	(13)
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	3	6	5	11
Forecasted transactions \| Currency exchange contracts \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	1		(2)	8
Forecasted transactions \| Currency exchange contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	18	(46)	2	(77)
Forecasted transactions \| Currency exchange contracts \| Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain / (Loss) Recognized in Earnings	$ 2	$ 8	$ 2	$ 12

Hedges of Net Investments in International Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Euro notes
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) recognized in OCI	$ (168)	$ 82	$ (196)	$ (72)
Pound sterling notes
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) recognized in OCI	(10)	63	(15)	86
Swiss franc notes
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) recognized in OCI	$ (49)	$ 14	$ (64)	$ (29)

Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 10	$ 14	$ 22	$ 27
Interest cost	16	15	31	31
Expected return on plan assets	(25)	(24)	(50)	(48)
Net loss from experience differences	9	9	17	18
Prior service cost/(credit)		1	1	1
Settlement losses/(gains) and other expenses	18	12	21	16
Net periodic benefit cost	28	27	42	45
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	38	39	77	77
Interest cost	49	62	97	122
Expected return on plan assets	(108)	(111)	(212)	(221)
Net loss from experience differences	40	31	81	62
Prior service cost/(credit)		(1)	(1)	(2)
Settlement losses/(gains) and other expenses	1	(1)	2	(1)
Net periodic benefit cost	$ 20	$ 19	$ 44	$ 37

Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Asset impairment and exit costs
Defined Benefit Plan Disclosure [Line Items]
Settlement losses/(gains) and other expenses	$ 11	$ 9	$ 11	$ 9
U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Settlement losses/(gains) and other expenses	18	12	21	16
Employer contribution			9
Estimated future employer contributions	4		4
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Settlement losses/(gains) and other expenses	1	$ (1)	2	$ (1)
Employer contribution			369
Employer non-recurring contribution			250
Estimated future employer contributions	$ 86		$ 86

Components of Net Periodic Postretirement Health Care Costs (Detail) - Postretirement Benefit Plans - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Service cost

$ 2

$ 3

$ 4

$ 6

Interest cost

Net loss from experience differences

Prior service credit

^[1]

(10)

(1)

(20)

(3)

Net periodic benefit cost

$ (1)

$ 8

$ (2)

$ 16

[1]	For the three and six months ended June 30, 2017, amortization of prior service credit includes an $8 million and $16 million gain respectively, related to a change in the eligibility requirement and a change in benefits to Medicare-eligible participants.

Components of Net Periodic Postretirement Health Care Costs (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Gain related to a change in the eligibility requirement and a change in benefits to Medicare-eligible participants	$ 8	$ 16

Components of Net Postemployment Costs (Detail) - Postemployment Benefit Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 1	$ 3	$ 3
Interest cost	1	2	2	3
Amortization of net gains	(1)		(2)
Net periodic benefit cost	$ 2	$ 3	$ 3	$ 6

Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions

6 Months Ended

12 Months Ended

Jun. 30, 2017

Dec. 31, 2016

Shares subject to option

Beginning balance

53,601,612

6,038,740

Options exercised

^[1]

(6,099,149)

Options cancelled

(1,270,978)

Ending balance

52,270,225

53,601,612

Weighted-average exercise price

Beginning balance

$ 28.02

Aggregate intrinsic value

43.20

Options exercised

^[1]

27.38

Options cancelled

38.80

Ending balance

$ 29.59

$ 28.02

Average remaining contractual term

Ending balance

6 years

Aggregate intrinsic value

$ 711

$ 874

Options exercised

^[1]

$ 109

Annual grant to eligible employees

Shares subject to option

6,012,140

Weighted-average exercise price

Additional options issued

$ 43.20

Shares subject to option

26,600

Weighted-average exercise price

$ 44.30

[1]

Stock Option Activity (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from options exercised	$ 113	$ 170
Actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises	$ 10	$ 18

Performance Share Unit, Deferred Stock Unit, and Historically Granted Restricted Stock Activity (Detail)
$ / shares in Units, $ in Millions

6 Months Ended

Jun. 30, 2017

USD ($)

$ / shares

Beginning balance | shares

7,593,627

Weighted-average grant date fair value per share

2,237,521

Vested | shares

(2,443,709)

^[1]

Forfeited | shares

(569,922)

^[1]

Ending balance | shares

6,817,517

Beginning balance | $ / shares

$ 24.29

Ending balance | $ / shares

42.82

Vested | $ / shares

43.01

^[1]

Forfeited | $ / shares

39.59

^[1]

$ 22.38

Weighted-Average Aggregate Fair Value

Total shares granted | $

$ 96

Vested | $

$ 105

^[1]

Annual grant to eligible employees

Grant date

Grant date

Feb. 16, 2017

Performance Share Units

Weighted-average grant date fair value per share

1,087,010

$ 43.20

Deferred Stock Units

Weighted-average grant date fair value per share

845,550

Additional options issued

$ 43.20

Weighted-average grant date fair value per share

304,961

^[2]

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ 40.39

^[2]

[1]	Includes performance share units, deferred stock units and historically granted restricted stock. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $1 million in the three months and $7 million for six months ended June 30, 2017.
[2]	Includes performance share units and deferred stock units.

Stock Plans - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions		1 Months Ended	6 Months Ended		12 Months Ended
	Jul. 29, 2015	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2013
Class of Stock [Line Items]
Cost of shares repurchased			$ 1,109,000,000		$ 2,601,000,000
Repurchase of Common Stock			$ 1,069,000,000	$ 1,312,000,000
Common Class A
Class of Stock [Line Items]
Number of shares repurchased			25
Average cost of shares repurchased			$ 44.61
Cost of shares repurchased			$ 1,109,000,000
Stock repurchase remaining amount			1,700,000,000
Common Class A \| Share Repurchase Program amended July 29, 2015
Class of Stock [Line Items]
Stock repurchase value	$ 13,700,000,000
Increase in share repurchase value	$ 6,000,000,000
Stock repurchase expiration date	Dec. 31, 2018
Common Class A \| Prior to January 1, 2016
Class of Stock [Line Items]
Stock repurchase value			$ 10,800,000,000			$ 7,700,000,000
Subsequent Event \| Common Class A
Class of Stock [Line Items]
Repurchase of Common Stock		$ 40,000,000

Commitments and Contingencies - Additional Information (Detail) - 6 months ended Jun. 30, 2017 ₨ in Billions	USD ($)	INR (₨)
Loss Contingencies [Line Items]
Income due to reversal of accrued liability under tax indemnity	$ 58,000,000
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	58,000,000	₨ 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	37,000,000	2.4
Indian Department of Central Excise Authority \| Cadbury \| Maximum
Loss Contingencies [Line Items]
Tax penalties and interest expense	90,000,000	₨ 5.8
Selling, general and administrative expenses
Loss Contingencies [Line Items]
Income due to reversal of accrued liability under tax indemnity	46,000,000
Interest and Other Expense
Loss Contingencies [Line Items]
Income due to reversal of accrued liability under tax indemnity	$ 12,000,000
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

Reclassifications from Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax)	$ 67	$ 38	$ 110	$ 178

Components of Accumulated Other Comprehensive Earnings /(Losses) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Dec. 31, 2016

Tax benefit on reclassifications

$ 25,215

$ 28,100

Cost of sales

$ (3,662)

$ (3,786)

(7,551)

(7,706)

Interest rate contracts

(124)

(151)

(243)

(395)

(84)

(118)

(238)

(167)

Less: (gain)/loss attributable to noncontrolling interests

359

(401)

921

217

(1,153)

(12)

(16)

Other comprehensive earnings/(losses) attributable to Mondelez International

25,792

25,215

347

(387)

905

218

Currency Translation Adjustments

Accumulated Other Comprehensive Income (Loss) [Line Items]

Currency translation adjustments

(8,375)

(7,388)

(8,914)

(8,006)

252

(436)

764

Equity method investment exchange

Tax benefit/(expense)

128

(92)

159

Less: (gain)/loss attributable to noncontrolling interests

380

(528)

923

103

(12)

(16)

Pension and Other Benefits

(8,007)

(7,902)

(8,007)

(7,902)

(8,914)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net actuarial (loss)/gain arising during period

(2,086)

(1,940)

(2,087)

(1,934)

Tax benefit/(expense) on net actuarial loss

(2)

(9)

Currency impact

(92)

(121)

(33)

110

(32)

104

Derivative Cash Flow Hedges

(2,119)

(1,830)

(2,119)

(1,830)

(2,087)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net derivative gains/(losses)

(103)

(53)

(121)

(46)

(83)

Tax benefit on net derivative gain/(loss)

(1)

Currency impact

(5)

(6)

(1)

Accumulated Other Comprehensive Income (Loss)

(91)

(36)

(91)

(36)

(121)

Accumulated Other Comprehensive Income (Loss) [Line Items]

(10,564)

(9,381)

(11,122)

(9,986)

905

(1,136)