Full Year Highlights
- Net revenues for the full year increased +14.4% driven by
Organic Net Revenue1 growth of +14.7% with underlying
Volume/Mix of +1.3%. For the fourth quarter, Net revenues increased
+7.1% driven by Organic Net Revenue1 growth of +9.8%
with underlying Volume/Mix of -0.4%
- Diluted EPS was $3.62, up +84.7%; Adjusted EPS1 was
$3.19, up +19.0% on a constant currency basis
- Year-to-date cash provided by operating activities was $4.7
billion; Free Cash Flow1 was $3.6 billion, up +$0.6
billion vs prior year
- Return of capital to shareholders was $3.7 billion; increased
dividend per share by 10%
- Closed the divestiture of our developed market gum business for
$1.4 billion
- Expecting for 2024 an on-algorithm year for Organic Net
Revenue, Adjusted EPS and Free Cash Flow, with revenue growth at
upper end of 3-5% range
CHICAGO, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Mondelēz
International, Inc. (Nasdaq: MDLZ) today reported its fourth
quarter 2023 results.
“Our 2023 results underscore the strength of our execution, the
importance of our investments and the resiliency of our portfolio,
footprint, categories, and brands. We delivered double-digit
top-line and earnings growth for the year, leading to strong cash
flow generation and capital return to shareholders. Our growth was
balanced across developed and emerging markets, with robust
performance in all regions," said Dirk Van de Put, Chairman and
Chief Executive Officer. “As we enter 2024, we continue focusing on
strong execution, supported by a significant increase in
investments behind our brands, capabilities, and talent. We remain
confident that we are well positioned for sustainable top- and
bottom-line growth in the years ahead.”
Net Revenue
$ in
millions |
Reported
Net Revenues |
|
Organic Net Revenue Growth |
|
Q4 2023 |
|
% Chg
vs PY |
|
Q4 2023 |
|
Vol/Mix |
|
Pricing |
Quarter
4 |
|
|
|
|
|
|
|
|
|
Latin America |
$ |
1,262 |
|
24.5 |
% |
|
28.6 |
% |
|
2.1 pp |
|
26.5 pp |
Asia, Middle East & Africa |
|
1,736 |
|
4.5 |
|
|
7.9 |
|
|
(0.2 |
) |
|
8.1 |
Europe |
|
3,538 |
|
10.2 |
|
|
11.6 |
|
|
3.3 |
|
|
8.3 |
North America |
|
2,778 |
|
(1.1 |
) |
|
1.9 |
|
|
(5.5 |
) |
|
7.4 |
Mondelēz International |
$ |
9,314 |
|
7.1 |
% |
|
9.8 |
% |
|
(0.4)pp |
|
10.2 pp |
Emerging Markets |
$ |
3,580 |
|
7.8 |
% |
|
14.9 |
% |
|
1.2 pp |
|
13.7 pp |
Developed Markets |
$ |
5,734 |
|
6.7 |
% |
|
6.6 |
% |
|
(1.3)pp |
|
7.9 pp |
|
|
|
|
|
|
|
|
|
|
Full
Year |
FY 2023 |
|
|
|
FY 2023 |
|
|
|
|
Latin America |
$ |
5,006 |
|
37.9 |
% |
|
34.8 |
% |
|
3.8 pp |
|
31.0 pp |
Asia, Middle East & Africa |
|
7,075 |
|
4.6 |
|
|
11.7 |
|
|
3.1 |
|
|
8.6 |
Europe |
|
12,857 |
|
12.6 |
|
|
14.5 |
|
|
0.7 |
|
|
13.8 |
North America |
|
11,078 |
|
14.4 |
|
|
9.5 |
|
|
— |
|
|
9.5 |
Mondelēz International |
$ |
36,016 |
|
14.4 |
% |
|
14.7 |
% |
|
1.3 pp |
|
13.4 pp |
Emerging Markets |
$ |
14,011 |
|
15.0 |
% |
|
20.4 |
% |
|
2.8 pp |
|
17.6 pp |
Developed Markets |
$ |
22,005 |
|
13.9 |
% |
|
11.1 |
% |
|
0.4 pp |
|
10.7 pp |
Operating Income and Diluted EPS
$ in millions, except
per share data |
Reported |
|
Adjusted |
|
Q4 2023 |
|
vs PY
(Rpt Fx) |
|
Q4 2023 |
|
vs PY
(Rpt Fx) |
|
vs PY
(Cst Fx) |
Quarter
4 |
|
|
|
|
|
|
|
|
|
Gross Profit |
$ |
3,470 |
|
|
12.8 |
% |
|
$ |
3,533 |
|
|
15.5 |
% |
|
17.4 |
% |
Gross Profit Margin |
|
37.3 |
% |
|
1.9 pp |
|
|
38.0 |
% |
|
2.3 pp |
|
|
Operating Income |
$ |
1,193 |
|
|
43.0 |
% |
|
$ |
1,403 |
|
|
11.6 |
% |
|
12.2 |
% |
Operating Income Margin |
|
12.8 |
% |
|
3.2 pp |
|
|
15.1 |
% |
|
0.4 pp |
|
|
Net Earnings2 |
$ |
950 |
|
|
63.0 |
% |
|
$ |
1,150 |
|
|
22.9 |
% |
|
22.6 |
% |
Diluted EPS |
$ |
0.70 |
|
|
66.7 |
% |
|
$ |
0.84 |
|
|
23.5 |
% |
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
Full
Year |
FY 2023 |
|
|
|
FY 2023 |
|
|
|
|
Gross Profit |
$ |
13,764 |
|
|
21.7 |
% |
|
$ |
13,334 |
|
|
15.5 |
% |
|
18.8 |
% |
Gross Profit Margin |
|
38.2 |
% |
|
2.3 pp |
|
|
37.5 |
% |
|
0.3 pp |
|
|
Operating Income |
$ |
5,502 |
|
|
55.7 |
% |
|
$ |
5,634 |
|
|
15.3 |
% |
|
19.2 |
% |
Operating Income Margin |
|
15.3 |
% |
|
4.1 pp |
|
|
15.9 |
% |
|
0.1 pp |
|
|
Net Earnings |
$ |
4,959 |
|
|
82.5 |
% |
|
$ |
4,371 |
|
|
13.1 |
% |
|
17.5 |
% |
Diluted EPS |
$ |
3.62 |
|
|
84.7 |
% |
|
$ |
3.19 |
|
|
14.3 |
% |
|
19.0 |
% |
Full Year Commentary
- Net revenues increased 14.4 percent driven by
Organic Net Revenue growth of 14.7 percent, incremental sales from
the company's 2022 acquisitions of Clif Bar and Ricolino and
incremental sales from a short-term distributor agreement,
partially offset by unfavorable currency and the impact of a
divestiture. Organic Net Revenue growth was driven by both pricing
and favorable volume/mix.
- Gross profit increased $2,452 million, and
gross profit margin increased 230 basis points to 38.2 percent
primarily driven by favorable year-over-year change in
mark-to-market impacts from derivatives, an increase in Adjusted
Gross Profit1 margin, lower acquisition-related costs,
lapping prior-year inventory step-up charges and lapping prior-year
incremental costs due to the war in Ukraine. Adjusted Gross Profit
increased $2,171 million at constant currency, and Adjusted Gross
Profit margin increased 30 basis points to 37.5 percent due to
pricing, lower manufacturing costs driven by productivity and
favorable product mix, partially offset by higher raw material and
transportation costs.
- Operating income increased $1,968 million and
operating income margin was 15.3 percent, up 410 basis points
primarily due to favorable year-over-year change in mark-to-market
gains/(losses) from currency and commodity hedging activities,
lapping prior-year acquisition-related costs, lower impact from the
European Commission legal matter, lower incremental costs due to
the war in Ukraine, gain on divestiture, lower intangible asset
impairment charges, higher Adjusted Operating Income margin and
lapping prior-year inventory step-up charges. These favorable items
were partially offset by higher acquisition integration costs and
contingent consideration adjustments, higher divestiture-related
costs and higher remeasurement loss of net monetary position.
Adjusted Operating Income increased $939 million at constant
currency while Adjusted Operating Income margin increased 10 basis
points to 15.9 percent, driven primarily by higher net pricing,
lower manufacturing cost driven by productivity, SG&A leverage
and favorable product mix, partially offset by input cost inflation
and higher advertising and consumer promotion costs.
- Diluted EPS was $3.62, up 84.7 percent,
primarily due to an increase in Adjusted EPS, a gain on marketable
securities, favorable year-over-year change in mark-to-market
impacts from currency and commodity derivatives, higher net gain on
equity method investment transactions, lower impact from the
European Commission legal matter, lapping prior year
acquisition-related costs, lapping prior year incremental costs due
to the war in Ukraine, a gain on divestiture, lapping prior year
loss on debt extinguishment, lower intangible asset impairment
charges and lapping prior year inventory step-up charges. These
favorable items were partially offset by higher acquisition
integration costs and contingent consideration adjustments, higher
equity method investee items, higher negative initial impacts from
enacted tax law changes, higher remeasurement loss of net monetary
position, lower operating results from divestitures, higher
divestiture-related costs, lapping prior year 2017 malware incident
net recoveries and higher Simplify to Grow program costs.
- Adjusted EPS was $3.19, up 19.0 percent on a
constant currency basis driven by strong operating gains, lower
interest expense, fewer shares outstanding and dividend income from
marketable securities, partially offset by higher taxes and lower
benefit plan non-service income.
- Capital Return: The company returned $3.7
billion to shareholders in cash dividends and share
repurchases.
Fourth Quarter Commentary
- Net revenues increased 7.1 percent driven by
Organic Net Revenue growth of 9.8 percent, incremental sales from
the company's 2022 acquisition of Ricolino and incremental sales
from a short-term distributor agreement, partially offset by
unfavorable currency and the impact of a divestiture. Organic Net
Revenue growth was driven by pricing, marginally offset by
unfavorable volume/mix.
- Gross profit increased $395 million, and gross
profit margin increased 190 basis points to 37.3 percent primarily
driven by an increase in Adjusted Gross Profit1 margin,
favorable year-over-year change in mark-to-market impacts from
derivatives, lapping prior year inventory step-up charges and lower
divestiture-related costs, partially offset by the impact of a
divestiture and lapping prior-year 2017 malware net recoveries.
Adjusted Gross Profit increased $531 million at constant currency,
and Adjusted Gross Profit margin increased 230 basis points to 38.0
percent due to pricing and lower manufacturing costs driven by
productivity, partially offset by higher raw material and
transportation costs.
- Operating income increased $359 million and
operating income margin was 12.8 percent, up 320 basis points
primarily due to lower impact from the European Commission legal
matter, gain on divestiture, higher Adjusted Operating Income
margin, favorable year-over-year change in mark-to-market
gains/(losses) from currency and commodity hedging activities and
lapping prior-year acquisition-related costs. These favorable items
were partially offset by higher acquisition integration costs and
contingent consideration adjustments, the impact of a divestiture,
lapping prior-year 2017 malware net recoveries and higher
remeasurement loss of net monetary position. Adjusted Operating
Income increased $153 million at constant currency while Adjusted
Operating Income margin increased 40 basis points to 15.1 percent,
driven primarily by higher net pricing and lower manufacturing cost
driven by productivity, partially offset by input cost inflation,
higher SG&A and higher advertising and consumer promotion
costs.
- Diluted EPS was $0.70, up 66.7 percent,
primarily due to lower impact from the European Commission legal
matter, an increase in Adjusted EPS, a gain on divestiture and
favorable year-over-year change in mark-to-market impacts from
currency and commodity derivatives. These favorable items were
partially offset by initial impacts from enacted tax law changes,
lapping prior-year operating results from divestitures, higher
acquisition integration costs and contingent consideration
adjustments, higher remeasurement loss of net monetary position,
lapping prior-year 2017 malware incident net recoveries, higher
divestiture-related costs, higher Simplify to Grow Program costs
and higher equity method investee items.
- Adjusted EPS was $0.84, up 23.5 percent on a
constant currency basis driven by strong operating gains, lower
taxes, lower interest expense and fewer shares outstanding,
partially offset by lower benefit plan non-service income.
- Capital Return: The company returned $1.5
billion to shareholders in cash dividends and share
repurchases.
2024 Outlook
Mondelēz International provides its outlook on a non-GAAP basis,
as the company cannot predict some elements that are included in
reported GAAP results, including the impact of foreign exchange.
Refer to the Outlook section in the discussion of non-GAAP
financial measures below for more details.
For 2024, the company expects Organic Net Revenue growth of 3 to
5 percent, high single-digit Adjusted EPS growth on a constant
currency basis based on 2023 Adjusted EPS incl. developed market
gum1. The company expects for 2024 Free Cash Flow of
$3.5+ billion. The company estimates currency translation would
decrease 2024 net revenue growth by approximately 0.5
percent3 with a negative $0.03 impact to Adjusted
EPS3.
Outlook is provided in the context of greater than usual
volatility as a result of geopolitical uncertainty.
Conference Call
Mondelēz International will host a conference call for investors
with accompanying slides to review its results at 5 p.m. ET today.
A listen-only webcast will be provided at www.mondelezinternational.com.
An archive of the webcast will be available on the company’s web
site.
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to
snack right in over 150 countries around the world. With 2023 net
revenues of approximately $36 billion, MDLZ is leading the future
of snacking with iconic global and local brands such as
Oreo, Ritz, LU, Clif Bar and Tate's Bake
Shop biscuits and baked snacks, as well as Cadbury Dairy
Milk, Milka and Toblerone chocolate.
Mondelēz International is a proud member of the Standard and Poor’s
500, Nasdaq 100 and Dow Jones Sustainability Index.
Visit www.mondelezinternational.com or
follow the company on Twitter at www.twitter.com/MDLZ.
End Notes
- Organic Net Revenue, Adjusted Gross
Profit (and Adjusted Gross Profit margin), Adjusted Operating
Income (and Adjusted Operating Income margin), Adjusted EPS,
Adjusted EPS incl. developed market gum, Free Cash Flow and
presentation of amounts in constant currency are non-GAAP financial
measures. Please see discussion of non-GAAP financial measures at
the end of this press release for more information.
- Earnings attributable to Mondelēz
International.
- Currency estimate is based on
published rates from XE.com on January 24, 2024.
Additional Definitions
Emerging markets consist of the Latin America region in its
entirety; the Asia, Middle East and Africa region excluding
Australia, New Zealand and Japan; and the following countries from
the Europe region: Russia, Ukraine, Türkiye, Kazakhstan, Georgia,
Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria,
Romania, the Baltics and the East Adriatic countries.
Developed markets include the entire North America region, the
Europe region excluding the countries included in the emerging
markets definition, and Australia, New Zealand and Japan from the
Asia, Middle East and Africa region.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
are “forward-looking statements” for purposes of federal and state
securities laws, including any projections of earnings, revenue or
other financial items; any statements of the plans, strategies and
objectives of management, including for future operations, capital
expenditures or share repurchases; any statements concerning
proposed new products, services, or developments; any statements
regarding future economic conditions or performance; any statements
of belief or expectation; and any statements of assumptions
underlying any of the foregoing or other future events.
Forward-looking statements may include, among others, the words,
and variations of words, “will,” “may,” “expect,” “would,” “could,”
“might,” “intend,” “plan,” “believe,” “likely,” “estimate,”
“anticipate,” “objective,” “predict,” “project,” “drive,” “seek,”
“aim,” “target,” “potential,” “commitment,” “outlook,” “continue”
or any other similar words.
Although we believe that the expectations
reflected in any of our forward-looking statements are reasonable,
actual results or outcomes could differ materially from those
projected or assumed in any of our forward-looking statements. Our
future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and to
inherent risks and uncertainties, many of which are beyond our
control. Important factors that could cause our actual results or
performance to differ materially from those contained in or implied
by our forward-looking statements include, but are not limited to,
the following:
- weakness in macroeconomic
conditions in our markets, including as a result of inflation (and
related monetary policy actions by governments in response to
inflation), instability of certain financial institutions,
volatility of commodity and other input costs and availability of
commodities;
- geopolitical uncertainty, including
the impact of ongoing or new developments in Ukraine and the Middle
East, related current and future sanctions imposed by governments
and other authorities and related impacts, including on our
business operations, employees, reputation, brands, financial
condition and results of operations;
- competition and our response to
channel shifts and pricing and other competitive pressures;
- pricing actions and customer and
consumer responses to such actions;
- promotion and protection of our
reputation and brand image;
- weakness in consumer spending
and/or changes in consumer preferences and demand and our ability
to predict, identify, interpret and meet these changes;
- risks from operating globally,
including in emerging markets, such as political, economic and
regulatory risks;
- the outcome and effects on us of
legal and tax proceedings and government investigations, including
the European Commission legal matter;
- use of information technology and
third party service providers;
- unanticipated disruptions to our
business, such as malware incidents, cyberattacks or other security
breaches, and supply, commodity, labor and transportation
constraints;
- our ability to identify, complete,
manage and realize the full extent of the benefits, cost savings or
synergies presented by strategic transactions, including our
recently completed acquisitions of Ricolino, Clif Bar, Chipita,
Gourmet Food, Grenade and Hu;
- our investments and our ownership
interests in those investments, including JDE Peet's;
- the restructuring program and our
other transformation initiatives not yielding the anticipated
benefits;
- changes in the assumptions on which
the restructuring program is based;
- the impact of climate change on our
supply chain and operations;
- global or regional health pandemics
or epidemics;
- consolidation of retail customers
and competition with retailer and other economy brands;
- changes in our relationships with
customers, suppliers or distributors;
- management of our workforce and
shifts in labor availability or labor costs;
- compliance with legal, regulatory,
tax and benefit laws and related changes, claims or actions;
- perceived or actual product quality
issues or product recalls;
- failure to maintain effective
internal control over financial reporting or disclosure controls
and procedures;
- our ability to protect our
intellectual property and intangible assets;
- tax matters including changes in
tax laws and rates, disagreements with taxing authorities and
imposition of new taxes;
- changes in currency exchange rates,
controls and restrictions;
- volatility of and access to capital
or other markets, rising interest rates, the effectiveness of our
cash management programs and our liquidity;
- pension costs;
- significant changes in valuation
factors that may adversely affect our impairment testing of
goodwill and intangible assets; and
- the risks and uncertainties, as
they may be amended from time to time, set forth in our filings
with the U.S. Securities and Exchange Commission, including our
most recently filed Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q.
There may be other factors not presently known
to us or which we currently consider to be immaterial that could
cause our actual results to differ materially from those projected
in any forward-looking statements we make. We disclaim and do not
undertake any obligation to update or revise any forward-looking
statement in this press release except as required by applicable
law or regulation. In addition, historical, current and
forward-looking sustainability-related statements may be based on
standards for measuring progress that are still developing,
internal controls and processes that continue to evolve, and
assumptions that are subject to change in the future.
|
|
|
|
|
|
|
|
|
Schedule
1 |
Mondelēz
International, Inc. and Subsidiaries |
Condensed
Consolidated Statements of Earnings |
(in millions
of U.S. dollars and shares, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
For the Twelve Months Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
Net revenues |
$ |
9,314 |
|
|
$ |
8,695 |
|
|
|
$ |
36,016 |
|
|
$ |
31,496 |
|
Cost of sales |
|
(5,844 |
) |
|
|
(5,620 |
) |
|
|
|
(22,252 |
) |
|
|
(20,184 |
) |
|
Gross
profit |
|
3,470 |
|
|
|
3,075 |
|
|
|
|
13,764 |
|
|
|
11,312 |
|
|
Gross profit
margin |
|
37.3 |
% |
|
|
35.4 |
% |
|
|
|
38.2 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
(2,259 |
) |
|
|
(2,131 |
) |
|
|
|
(8,002 |
) |
|
|
(7,384 |
) |
Asset impairment and exit costs |
|
(89 |
) |
|
|
(74 |
) |
|
|
|
(217 |
) |
|
|
(262 |
) |
Gain on divestiture |
|
108 |
|
|
|
- |
|
|
|
|
108 |
|
|
|
- |
|
Amortization of intangible assets |
|
(37 |
) |
|
|
(36 |
) |
|
|
|
(151 |
) |
|
|
(132 |
) |
|
Operating
income |
|
1,193 |
|
|
|
834 |
|
|
|
|
5,502 |
|
|
|
3,534 |
|
|
Operating
income margin |
|
12.8 |
% |
|
|
9.6 |
% |
|
|
|
15.3 |
% |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
Benefit plan non-service income |
|
22 |
|
|
|
24 |
|
|
|
|
82 |
|
|
|
117 |
|
Interest and other expense, net |
|
(52 |
) |
|
|
(86 |
) |
|
|
|
(310 |
) |
|
|
(423 |
) |
Gain on marketable securities |
|
- |
|
|
|
- |
|
|
|
|
606 |
|
|
|
- |
|
|
Earnings
before income taxes |
|
1,163 |
|
|
|
772 |
|
|
|
|
5,880 |
|
|
|
3,228 |
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
(257 |
) |
|
|
(270 |
) |
|
|
|
(1,537 |
) |
|
|
(865 |
) |
|
Effective
tax rate |
|
22.1 |
% |
|
|
35.0 |
% |
|
|
|
26.1 |
% |
|
|
26.8 |
% |
Gain/(loss) on equity method investment transactions |
|
- |
|
|
|
(3 |
) |
|
|
|
465 |
|
|
|
(22 |
) |
Equity method investment net earnings |
|
44 |
|
|
|
85 |
|
|
|
|
160 |
|
|
|
385 |
|
|
Net
earnings |
|
950 |
|
|
|
584 |
|
|
|
|
4,968 |
|
|
|
2,726 |
|
|
|
|
|
|
|
|
|
|
|
less: Noncontrolling interest earnings |
|
- |
|
|
|
(1 |
) |
|
|
|
(9 |
) |
|
|
(9 |
) |
|
Net earnings
attributable to Mondelēz International |
$ |
950 |
|
|
$ |
583 |
|
|
|
$ |
4,959 |
|
|
$ |
2,717 |
|
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
Basic
earnings per share attributable to Mondelēz International |
$ |
0.70 |
|
|
$ |
0.43 |
|
|
|
$ |
3.64 |
|
|
$ |
1.97 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share attributable to Mondelēz International |
$ |
0.70 |
|
|
$ |
0.42 |
|
|
|
$ |
3.62 |
|
|
$ |
1.96 |
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
1,358 |
|
|
|
1,368 |
|
|
|
|
1,363 |
|
|
|
1,378 |
|
|
Diluted |
|
1,364 |
|
|
|
1,375 |
|
|
|
|
1,370 |
|
|
|
1,385 |
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
2 |
Mondelēz
International, Inc. and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,810 |
|
|
$ |
1,923 |
|
|
|
Trade receivables |
|
3,634 |
|
|
|
3,088 |
|
|
|
Other receivables |
|
878 |
|
|
|
819 |
|
|
|
Inventories, net |
|
3,615 |
|
|
|
3,381 |
|
|
|
Other current assets |
|
1,766 |
|
|
|
880 |
|
|
|
Total current assets |
|
11,703 |
|
|
|
10,091 |
|
|
|
Property, plant and equipment, net |
|
9,694 |
|
|
|
9,020 |
|
|
|
Operating lease right of use assets |
|
683 |
|
|
|
660 |
|
|
|
Goodwill |
|
23,896 |
|
|
|
23,450 |
|
|
|
Intangible assets, net |
|
19,836 |
|
|
|
19,710 |
|
|
|
Prepaid pension assets |
|
1,043 |
|
|
|
1,016 |
|
|
|
Deferred income taxes |
|
408 |
|
|
|
473 |
|
|
|
Equity method investments |
|
3,242 |
|
|
|
4,879 |
|
|
|
Other assets |
|
886 |
|
|
|
1,862 |
|
|
|
TOTAL ASSETS |
$ |
71,391 |
|
|
$ |
71,161 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Short-term borrowings |
$ |
420 |
|
|
$ |
2,299 |
|
|
|
Current portion of long-term debt |
|
2,101 |
|
|
|
383 |
|
|
|
Accounts payable |
|
8,321 |
|
|
|
7,562 |
|
|
|
Accrued marketing |
|
2,683 |
|
|
|
2,370 |
|
|
|
Accrued employment costs |
|
1,158 |
|
|
|
949 |
|
|
|
Other current liabilities |
|
4,330 |
|
|
|
3,168 |
|
|
|
Total current liabilities |
|
19,013 |
|
|
|
16,731 |
|
|
|
Long-term debt |
|
16,887 |
|
|
|
20,251 |
|
|
|
Long-term operating lease liabilities |
|
537 |
|
|
|
514 |
|
|
|
Deferred income taxes |
|
3,292 |
|
|
|
3,437 |
|
|
|
Accrued pension costs |
|
437 |
|
|
|
403 |
|
|
|
Accrued postretirement health care costs |
|
124 |
|
|
|
217 |
|
|
|
Other liabilities |
|
2,735 |
|
|
|
2,688 |
|
|
|
TOTAL LIABILITIES |
|
43,025 |
|
|
|
44,241 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Common Stock |
|
- |
|
|
|
- |
|
|
|
Additional paid-in capital |
|
32,216 |
|
|
|
32,143 |
|
|
|
Retained earnings |
|
34,236 |
|
|
|
31,481 |
|
|
|
Accumulated other comprehensive losses |
|
(10,946 |
) |
|
|
(10,947 |
) |
|
|
Treasury stock |
|
(27,174 |
) |
|
|
(25,794 |
) |
|
|
Total Mondelēz International Shareholders' Equity |
|
28,332 |
|
|
|
26,883 |
|
|
|
Noncontrolling interest |
|
34 |
|
|
|
37 |
|
|
|
TOTAL EQUITY |
|
28,366 |
|
|
|
26,920 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
71,391 |
|
|
$ |
71,161 |
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Incr/(Decr) |
|
|
|
|
|
|
Short-term borrowings |
$ |
420 |
|
|
$ |
2,299 |
|
|
$ |
(1,879 |
) |
Current
portion of long-term debt |
|
2,101 |
|
|
|
383 |
|
|
|
1,718 |
|
Long-term
debt |
|
16,887 |
|
|
|
20,251 |
|
|
|
(3,364 |
) |
Total
Debt |
|
19,408 |
|
|
|
22,933 |
|
|
|
(3,525 |
) |
Cash and
cash equivalents |
|
1,810 |
|
|
|
1,923 |
|
|
|
(113 |
) |
Net Debt
(1) |
$ |
17,598 |
|
|
$ |
21,010 |
|
|
$ |
(3,412 |
) |
|
|
|
|
|
|
(1) Net
debt is defined as total debt, which includes short-term
borrowings, current portion of long-term debt and long-term debt,
less cash and cash equivalents. |
|
|
|
|
|
|
|
Schedule
3 |
Mondelēz
International, Inc. and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
For the Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
CASH
PROVIDED BY/(USED IN) OPERATING ACTIVITIES |
|
|
|
Net earnings |
$ |
4,968 |
|
|
$ |
2,726 |
|
Adjustments to reconcile net earnings to operating cash flows: |
|
|
|
Depreciation and amortization |
|
1,215 |
|
|
|
1,107 |
|
Stock-based compensation expense |
|
146 |
|
|
|
120 |
|
Deferred income tax benefit |
|
(37 |
) |
|
|
(42 |
) |
Asset impairments and accelerated depreciation |
|
128 |
|
|
|
233 |
|
Loss on early extinguishment of debt |
|
1 |
|
|
|
38 |
|
Gain on divestiture |
|
(108 |
) |
|
|
- |
|
(Gain)/loss on equity method investment transactions |
|
(465 |
) |
|
|
22 |
|
Equity method investment net earnings |
|
(160 |
) |
|
|
(385 |
) |
Distributions from equity method investments |
|
137 |
|
|
|
184 |
|
Unrealized (gain)/loss on derivative contracts |
|
(171 |
) |
|
|
338 |
|
Gain on marketable securities |
|
(593 |
) |
|
|
- |
|
Other non-cash items, net |
|
140 |
|
|
|
88 |
|
Change in assets and liabilities, net of acquisitions and
divestitures: |
|
|
|
Receivables, net |
|
(628 |
) |
|
|
(719 |
) |
Inventories, net |
|
(193 |
) |
|
|
(635 |
) |
Accounts payable |
|
264 |
|
|
|
715 |
|
Other current assets |
|
(120 |
) |
|
|
(286 |
) |
Other current liabilities |
|
376 |
|
|
|
630 |
|
Change in pension and postretirement assets and liabilities,
net |
|
(186 |
) |
|
|
(226 |
) |
Net cash provided by operating activities |
|
4,714 |
|
|
|
3,908 |
|
|
|
|
|
CASH
PROVIDED BY/(USED IN) INVESTING ACTIVITIES |
|
|
|
Capital expenditures |
|
(1,112 |
) |
|
|
(906 |
) |
Acquisitions, net of cash received |
|
19 |
|
|
|
(5,286 |
) |
Proceeds from divestitures including equity method and marketable
security investments |
|
4,099 |
|
|
|
601 |
|
Proceeds from derivative settlements |
|
177 |
|
|
|
768 |
|
Payments for derivative settlements |
|
(81 |
) |
|
|
(86 |
) |
Contributions to investments |
|
(309 |
) |
|
|
(24 |
) |
Proceeds from sale of property, plant and equipment and other |
|
19 |
|
|
|
45 |
|
Net cash provided by/(used in) investing activities |
|
2,812 |
|
|
|
(4,888 |
) |
|
|
|
|
CASH
PROVIDED BY/(USED IN) FINANCING ACTIVITIES |
|
|
|
Issuance of Commercial paper, maturities greater than 90 days |
|
67 |
|
|
|
- |
|
Repayments of Commercial paper, maturities greater than 90
days |
|
(67 |
) |
|
|
- |
|
Net issuances/(repayments) of short-term borrowings |
|
(1,869 |
) |
|
|
1,914 |
|
Long-term debt proceeds |
|
277 |
|
|
|
4,490 |
|
Long-term debt repayments |
|
(2,432 |
) |
|
|
(3,032 |
) |
Repurchases of Common Stock |
|
(1,547 |
) |
|
|
(2,017 |
) |
Dividends paid |
|
(2,160 |
) |
|
|
(1,985 |
) |
Other |
|
173 |
|
|
|
174 |
|
Net cash used in financing activities |
|
(7,558 |
) |
|
|
(456 |
) |
|
|
|
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash |
|
(32 |
) |
|
|
(169 |
) |
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash |
|
|
|
(Decrease) / increase |
|
(64 |
) |
|
|
(1,605 |
) |
Balance at beginning of period |
|
1,948 |
|
|
|
3,553 |
|
Balance at end of period |
$ |
1,884 |
|
|
$ |
1,948 |
|
Mondelēz International, Inc. and
Subsidiaries
Reconciliation of GAAP and Non-GAAP Financial
Measures
(Unaudited)
The company reports its financial results in
accordance with accounting principles generally accepted in the
United States (“U.S. GAAP”). However, management believes that also
presenting certain non-GAAP financial measures provides additional
information to facilitate the comparison of the company’s
historical operating results and trends in its underlying operating
results, and provides additional transparency on how the company
evaluates its business. Management uses these non-GAAP financial
measures in making financial, operating and planning decisions and
in evaluating the company’s performance. The company also believes
that presenting these measures allows investors to view its
performance using the same measures that the company uses in
evaluating its financial and business performance and trends.
The company considers quantitative and
qualitative factors in assessing whether to adjust for the impact
of items that may be significant or that could affect an
understanding of its ongoing financial and business performance and
trends. The adjustments generally fall within the following
categories: acquisition & divestiture activities, gains
and losses on intangible asset sales and non-cash impairments,
major program restructuring activities, constant currency and
related adjustments, major program financing and hedging activities
and other major items affecting comparability of operating results.
See below for a description of adjustments to the company’s U.S.
GAAP financial measures included herein.
Non-GAAP information should be considered as
supplemental in nature and is not meant to be considered in
isolation or as a substitute for the related financial information
prepared in accordance with U.S. GAAP. In addition, the company’s
non-GAAP financial measures may not be the same as or comparable to
similar non-GAAP measures presented by other companies.
DEFINITIONS OF THE COMPANY’S NON-GAAP
FINANCIAL MEASURES
The company’s non-GAAP financial measures and
corresponding metrics reflect how the company evaluates its
operating results currently and provide improved comparability of
operating results. As new events or circumstances arise, these
definitions could change. When these definitions change, the
company provides the updated definitions and presents the related
non-GAAP historical results on a comparable basis. When items no
longer impact the company’s current or future presentation of
non-GAAP operating results, the company removes these items from
its non-GAAP definitions. In the first quarter of 2023, the company
added to the non-GAAP definition for divestitures the inclusion of
changes from equity method investment accounting to accounting for
equity interests with readily determinable fair values (“marketable
securities”). In addition, the company added to the non-GAAP
definitions the exclusion of gains or losses associated with
marketable securities. In the fourth quarter of 2023, the company
added to the non-GAAP definitions the exclusion of the operating
results from short-term distributor agreements related to the sale
of a business. In addition, the company added to the non-GAAP
definitions the exclusion of realized gains and losses from
derivatives that mitigate the foreign currency volatility related
to the remeasurement of the respective net monetary assets or
liabilities during the periods presented associated with applying
highly inflationary accounting.
- “Organic Net
Revenue” is defined as net revenues (the most comparable
U.S. GAAP financial measure) excluding the impacts of acquisitions,
divestitures, short-term distributor agreements related to the sale
of a business and currency rate fluctuations. The company also
evaluates Organic Net Revenue growth from emerging markets and
developed markets.
- “Adjusted Gross
Profit” is defined as gross profit (the most comparable
U.S. GAAP financial measure) excluding the impacts of the Simplify
to Grow Program; acquisition integration costs; the operating
results of divestitures; operating results from short-term
distributor agreements related to the sale of a business;
mark-to-market impacts from commodity, forecasted currency and
equity method investment transaction derivative contracts;
inventory step-up charges; 2017 malware incident net recoveries;
and incremental costs due to the war in Ukraine. The company also
presents “Adjusted Gross Profit margin,” which is subject to the
same adjustments as Adjusted Gross Profit. The company also
evaluates growth in the company’s Adjusted Gross Profit on a
constant currency basis.
- “Adjusted Operating
Income” and “Adjusted Segment Operating
Income” are defined as operating income (the most
comparable U.S. GAAP financial measures) or segment operating
income excluding the impacts of the items listed in the Adjusted
Gross Profit definition as well as gains or losses (including
non-cash impairment charges) on goodwill and intangible assets;
divestiture or acquisition gains or losses, divestiture-related
costs, acquisition-related costs, and acquisition integration costs
and contingent consideration adjustments; remeasurement of net
monetary position; impacts from resolution of tax matters; the
European commission legal matter; impact from pension participation
changes; and costs associated with the JDE Peet's transaction. The
company also presents “Adjusted Operating Income margin” and
“Adjusted Segment Operating Income margin,” which are subject to
the same adjustments as Adjusted Operating Income and Adjusted
Segment Operating Income. The company also evaluates growth in the
company’s Adjusted Operating Income and Adjusted Segment Operating
Income on a constant currency basis.
- “Adjusted EPS” is
defined as diluted EPS attributable to Mondelēz International from
continuing operations (the most comparable U.S. GAAP financial
measure) excluding the impacts of the items listed in the Adjusted
Operating Income definition, as well as losses on debt
extinguishment and related expenses; gains or losses on interest
rate swaps no longer designated as accounting cash flow hedges due
to changed financing and hedging plans; mark-to-market unrealized
gains or losses and realized gains or losses from marketable
securities; initial impacts from enacted tax law changes; and gains
or losses on equity method investment transactions. Similarly,
within Adjusted EPS, the company’s equity method investment net
earnings exclude its proportionate share of its investee's
significant operating and non-operating items. The tax impact of
each of the items excluded from the company’s U.S GAAP results was
computed based on the facts and tax assumptions associated with
each item, and such impacts have also been excluded from Adjusted
EPS. The company also evaluates growth in the company’s Adjusted
EPS on a constant currency basis.
- "Adjusted EPS including the
developed market gum business" is defined as the sum of
(1) Adjusted EPS as described above within the non-GAAP financial
measures definitions, and (2) the net earnings contribution from
the developed market gum business divested on October 1, 2023, that
has been removed from Adjusted EPS results for the periods prior to
completion of this divestiture. Please see the 8-K issued on
January 30, 2024 for additional details. As the developed market
gum business was divested towards the end of the year, the company
determined to include its net earnings for the partial year through
October 1, 2023 in this additional non-GAAP EPS financial measure
to facilitate comparison of the company's results to its 2023
outlook, as this previously disclosed outlook included the divested
business.
- “Free Cash Flow”
is defined as net cash provided by operating activities less
capital expenditures (the most comparable U.S. GAAP financial
measure). Free Cash Flow is the company’s primary measure used to
monitor its cash flow performance.
See the attached schedules for supplemental
financial data and corresponding reconciliations of the non-GAAP
financial measures referred to above to the most comparable U.S.
GAAP financial measures for the three and twelve months ended
December 31, 2023 and December 31, 2022. See Items Impacting
Comparability of Operating Results below for more information
about the items referenced in these definitions that specifically
impacted the company’s results.
SEGMENT OPERATING INCOME
The company uses segment operating income to
evaluate segment performance and allocate resources. The company
believes it is appropriate to disclose this measure to help
investors analyze segment performance and trends. Segment operating
income excludes unrealized gains and losses on hedging activities
(which are a component of cost of sales), general corporate
expenses (which are a component of selling, general and
administrative expenses), amortization of intangibles, gains and
losses on divestitures and acquisition-related costs (which are a
component of selling, general and administrative expenses) in all
periods presented. The company excludes these items from segment
operating income in order to provide better transparency of its
segment operating results. Furthermore, the company centrally
manages benefit plan non-service income and interest and other
expense, net. Accordingly, the company does not present these items
by segment because they are excluded from the segment profitability
measure that management reviews.
ITEMS IMPACTING COMPARABILITY OF
OPERATING RESULTS
The following information is provided to give
qualitative and quantitative information related to items impacting
comparability of operating results. The company identifies these
based on how management views the company’s business; makes
financial, operating and planning decisions; and evaluates the
company’s ongoing performance. In addition, the company discloses
the impact of changes in currency exchange rates on the company’s
financial results in order to reflect results on a constant
currency basis.
Divestitures, Divestiture-related
costs and Gains/(losses) on divestitures
Divestitures include completed sales of
businesses, exits of major product lines upon completion of a sale
or licensing agreement. the partial or full sale of an equity
method investment and changes from equity method investment
accounting to accounting for marketable securities. As the company
records its share of JDE Peet’s ongoing earnings on a one-quarter
lag basis, any JDE Peet’s ownership reductions are reflected as
divestitures within the company's non-GAAP results the following
quarter. Divestiture-related costs, which includes costs incurred
in relation to the preparation and completion (including one-time
costs such as severance related to elimination of stranded costs)
for the company's divestitures as defined above, also includes
costs incurred associated with the company's publicly announced
processes to sell businesses.
- On October 1, 2023, the company
completed the sale of its developed market gum business in the
United States, Canada, and Europe to Perfetti Van Melle Group,
excluding the Portugal business which the company retained pending
regulatory approval. After obtaining the regulatory approval, the
company completed the sale of the Portugal business to Perfetti Van
Melle Group on October 23, 2023. The company received cash proceeds
of $1.4 billion and recorded a pre-tax gain of $108 million on the
sale. The divestitures of these businesses resulted in a
year-over-year reduction in net revenues of $129 million in the
three months and $14 million in the twelve months ended December
31, 2023. The company incurred divestiture-related costs of $17
million in the three months and $83 million in the twelve months
ended December 31, 2023, and $6 million in the three months and $15
million in the twelve months ended December 31, 2022.
- The company's 2023 divestitures
also included the company's sales of JDE Peet's shares during the
three months ended September 30, 2023, the April 3, 2023 sale of
JDE Peet's shares and the March 2, 2023 sale of KDP shares and the
change from equity method investment accounting to accounting for
marketable securities for the company's remaining equity interest
in KDP. See the section on gains/losses on equity method investment
transactions and marketable securities below for more
information.
- On July 7, 2022, the company
completed the sale of a business in Argentina including several
local gum and candy brands and a manufacturing facility. In
addition, the company's Kraft Heinz Company license agreement to
produce and sell Kraft mayonnaise in Latin America countries,
predominately Mexico, expired on September 1, 2022. The
divestitures of these businesses resulted in a year-over-year
reduction in net revenues of $22 million in the twelve months ended
December 31, 2023. In addition, the company incurred
divestiture-related costs of $3 million in the twelve months ended
December 31, 2022.
Operating results from short-term
distributor agreements
In the fourth quarter of 2023, the company began
to exclude the operating results from short-term distributor
agreements that have been executed in conjunction with the sale of
a business. The company excludes this item to better facilitate
comparisons of underlying performance across periods.
As part of the sale of the company's developed
market gum business on October 1, 2023, the company entered into a
short-term distribution agreement with the buyer, Perfetti Van
Melle Group, to distribute gum products in certain European markets
for up to six months. The company recorded net revenues of $22
million and operating income of $3 million in the three and twelve
months ended December 31, 2023.
Acquisitions, Acquisition-related
costs and Acquisition integration costs and contingent
consideration adjustments
Acquisition-related costs, which includes
transaction costs such as third party advisor, investment banking
and legal fees, also includes one-time compensation expense related
to the buyout of non-vested employee stock ownership plan shares
and realized gains or losses from hedging activities associated
with acquisition funds. Acquisition integration costs and
contingent consideration adjustments include one-time costs related
to the integration of acquisitions as well as any adjustments made
to the fair market value of contingent compensation liabilities
that have been previously booked for earn-outs related to
acquisitions that do not relate to employee compensation expense.
The company excludes these items to better facilitate comparisons
of its underlying operating performance across periods.
On November 1, 2022, the company acquired 100%
of the equity of Grupo Bimbo's confectionery business, Ricolino,
located primarily in Mexico. The acquisition of Ricolino builds on
our continued prioritization of fast-growing snacking segments in
key geographies. The acquisition added incremental net revenues of
$66 million during the three months and $572 million during the
twelve months ended December 31, 2023 and operating income of $5
million during the three months and $36 million during the twelve
months ended December 31, 2023. The company incurred acquisition
integration costs of $20 million in the three months and $50
million in the twelve months ended December 31, 2023, and $4
million in the three months and $11 million in the twelve months
ended December 31, 2022. The company also incurred an inventory
step-up charge of $5 million in the three and twelve months ended
December 31, 2022. In addition, the company incurred
acquisition-related costs of $11 million in the three months and
$12 million in the twelve months ended December 31, 2022.
On August 1, 2022, the company acquired 100% of
the equity of Clif Bar & Company (“Clif Bar”), a leading U.S.
maker of nutritious energy bars with organic ingredients. The
acquisition expands our global snacks bar business and complements
our refrigerated snacking and performance nutrition bar portfolios.
The acquisition added incremental net revenues of $529 million and
operating income of $81 million during the twelve months ended
December 31, 2023. The company incurred acquisition integration
costs and contingent consideration adjustments of $72 million in
the three months and $164 million in the twelve months ended
December 31, 2023, and $14 million in the three months and $30
million in the twelve months ended December 31, 2022. These
acquisition integration costs include an increase to the contingent
consideration liability due to changes to underlying assumptions.
An inventory step-up charge of $20 million in the twelve months
ended December 31, 2022. In addition, the company incurred
acquisition-related costs of $296 million in the twelve months
ended December 31, 2022. These acquisition-related costs were
primarily related to the buyout of the non-vested employee stock
ownership plan shares.
On January 3, 2022, the company acquired 100% of
the equity of Chipita Global S.A. (“Chipita”), a leading croissants
and baked snacks company in the Central and Eastern European
markets. The acquisition of Chipita offers a strategic complement
to the company's existing portfolio and advances its strategy to
become the global leader in broader snacking. The company incurred
acquisition integration costs of $2 million in the three months and
$17 million in the twelve months ended December 31, 2023, and $5
million in the three months and $90 million in the twelve months
ended December 31, 2022. In addition, the company incurred
acquisition-related costs of $1 million in the three months and $22
million in the twelve months ended December 31, 2022.
On April 1, 2021, the company acquired Gourmet
Food Holdings Pty Ltd, a leading Australian food company in the
premium biscuit and cracker category. The company incurred
acquisition integration costs of $3 million in the twelve months
ended December 31, 2023, and $1 million in the twelve months ended
December 31, 2022.
On January 4, 2021, the company acquired the
remaining 93% of equity of Hu Master Holdings, a category leader in
premium chocolate in the United States, which provides a strategic
complement to the company's snacking portfolio in North America
through growth opportunities in chocolate and other offerings in
the well-being segment. The initial cash consideration paid was
$229 million, net of cash received, and the company may be required
to pay additional contingent consideration. The estimated fair
value of the contingent consideration obligation at the acquisition
date was $132 million and was determined using a Monte Carlo
simulation based on forecasted future results. During the third
quarter of 2021, the company recorded a $70 million reduction to
the liability due to changes in the expected pace of growth. During
the third quarter of 2022, the company recorded an additional $7
million reduction to the liability due to further changes to
forecasted future results. During 2023, we recorded an additional
$8 million reduction to the liability due to the final settlement
and payment of the contingent consideration.
On April 1, 2020, the company acquired a
majority interest in Give & Go, a North American leader in
fully-finished sweet baked goods and owner of the famous
two-bite® brand of brownies and the
Create-A-Treat® brand, known for
cookie and gingerbread house decorating kits. The acquisition of
Give & Go provides access to the in-store bakery channel and
expands the company's position in broader snacking. The company
incurred acquisition integration costs and contingent consideration
adjustments of $9 million in the three months and $20 million in
the twelve months ended December 31, 2023, and $25 million in the
three months and $26 million in the twelve months ended December
31, 2022. These acquisition integration costs include an increase
to the contingent consideration liability due to changes to
underlying assumptions.
Simplify to Grow
Program
The primary objective of the Simplify to Grow
Program is to reduce the company’s operating cost structure in both
its supply chain and overhead costs. The program covers severance
as well as asset disposals and other manufacturing and
procurement-related one-time costs.
Restructuring costs
The company recorded restructuring charges of
$58 million in the three months and $106 million in the twelve
months ended December 31, 2023, and $28 million in the three months
and $36 million in the twelve months ended December 31, 2022. This
activity was recorded within asset impairment and exit costs and
benefit plan non-service income. These charges were for severance
and related costs, non-cash asset write-downs (including
accelerated depreciation and asset impairments) and other
adjustments, including any gains on sale of restructuring program
assets.
Implementation costs
Implementation costs primarily relate to
reorganizing the company’s operations and facilities in connection
with its 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 the company’s
information systems. The company recorded implementation costs of
$12 million in the three months and $25 million in the twelve
months ended December 31, 2023, and $25 million in the three months
and $87 million in the twelve months ended December 31, 2022.
Intangible asset impairment
charges
During the company's 2023 annual testing of
indefinite-life intangible assets, the company recorded intangible
asset impairment charges of $26 million in the third quarter of
2023 related to a chocolate brand in the North America segment and
a biscuit brand in the Europe segment. The impairments were driven
by changes in projections as a result of current and expected
operating environment.
During the company's 2022 annual testing of
indefinite-life intangible assets, the company recorded a
$23 million intangible asset impairment charge in the third
quarter of 2022 related to one brand. The impairment arose due to
lower than expected growth and profitability in a local biscuit
brand in AMEA.
During the first quarter of 2022, the company
recorded a $78 million intangible asset impairment charge in AMEA
related to one local biscuit brand sold in select markets in AMEA
and Europe.
Mark-to-market impacts from
commodity and currency derivative contracts
The company excludes unrealized gains and losses
(mark-to-market impacts) from outstanding commodity and forecasted
currency and equity method investment transaction derivative
contracts from its non-GAAP earnings measures. The mark-to-market
impacts of commodity and forecasted currency transaction
derivatives are excluded until such time that the related exposures
impact the company's operating results. Since the company purchases
commodity and forecasted currency transaction contracts to mitigate
price volatility primarily for inventory requirements in future
periods, the company makes this adjustment to remove the volatility
of these future inventory purchases on current operating results to
facilitate comparisons of its underlying operating performance
across periods. The company excludes equity method investment
derivative contract settlements as they represent protection of
value for future divestitures. The company recorded commodity,
forecasted currency and equity method transaction derivatives net
unrealized losses of $51 million in the three months and net
unrealized gains of $185 million in the twelve months ended
December 31, 2023, and recorded net unrealized losses of $98
million in the three months and $318 million in the twelve months
ended December 31, 2022.
Remeasurement of net monetary
position
The company translates the results of operations
of its 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. The company records
currency translation adjustments as a component of equity (except
for highly inflationary currencies) 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. At this time, within the
company's consolidated entities, Argentina and Türkiye are
accounted for as highly inflationary economies. For Argentina, the
company recorded remeasurement losses of $38 million in the three
months and $79 million in the twelve months ended December 31,
2023, and $12 million in the three months and $39 million in the
twelve months ended December 31, 2022 related to the revaluation of
the Argentinean peso denominated net monetary position over these
periods. For Türkiye, the company recorded remeasurement loss of
$19 million in the twelve months ended December 31, 2023, and a
loss of $2 million in the three months and $1 million in the twelve
months ended December 31, 2022 related to the revaluation of the
Turkish lira denominated net monetary position over these periods.
The company recorded these charges for Argentina and Türkiye within
selling, general and administrative expenses.
Impact from pension participation
changes
The impact from pension participation changes
represent the charges incurred when employee groups are withdrawn
from multiemployer pension plans and other changes in employee
group pension plan participation. The company excludes these
charges from its non-GAAP results because those amounts do not
reflect the company’s ongoing pension obligations.
On July 11, 2019, the company received an
undiscounted withdrawal liability assessment related to the
company's complete withdrawal from the Bakery and Confectionery
Union and Industry International Pension Fund totaling $491 million
and requiring pro-rata monthly payments over 20 years. The company
began making monthly payments during the third quarter of 2019. In
connection with the discounted long-term liability, the company
recorded accreted interest of $2 million in the three months and
$10 million in the twelve months ended December 31, 2023, and $3
million in the three months and $11 million in the twelve months
ended December 31, 2022 within interest and other expense, net. As
of December 31, 2023, the remaining discounted withdrawal liability
was $328 million, with $15 million recorded in other current
liabilities and $313 million recorded in long-term other
liabilities.
Incremental costs due to the war in
Ukraine
In February 2022, Russia began a military
invasion of Ukraine and the company closed its operations and
facilities in Ukraine. In March 2022, the company's two Ukrainian
manufacturing facilities in Trostyanets and Vyshhorod were
significantly damaged. During the first quarter of 2022, the
company evaluated and impaired these and other assets. The company
recorded $143 million of total expenses ($145 million
after-tax) incurred as a direct result of the war. The company
reversed $22 million during the remainder of 2022 and $1 million
during the twelve months of 2023 of previously recorded charges
primarily as a result of higher than expected collection of trade
receivables and inventory recoveries. The company continues to make
targeted repairs on both our plants and have partially reopened and
restarted limited production in both plants.
European Commission legal
matter
In November 2019, the European Commission
informed the company that it initiated an investigation into the
company's alleged infringement of European Union competition law
through certain practices allegedly restricting cross-border trade
within the European Economic Area. On January 28, 2021, the
European Commission announced it had taken the next procedural step
in its investigation and opened formal proceedings. As previously
disclosed, the company has been cooperating with the investigation
in an effort to reach a negotiated resolution in this matter. In
the fourth quarter of 2022, the company had accrued (in accordance
with U.S. GAAP) a liability of €300 million ($321 million) within
other current liabilities in the consolidated balance sheet and
selling, general and administrative expenses in the consolidated
statement of earnings as an estimate of the possible cost to
resolve this matter. During the fourth quarter of 2023, the company
determined that it is likely to achieve a resolution with the
European Commission that is expected to result in a liability of
approximately €340 million ($375 million) in total. The company has
adjusted its accrual accordingly. The company does not anticipate
any modification of its business practices and agreements that
would have a material impact on its ongoing business operations
within the European Union.
Loss on debt extinguishment and
related expenses
On March 18, 2022, the company completed a
tender offer and redeemed long-term U.S. dollar denominated notes
totaling $987 million. The company recorded a $129 million loss on
debt extinguishment and related expenses within interest and other
expense, net, consisting of $38 million paid in excess of carrying
value of the debt and from recognizing unamortized discounts and
deferred financing costs in earnings and $91 million in unamortized
forward starting swap losses in earnings at the time of the debt
extinguishment.
Initial impacts from enacted tax law
changes
The company excludes initial impacts from
enacted tax law changes from its non-GAAP financial measures as
they do not reflect its ongoing tax obligations under the enacted
tax law changes. Initial impacts include items such as the
remeasurement of deferred tax balances and the transition tax from
the 2017 U.S. tax reform.
The company recorded net tax expense from the
increase of its deferred tax liabilities resulting from enacted tax
legislation of $63 million in the three months and $78 million in
the twelve months ended December 31, 2023. The company recorded a
net tax benefit from the decrease of its deferred tax liabilities
resulting from enacted tax legislation of $5 million in the three
months and a net tax expense from the increase of its deferred tax
liabilities of $17 million in the twelve months ended December 31,
2022.
Gains and losses on marketable
securities and equity method investment
transactions
Keurig Dr Pepper transactions
Our reduction in ownership in Keurig Dr Pepper
Inc. (Nasdaq: "KDP") during the first quarter of 2023, to below 5%
of the outstanding shares, resulted in a change of accounting for
our KDP investment, from equity method investment accounting to
accounting for equity interests with readily determinable fair
values ("marketable securities") as the company no longer has
significant influence. These marketable securities are measured at
fair value based on quoted prices in active markets for identical
assets (Level 1). Due to the change in accounting for the company's
KDP investment, from equity method investment accounting to
accounting as marketable securities, the company has treated the
historical equity method earnings from KDP as a divestiture under
the definitions of our non-GAAP financial measures. Therefore, the
company has removed the equity method investment net earnings for
KDP from its non-GAAP financial results for all historical periods
presented to facilitate comparison of results.
On July 13, 2023, the company sold 23 million
shares, the remainder of its shares of KDP. The company received
proceeds of approximately $704 million.
On June 8, 2023, the company sold 23 million
shares of KDP, which reduced our ownership by 1.6%, from 3.2% to
1.6% of the total outstanding shares. The company received proceeds
of approximately $708 million.
On March 2, 2023, the company sold 30 million
shares of KDP, which reduced the company's ownership interest by
2.1%, from 5.3% to 3.2% of the total outstanding shares. The
company received proceeds of approximately $1.0 billion and
recorded a pre-tax gain of $493 million (or $366 million after tax)
during the first quarter of 2023.
In addition, the company has recorded a total
gain on marketable securities of $593 million for the twelve months
ended December 31, 2023. In addition, the company recorded dividend
income of $13 million for the nine months ended December 31,
2023.
JDEP transactions
On March 30, 2023, the company issued options to
sell shares of JDEP in tranches equivalent to approximately 7.7
million shares. These options were exercisable at their maturities
which were between July 3, 2023 and September 29, 2023, with strike
prices ranging from €26.10 to €28.71 per share. During the three
months ended September 30, 2023, options were exercised on 2.2
million shares, which reduced the company's ownership by 0.4%, from
18.1% to 17.7% of the total outstanding shares. The company
received cash proceeds of €57 million ($62 million) and recorded a
loss of €3 million ($4 million) for these sales during the three
months ended September 30, 2023.
On April 3, 2023, the company sold approximately
7.7 million shares of JDEP, which reduced the company's ownership
interest by 1.6%, from 19.7% to 18.1% of the total outstanding
shares. The company received €198 million ($217 million)
of proceeds and recorded a loss of €18 million ($19 million) on
this sale during the second quarter of 2023.
On May 8, 2022, the company sold approximately
18.6 million of our JDE Peet’s shares back to JDE Peet’s, which
reduced the company's ownership interest by approximately 3% to
19.8%. The company received €500 million ($529 million) of proceeds
and recorded a loss of €8 million ($8 million) on this sale during
the second quarter of 2022.
The company considers these ownership reductions
partial divestitures of its equity method investment in KDP.
Therefore, the company has removed the equity method investment net
earnings related to the divested portion from its non-GAAP
financial results for Adjusted EPS for all historical periods
presented to facilitate comparison of results. The company's U.S.
GAAP results, which include its equity method investment net
earnings from JDE Peet's, did not change from what was previously
reported.
Equity method investee
items
Within Adjusted EPS, the company’s equity method
investment net earnings exclude its proportionate share of its
equity method investee's significant operating and non-operating
items, such as acquisition and divestiture-related costs,
restructuring program costs and initial impacts from enacted tax
law changes.
Constant currency
Management evaluates the operating performance
of the company and its international subsidiaries on a constant
currency basis. The company determines its constant currency
operating results by dividing or multiplying, as appropriate, the
current period local currency operating results by the currency
exchange rates used to translate the company’s financial statements
in the comparable prior-year period to determine what the
current-period U.S. dollar operating results would have been if the
currency exchange rate had not changed from the comparable
prior-year period.
OUTLOOK
The company’s outlook for 2024 Organic Net
Revenue growth, Adjusted EPS growth on a constant currency basis
and Free Cash Flow are non-GAAP financial measures that exclude or
otherwise adjust for items impacting comparability of financial
results such as the impact of changes in currency exchange rates,
restructuring activities, acquisitions and divestitures. The
company is not able to reconcile its projected Organic Net Revenue
growth to its projected reported net revenue growth for the
full-year 2024 because the company is unable to predict during this
period the impact from potential acquisitions or divestitures, as
well as the impact of currency translation due to the
unpredictability of future changes in currency exchange rates,
which could be material as a significant portion of the company’s
operations are outside the U.S. The company is not able to
reconcile its projected Adjusted EPS growth on a constant currency
basis to its projected reported diluted EPS growth for the
full-year 2024 because the company is unable to predict during this
period the timing of its restructuring program costs,
mark-to-market impacts from commodity and forecasted currency
transaction derivative contracts and impacts from potential
acquisitions or divestitures as well as the impact of currency
translation due to the unpredictability of future changes in
currency exchange rates, which could be material as a significant
portion of the company’s operations are outside the U.S. The
company is not able to reconcile its projected Free Cash Flow to
its projected net cash from operating activities for the full-year
2024 because the company is unable to predict during this period
the timing and amount of capital expenditures impacting cash flow.
Therefore, because of the uncertainty and variability of the nature
and amount of future adjustments, which could be significant, the
company is unable to provide a reconciliation of these measures
without unreasonable effort.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
4a |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Net
Revenues |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Latin
America |
|
AMEA |
|
Europe |
|
North
America |
|
Mondelēz
International |
For the Three Months Ended December 31,
2023 |
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
1,262 |
|
|
$ |
1,736 |
|
|
$ |
3,538 |
|
|
$ |
2,778 |
|
|
$ |
9,314 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
Short-term
distributor agreements |
|
- |
|
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
|
(22 |
) |
Acquisitions |
|
(61 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(61 |
) |
Currency |
|
103 |
|
|
|
56 |
|
|
|
15 |
|
|
|
1 |
|
|
|
175 |
|
Organic (Non-GAAP) |
$ |
1,304 |
|
|
$ |
1,792 |
|
|
$ |
3,531 |
|
|
$ |
2,778 |
|
|
$ |
9,405 |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31,
2022 |
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
1,014 |
|
|
$ |
1,661 |
|
|
$ |
3,210 |
|
|
$ |
2,810 |
|
|
$ |
8,695 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
(47 |
) |
|
|
(83 |
) |
|
|
(130 |
) |
Organic (Non-GAAP) |
$ |
1,014 |
|
|
$ |
1,661 |
|
|
$ |
3,163 |
|
|
$ |
2,727 |
|
|
$ |
8,565 |
|
|
|
|
|
|
|
|
|
|
|
$
Change - Reported (GAAP) |
$ |
248 |
|
|
$ |
75 |
|
|
$ |
328 |
|
|
$ |
(32 |
) |
|
$ |
619 |
|
$
Change - Organic (Non-GAAP) |
|
290 |
|
|
|
131 |
|
|
|
368 |
|
|
|
51 |
|
|
|
840 |
|
|
|
|
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
24.5 |
% |
|
|
4.5 |
% |
|
|
10.2 |
% |
|
|
(1.1 |
)% |
|
|
7.1 |
% |
Divestitures |
|
- |
pp |
|
|
- |
pp |
|
|
1.7 |
pp |
|
|
2.9 |
pp |
|
|
1.6 |
pp |
Short-term
distributor agreements |
|
- |
|
|
|
- |
|
|
|
(0.7 |
) |
|
|
- |
|
|
|
(0.2 |
) |
Acquisitions |
|
(6.0 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.7 |
) |
Currency |
|
10.1 |
|
|
|
3.4 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
2.0 |
|
%
Change - Organic (Non-GAAP) |
|
28.6 |
% |
|
|
7.9 |
% |
|
|
11.6 |
% |
|
|
1.9 |
% |
|
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
Vol/Mix |
|
2.1 |
pp |
|
|
(0.2 |
)pp |
|
|
3.3 |
pp |
|
|
(5.5 |
)pp |
|
|
(0.4 |
)pp |
Pricing |
|
26.5 |
|
|
|
8.1 |
|
|
|
8.3 |
|
|
|
7.4 |
|
|
|
10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America |
|
AMEA |
|
Europe |
|
North
America |
|
Mondelēz
International |
For the Twelve Months Ended December 31,
2023 |
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
5,006 |
|
|
$ |
7,075 |
|
|
$ |
12,857 |
|
|
$ |
11,078 |
|
|
$ |
36,016 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
(174 |
) |
|
|
(310 |
) |
|
|
(484 |
) |
Short-term
distributor agreements |
|
- |
|
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
|
(22 |
) |
Acquisitions |
|
(507 |
) |
|
|
- |
|
|
|
- |
|
|
|
(529 |
) |
|
|
(1,036 |
) |
Currency |
|
363 |
|
|
|
486 |
|
|
|
216 |
|
|
|
31 |
|
|
|
1,096 |
|
Organic (Non-GAAP) |
$ |
4,862 |
|
|
$ |
7,561 |
|
|
$ |
12,877 |
|
|
$ |
10,270 |
|
|
$ |
35,570 |
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31,
2022 |
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
3,629 |
|
|
$ |
6,767 |
|
|
$ |
11,420 |
|
|
$ |
9,680 |
|
|
$ |
31,496 |
|
Divestitures |
|
(22 |
) |
|
|
- |
|
|
|
(178 |
) |
|
|
(298 |
) |
|
|
(498 |
) |
Organic (Non-GAAP) |
$ |
3,607 |
|
|
$ |
6,767 |
|
|
$ |
11,242 |
|
|
$ |
9,382 |
|
|
$ |
30,998 |
|
|
|
|
|
|
|
|
|
|
|
$
Change - Reported (GAAP) |
$ |
1,377 |
|
|
$ |
308 |
|
|
$ |
1,437 |
|
|
$ |
1,398 |
|
|
$ |
4,520 |
|
$
Change - Organic (Non-GAAP) |
|
1,255 |
|
|
|
794 |
|
|
|
1,635 |
|
|
|
888 |
|
|
|
4,572 |
|
|
|
|
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
37.9 |
% |
|
|
4.6 |
% |
|
|
12.6 |
% |
|
|
14.4 |
% |
|
|
14.4 |
% |
Divestitures |
|
0.9 |
pp |
|
|
- |
pp |
|
|
0.2 |
pp |
|
|
0.4 |
pp |
|
|
0.2 |
pp |
Short-term
distributor agreements |
|
- |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
- |
|
|
|
- |
|
Acquisitions |
|
(14.0 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5.6 |
) |
|
|
(3.4 |
) |
Currency |
|
10.0 |
|
|
|
7.1 |
|
|
|
1.9 |
|
|
|
0.3 |
|
|
|
3.5 |
|
%
Change - Organic (Non-GAAP) |
|
34.8 |
% |
|
|
11.7 |
% |
|
|
14.5 |
% |
|
|
9.5 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
|
Vol/Mix |
|
3.8 |
pp |
|
|
3.1 |
pp |
|
|
0.7 |
pp |
|
|
- |
pp |
|
|
1.3 |
pp |
Pricing |
|
31.0 |
|
|
|
8.6 |
|
|
|
13.8 |
|
|
|
9.5 |
|
|
|
13.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
4b |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Net Revenues
- Markets |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
Emerging
Markets |
|
Developed
Markets |
|
Mondelēz
International |
For the Three Months Ended December 31,
2023 |
|
|
|
|
|
Reported (GAAP) |
$ |
3,580 |
|
|
$ |
5,734 |
|
|
$ |
9,314 |
|
Divestitures |
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
Short-term
distributor agreements |
|
(2 |
) |
|
|
(20 |
) |
|
|
(22 |
) |
Acquisitions |
|
(61 |
) |
|
|
- |
|
|
|
(61 |
) |
Currency |
|
296 |
|
|
|
(121 |
) |
|
|
175 |
|
Organic (Non-GAAP) |
$ |
3,812 |
|
|
$ |
5,593 |
|
|
$ |
9,405 |
|
|
|
|
|
|
|
For the Three Months Ended December 31,
2022 |
|
|
|
|
|
Reported (GAAP) |
$ |
3,320 |
|
|
$ |
5,375 |
|
|
$ |
8,695 |
|
Divestitures |
|
(2 |
) |
|
|
(128 |
) |
|
|
(130 |
) |
Organic (Non-GAAP) |
$ |
3,318 |
|
|
$ |
5,247 |
|
|
$ |
8,565 |
|
|
|
|
|
|
|
$
Change - Reported (GAAP) |
$ |
260 |
|
|
$ |
359 |
|
|
$ |
619 |
|
$
Change - Organic (Non-GAAP) |
|
494 |
|
|
|
346 |
|
|
|
840 |
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
7.8 |
% |
|
|
6.7 |
% |
|
|
7.1 |
% |
Divestitures |
|
0.1 |
pp |
|
|
2.6 |
pp |
|
|
1.6 |
pp |
Short-term
distributor agreements |
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
Acquisitions |
|
(1.8 |
) |
|
|
- |
|
|
|
(0.7 |
) |
Currency |
|
8.9 |
|
|
|
(2.3 |
) |
|
|
2.0 |
|
%
Change - Organic (Non-GAAP) |
|
14.9 |
% |
|
|
6.6 |
% |
|
|
9.8 |
% |
|
|
|
|
|
|
Vol/Mix |
|
1.2 |
pp |
|
|
(1.3 |
)pp |
|
|
(0.4 |
)pp |
Pricing |
|
13.7 |
|
|
|
7.9 |
|
|
|
10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging
Markets |
|
Developed
Markets |
|
Mondelēz
International |
For the Twelve Months Ended December 31,
2023 |
|
|
|
|
|
Reported (GAAP) |
$ |
14,011 |
|
|
$ |
22,005 |
|
|
$ |
36,016 |
|
Divestitures |
|
(5 |
) |
|
|
(479 |
) |
|
|
(484 |
) |
Short-term
distributor agreements |
|
(2 |
) |
|
|
(20 |
) |
|
|
(22 |
) |
Acquisitions |
|
(507 |
) |
|
|
(529 |
) |
|
|
(1,036 |
) |
Currency |
|
1,138 |
|
|
|
(42 |
) |
|
|
1,096 |
|
Organic (Non-GAAP) |
$ |
14,635 |
|
|
$ |
20,935 |
|
|
$ |
35,570 |
|
|
|
|
|
|
|
For the Twelve Months Ended December 31,
2022 |
|
|
|
|
|
Reported (GAAP) |
$ |
12,184 |
|
|
$ |
19,312 |
|
|
$ |
31,496 |
|
Divestitures |
|
(27 |
) |
|
|
(471 |
) |
|
|
(498 |
) |
Organic (Non-GAAP) |
$ |
12,157 |
|
|
$ |
18,841 |
|
|
$ |
30,998 |
|
|
|
|
|
|
|
$
Change - Reported (GAAP) |
$ |
1,827 |
|
|
$ |
2,693 |
|
|
$ |
4,520 |
|
$
Change - Organic (Non-GAAP) |
|
2,478 |
|
|
|
2,094 |
|
|
|
4,572 |
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
15.0 |
% |
|
|
13.9 |
% |
|
|
14.4 |
% |
Divestitures |
|
0.2 |
pp |
|
|
0.4 |
pp |
|
|
0.2 |
pp |
Short-term
distributor agreements |
|
- |
|
|
|
(0.2 |
) |
|
|
- |
|
Acquisitions |
|
(4.2 |
) |
|
|
(2.8 |
) |
|
|
(3.4 |
) |
Currency |
|
9.4 |
|
|
|
(0.2 |
) |
|
|
3.5 |
|
%
Change - Organic (Non-GAAP) |
|
20.4 |
% |
|
|
11.1 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
Vol/Mix |
|
2.8 |
pp |
|
|
0.4 |
pp |
|
|
1.3 |
pp |
Pricing |
|
17.6 |
|
|
|
10.7 |
|
|
|
13.4 |
|
|
|
|
|
|
|
|
|
|
Schedule
5a |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Gross Profit
/ Operating Income |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2023 |
|
Net
Revenues |
|
Gross
Profit |
|
Gross
Profit
Margin |
|
Operating
Income |
|
Operating
Income
Margin |
Reported (GAAP) |
$ |
9,314 |
|
|
$ |
3,470 |
|
|
37.3 |
% |
|
$ |
1,193 |
|
|
12.8 |
% |
Simplify to
Grow Program |
|
- |
|
|
|
5 |
|
|
|
|
|
70 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
53 |
|
|
|
|
|
50 |
|
|
|
Acquisition
integration costs and contingent consideration adjustments |
|
- |
|
|
|
10 |
|
|
|
|
|
103 |
|
|
|
Gain on
divestiture |
|
- |
|
|
|
- |
|
|
|
|
|
(108 |
) |
|
|
Divestiture-related costs |
|
- |
|
|
|
(1 |
) |
|
|
|
|
17 |
|
|
|
Operating
results from divestitures |
|
(1 |
) |
|
|
- |
|
|
|
|
|
(1 |
) |
|
|
Operating
results from short-term distributor agreements |
|
(22 |
) |
|
|
(5 |
) |
|
|
|
|
(3 |
) |
|
|
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
|
|
43 |
|
|
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
1 |
|
|
|
|
|
1 |
|
|
|
Remeasurement of net monetary position |
|
- |
|
|
|
- |
|
|
|
|
|
38 |
|
|
|
Adjusted (Non-GAAP) |
$ |
9,291 |
|
|
$ |
3,533 |
|
|
38.0 |
% |
|
$ |
1,403 |
|
|
15.1 |
% |
Currency |
|
|
|
56 |
|
|
|
|
|
7 |
|
|
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
$ |
3,589 |
|
|
|
|
$ |
1,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2022 |
|
Net
Revenues |
|
Gross
Profit |
|
Gross
Profit
Margin |
|
Operating
Income |
|
Operating
Income
Margin |
Reported (GAAP) |
$ |
8,695 |
|
|
$ |
3,075 |
|
|
35.4 |
% |
|
$ |
834 |
|
|
9.6 |
% |
Simplify to
Grow Program |
|
- |
|
|
|
12 |
|
|
|
|
|
53 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
59 |
|
|
|
|
|
58 |
|
|
|
Acquisition
integration costs and contingent consideration adjustments |
|
- |
|
|
|
4 |
|
|
|
|
|
40 |
|
|
|
Inventory
step-up |
|
- |
|
|
|
5 |
|
|
|
|
|
5 |
|
|
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
|
|
12 |
|
|
|
Divestiture-related costs |
|
- |
|
|
|
- |
|
|
|
|
|
6 |
|
|
|
Operating
results from divestitures |
|
(130 |
) |
|
|
(72 |
) |
|
|
|
|
(45 |
) |
|
|
2017 Malware
incident net recoveries |
|
- |
|
|
|
(25 |
) |
|
|
|
|
(37 |
) |
|
|
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
|
|
318 |
|
|
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
Remeasurement of net monetary position |
|
- |
|
|
|
- |
|
|
|
|
|
14 |
|
|
|
Impact from
pension participation changes |
|
- |
|
|
|
(1 |
) |
|
|
|
|
(1 |
) |
|
|
Adjusted (Non-GAAP) |
$ |
8,565 |
|
|
$ |
3,058 |
|
|
35.7 |
% |
|
$ |
1,257 |
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
Operating
Income |
|
|
$
Change - Reported (GAAP) |
|
|
$ |
395 |
|
|
|
|
$ |
359 |
|
|
|
$
Change - Adjusted (Non-GAAP) |
|
|
|
475 |
|
|
|
|
|
146 |
|
|
|
$
Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
531 |
|
|
|
|
|
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
|
|
12.8 |
% |
|
|
|
|
43.0 |
% |
|
|
%
Change - Adjusted (Non-GAAP) |
|
|
|
15.5 |
% |
|
|
|
|
11.6 |
% |
|
|
%
Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
17.4 |
% |
|
|
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
5b |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Gross Profit
/ Operating Income |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2023 |
|
Net
Revenues |
|
Gross
Profit |
|
Gross
Profit
Margin |
|
Operating
Income |
|
Operating
Income
Margin |
Reported (GAAP) |
$ |
36,016 |
|
|
$ |
13,764 |
|
|
38.2 |
% |
|
$ |
5,502 |
|
|
15.3 |
% |
Simplify to
Grow Program |
|
- |
|
|
|
9 |
|
|
|
|
|
131 |
|
|
|
Intangible
asset impairment charges |
|
- |
|
|
|
- |
|
|
|
|
|
26 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
(185 |
) |
|
|
|
|
(189 |
) |
|
|
Acquisition
integration costs and contingent consideration adjustments |
|
- |
|
|
|
25 |
|
|
|
|
|
246 |
|
|
|
Gain on
divestiture |
|
- |
|
|
|
- |
|
|
|
|
|
(108 |
) |
|
|
Divestiture-related costs |
|
- |
|
|
|
- |
|
|
|
|
|
83 |
|
|
|
Operating
results from divestitures |
|
(484 |
) |
|
|
(274 |
) |
|
|
|
|
(194 |
) |
|
|
Operating
results from short-term distributor agreements |
|
(22 |
) |
|
|
(5 |
) |
|
|
|
|
(3 |
) |
|
|
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
|
|
43 |
|
|
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
- |
|
|
|
|
|
(1 |
) |
|
|
Remeasurement of net monetary position |
|
- |
|
|
|
- |
|
|
|
|
|
98 |
|
|
|
Adjusted (Non-GAAP) |
$ |
35,510 |
|
|
$ |
13,334 |
|
|
37.5 |
% |
|
$ |
5,634 |
|
|
15.9 |
% |
Currency |
|
|
|
383 |
|
|
|
|
|
190 |
|
|
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
$ |
13,717 |
|
|
|
|
$ |
5,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2022 |
|
Net
Revenues |
|
Gross
Profit |
|
Gross
Profit
Margin |
|
Operating
Income |
|
Operating
Income
Margin |
Reported (GAAP) |
$ |
31,496 |
|
|
$ |
11,312 |
|
|
35.9 |
% |
|
$ |
3,534 |
|
|
11.2 |
% |
Simplify to
Grow Program |
|
- |
|
|
|
45 |
|
|
|
|
|
122 |
|
|
|
Intangible
asset impairment charges |
|
- |
|
|
|
- |
|
|
|
|
|
101 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
324 |
|
|
|
|
|
326 |
|
|
|
Acquisition
integration costs and contingent consideration adjustments |
|
- |
|
|
|
6 |
|
|
|
|
|
136 |
|
|
|
Inventory
step-up |
|
- |
|
|
|
25 |
|
|
|
|
|
25 |
|
|
|
Acquisition-related costs |
|
- |
|
|
|
72 |
|
|
|
|
|
330 |
|
|
|
Divestiture-related costs |
|
- |
|
|
|
3 |
|
|
|
|
|
18 |
|
|
|
Operating
results from divestitures |
|
(498 |
) |
|
|
(251 |
) |
|
|
|
|
(148 |
) |
|
|
2017 Malware
incident net recoveries |
|
- |
|
|
|
(25 |
) |
|
|
|
|
(37 |
) |
|
|
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
|
|
318 |
|
|
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
36 |
|
|
|
|
|
121 |
|
|
|
Remeasurement of net monetary position |
|
- |
|
|
|
- |
|
|
|
|
|
40 |
|
|
|
Impact from
pension participation changes |
|
- |
|
|
|
(1 |
) |
|
|
|
|
(1 |
) |
|
|
Adjusted (Non-GAAP) |
$ |
30,998 |
|
|
$ |
11,546 |
|
|
37.2 |
% |
|
$ |
4,885 |
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
Operating
Income |
|
|
$
Change - Reported (GAAP) |
|
|
$ |
2,452 |
|
|
|
|
$ |
1,968 |
|
|
|
$
Change - Adjusted (Non-GAAP) |
|
|
|
1,788 |
|
|
|
|
|
749 |
|
|
|
$
Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
2,171 |
|
|
|
|
|
939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
|
|
21.7 |
% |
|
|
|
|
55.7 |
% |
|
|
%
Change - Adjusted (Non-GAAP) |
|
|
|
15.5 |
% |
|
|
|
|
15.3 |
% |
|
|
%
Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
18.8 |
% |
|
|
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 6a |
Mondelēz International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Net Earnings and Tax Rate |
(in millions of U.S. dollars and shares, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2023 |
|
Operating Income |
|
Benefit
plan non-service expense / (income) |
|
Interest and other expense, net |
|
Marketable securities (gains)/losses |
|
Earnings before income taxes |
|
Income taxes (1) |
|
Effective tax rate |
|
Gain on
equity
method investment transactions |
|
Equity
method investment
net losses / (earnings) |
|
Non-controlling interest earnings |
|
Net Earnings attributable
to Mondelēz International |
|
Diluted EPS attributable
to Mondelēz International |
Reported (GAAP) |
$ |
1,193 |
|
|
$ |
(22 |
) |
|
$ |
52 |
|
|
$ |
- |
|
$ |
1,163 |
|
|
$ |
257 |
|
|
22.1 |
% |
|
$ |
- |
|
|
$ |
(44 |
) |
|
$ |
- |
|
$ |
950 |
|
|
$ |
0.70 |
|
Simplify to Grow Program |
|
70 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
70 |
|
|
|
17 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
53 |
|
|
|
0.04 |
|
Mark-to-market (gains)/losses from derivatives |
|
50 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
51 |
|
|
|
17 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
34 |
|
|
|
0.02 |
|
Acquisition integration costs and contingent consideration
adjustments |
|
103 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
103 |
|
|
|
21 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
82 |
|
|
|
0.06 |
|
Gain on divestiture |
|
(108 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(108 |
) |
|
|
8 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(116 |
) |
|
|
(0.09 |
) |
Divestiture-related costs |
|
17 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
17 |
|
|
|
3 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
14 |
|
|
|
0.01 |
|
Operating results from divestitures |
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Operating results from short-term distributor agreements |
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(3 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(3 |
) |
|
|
- |
|
European Commission legal matter |
|
43 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
43 |
|
|
|
24 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
19 |
|
|
|
0.01 |
|
Incremental costs due to war in Ukraine |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
Remeasurement of net monetary position |
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
38 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
38 |
|
|
|
0.03 |
|
Impact from pension participation changes |
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
2 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
Initial impacts from enacted tax law changes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(68 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
68 |
|
|
|
0.05 |
|
Gain on marketable securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
2 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(2 |
) |
|
|
- |
|
Equity method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
(11 |
) |
|
|
- |
|
|
11 |
|
|
|
0.01 |
|
Adjusted (Non-GAAP) |
$ |
1,403 |
|
|
$ |
(22 |
) |
|
$ |
49 |
|
|
$ |
- |
|
$ |
1,376 |
|
|
$ |
281 |
|
|
20.4 |
% |
|
$ |
- |
|
|
$ |
(55 |
) |
|
$ |
- |
|
$ |
1,150 |
|
|
$ |
0.84 |
|
Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
- |
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,148 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2022 |
|
Operating Income |
|
Benefit plan non-service expense / (income) |
|
Interest and other expense, net |
|
Marketable securities (gains)/losses |
|
Earnings before income taxes |
|
Income taxes (1) |
|
Effective tax rate |
|
Loss on equity method investment transactions |
|
Equity method investment net losses /
(earnings) |
|
Non-controlling interest earnings |
|
Net Earnings attributable to Mondelēz
International |
|
Diluted EPS attributable to Mondelēz
International |
Reported (GAAP) |
$ |
834 |
|
|
$ |
(24 |
) |
|
$ |
86 |
|
|
$ |
- |
|
$ |
772 |
|
|
$ |
270 |
|
|
35.0 |
% |
|
$ |
3 |
|
|
$ |
(85 |
) |
|
$ |
1 |
|
$ |
583 |
|
|
$ |
0.42 |
|
Simplify to Grow Program |
|
53 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
53 |
|
|
|
10 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
43 |
|
|
|
0.03 |
|
Mark-to-market (gains)/losses from derivatives |
|
58 |
|
|
|
- |
|
|
|
(43 |
) |
|
|
- |
|
|
101 |
|
|
|
15 |
|
|
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
83 |
|
|
|
0.06 |
|
Acquisition integration costs and contingent consideration
adjustments |
|
40 |
|
|
|
(8 |
) |
|
|
- |
|
|
|
- |
|
|
48 |
|
|
|
15 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
33 |
|
|
|
0.03 |
|
Inventory step-up |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
5 |
|
|
|
2 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
3 |
|
|
|
- |
|
Acquisition-related costs |
|
12 |
|
|
|
- |
|
|
|
76 |
|
|
|
- |
|
|
(64 |
) |
|
|
(14 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(50 |
) |
|
|
(0.04 |
) |
Divestiture-related costs |
|
6 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
6 |
|
|
|
6 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Operating results from divestitures |
|
(45 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(45 |
) |
|
|
(12 |
) |
|
|
|
|
- |
|
|
|
16 |
|
|
|
- |
|
|
(49 |
) |
|
|
(0.04 |
) |
2017 Malware incident recoveries, net |
|
(37 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(37 |
) |
|
|
(10 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(27 |
) |
|
|
(0.02 |
) |
European Commission competition law matter |
|
318 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
318 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
318 |
|
|
|
0.23 |
|
Remeasurement of net monetary position |
|
14 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
14 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
14 |
|
|
|
0.01 |
|
Impact from pension participation changes |
|
(1 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
2 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
Initial impacts from enacted tax law changes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
5 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(5 |
) |
|
|
- |
|
Loss on equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(1 |
) |
|
|
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
|
7 |
|
|
|
0.01 |
|
Equity method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
18 |
|
|
|
- |
|
|
(18 |
) |
|
|
(0.01 |
) |
Adjusted (Non-GAAP) |
$ |
1,257 |
|
|
$ |
(32 |
) |
|
$ |
116 |
|
|
$ |
- |
|
$ |
1,173 |
|
|
$ |
287 |
|
|
24.5 |
% |
|
$ |
- |
|
|
$ |
(51 |
) |
|
$ |
1 |
|
$ |
936 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Taxes were computed for each of the items excluded
from the company’s GAAP results based on the facts and tax
assumptions associated with each item. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 6b |
Mondelēz International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Net Earnings and Tax Rate |
(in millions of U.S. dollars and shares, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2023 |
|
Operating Income |
|
Benefit plan non-service expense / (income) |
|
Interest and other expense, net |
|
Marketable securities (gains)/losses |
|
Earnings before income taxes |
|
Income taxes (1) |
|
Effective tax rate |
|
Gain on equity method investment transactions |
|
Equity method investment net losses /
(earnings) |
|
Non-controlling interest earnings |
|
Net Earnings attributable to Mondelēz
International |
|
Diluted EPS attributable to Mondelēz
International |
Reported (GAAP) |
$ |
5,502 |
|
|
$ |
(82 |
) |
|
$ |
310 |
|
|
$ |
(606 |
) |
|
$ |
5,880 |
|
|
$ |
1,537 |
|
|
26.1 |
% |
|
$ |
(465 |
) |
|
$ |
(160 |
) |
|
$ |
9 |
|
$ |
4,959 |
|
|
$ |
3.62 |
|
Simplify to Grow Program |
|
131 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
131 |
|
|
|
26 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
105 |
|
|
|
0.08 |
|
Intangible asset impairment charges |
|
26 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26 |
|
|
|
6 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
20 |
|
|
|
0.01 |
|
Mark-to-market (gains)/losses from derivatives |
|
(189 |
) |
|
|
- |
|
|
|
(7 |
) |
|
|
- |
|
|
|
(182 |
) |
|
|
(21 |
) |
|
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
(164 |
) |
|
|
(0.12 |
) |
Acquisition integration costs and contingent consideration
adjustments |
|
246 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
246 |
|
|
|
60 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
186 |
|
|
|
0.14 |
|
Gain on divestiture |
|
(108 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(108 |
) |
|
|
8 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(116 |
) |
|
|
(0.08 |
) |
Divestiture-related costs |
|
83 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
83 |
|
|
|
25 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
58 |
|
|
|
0.04 |
|
Operating results from divestitures |
|
(194 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(194 |
) |
|
|
(46 |
) |
|
|
|
|
- |
|
|
|
28 |
|
|
|
- |
|
|
(176 |
) |
|
|
(0.13 |
) |
Operating results from short-term distributor agreements |
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(3 |
) |
|
|
- |
|
European Commission legal matter |
|
43 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43 |
|
|
|
24 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
19 |
|
|
|
0.01 |
|
Incremental costs due to war in Ukraine |
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(1 |
) |
|
|
- |
|
Remeasurement of net monetary position |
|
98 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
98 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
98 |
|
|
|
0.07 |
|
Impact from pension participation changes |
|
- |
|
|
|
- |
|
|
|
(10 |
) |
|
|
- |
|
|
|
10 |
|
|
|
3 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
7 |
|
|
|
0.01 |
|
Loss on debt extinguishment and related expenses |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
Initial impacts from enacted tax law changes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(83 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
83 |
|
|
|
0.06 |
|
Gain on marketable securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
593 |
|
|
|
(593 |
) |
|
|
(133 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(460 |
) |
|
|
(0.34 |
) |
Gain on equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(124 |
) |
|
|
|
|
462 |
|
|
|
- |
|
|
|
- |
|
|
(338 |
) |
|
|
(0.25 |
) |
Equity method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
(93 |
) |
|
|
- |
|
|
93 |
|
|
|
0.07 |
|
Adjusted (Non-GAAP) |
$ |
5,634 |
|
|
$ |
(82 |
) |
|
$ |
292 |
|
|
$ |
(13 |
) |
|
$ |
5,437 |
|
|
$ |
1,282 |
|
|
23.6 |
% |
|
$ |
- |
|
|
$ |
(225 |
) |
|
$ |
9 |
|
$ |
4,371 |
|
|
$ |
3.19 |
|
Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
172 |
|
|
|
0.13 |
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,543 |
|
|
$ |
3.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2022 |
|
Operating Income |
|
Benefit plan non-service expense / (income) |
|
Interest and other expense, net |
|
Marketable securities (gains)/losses |
|
Earnings before income taxes |
|
Income taxes (1) |
|
Effective tax rate |
|
Loss on equity method investment transactions |
|
Equity method investment net losses /
(earnings) |
|
Non-controlling interest earnings |
|
Net Earnings attributable to Mondelēz
International |
|
Diluted EPS attributable to Mondelēz
International |
Reported (GAAP) |
$ |
3,534 |
|
|
$ |
(117 |
) |
|
$ |
423 |
|
|
$ |
- |
|
|
$ |
3,228 |
|
|
$ |
865 |
|
|
26.8 |
% |
|
$ |
22 |
|
|
$ |
(385 |
) |
|
$ |
9 |
|
$ |
2,717 |
|
|
$ |
1.96 |
|
Simplify to Grow Program |
|
122 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
123 |
|
|
|
26 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
97 |
|
|
|
0.07 |
|
Intangible asset impairment charges |
|
101 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
101 |
|
|
|
25 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
76 |
|
|
|
0.05 |
|
Mark-to-market (gains)/losses from derivatives |
|
326 |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
318 |
|
|
|
56 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
262 |
|
|
|
0.19 |
|
Acquisition integration costs and contingent consideration
adjustments |
|
136 |
|
|
|
(8 |
) |
|
|
(4 |
) |
|
|
- |
|
|
|
148 |
|
|
|
72 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
76 |
|
|
|
0.05 |
|
Inventory step-up |
|
25 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25 |
|
|
|
7 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
18 |
|
|
|
0.01 |
|
Acquisition-related costs |
|
330 |
|
|
|
- |
|
|
|
76 |
|
|
|
- |
|
|
|
254 |
|
|
|
(11 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
265 |
|
|
|
0.19 |
|
Divestiture-related costs |
|
18 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18 |
|
|
|
9 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
9 |
|
|
|
0.01 |
|
Operating results from divestitures |
|
(148 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(148 |
) |
|
|
(50 |
) |
|
|
|
|
- |
|
|
|
133 |
|
|
|
- |
|
|
(231 |
) |
|
|
(0.16 |
) |
2017 malware incident net recoveries |
|
(37 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(37 |
) |
|
|
(10 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(27 |
) |
|
|
(0.02 |
) |
European Commission legal matter |
|
318 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
318 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
318 |
|
|
|
0.23 |
|
Incremental costs due to war in Ukraine |
|
121 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
121 |
|
|
|
(4 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
125 |
|
|
|
0.09 |
|
Remeasurement of net monetary position |
|
40 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
40 |
|
|
|
0.03 |
|
Impact from pension participation changes |
|
(1 |
) |
|
|
- |
|
|
|
(11 |
) |
|
|
- |
|
|
|
10 |
|
|
|
3 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
7 |
|
|
|
0.01 |
|
Loss on debt extinguishment and related expenses |
|
- |
|
|
|
- |
|
|
|
(129 |
) |
|
|
- |
|
|
|
129 |
|
|
|
31 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
98 |
|
|
|
0.07 |
|
Initial impacts from enacted tax law changes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
(17 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
17 |
|
|
|
0.01 |
|
Loss on equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
(2 |
) |
|
|
|
|
(22 |
) |
|
|
- |
|
|
|
- |
|
|
24 |
|
|
|
0.02 |
|
Equity method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
25 |
|
|
|
- |
|
|
(25 |
) |
|
|
(0.02 |
) |
Adjusted (Non-GAAP) |
$ |
4,885 |
|
|
$ |
(126 |
) |
|
$ |
363 |
|
|
$ |
- |
|
|
$ |
4,648 |
|
|
$ |
1,000 |
|
|
21.5 |
% |
|
$ |
- |
|
|
$ |
(227 |
) |
|
$ |
9 |
|
$ |
3,866 |
|
|
$ |
2.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Taxes were computed for each of the items excluded
from the company’s GAAP results based on the facts and tax
assumptions associated with each item. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
7a |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Diluted
EPS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
% Change |
Diluted EPS attributable to Mondelēz International
(GAAP) |
$ |
0.70 |
|
|
$ |
0.42 |
|
|
$ |
0.28 |
|
|
66.7 |
% |
Simplify to
Grow Program |
|
0.04 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
0.02 |
|
|
|
0.06 |
|
|
|
(0.04 |
) |
|
|
Acquisition
integration costs and contingent consideration adjustments |
|
0.06 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
Acquisition-related costs |
|
- |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
Gain on
divestiture |
|
(0.09 |
) |
|
|
- |
|
|
|
(0.09 |
) |
|
|
Divestiture-related costs |
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
Operating
results from divestitures |
|
- |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
2017 Malware
incident net recoveries |
|
- |
|
|
|
(0.02 |
) |
|
|
0.02 |
|
|
|
European
Commission legal matter |
|
0.01 |
|
|
|
0.23 |
|
|
|
(0.22 |
) |
|
|
Remeasurement of net monetary position |
|
0.03 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
Initial
impacts from enacted tax law changes |
|
0.05 |
|
|
|
- |
|
|
|
0.05 |
|
|
|
Loss on
equity method investment transactions |
|
- |
|
|
|
0.01 |
|
|
|
(0.01 |
) |
|
|
Equity
method investee items |
|
0.01 |
|
|
|
(0.01 |
) |
|
|
0.02 |
|
|
|
Adjusted EPS (Non-GAAP) |
$ |
0.84 |
|
|
$ |
0.68 |
|
|
$ |
0.16 |
|
|
23.5 |
% |
Impact of
currency |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Adjusted EPS @ Constant FX (Non-GAAP) |
$ |
0.84 |
|
|
$ |
0.68 |
|
|
$ |
0.16 |
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
Adjusted EPS @ Constant FX - Key
Drivers |
|
|
|
|
|
|
|
Increase in
operations |
|
|
|
|
$ |
0.09 |
|
|
|
Impact from
acquisitions |
|
|
|
|
|
- |
|
|
|
Change in
benefit plan non-service income |
|
|
|
|
|
(0.01 |
) |
|
|
Change in
interest and other expense, net |
|
|
|
|
|
0.03 |
|
|
|
Dividend
income from marketable securities |
|
|
|
|
|
- |
|
|
|
Change in
equity method investment net earnings |
|
|
|
|
|
- |
|
|
|
Change in
income taxes |
|
|
|
|
|
0.04 |
|
|
|
Change in
shares outstanding |
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
7b |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Diluted
EPS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
% Change |
Diluted EPS attributable to Mondelēz International
(GAAP) |
$ |
3.62 |
|
|
$ |
1.96 |
|
|
$ |
1.66 |
|
|
84.7 |
% |
Simplify to
Grow Program |
|
0.08 |
|
|
|
0.07 |
|
|
|
0.01 |
|
|
|
Intangible
asset impairment charges |
|
0.01 |
|
|
|
0.05 |
|
|
|
(0.04 |
) |
|
|
Mark-to-market (gains)/losses from derivatives |
|
(0.12 |
) |
|
|
0.19 |
|
|
|
(0.31 |
) |
|
|
Acquisition
integration costs and contingent consideration adjustments |
|
0.14 |
|
|
|
0.05 |
|
|
|
0.09 |
|
|
|
Inventory
step-up |
|
- |
|
|
|
0.01 |
|
|
|
(0.01 |
) |
|
|
Acquisition-related costs |
|
- |
|
|
|
0.19 |
|
|
|
(0.19 |
) |
|
|
Gain on
divestiture |
|
(0.08 |
) |
|
|
- |
|
|
|
(0.08 |
) |
|
|
Divestiture-related costs |
|
0.04 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
Operating
results from divestitures |
|
(0.13 |
) |
|
|
(0.16 |
) |
|
|
0.03 |
|
|
|
2017 Malware
incident net recoveries |
|
- |
|
|
|
(0.02 |
) |
|
|
0.02 |
|
|
|
European
Commission legal matter |
|
0.01 |
|
|
|
0.23 |
|
|
|
(0.22 |
) |
|
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
0.09 |
|
|
|
(0.09 |
) |
|
|
Remeasurement of net monetary position |
|
0.07 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
Impact from
pension participation changes |
|
0.01 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
Loss on debt
extinguishment and related expenses |
|
- |
|
|
|
0.07 |
|
|
|
(0.07 |
) |
|
|
Initial
impacts from enacted tax law changes |
|
0.06 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
Gain on
marketable securities |
|
(0.34 |
) |
|
|
- |
|
|
|
(0.34 |
) |
|
|
(Gain)/loss
on equity method investment transactions |
|
(0.25 |
) |
|
|
0.02 |
|
|
|
(0.27 |
) |
|
|
Equity
method investee items |
|
0.07 |
|
|
|
(0.02 |
) |
|
|
0.09 |
|
|
|
Adjusted EPS (Non-GAAP) |
$ |
3.19 |
|
|
$ |
2.79 |
|
|
$ |
0.40 |
|
|
14.3 |
% |
Impact of
unfavorable currency |
|
0.13 |
|
|
|
- |
|
|
|
0.13 |
|
|
|
Adjusted EPS @ Constant FX (Non-GAAP) |
$ |
3.32 |
|
|
$ |
2.79 |
|
|
$ |
0.53 |
|
|
19.0 |
% |
|
|
|
|
|
|
|
|
Adjusted EPS @ Constant FX - Key
Drivers |
|
|
|
|
|
|
|
Increase in
operations |
|
|
|
|
$ |
0.47 |
|
|
|
Impact from
acquisitions |
|
|
|
|
|
0.06 |
|
|
|
Change in
benefit plan non-service income |
|
|
|
|
|
(0.03 |
) |
|
|
Change in
interest and other expense, net |
|
|
|
|
|
0.04 |
|
|
|
Dividend
income from marketable securities |
|
|
|
|
|
0.01 |
|
|
|
Change in
equity method investment net earnings |
|
|
|
|
|
- |
|
|
|
Change in
income taxes |
|
|
|
|
|
(0.05 |
) |
|
|
Change in
shares outstanding |
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
8a |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Segment
Data |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2023 |
|
Latin
America |
|
AMEA |
|
Europe |
|
North
America |
|
Unrealized
G/(L) on
Hedging
Activities |
|
General
Corporate
Expenses |
|
Amortization
of
Intangibles |
|
Other
Items |
|
Mondelēz
International |
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
1,262 |
|
|
$ |
1,736 |
|
|
$ |
3,538 |
|
|
$ |
2,778 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,314 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Short-term
distributor agreements |
|
- |
|
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(22 |
) |
Adjusted (Non-GAAP) |
$ |
1,262 |
|
|
$ |
1,736 |
|
|
$ |
3,516 |
|
|
$ |
2,777 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
100 |
|
|
$ |
244 |
|
|
$ |
528 |
|
|
$ |
414 |
|
|
$ |
(50 |
) |
|
$ |
(114 |
) |
|
$ |
(37 |
) |
|
$ |
108 |
|
|
$ |
1,193 |
|
Simplify to
Grow Program |
|
- |
|
|
|
1 |
|
|
|
61 |
|
|
|
7 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
70 |
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
Acquisition
integration costs and contingent consideration adjustments |
|
21 |
|
|
|
1 |
|
|
|
4 |
|
|
|
79 |
|
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
103 |
|
Gain on
divestiture |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(108 |
) |
|
|
(108 |
) |
Divestiture-related costs |
|
- |
|
|
|
- |
|
|
|
9 |
|
|
|
5 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
17 |
|
Operating
results from divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Operating
results from short-term distributor agreements |
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
43 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43 |
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Remeasurement of net monetary position |
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
38 |
|
Adjusted (Non-GAAP) |
$ |
159 |
|
|
$ |
246 |
|
|
$ |
643 |
|
|
$ |
505 |
|
|
$ |
- |
|
|
$ |
(113 |
) |
|
$ |
(37 |
) |
|
$ |
- |
|
|
$ |
1,403 |
|
Currency |
|
2 |
|
|
|
(3 |
) |
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
1 |
|
|
|
- |
|
|
|
7 |
|
Adjusted @ Constant FX (Non-GAAP) |
$ |
161 |
|
|
$ |
243 |
|
|
$ |
648 |
|
|
$ |
505 |
|
|
$ |
- |
|
|
$ |
(111 |
) |
|
$ |
(36 |
) |
|
$ |
- |
|
|
$ |
1,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
Change - Reported (GAAP) |
$ |
17 |
|
|
$ |
55 |
|
|
$ |
217 |
|
|
$ |
(18 |
) |
|
n/m |
|
$ |
(39 |
) |
|
$ |
(1 |
) |
|
n/m |
|
$ |
359 |
|
$
Change - Adjusted (Non-GAAP) |
|
51 |
|
|
|
41 |
|
|
|
5 |
|
|
|
44 |
|
|
n/m |
|
|
8 |
|
|
|
(3 |
) |
|
n/m |
|
|
146 |
|
$
Change - Adjusted @ Constant FX (Non-GAAP) |
|
53 |
|
|
|
38 |
|
|
|
10 |
|
|
|
44 |
|
|
n/m |
|
|
10 |
|
|
|
(2 |
) |
|
n/m |
|
|
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
20.5 |
% |
|
|
29.1 |
% |
|
|
69.8 |
% |
|
|
(4.2 |
)% |
|
n/m |
|
|
(52.0 |
)% |
|
|
(2.8 |
)% |
|
n/m |
|
|
43.0 |
% |
%
Change - Adjusted (Non-GAAP) |
|
47.2 |
% |
|
|
20.0 |
% |
|
|
0.8 |
% |
|
|
9.5 |
% |
|
n/m |
|
|
6.6 |
% |
|
|
(8.8 |
)% |
|
n/m |
|
|
11.6 |
% |
%
Change - Adjusted @ Constant FX (Non-GAAP) |
|
49.1 |
% |
|
|
18.5 |
% |
|
|
1.6 |
% |
|
|
9.5 |
% |
|
n/m |
|
|
8.3 |
% |
|
|
(5.9 |
)% |
|
n/m |
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
7.9 |
% |
|
|
14.1 |
% |
|
|
14.9 |
% |
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
12.8 |
% |
Reported pp change |
|
(0.3 |
)pp |
|
|
2.7 |
pp |
|
|
5.2 |
pp |
|
|
(0.5 |
)pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2 |
pp |
Adjusted % |
|
12.6 |
% |
|
|
14.2 |
% |
|
|
18.3 |
% |
|
|
18.2 |
% |
|
|
|
|
|
|
|
|
|
|
15.1 |
% |
Adjusted pp change |
|
1.9 |
pp |
|
|
1.9 |
pp |
|
|
(1.9 |
)pp |
|
|
1.3 |
pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.4 |
pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2022 |
|
Latin
America |
|
AMEA |
|
Europe |
|
North
America |
|
Unrealized
G/(L) on
Hedging
Activities |
|
General
Corporate
Expenses |
|
Amortization
of
Intangibles |
|
Other
Items |
|
Mondelēz
International |
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
1,014 |
|
|
$ |
1,661 |
|
|
$ |
3,210 |
|
|
$ |
2,810 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,695 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
(47 |
) |
|
|
(83 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(130 |
) |
Adjusted (Non-GAAP) |
$ |
1,014 |
|
|
$ |
1,661 |
|
|
$ |
3,163 |
|
|
$ |
2,727 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
83 |
|
|
$ |
189 |
|
|
$ |
311 |
|
|
$ |
432 |
|
|
$ |
(58 |
) |
|
$ |
(75 |
) |
|
$ |
(36 |
) |
|
$ |
(12 |
) |
|
$ |
834 |
|
Simplify to
Grow Program |
|
1 |
|
|
|
12 |
|
|
|
18 |
|
|
|
21 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
53 |
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
58 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
58 |
|
Acquisition
integration costs and contingent consideration adjustments |
|
5 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40 |
|
Inventory
step-up |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
12 |
|
Divestiture-related costs |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
6 |
|
Operating
results from divestitures |
|
- |
|
|
|
- |
|
|
|
(15 |
) |
|
|
(32 |
) |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
(45 |
) |
2017 Malware
incident net recoveries |
|
2 |
|
|
|
4 |
|
|
|
7 |
|
|
|
2 |
|
|
|
- |
|
|
|
(52 |
) |
|
|
- |
|
|
|
- |
|
|
|
(37 |
) |
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
318 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
318 |
|
Remeasurement of net monetary position |
|
12 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
14 |
|
Impact from
pension participation changes |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Adjusted (Non-GAAP) |
$ |
108 |
|
|
$ |
205 |
|
|
$ |
638 |
|
|
$ |
461 |
|
|
$ |
- |
|
|
$ |
(121 |
) |
|
$ |
(34 |
) |
|
$ |
- |
|
|
$ |
1,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
8.2 |
% |
|
|
11.4 |
% |
|
|
9.7 |
% |
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
9.6 |
% |
Adjusted % |
|
10.7 |
% |
|
|
12.3 |
% |
|
|
20.2 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
8b |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Segment
Data |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2023 |
|
Latin
America |
|
AMEA |
|
Europe |
|
North
America |
|
Unrealized
G/(L) on
Hedging
Activities |
|
General
Corporate
Expenses |
|
Amortization
of
Intangibles |
|
Other
Items |
|
Mondelēz
International |
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
5,006 |
|
|
$ |
7,075 |
|
|
$ |
12,857 |
|
|
$ |
11,078 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
36,016 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
(174 |
) |
|
|
(310 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(484 |
) |
Short-term
distributor agreements |
|
- |
|
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(22 |
) |
Adjusted (Non-GAAP) |
$ |
5,006 |
|
|
$ |
7,075 |
|
|
$ |
12,661 |
|
|
$ |
10,768 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
35,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
529 |
|
|
$ |
1,113 |
|
|
$ |
1,978 |
|
|
$ |
2,092 |
|
|
$ |
189 |
|
|
$ |
(356 |
) |
|
$ |
(151 |
) |
|
$ |
108 |
|
|
$ |
5,502 |
|
Simplify to
Grow Program |
|
(2 |
) |
|
|
7 |
|
|
|
91 |
|
|
|
27 |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
- |
|
|
|
131 |
|
Intangible
asset impairment charges |
|
- |
|
|
|
- |
|
|
|
6 |
|
|
|
20 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26 |
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(189 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(189 |
) |
Acquisition
integration costs and contingent consideration adjustments |
|
50 |
|
|
|
3 |
|
|
|
19 |
|
|
|
172 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
246 |
|
Gain on
divestiture |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(108 |
) |
|
|
(108 |
) |
Divestiture-related costs |
|
- |
|
|
|
- |
|
|
|
58 |
|
|
|
15 |
|
|
|
- |
|
|
|
10 |
|
|
|
- |
|
|
|
- |
|
|
|
83 |
|
Operating
results from divestitures |
|
- |
|
|
|
- |
|
|
|
(59 |
) |
|
|
(136 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
- |
|
|
|
(194 |
) |
Operating
results from short-term distributor agreements |
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
43 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43 |
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Remeasurement of net monetary position |
|
79 |
|
|
|
- |
|
|
|
19 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
98 |
|
Adjusted (Non-GAAP) |
$ |
656 |
|
|
$ |
1,123 |
|
|
$ |
2,151 |
|
|
$ |
2,190 |
|
|
$ |
- |
|
|
$ |
(337 |
) |
|
$ |
(149 |
) |
|
$ |
- |
|
|
$ |
5,634 |
|
Currency |
|
5 |
|
|
|
84 |
|
|
|
98 |
|
|
|
5 |
|
|
|
- |
|
|
|
(5 |
) |
|
|
3 |
|
|
|
- |
|
|
|
190 |
|
Adjusted @ Constant FX (Non-GAAP) |
$ |
661 |
|
|
$ |
1,207 |
|
|
$ |
2,249 |
|
|
$ |
2,195 |
|
|
$ |
- |
|
|
$ |
(342 |
) |
|
$ |
(146 |
) |
|
$ |
- |
|
|
$ |
5,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
Change - Reported (GAAP) |
$ |
141 |
|
|
$ |
184 |
|
|
$ |
497 |
|
|
$ |
323 |
|
|
n/m |
|
$ |
(111 |
) |
|
$ |
(19 |
) |
|
n/m |
|
$ |
1,968 |
|
$
Change - Adjusted (Non-GAAP) |
|
211 |
|
|
|
69 |
|
|
|
158 |
|
|
|
401 |
|
|
n/m |
|
|
(66 |
) |
|
|
(24 |
) |
|
n/m |
|
|
749 |
|
$
Change - Adjusted @ Constant FX (Non-GAAP) |
|
216 |
|
|
|
153 |
|
|
|
256 |
|
|
|
406 |
|
|
n/m |
|
|
(71 |
) |
|
|
(21 |
) |
|
n/m |
|
|
939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change - Reported (GAAP) |
|
36.3 |
% |
|
|
19.8 |
% |
|
|
33.6 |
% |
|
|
18.3 |
% |
|
n/m |
|
|
(45.3 |
)% |
|
|
(14.4 |
)% |
|
n/m |
|
|
55.7 |
% |
%
Change - Adjusted (Non-GAAP) |
|
47.4 |
% |
|
|
6.5 |
% |
|
|
7.9 |
% |
|
|
22.4 |
% |
|
n/m |
|
|
(24.4 |
)% |
|
|
(19.2 |
)% |
|
n/m |
|
|
15.3 |
% |
%
Change - Adjusted @ Constant FX (Non-GAAP) |
|
48.5 |
% |
|
|
14.5 |
% |
|
|
12.8 |
% |
|
|
22.7 |
% |
|
n/m |
|
|
(26.2 |
)% |
|
|
(16.8 |
)% |
|
n/m |
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
10.6 |
% |
|
|
15.7 |
% |
|
|
15.4 |
% |
|
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
15.3 |
% |
Reported pp change |
|
(0.1 |
)pp |
|
|
2.0 |
pp |
|
|
2.4 |
pp |
|
|
0.6 |
pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1 |
pp |
Adjusted % |
|
13.1 |
% |
|
|
15.9 |
% |
|
|
17.0 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
15.9 |
% |
Adjusted pp change |
|
0.8 |
pp |
|
|
0.3 |
pp |
|
|
(0.7 |
)pp |
|
|
1.2 |
pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1 |
pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2022 |
|
Latin
America |
|
AMEA |
|
Europe |
|
North
America |
|
Unrealized
G/(L) on
Hedging
Activities |
|
General
Corporate
Expenses |
|
Amortization
of
Intangibles |
|
Other
Items |
|
Mondelēz
International |
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
3,629 |
|
|
$ |
6,767 |
|
|
$ |
11,420 |
|
|
$ |
9,680 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
31,496 |
|
Divestitures |
|
(22 |
) |
|
|
- |
|
|
|
(178 |
) |
|
|
(298 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(498 |
) |
Adjusted (Non-GAAP) |
$ |
3,607 |
|
|
$ |
6,767 |
|
|
$ |
11,242 |
|
|
$ |
9,382 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
30,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
388 |
|
|
$ |
929 |
|
|
$ |
1,481 |
|
|
$ |
1,769 |
|
|
$ |
(326 |
) |
|
$ |
(245 |
) |
|
$ |
(132 |
) |
|
$ |
(330 |
) |
|
$ |
3,534 |
|
Simplify to
Grow Program |
|
1 |
|
|
|
19 |
|
|
|
41 |
|
|
|
49 |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
|
|
122 |
|
Intangible
asset impairment charges |
|
- |
|
|
|
101 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
101 |
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
326 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
326 |
|
Acquisition
integration costs and contingent consideration adjustments |
|
11 |
|
|
|
1 |
|
|
|
78 |
|
|
|
46 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
136 |
|
Inventory
step-up |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
20 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25 |
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
330 |
|
|
|
330 |
|
Divestiture-related costs |
|
3 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
14 |
|
|
|
- |
|
|
|
- |
|
|
|
18 |
|
Operating
results from divestitures |
|
(4 |
) |
|
|
- |
|
|
|
(54 |
) |
|
|
(97 |
) |
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
(148 |
) |
2017 Malware
incident net recoveries |
|
2 |
|
|
|
4 |
|
|
|
7 |
|
|
|
2 |
|
|
|
- |
|
|
|
(52 |
) |
|
|
- |
|
|
|
- |
|
|
|
(37 |
) |
European
Commission legal matter |
|
- |
|
|
|
- |
|
|
|
318 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
318 |
|
Incremental
costs due to war in Ukraine |
|
- |
|
|
|
- |
|
|
|
121 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
121 |
|
Remeasurement of net monetary position |
|
39 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40 |
|
Impact from
pension participation changes |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Adjusted (Non-GAAP) |
$ |
445 |
|
|
$ |
1,054 |
|
|
$ |
1,993 |
|
|
$ |
1,789 |
|
|
$ |
- |
|
|
$ |
(271 |
) |
|
$ |
(125 |
) |
|
$ |
- |
|
|
$ |
4,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
10.7 |
% |
|
|
13.7 |
% |
|
|
13.0 |
% |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
11.2 |
% |
Adjusted % |
|
12.3 |
% |
|
|
15.6 |
% |
|
|
17.7 |
% |
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
9 |
Mondelēz
International, Inc. and Subsidiaries |
Reconciliation of GAAP to Non-GAAP Measures |
Net Cash
Provided by Operating Activities to Free Cash Flow |
(in millions
of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
|
|
|
|
|
Net Cash Provided by Operating Activities
(GAAP) |
$ |
4,714 |
|
|
$ |
3,908 |
|
|
$ |
806 |
|
Capital
Expenditures |
|
(1,112 |
) |
|
|
(906 |
) |
|
|
(206 |
) |
Free
Cash Flow (Non-GAAP) |
$ |
3,602 |
|
|
$ |
3,002 |
|
|
$ |
600 |
|
|
|
|
|
|
|
Mondelez (NASDAQ:MDLZ)
Historical Stock Chart
From Apr 2024 to May 2024
Mondelez (NASDAQ:MDLZ)
Historical Stock Chart
From May 2023 to May 2024