Mondelez International Inc.
01/27/2022 | Press release | Distributed by Public on 01/28/2022 02:44
Q4 2021 Financial Schedules and GAAP to Non-GAAP Information
Schedule 1 PnL
| 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, | |||
| 2021 | 2020 | 2021 | 2020 | |
| Net revenues | $ 7,658 | $ 7,298 | $ 28,720 | $ 26,581 |
| Cost of sales | 4,825 | 4,426 | 17,466 | 16,135 |
| Gross profit | 2,833 | 2,872 | 11,254 | 10,446 |
| Gross profit margin | 37.0% | 39.4% | 39.2% | 39.3% |
| Selling, general and administrative expenses | 1,670 | 1,624 | 6,263 | 6,098 |
| Asset impairment and exit costs | (74) | 48 | 212 | 301 |
| Loss/(gain) on acquisition and divestitures | 1 | - | (8) | - |
| Amortization of intangible assets | 32 | 51 | 134 | 194 |
| Operating income | 1,204 | 1,149 | 4,653 | 3,853 |
| Operating income margin | 15.7% | 15.7% | 16.2% | 14.5% |
| Benefit plan non-service income | (28) | (36) | (163) | (138) |
| Interest and other expense, net | 89 | 244 | 447 | 608 |
| Earnings before income taxes | 1,143 | 941 | 4,369 | 3,383 |
| Income tax provision | (238) | (344) | (1,190) | (1,224) |
| Effective tax rate | 20.8% | 36.6% | 27.2% | 36.2% |
| (Loss)/gain on equity method investment transactions | (3) | 452 | 742 | 989 |
| Equity method investment net earnings | 103 | 110 | 393 | 421 |
| Net earnings | 1,005 | 1,159 | 4,314 | 3,569 |
| Noncontrolling interest earnings | (2) | (3) | (14) | (14) |
| Net earnings attributable to Mondelēz International | $ 1,003 | $ 1,156 | $ 4,300 | $ 3,555 |
| Per share data: | ||||
| Basic earnings per share attributable to Mondelēz International | $ 0.72 | $ 0.81 | $ 3.06 | $ 2.48 |
| Diluted earnings per share attributable to Mondelēz International | $ 0.71 | $ 0.80 | $ 3.04 | $ 2.47 |
| Average shares outstanding: | ||||
| Basic | 1,396 | 1,429 | 1,403 | 1,431 |
| Diluted | 1,405 | 1,439 | 1,413 | 1,441 |
Schedule 2 BS
| Schedule 2 | |||
| Mondelēz International, Inc. and Subsidiaries | |||
| Condensed Consolidated Balance Sheets | |||
| (in millions of U.S. dollars) | |||
| (Unaudited) | |||
| December 31, | December 31, | ||
| 2021 | 2020 | ||
| ASSETS | |||
| Cash and cash equivalents | $ 3,546 | $ 3,619 | |
| Trade receivables | 2,337 | 2,297 | |
| Other receivables | 851 | 657 | |
| Inventories, net | 2,708 | 2,647 | |
| Other current assets | 900 | 759 | |
| Total current assets | 10,342 | 9,979 | |
| Property, plant and equipment, net | 8,658 | 9,026 | |
| Operating lease right of use assets | 613 | 638 | |
| Goodwill | 21,978 | 21,895 | |
| Intangible assets, net | 18,291 | 18,482 | |
| Prepaid pension assets | 1,009 | 672 | |
| Deferred income taxes | 541 | 790 | |
| Equity method investments | 5,289 | 6,036 | |
| Other assets | 371 | 292 | |
| TOTAL ASSETS | $ 67,092 | $ 67,810 | |
| LIABILITIES | |||
| Short-term borrowings | $ 216 | $ 29 | |
| Current portion of long-term debt | 1,746 | 2,741 | |
| Accounts payable | 6,730 | 6,209 | |
| Accrued marketing | 2,097 | 2,130 | |
| Accrued employment costs | 822 | 834 | |
| Other current liabilities | 2,397 | 3,216 | |
| Total current liabilities | 14,008 | 15,159 | |
| Long-term debt | 17,550 | 17,276 | |
| Long-term operating lease liabilities | 459 | 470 | |
| Deferred income taxes | 3,444 | 3,346 | |
| Accrued pension costs | 681 | 1,257 | |
| Accrued postretirement health care costs | 301 | 346 | |
| Other liabilities | 2,326 | 2,302 | |
| TOTAL LIABILITIES | 38,769 | 40,156 | |
| EQUITY | |||
| Common Stock | - | - | |
| Additional paid-in capital | 32,097 | 32,070 | |
| Retained earnings | 30,806 | 28,402 | |
| Accumulated other comprehensive losses | (10,624) | (10,690) | |
| Treasury stock | (24,010) | (22,204) | |
| Total Mondelēz International Shareholders' Equity | 28,269 | 27,578 | |
| Noncontrolling interest | 54 | 76 | |
| TOTAL EQUITY | 28,323 | 27,654 | |
| TOTAL LIABILITIES AND EQUITY | $ 67,092 | $ 67,810 | |
| December 31, | December 31, | ||
| 2021 | 2020 | Incr/(Decr) | |
| Short-term borrowings | $ 216 | $ 29 | $ 187 |
| Current portion of long-term debt | 1,746 | 2,741 | (995) |
| Long-term debt | 17,550 | 17,276 | 274 |
| Total Debt | 19,512 | 20,046 | (534) |
| Cash and cash equivalents | 3,546 | 3,619 | (73) |
| Net Debt (1) | $ 15,966 | $ 16,427 | $ (461) |
| (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 CF
| 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, | ||
| 2021 | 2020 | |
| CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES | ||
| Net earnings | $ 4,314 | $ 3,569 |
| Adjustments to reconcile net earnings to operating cash flows: | ||
| Depreciation and amortization | 1,113 | 1,116 |
| Stock-based compensation expense | 121 | 126 |
| Deferred income tax provision/(benefit) | 205 | (70) |
| Asset impairments and accelerated depreciation | 128 | 136 |
| Loss on early extinguishment of debt | 110 | 185 |
| Net gain on acquisition and divestitures | (8) | - |
| Gain on equity method investment transactions | (742) | (989) |
| Equity method investment net earnings | (393) | (421) |
| Distributions from equity method investments | 172 | 246 |
| Other non-cash items, net | (230) | 243 |
| Change in assets and liabilities, net of acquisitions and divestitures: | ||
| Receivables, net | (197) | 59 |
| Inventories, net | (170) | (24) |
| Accounts payable | 702 | 436 |
| Other current assets | (169) | (207) |
| Other current liabilities | (502) | (208) |
| Change in pension and postretirement assets and liabilities, net | (313) | (233) |
| Net cash provided by/(used in) operating activities | 4,141 | 3,964 |
| CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES | ||
| Capital expenditures | (965) | (863) |
| Acquisitions, net of cash received | (833) | (1,136) |
| Proceeds from divestitures including equity method investments | 1,539 | 2,489 |
| Other | 233 | 10 |
| Net cash provided by/(used in) investing activities | (26) | 500 |
| CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES | ||
| Issuances of commercial paper, maturities greater than 90 days | - | 677 |
| Repayments of commercial paper, maturities greater than 90 days | - | (1,174) |
| Net issuances/(repayments) of other short-term borrowings | 194 | (2,116) |
| Long-term debt proceeds | 5,921 | 7,213 |
| Long-term debt repayments | (6,247) | (3,878) |
| Repurchase of Common Stock | (2,110) | (1,390) |
| Dividends paid | (1,826) | (1,678) |
| Other | (1) | 131 |
| Net cash provided by/(used in) financing activities | (4,069) | (2,215) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (143) | 73 |
| Cash, Cash Equivalents and Restricted Cash | ||
| (Decrease) / increase | (97) | 2,322 |
| Balance at beginning of period | 3,650 | 1,328 |
| Balance at end of period | $ 3,553 | $ 3,650 |
Schedule 4a Org Rev
| 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, 2021 | |||||
| Reported (GAAP) | $ 708 | $ 1,639 | $ 3,121 | $ 2,190 | $ 7,658 |
| Divestitures | - | (5) | - | - | (5) |
| Acquisitions | - | (21) | (22) | (11) | (54) |
| Currency | 46 | 7 | 51 | (8) | 96 |
| Organic (Non-GAAP) | $ 754 | $ 1,620 | $ 3,150 | $ 2,171 | $ 7,695 |
| For the Three Months Ended December 31, 2020 | |||||
| Reported (GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ 7,298 |
| Divestitures | - | - | - | - | - |
| Organic (Non-GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ 7,298 |
| % Change | |||||
| Reported (GAAP) | 12.4% | 7.1% | 5.5% | 0.6% | 4.9% |
| Divestitures | - pp | (0.4)pp | - pp | - pp | - pp |
| Acquisitions | - | (1.4) | (0.7) | (0.5) | (0.8) |
| Currency | 7.3 | 0.5 | 1.7 | (0.4) | 1.3 |
| Organic (Non-GAAP) | 19.7% | 5.8% | 6.5% | (0.3)% | 5.4% |
| Vol/Mix | 4.6 pp | 4.6 pp | 4.6 pp | (1.2)pp | 2.8 pp |
| Pricing | 15.1 | 1.2 | 1.9 | 0.9 | 2.6 |
| Latin America | AMEA | Europe | North America | Mondelēz International | |
| For the Twelve Months Ended December 31, 2021 | |||||
| Reported (GAAP) | $ 2,797 | $ 6,465 | $ 11,156 | $ 8,302 | $ 28,720 |
| Divestitures | - | (35) | - | - | (35) |
| Acquisitions | - | (47) | (63) | (144) | (254) |
| Currency | 186 | (222) | (376) | (50) | (462) |
| Organic (Non-GAAP) | $ 2,983 | $ 6,161 | $ 10,717 | $ 8,108 | $ 27,969 |
| For the Twelve Months Ended December 31, 2020 | |||||
| Reported (GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ 26,581 |
| Divestitures | - | - | - | - | - |
| Organic (Non-GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ 26,581 |
| % Change | |||||
| Reported (GAAP) | 12.9% | 12.6% | 9.3% | 1.8% | 8.0% |
| Divestitures | - pp | (0.6)pp | - pp | - pp | (0.1)pp |
| Acquisitions | - | (0.9) | (0.6) | (1.8) | (1.0) |
| Currency | 7.5 | (3.8) | (3.7) | (0.6) | (1.7) |
| Organic (Non-GAAP) | 20.4% | 7.3% | 5.0% | (0.6)% | 5.2% |
| Vol/Mix | 6.8 pp | 5.3 pp | 3.6 pp | (1.6)pp | 2.6 pp |
| Pricing | 13.6 | 2.0 | 1.4 | 1.0 | 2.6 |
Schedule 4b Org Rev
| 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, 2021 | |||
| Reported (GAAP) | $ 2,692 | $ 4,966 | $ 7,658 |
| Divestitures | - | (5) | (5) |
| Acquisitions | - | (54) | (54) |
| Currency | 56 | 40 | 96 |
| Organic (Non-GAAP) | $ 2,748 | $ 4,947 | $ 7,695 |
| For the Three Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 2,474 | $ 4,824 | $ 7,298 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 2,474 | $ 4,824 | $ 7,298 |
| % Change | |||
| Reported (GAAP) | 8.8% | 2.9% | 4.9% |
| Divestitures | - pp | (0.1)pp | - pp |
| Acquisitions | - | (1.2) | (0.8) |
| Currency | 2.3 | 0.9 | 1.3 |
| Organic (Non-GAAP) | 11.1% | 2.5% | 5.4% |
| Vol/Mix | 5.8 pp | 1.3 pp | 2.8 pp |
| Pricing | 5.3 | 1.2 | 2.6 |
| Emerging Markets | Developed Markets | Mondelēz International | |
| For the Twelve Months Ended December 31, 2021 | |||
| Reported (GAAP) | $ 10,132 | $ 18,588 | $ 28,720 |
| Divestitures | - | (35) | (35) |
| Acquisitions | - | (254) | (254) |
| Currency | 74 | (536) | (462) |
| Organic (Non-GAAP) | $ 10,206 | $ 17,763 | $ 27,969 |
| For the Twelve Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 9,097 | $ 17,484 | $ 26,581 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 9,097 | $ 17,484 | $ 26,581 |
| % Change | |||
| Reported (GAAP) | 11.4% | 6.3% | 8.0% |
| Divestitures | - pp | (0.2)pp | (0.1)pp |
| Acquisitions | - | (1.4) | (1.0) |
| Currency | 0.8 | (3.1) | (1.7) |
| Organic (Non-GAAP) | 12.2% | 1.6% | 5.2% |
| Vol/Mix | 6.6 pp | 0.6 pp | 2.6 pp |
| Pricing | 5.6 | 1.0 | 2.6 |
Schedule 5a GP_OI
| 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, 2021 | |||||
| Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | |
| Reported (GAAP) | $ 7,658 | $ 2,833 | 37.0% | $ 1,204 | 15.7% |
| Simplify to Grow Program | - | 22 | (62) | ||
| Mark-to-market (gains)/losses from derivatives | - | (9) | (9) | ||
| Acquisition integration costs and contingent consideration adjustments | - | (1) | 14 | ||
| Acquisition-related costs | - | - | 1 | ||
| Divestiture-related costs | - | - | 22 | ||
| Operating income from divestitures | (5) | (1) | - | ||
| Loss on divestiture | - | - | 1 | ||
| Remeasurement of net monetary position | - | - | 3 | ||
| Impact from pension participation changes | - | - | 1 | ||
| Rounding | - | 1 | - | ||
| Adjusted (Non-GAAP) | $ 7,653 | $ 2,845 | 37.2% | $ 1,175 | 15.4% |
| Currency | 35 | 11 | |||
| Adjusted @ Constant FX (Non-GAAP) | $ 2,880 | $ 1,186 | |||
| For the Three Months Ended December 31, 2020 | |||||
| Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | |
| Reported (GAAP) | $ 7,298 | $ 2,872 | 39.4% | $ 1,149 | 15.7% |
| Simplify to Grow Program | - | 42 | 112 | ||
| Mark-to-market (gains)/losses from derivatives | - | (56) | (58) | ||
| Acquisition integration costs | - | 1 | 2 | ||
| Remeasurement of net monetary position | - | - | 2 | ||
| Impact from resolution of tax matters | - | - | (20) | ||
| Rounding | - | - | 1 | ||
| Adjusted (Non-GAAP) | $ 7,298 | $ 2,859 | 39.2% | $ 1,188 | 16.3% |
| Gross Profit | Operating Income | ||||
| $ Change - Reported (GAAP) | $ (39) | $ 55 | |||
| $ Change - Adjusted (Non-GAAP) | (14) | (13) | |||
| $ Change - Adjusted @ Constant FX (Non-GAAP) | 21 | (2) | |||
| % Change - Reported (GAAP) | (1.4)% | 4.8% | |||
| % Change - Adjusted (Non-GAAP) | (0.5)% | (1.1)% | |||
| % Change - Adjusted @ Constant FX (Non-GAAP) | 0.7% | (0.2)% |
Schedule 5b GP_OI
| 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, 2021 | |||||
| Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | |
| Reported (GAAP) | $ 28,720 | $ 11,254 | 39.2% | $ 4,653 | 16.2% |
| Simplify to Grow Program | - | 114 | 319 | ||
| Intangible asset impairment charges | - | - | 32 | ||
| Mark-to-market (gains)/losses from derivatives | - | (279) | (279) | ||
| Acquisition integration costs and contingent consideration adjustments | - | 1 | (40) | ||
| Acquisition-related costs | - | - | 25 | ||
| Divestiture-related costs | - | - | 22 | ||
| Operating income from divestitures | (35) | (5) | (5) | ||
| Net gain on acquisition and divestitures | - | - | (8) | ||
| Remeasurement of net monetary position | - | - | 13 | ||
| Impact from pension participation changes | - | 20 | 48 | ||
| Impact from resolution of tax matters | - | - | (5) | ||
| Rounding | - | 1 | - | ||
| Adjusted (Non-GAAP) | $ 28,685 | $ 11,106 | 38.7% | $ 4,775 | 16.6% |
| Currency | (209) | (118) | |||
| Adjusted @ Constant FX (Non-GAAP) | $ 10,897 | $ 4,657 | |||
| For the Twelve Months Ended December 31, 2020 | |||||
| Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | |
| Reported (GAAP) | $ 26,581 | $ 10,446 | 39.3% | $ 3,853 | 14.5% |
| Simplify to Grow Program | - | 90 | 360 | ||
| Intangible asset impairment charges | - | - | 144 | ||
| Mark-to-market (gains)/losses from derivatives | - | (16) | (16) | ||
| Acquisition integration costs | - | 1 | 4 | ||
| Acquisition-related costs | - | - | 15 | ||
| Divestiture-related costs | - | - | 4 | ||
| Costs associated with JDE Peet's transaction | - | - | 48 | ||
| Remeasurement of net monetary position | - | - | 9 | ||
| Impact from resolution of tax matters | - | - | (20) | ||
| Adjusted (Non-GAAP) | $ 26,581 | $ 10,521 | 39.6% | $ 4,401 | 16.6% |
| Gross Profit | Operating Income | ||||
| $ Change - Reported (GAAP) | $ 808 | $ 800 | |||
| $ Change - Adjusted (Non-GAAP) | 585 | 374 | |||
| $ Change - Adjusted @ Constant FX (Non-GAAP) | 376 | 256 | |||
| % Change - Reported (GAAP) | 7.7% | 20.8% | |||
| % Change - Adjusted (Non-GAAP) | 5.6% | 8.5% | |||
| % Change - Adjusted @ Constant FX (Non-GAAP) | 3.6% | 5.8% |
Schedule 6a Cons IS
| 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, 2021 | |||||||||||
| Operating Income | Benefit plan non-service expense / (income) | Interest and other expense, net | 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) | $ 1,204 | $ (28) | $ 89 | $ 1,143 | $ 238 | 20.8 % | $ 3 | $ (103) | $ 2 | $ 1,003 | $ 0.71 |
| Simplify to Grow Program | (62) | (1) | - | (61) | (15) | - | - | - | (46) | (0.03) | |
| Mark-to-market (gains)/losses from derivatives | (9) | - | - | (9) | (2) | - | - | - | (7) | - | |
| Acquisition integration costs and contingent consideration adjustments | 14 | - | - | 14 | 2 | - | - | - | 12 | 0.01 | |
| Acquisition-related costs | 1 | - | - | 1 | - | - | - | - | 1 | - | |
| Divestiture-related costs | 22 | - | - | 22 | 8 | - | - | - | 14 | 0.01 | |
| Loss on divestiture | 1 | - | - | 1 | (1) | - | - | - | 2 | - | |
| Remeasurement of net monetary position | 3 | - | - | 3 | - | - | - | - | 3 | - | |
| Impact from pension participation changes | 1 | - | (3) | 4 | - | - | - | - | 4 | - | |
| Initial impacts from enacted tax law changes | - | - | - | - | (5) | - | - | - | 5 | - | |
| Loss on equity method investment transactions | - | - | - | - | - | (3) | - | - | 3 | - | |
| Equity method investee items | - | - | - | - | 1 | - | (11) | - | 10 | 0.01 | |
| Adjusted (Non-GAAP) | $ 1,175 | $ (29) | $ 86 | $ 1,118 | $ 226 | 20.2 % | $ - | $ (114) | $ 2 | $ 1,004 | $ 0.71 |
| Currency | 14 | 0.01 | |||||||||
| Adjusted @ Constant FX (Non-GAAP) | $ 1,018 | $ 0.72 | |||||||||
| Diluted Average Shares Outstanding | 1,405 | ||||||||||
| For the Three Months Ended December 31, 2020 | |||||||||||
| Operating Income | Benefit plan non-service expense / (income) | Interest and other expense, net | 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) | $ 1,149 | $ (36) | $ 244 | $ 941 | $ 344 | 36.6 % | $ (452) | $ (110) | $ 3 | $ 1,156 | $ 0.80 |
| Simplify to Grow Program | 112 | 1 | - | 111 | 26 | - | - | - | 85 | 0.06 | |
| Mark-to-market (gains)/losses from derivatives | (58) | - | (1) | (57) | (13) | - | - | - | (44) | (0.03) | |
| Acquisition integration costs | 2 | - | - | 2 | 2 | - | - | - | - | - | |
| Net earnings from divestitures | - | - | - | - | (6) | - | 27 | - | (21) | (0.01) | |
| Costs associated with JDE Peet's transaction | - | - | - | - | 11 | - | - | - | (11) | (0.01) | |
| Remeasurement of net monetary position | 2 | - | - | 2 | - | - | - | - | 2 | - | |
| Impact from pension participation changes | - | - | (2) | 2 | - | - | - | - | 2 | - | |
| Impact from resolution of tax matters | (20) | - | 28 | (48) | (16) | - | - | - | (32) | (0.02) | |
| Loss on debt extinguishment and related expenses | - | - | (185) | 185 | 46 | - | - | - | 139 | 0.10 | |
| Initial impacts from enacted tax law changes | - | - | - | - | (6) | - | - | - | 6 | - | |
| Gain on equity method investment transactions | - | - | - | - | (108) | 452 | - | - | (344) | (0.24) | |
| Equity method investee items | - | - | - | - | - | - | (14) | - | 14 | 0.01 | |
| Rounding | 1 | - | - | 1 | - | - | - | - | 1 | - | |
| Adjusted (Non-GAAP) | $ 1,188 | $ (35) | $ 84 | $ 1,139 | $ 280 | 24.6 % | $ - | $ (97) | $ 3 | $ 953 | $ 0.66 |
| Diluted Average Shares Outstanding | 1,439 | ||||||||||
| (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 1
Schedule 1
Schedule 1
Schedule 1
Schedule 6b Cons IS
| 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, 2021 | |||||||||||
| Operating Income | Benefit plan non-service expense / (income) | Interest and other expense, net | 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) | $ 4,653 | $ (163) | $ 447 | $ 4,369 | $ 1,190 | 27.2 % | $ (742) | $ (393) | $ 14 | $ 4,300 | $ 3.04 |
| Simplify to Grow Program | 319 | (2) | - | 321 | 83 | - | - | - | 238 | 0.17 | |
| Intangible asset impairment charges | 32 | - | - | 32 | 8 | - | - | - | 24 | 0.02 | |
| Mark-to-market (gains)/losses from derivatives | (279) | - | (4) | (275) | (44) | 2 | - | - | (233) | (0.17) | |
| Acquisition integration costs and contingent consideration adjustments | (40) | - | - | (40) | (12) | - | - | - | (28) | (0.02) | |
| Acquisition-related costs | 25 | - | - | 25 | 4 | - | - | - | 21 | 0.01 | |
| Divestiture-related costs | 22 | - | - | 22 | 8 | - | - | - | 14 | 0.01 | |
| Net earnings from divestitures | (5) | - | - | (5) | (9) | - | 29 | - | (25) | (0.02) | |
| Net gain on acquisition and divestitures | (8) | - | - | (8) | (3) | - | - | - | (5) | - | |
| Remeasurement of net monetary position | 13 | - | - | 13 | - | - | - | - | 13 | 0.01 | |
| Impact from pension participation changes | 48 | 17 | (11) | 42 | 8 | - | - | - | 34 | 0.02 | |
| Impact from resolution of tax matters | (5) | - | 2 | (7) | (1) | - | - | - | (6) | - | |
| Loss on debt extinguishment and related expenses | - | - | (137) | 137 | 34 | - | - | - | 103 | 0.07 | |
| Initial impacts from enacted tax law changes | - | - | - | - | (100) | - | - | - | 100 | 0.07 | |
| Gain on equity method investment transactions | - | - | - | - | (184) | 740 | - | - | (556) | (0.39) | |
| Equity method investee items | - | - | - | - | 4 | - | (68) | - | 64 | 0.05 | |
| Adjusted (Non-GAAP) | $ 4,775 | $ (148) | $ 297 | $ 4,626 | $ 986 | 21.3 % | $ - | $ (432) | $ 14 | $ 4,058 | $ 2.87 |
| Currency | (118) | (0.08) | |||||||||
| Adjusted @ Constant FX (Non-GAAP) | $ 3,940 | $ 2.79 | |||||||||
| Diluted Average Shares Outstanding | 1,413 | ||||||||||
| For the Twelve Months Ended December 31, 2020 | |||||||||||
| Operating Income | Benefit plan non-service expense / (income) | Interest and other expense, net | 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) | $ 3,853 | $ (138) | $ 608 | $ 3,383 | $ 1,224 | 36.2 % | $ (989) | $ (421) | $ 14 | $ 3,555 | $ 2.47 |
| Simplify to Grow Program | 360 | (3) | - | 363 | 81 | - | - | - | 282 | 0.20 | |
| Intangible asset impairment charges | 144 | - | - | 144 | 33 | - | - | - | 111 | 0.08 | |
| Mark-to-market (gains)/losses from derivatives | (16) | - | 3 | (19) | (8) | - | - | - | (11) | (0.01) | |
| Acquisition integration costs | 4 | - | - | 4 | 2 | - | - | - | 2 | - | |
| Acquisition-related costs | 15 | - | - | 15 | - | - | - | - | 15 | 0.01 | |
| Divestiture-related costs | 4 | - | - | 4 | - | - | - | - | 4 | - | |
| Net earnings from divestitures | - | - | - | - | (26) | - | 117 | - | (91) | (0.07) | |
| Costs associated with JDE Peet's transaction | 48 | - | - | 48 | (250) | - | - | - | 298 | 0.20 | |
| Remeasurement of net monetary position | 9 | - | - | 9 | - | - | - | - | 9 | 0.01 | |
| Impact from pension participation changes | - | - | (11) | 11 | 2 | - | - | - | 9 | 0.01 | |
| Impact from resolution of tax matters | (20) | - | 28 | (48) | (16) | - | - | - | (32) | (0.02) | |
| Loss related to interest rate swaps | - | - | (103) | 103 | 24 | - | - | - | 79 | 0.05 | |
| Loss on debt extinguishment and related expenses | - | - | (185) | 185 | 46 | - | - | - | 139 | 0.10 | |
| Initial impacts from enacted tax law changes | - | - | - | - | (36) | - | - | - | 36 | 0.02 | |
| Gain on equity method investment transactions | - | - | - | - | (202) | 989 | - | - | (787) | (0.55) | |
| Equity method investee items | - | - | - | - | 4 | - | (80) | - | 76 | 0.06 | |
| Adjusted (Non-GAAP) | $ 4,401 | $ (141) | $ 340 | $ 4,202 | $ 878 | 20.9 % | $ - | $ (384) | $ 14 | $ 3,694 | $ 2.56 |
| Diluted Average Shares Outstanding | 1,441 | ||||||||||
| (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 1
Schedule 1
Schedule 1
Schedule 1
Schedule 7a EPS
| Schedule 7a | ||||
| Mondelēz International, Inc. and Subsidiaries | ||||
| Reconciliation of GAAP to Non-GAAP Measures | ||||
| Diluted EPS | ||||
| (Unaudited) | ||||
| For the Three Months Ended December 31, | ||||
| 2021 | 2020 | $ Change | % Change | |
| Diluted EPS attributable to Mondelēz International (GAAP) | $ 0.71 | $ 0.80 | $ (0.09) | (11.3)% |
| Simplify to Grow Program | (0.03) | 0.06 | (0.09) | |
| Mark-to-market (gains)/losses from derivatives | - | (0.03) | 0.03 | |
| Acquisition integration costs and contingent consideration adjustments | 0.01 | - | 0.01 | |
| Divestiture-related costs | 0.01 | - | 0.01 | |
| Net earnings from divestitures | - | (0.01) | 0.01 | |
| Costs associated with JDE Peet's transaction | - | (0.01) | 0.01 | |
| Impact from resolution of tax matters | - | (0.02) | 0.02 | |
| Loss on debt extinguishment and related expenses | - | 0.10 | (0.10) | |
| Gain on equity method investment transactions | - | (0.24) | 0.24 | |
| Equity method investee items | 0.01 | 0.01 | - | |
| Adjusted EPS (Non-GAAP) | $ 0.71 | $ 0.66 | $ 0.05 | 7.6 % |
| Impact of unfavorable currency | 0.01 | - | 0.01 | |
| Adjusted EPS @ Constant FX (Non-GAAP) | $ 0.72 | $ 0.66 | $ 0.06 | 9.1 % |
| Adjusted EPS @ Constant FX - Key Drivers | ||||
| Increase in operations | $ - | |||
| Change in benefit plan non-service income | - | |||
| Change in interest and other expense, net | - | |||
| Change in equity method investment net earnings | 0.01 | |||
| Change in income taxes | 0.03 | |||
| Change in shares outstanding | 0.02 | |||
| $ 0.06 |
Schedule 7b EPS
| Schedule 7b | ||||
| Mondelēz International, Inc. and Subsidiaries | ||||
| Reconciliation of GAAP to Non-GAAP Measures | ||||
| Diluted EPS | ||||
| (Unaudited) | ||||
| For the Twelve Months Ended December 31, | ||||
| 2021 | 2020 | $ Change | % Change | |
| Diluted EPS attributable to Mondelēz International (GAAP) | $ 3.04 | $ 2.47 | $ 0.57 | 23.1 % |
| Simplify to Grow Program | 0.17 | 0.20 | (0.03) | |
| Intangible asset impairment charges | 0.02 | 0.08 | (0.06) | |
| Mark-to-market (gains)/losses from derivatives | (0.17) | (0.01) | (0.16) | |
| Acquisition integration costs and contingent consideration adjustments | (0.02) | - | (0.02) | |
| Acquisition-related costs | 0.01 | 0.01 | - | |
| Divestiture-related costs | 0.01 | - | 0.01 | |
| Net earnings from divestitures | (0.02) | (0.07) | 0.05 | |
| Costs associated with JDE Peet's transaction | - | 0.20 | (0.20) | |
| Remeasurement of net monetary position | 0.01 | 0.01 | - | |
| Impact from pension participation changes | 0.02 | 0.01 | 0.01 | |
| Impact from resolution of tax matters | - | (0.02) | 0.02 | |
| Loss related to interest rate swaps | - | 0.05 | (0.05) | |
| Loss on debt extinguishment and related expenses | 0.07 | 0.10 | (0.03) | |
| Initial impacts from enacted tax law changes | 0.07 | 0.02 | 0.05 | |
| Gain on equity method investment transactions | (0.39) | (0.55) | 0.16 | |
| Equity method investee items | 0.05 | 0.06 | (0.01) | |
| Adjusted EPS (Non-GAAP) | $ 2.87 | $ 2.56 | $ 0.31 | 12.1 % |
| Impact of favorable currency | (0.08) | - | (0.08) | |
| Adjusted EPS @ Constant FX (Non-GAAP) | $ 2.79 | $ 2.56 | $ 0.23 | 9.0 % |
| Adjusted EPS @ Constant FX - Key Drivers | ||||
| Increase in operations | $ 0.14 | |||
| Change in benefit plan non-service income | - | |||
| Change in interest and other expense, net | 0.02 | |||
| Change in equity method investment net earnings | 0.03 | |||
| Change in income taxes | (0.01) | |||
| Change in shares outstanding | 0.05 | |||
| $ 0.23 |
Schedule 8a Seg OI
| 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, 2021 | |||||||||
| 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) | $ 708 | $ 1,639 | $ 3,121 | $ 2,190 | $ - | $ - | $ - | $ - | $ 7,658 |
| Divestitures | - | (5) | - | - | - | - | - | - | (5) |
| Adjusted (Non-GAAP) | $ 708 | $ 1,634 | $ 3,121 | $ 2,190 | $ - | $ - | $ - | $ - | $ 7,653 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 40 | $ 212 | $ 614 | $ 439 | $ 9 | $ (76) | $ (32) | $ (2) | $ 1,204 |
| Simplify to Grow Program | 5 | 4 | 3 | (78) | - | 4 | - | - | (62) |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (9) | - | - | - | (9) |
| Acquisition integration costs and contingent consideration adjustments | - | 1 | 10 | 1 | - | 2 | - | - | 14 |
| Acquisition-related costs | - | - | - | - | - | - | - | 1 | 1 |
| Divestiture-related costs | 22 | - | - | - | - | - | - | - | 22 |
| Loss on divestiture | - | - | - | - | - | - | - | 1 | 1 |
| Remeasurement of net monetary position | 3 | - | - | - | - | - | - | - | 3 |
| Impact from pension participation changes | - | - | 1 | - | - | - | - | - | 1 |
| Adjusted (Non-GAAP) | $ 70 | $ 217 | $ 628 | $ 362 | $ - | $ (70) | $ (32) | $ - | $ 1,175 |
| Currency | 4 | 2 | 15 | (1) | - | (10) | 1 | - | 11 |
| Adjusted @ Constant FX (Non-GAAP) | $ 74 | $ 219 | $ 643 | $ 361 | $ - | $ (80) | $ (31) | $ - | $ 1,186 |
| % Change - Reported (GAAP) | 0.0% | 2.9% | 7.0% | 11.1% | n/m | (4.1)% | 37.3% | n/m | 4.8% |
| % Change - Adjusted (Non-GAAP) | 79.5% | 0.9% | 2.6% | (20.1)% | n/m | 12.5% | 37.3% | n/m | (1.1)% |
| % Change - Adjusted @ Constant FX (Non-GAAP) | 89.7% | 1.9% | 5.1% | (20.3)% | n/m | 0.0% | 39.2% | n/m | (0.2)% |
| Operating Income Margin | |||||||||
| Reported % | 5.6% | 12.9% | 19.7% | 20.0% | 15.7% | ||||
| Reported pp change | (0.7)pp | (0.6)pp | 0.3 pp | 1.9 pp | - pp | ||||
| Adjusted % | 9.9% | 13.3% | 20.1% | 16.5% | 15.4% | ||||
| Adjusted pp change | 3.7 pp | (0.7)pp | (0.6)pp | (4.3)pp | (0.9)pp | ||||
| For the Three Months Ended December 31, 2020 | |||||||||
| 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) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ - | $ - | $ - | $ - | $ 7,298 |
| Divestitures | - | - | - | - | - | - | - | - | - |
| Adjusted (Non-GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ - | $ - | $ - | $ - | $ 7,298 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 40 | $ 206 | $ 574 | $ 395 | $ 58 | $ (73) | $ (51) | $ - | $ 1,149 |
| Simplify to Grow Program | 17 | 9 | 38 | 56 | - | (8) | - | - | 112 |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (58) | - | - | - | (58) |
| Acquisition integration costs | - | - | - | 2 | - | - | - | - | 2 |
| Remeasurement of net monetary position | 2 | - | - | - | - | - | - | - | 2 |
| Impact from resolution of tax matters | (20) | - | - | - | - | - | - | - | (20) |
| Rounding | - | - | - | - | - | 1 | - | - | 1 |
| Adjusted (Non-GAAP) | $ 39 | $ 215 | $ 612 | $ 453 | $ - | $ (80) | $ (51) | $ - | $ 1,188 |
| Operating Income Margin | |||||||||
| Reported % | 6.3% | 13.5% | 19.4% | 18.1% | 15.7% | ||||
| Adjusted % | 6.2% | 14.0% | 20.7% | 20.8% | 16.3% |
Schedule 8b Seg OI
| 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, 2021 | |||||||||
| 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) | $ 2,797 | $ 6,465 | $ 11,156 | $ 8,302 | $ - | $ - | $ - | $ - | $ 28,720 |
| Divestitures | - | (35) | - | - | - | - | - | - | (35) |
| Adjusted (Non-GAAP) | $ 2,797 | $ 6,430 | $ 11,156 | $ 8,302 | $ - | $ - | $ - | $ - | $ 28,685 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 261 | $ 1,054 | $ 2,092 | $ 1,371 | $ 279 | $ (253) | $ (134) | $ (17) | $ 4,653 |
| Simplify to Grow Program | 16 | (7) | 37 | 250 | - | 23 | - | - | 319 |
| Intangible asset impairment charges | - | - | - | 32 | - | - | - | - | 32 |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (279) | - | - | - | (279) |
| Acquisition integration costs and contingent consideration adjustments | - | 1 | 16 | (59) | - | 2 | - | - | (40) |
| Acquisition-related costs | - | - | - | - | - | - | - | 25 | 25 |
| Divestiture-related costs | 22 | - | - | - | - | - | - | - | 22 |
| Operating income from divestitures | - | (5) | - | - | - | - | - | - | (5) |
| Net gain on acquisition and divestitures | - | - | - | - | - | - | - | (8) | (8) |
| Remeasurement of net monetary position | 13 | - | - | - | - | - | - | - | 13 |
| Impact from pension participation changes | - | - | 48 | - | - | - | - | - | 48 |
| Impact from resolution of tax matters | (5) | - | - | - | - | - | - | - | (5) |
| Adjusted (Non-GAAP) | $ 307 | $ 1,043 | $ 2,193 | $ 1,594 | $ - | $ (228) | $ (134) | $ - | $ 4,775 |
| Currency | 23 | (48) | (85) | (9) | - | (4) | 5 | - | (118) |
| Adjusted @ Constant FX (Non-GAAP) | $ 330 | $ 995 | $ 2,108 | $ 1,585 | $ - | $ (232) | $ (129) | $ - | $ 4,657 |
| % Change - Reported (GAAP) | 38.1% | 28.4% | 17.9% | (13.6)% | n/m | 22.4% | 30.9% | n/m | 20.8% |
| % Change - Adjusted (Non-GAAP) | 34.1% | 19.1% | 12.0% | (9.9)% | n/m | 3.8% | 30.9% | n/m | 8.5% |
| % Change - Adjusted @ Constant FX (Non-GAAP) | 44.1% | 13.6% | 7.7% | (10.4)% | n/m | 2.1% | 33.5% | n/m | 5.8% |
| Operating Income Margin | |||||||||
| Reported % | 9.3% | 16.3% | 18.8% | 16.5% | 16.2% | ||||
| Reported pp change | 1.7 pp | 2.0 pp | 1.4 pp | (3.0)pp | 1.7 pp | ||||
| Adjusted % | 11.0% | 16.2% | 19.7% | 19.2% | 16.6% | ||||
| Adjusted pp change | 1.8 pp | 0.9 pp | 0.5 pp | (2.5)pp | - pp | ||||
| For the Twelve Months Ended December 31, 2020 | |||||||||
| 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) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ - | $ - | $ - | $ - | $ 26,581 |
| Divestitures | - | - | - | - | - | - | - | - | - |
| Adjusted (Non-GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ - | $ - | $ - | $ - | $ 26,581 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 189 | $ 821 | $ 1,775 | $ 1,587 | $ 16 | $ (326) | $ (194) | $ (15) | $ 3,853 |
| Simplify to Grow Program | 48 | 46 | 130 | 95 | - | 41 | - | - | 360 |
| Intangible asset impairment charges | 3 | 5 | 53 | 83 | - | - | - | - | 144 |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (16) | - | - | - | (16) |
| Acquisition integration costs | - | - | - | 4 | - | - | - | - | 4 |
| Acquisition-related costs | - | - | - | - | - | - | - | 15 | 15 |
| Divestiture-related costs | - | 4 | - | - | - | - | - | - | 4 |
| Costs associated with JDE Peet's transaction | - | - | - | - | - | 48 | - | - | 48 |
| Remeasurement of net monetary position | 9 | - | - | - | - | - | - | - | 9 |
| Impact from resolution of tax matters | (20) | - | - | - | - | - | - | - | (20) |
| Adjusted (Non-GAAP) | $ 229 | $ 876 | $ 1,958 | $ 1,769 | $ - | $ (237) | $ (194) | $ - | $ 4,401 |
| Operating Income Margin | |||||||||
| Reported % | 7.6% | 14.3% | 17.4% | 19.5% | 14.5% | ||||
| Adjusted % | 9.2% | 15.3% | 19.2% | 21.7% | 16.6% |
Schedule 9 FCF
| 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, | |||
| 2021 | 2020 | $ Change | |
| Net Cash Provided by Operating Activities (GAAP) | $ 4,141 | $ 3,964 | $ 177 |
| Capital Expenditures | (965) | (863) | (102) |
| Free Cash Flow (Non-GAAP) | $ 3,176 | $ 3,101 | $ 75 |
WC - Q421-Q420 Org Rev
| GAAP to Non-GAAP Reconciliation | |||||
| Net Revenues to Organic Net Revenue | |||||
| (in millions of U.S. dollars) (Unaudited) | |||||
| Latin America | AMEA | Europe | North America | Mondelēz International | |
| For the Three Months Ended December 31, 2021 | |||||
| Reported (GAAP) | $ 708 | $ 1,639 | $ 3,121 | $ 2,190 | $ 7,658 |
| Divestitures | - | (5) | - | - | (5) |
| Acquisitions | - | (21) | (22) | (11) | (54) |
| Currency | 46 | 7 | 51 | (8) | 96 |
| Organic (Non-GAAP) | $ 754 | $ 1,620 | $ 3,150 | $ 2,171 | $ 7,695 |
| For the Three Months Ended December 31, 2020 | |||||
| Reported (GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ 7,298 |
| Divestitures | - | - | - | - | - |
| Organic (Non-GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ 7,298 |
| % Change | |||||
| Reported (GAAP) | 12.4% | 7.1% | 5.5% | 0.6% | 4.9% |
| Divestitures | - pp | (0.4)pp | - pp | - pp | - pp |
| Acquisitions | - | (1.4) | (0.7) | (0.5) | (0.8) |
| Currency | 7.3 | 0.5 | 1.7 | (0.4) | 1.3 |
| Organic (Non-GAAP) | 19.7% | 5.8% | 6.5% | (0.3)% | 5.4% |
| Vol/Mix | 4.6 pp | 4.6 pp | 4.6 pp | (1.2)pp | 2.8 pp |
| Pricing | 15.1 | 1.2 | 1.9 | 0.9 | 2.6 |
| Latin America | AMEA | Europe | North America | Mondelēz International | |
| For the Three Months Ended December 31, 2020 | |||||
| Reported (GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ 7,298 |
| Acquisitions | - | - | - | (174) | (174) |
| Currency | 124 | (29) | (78) | (4) | 13 |
| Organic (Non-GAAP) | $ 754 | $ 1,502 | $ 2,881 | $ 2,000 | $ 7,137 |
| For the Three Months Ended December 31, 2019 | |||||
| Reported (GAAP) | $ 745 | $ 1,458 | $ 2,797 | $ 1,913 | $ 6,913 |
| Divestitures | - | - | - | - | - |
| Organic (Non-GAAP) | $ 745 | $ 1,458 | $ 2,797 | $ 1,913 | $ 6,913 |
| % Change | |||||
| Reported (GAAP) | (15.4)% | 5.0% | 5.8% | 13.9% | 5.6% |
| Divestitures | - pp | - pp | - pp | - pp | - pp |
| Acquisitions | - | - | - | (9.1) | (2.6) |
| Currency | 16.6 | (2.0) | (2.8) | (0.3) | 0.2 |
| Organic (Non-GAAP) | 1.2% | 3.0% | 3.0% | 4.5% | 3.2% |
| Vol/Mix | (5.2)pp | (0.8)pp | 3.6 pp | 2.4 pp | 1.3 pp |
| Pricing | 6.4 | 3.8 | (0.6) | 2.1 | 1.9 |
| 2 Year CAGR | |||||
| Reported (GAAP) | (2.5)% | 6.0% | 5.6% | 7.0% | 5.2% |
| Organic (Non-GAAP) | 10.1% | 4.4% | 4.7% | 2.1% | 4.3% |
WC - FY21-FY20 Org Rev
| GAAP to Non-GAAP Reconciliation | |||||
| Net Revenues to Organic Net Revenue | |||||
| (in millions of U.S. dollars) (Unaudited) | |||||
| Latin America | AMEA | Europe | North America | Mondelēz International | |
| For the Twelve Months Ended December 31, 2021 | |||||
| Reported (GAAP) | $ 2,797 | $ 6,465 | $ 11,156 | $ 8,302 | $ 28,720 |
| Divestitures | - | (35) | - | - | (35) |
| Acquisitions | - | (47) | (63) | (144) | (254) |
| Currency | 186 | (222) | (376) | (50) | (462) |
| Organic (Non-GAAP) | $ 2,983 | $ 6,161 | $ 10,717 | $ 8,108 | $ 27,969 |
| For the Twelve Months Ended December 31, 2020 | |||||
| Reported (GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ 26,581 |
| Divestitures | - | - | - | - | - |
| Organic (Non-GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ 26,581 |
| % Change | |||||
| Reported (GAAP) | 12.9% | 12.6% | 9.3% | 1.8% | 8.0% |
| Divestitures | - pp | (0.6)pp | - pp | - pp | (0.1)pp |
| Acquisitions | - | (0.9) | (0.6) | (1.8) | (1.0) |
| Currency | 7.5 | (3.8) | (3.7) | (0.6) | (1.7) |
| Organic (Non-GAAP) | 20.4% | 7.3% | 5.0% | (0.6)% | 5.2% |
| Vol/Mix | 6.8 pp | 5.3 pp | 3.6 pp | (1.6)pp | 2.6 pp |
| Pricing | 13.6 | 2.0 | 1.4 | 1.0 | 2.6 |
| Latin America | AMEA | Europe | North America | Mondelēz International | |
| For the Twelve Months Ended December 31, 2020 | |||||
| Reported (GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ 26,581 |
| Acquisitions | - | - | - | (445) | (445) |
| Currency | 546 | 70 | 14 | 7 | 637 |
| Organic (Non-GAAP) | $ 3,023 | $ 5,810 | $ 10,221 | $ 7,719 | $ 26,773 |
| For the Twelve Months Ended December 31, 2019 | |||||
| Reported (GAAP) | $ 3,018 | $ 5,770 | $ 9,972 | $ 7,108 | $ 25,868 |
| Divestitures | - | (55) | - | - | (55) |
| Organic (Non-GAAP) | $ 3,018 | $ 5,715 | $ 9,972 | $ 7,108 | $ 25,813 |
| % Change | |||||
| Reported (GAAP) | (17.9)% | (0.5)% | 2.4% | 14.8% | 2.8% |
| Divestitures | - pp | 0.9 pp | - pp | - pp | 0.2 pp |
| Acquisitions | - | - | - | (6.3) | (1.7) |
| Currency | 18.1 | 1.3 | 0.1 | 0.1 | 2.4 |
| Organic (Non-GAAP) | 0.2% | 1.7% | 2.5% | 8.6% | 3.7% |
| Vol/Mix | (7.5)pp | (0.6)pp | 2.8 pp | 6.3 pp | 1.8 pp |
| Pricing | 7.7 | 2.3 | (0.3) | 2.3 | 1.9 |
| 2 Year CAGR | |||||
| Reported (GAAP) | (3.7)% | 5.8% | 5.8% | 8.1% | 5.4% |
| Organic (Non-GAAP) | 9.8% | 4.5% | 3.7% | 3.9% | 4.4% |
WC - FY21 GP_OI
| GAAP to Non-GAAP Reconciliation | |||||
| Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income | |||||
| (in millions of U.S. dollars) (Unaudited) | |||||
| For the Twelve Months Ended December 31, 2021 | |||||
| Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | |
| Reported (GAAP) | $ 28,720 | $ 11,254 | 39.2% | $ 4,653 | 16.2% |
| Simplify to Grow Program | - | 114 | 319 | ||
| Intangible asset impairment charges | - | - | 32 | ||
| Mark-to-market (gains)/losses from derivatives | - | (279) | (279) | ||
| Acquisition integration costs and contingent consideration adjustments | - | 1 | (40) | ||
| Acquisition-related costs | - | - | 25 | ||
| Divestiture-related costs | - | - | 22 | ||
| Operating income from divestitures | (35) | (5) | (5) | ||
| Net gain on acquisition and divestitures | - | - | (8) | ||
| Remeasurement of net monetary position | - | - | 13 | ||
| Impact from pension participation changes | - | 20 | 48 | ||
| Impact from resolution of tax matters | - | - | (5) | ||
| Rounding | - | 1 | - | ||
| Adjusted (Non-GAAP) | $ 28,685 | $ 11,106 | 38.7% | $ 4,775 | 16.6% |
| Currency | (209) | (118) | |||
| Adjusted @ Constant FX (Non-GAAP) | $ 10,897 | $ 4,657 | |||
| For the Twelve Months Ended December 31, 2020 | |||||
| Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | |
| Reported (GAAP) | $ 26,581 | $ 10,446 | 39.3% | $ 3,853 | 14.5% |
| Simplify to Grow Program | - | 90 | 360 | ||
| Intangible asset impairment charges | - | - | 144 | ||
| Mark-to-market (gains)/losses from derivatives | - | (16) | (16) | ||
| Acquisition integration costs | - | 1 | 4 | ||
| Acquisition-related costs | - | - | 15 | ||
| Divestiture-related costs | - | - | 4 | ||
| Costs associated with JDE Peet's transaction | - | - | 48 | ||
| Remeasurement of net monetary position | - | - | 9 | ||
| Impact from resolution of tax matters | - | - | (20) | ||
| Adjusted (Non-GAAP) | $ 26,581 | $ 10,521 | 39.6% | $ 4,401 | 16.6% |
| Gross Profit | Operating Income | ||||
| $ Change - Reported (GAAP) | $ 808 | $ 800 | |||
| $ Change - Adjusted (Non-GAAP) | 585 | 374 | |||
| $ Change - Adjusted @ Constant FX (Non-GAAP) | 376 | 256 | |||
| % Change - Reported (GAAP) | 7.7% | 20.8% | |||
| % Change - Adjusted (Non-GAAP) | 5.6% | 8.5% | |||
| % Change - Adjusted @ Constant FX (Non-GAAP) | 3.6% | 5.8% |
WC - FY21 FCF
| GAAP to Non-GAAP Reconciliation | |||
| Net Cash Provided by Operating Activities to Free Cash Flow | |||
| (in millions of U.S. dollars) (Unaudited) | |||
| Mondelēz International | |||
| For the Twelve Months Ended December 31, | 2021 | 2020 | $ Change |
| Net Cash Provided by Operating Activities (GAAP) | $ 4,141 | $ 3,964 | $ 177 |
| Capital Expenditures | (965) | (863) | (102) |
| Free Cash Flow (Non-GAAP) | $ 3,176 | $ 3,101 | $ 75 |
WC - FY17-FY15 MDLZ Org Rev
| GAAP to Non-GAAP Reconciliation | |||
| Net Revenues to Organic Net Revenue | |||
| (in millions of U.S. dollars) (Unaudited) | |||
| Mondelēz International | |||
| For the Twelve Months Ended December 31, | 2016 | 2017 | 2 Year CAGR |
| Reported (GAAP) | $ 25,923 | $ 25,896 | |
| Divestitures | (814) | (402) | |
| Acquisitions | (92) | (59) | |
| Currency | 1,233 | (77) | |
| Organic (Non-GAAP) | $ 26,250 | $ 25,358 | |
| For the Twelve Months Ended December 31, | 2015 | 2016 | |
| Reported (GAAP) | $ 29,636 | $ 25,923 | |
| Divestitures | (880) | (814) | |
| Historical Venezuelan operations | (1,217) | - | |
| Historical coffee business | (1,627) | - | |
| Accounting calendar change | (76) | - | |
| Organic (Non-GAAP) | $ 25,836 | $ 25,109 | |
| % Change | |||
| Reported (GAAP) | (12.5)% | (0.1)% | (6.5)% |
| Organic (Non-GAAP) | 1.6% | 1.0% | 1.3% |
WC - Q421-Q418 MDLZ Org Rev
| GAAP to Non-GAAP Reconciliation | ||||||||||||||
| Net Revenues to Organic Net Revenue | ||||||||||||||
| (in millions of U.S. dollars) (Unaudited) | ||||||||||||||
| Mondelēz International | ||||||||||||||
| For the Three Months Ended | December 31, 2018 | March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | Average Growth Rate |
| Reported (GAAP) | $ 6,773 | $ 6,538 | $ 6,062 | $ 6,355 | $ 6,913 | $ 6,707 | $ 5,911 | $ 6,665 | $ 7,298 | $ 7,238 | $ 6,642 | $ 7,182 | $ 7,658 | |
| Divestitures | (34) | (33) | (22) | - | - | - | - | - | - | - | - | - | (5) | |
| Acquisitions | (22) | (20) | (15) | (26) | (27) | (32) | (114) | (125) | (174) | (114) | (52) | (62) | (54) | |
| Currency | 383 | 498 | 333 | 196 | 127 | 249 | 283 | 92 | 13 | (160) | (311) | (89) | 96 | |
| Organic (Non-GAAP) | $ 7,100 | $ 6,983 | $ 6,358 | $ 6,525 | $ 7,013 | $ 6,924 | $ 6,080 | $ 6,632 | $ 7,137 | $ 6,964 | $ 6,279 | $ 7,031 | $ 7,695 | |
| For the Three Months Ended | December 31, 2017 | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | |
| Reported (GAAP) | $ 6,966 | $ 6,765 | $ 6,112 | $ 6,288 | $ 6,773 | $ 6,538 | $ 6,062 | $ 6,355 | $ 6,913 | $ 6,707 | $ 5,911 | $ 6,665 | $ 7,298 | |
| Divestitures | (39) | (31) | (32) | (29) | (34) | (33) | (22) | - | - | - | - | - | - | |
| Organic (Non-GAAP) | $ 6,927 | $ 6,734 | $ 6,080 | $ 6,259 | $ 6,739 | $ 6,505 | $ 6,040 | $ 6,355 | $ 6,913 | $ 6,707 | $ 5,911 | $ 6,665 | $ 7,298 | |
| % Change | ||||||||||||||
| Reported (GAAP) | (2.8)% | (3.4)% | (0.8)% | 1.1% | 2.1% | 2.6% | (2.5)% | 4.9% | 5.6% | 7.9% | 12.4% | 7.8% | 4.9% | 3.1% |
| Organic (Non-GAAP) | 2.5% | 3.7% | 4.6% | 4.2% | 4.1% | 6.4% | 0.7% | 4.4% | 3.2% | 3.8% | 6.2% | 5.5% | 5.4% | 4.2% |
| For the Twelve Months Ended | December 31, 2018 | December 31, 2019 | December 31, 2020 | December 31, 2021 | ||||||||||
| Reported (GAAP) | $ 25,938 | $ 25,868 | $ 26,581 | $ 28,720 | ||||||||||
| Divestitures | (126) | (55) | - | (35) | ||||||||||
| Acquisitions | (52) | (88) | (445) | (254) | ||||||||||
| Currency | 343 | 1,154 | 637 | (462) | ||||||||||
| Organic (Non-GAAP) | $ 26,103 | $ 26,879 | $ 26,773 | $ 27,969 | ||||||||||
| For the Twelve Months Ended | December 31, 2017 | December 31, 2018 | December 31, 2019 | December 31, 2020 | ||||||||||
| Reported (GAAP) | $ 25,896 | $ 25,938 | $ 25,868 | $ 26,581 | ||||||||||
| Divestitures | (402) | (126) | (55) | - | ||||||||||
| Organic (Non-GAAP) | $ 25,494 | $ 25,812 | $ 25,813 | $ 26,581 | ||||||||||
| % Change | ||||||||||||||
| Reported (GAAP) | 0.2% | (0.3)% | 2.8% | 8.0% | ||||||||||
| Organic (Non-GAAP) | 2.4% | 4.1% | 3.7% | 5.2% |
WC - FY20-FY19 Mkt Org Rev
| GAAP to Non-GAAP Reconciliation | ||||||
| Net Revenues to Organic Net Revenue | ||||||
| (in millions of U.S. dollars) (Unaudited) | ||||||
| Mondelēz International | Emerging Markets | Developed Markets | ||||
| For the Twelve Months Ended December 31, | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 |
| Reported (GAAP) | $ 25,868 | $ 26,581 | $ 9,675 | $ 9,097 | $ 16,193 | $ 17,484 |
| Divestitures | (55) | - | (55) | - | - | - |
| Acquisitions | (88) | (445) | - | - | (88) | (445) |
| Currency | 1,154 | 637 | 651 | 749 | 503 | (112) |
| Organic (Non-GAAP) | $ 26,879 | $ 26,773 | $ 10,271 | $ 9,846 | $ 16,608 | $ 16,927 |
| For the Twelve Months Ended December 31, | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 |
| Reported (GAAP) | $ 25,938 | $ 25,868 | $ 9,659 | $ 9,675 | $ 16,279 | $ 16,193 |
| Divestitures | (126) | (55) | (126) | (55) | - | - |
| Organic (Non-GAAP) | $ 25,812 | $ 25,813 | $ 9,533 | $ 9,620 | $ 16,279 | $ 16,193 |
| % Change | ||||||
| Reported (GAAP) | (0.3)% | 2.8% | 0.2% | (6.0)% | (0.5)% | 8.0% |
| Organic (Non-GAAP) | 4.1% | 3.7% | 7.7% | 2.3% | 2.0% | 4.5% |
WC - Q421-Q420 Mkt Org Rev
| GAAP to Non-GAAP Reconciliation | |||
| Net Revenues to Organic Net Revenue | |||
| (in millions of U.S. dollars) (Unaudited) | |||
| Emerging Markets | Developed Markets | Mondelēz International | |
| For the Three Months Ended December 31, 2021 | |||
| Reported (GAAP) | $ 2,692 | $ 4,966 | $ 7,658 |
| Divestitures | - | (5) | (5) |
| Acquisitions | - | (54) | (54) |
| Currency | 56 | 40 | 96 |
| Organic (Non-GAAP) | $ 2,748 | $ 4,947 | $ 7,695 |
| For the Three Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 2,474 | $ 4,824 | $ 7,298 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 2,474 | $ 4,824 | $ 7,298 |
| % Change | |||
| Reported (GAAP) | 8.8% | 2.9% | 4.9% |
| Divestitures | - pp | (0.1)pp | - pp |
| Acquisitions | - | (1.2) | (0.8) |
| Currency | 2.3 | 0.9 | 1.3 |
| Organic (Non-GAAP) | 11.1% | 2.5% | 5.4% |
| Vol/Mix | 5.8 pp | 1.3 pp | 2.8 pp |
| Pricing | 5.3 | 1.2 | 2.6 |
| Emerging Markets | Developed Markets | Mondelēz International | |
| For the Three Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 2,474 | $ 4,824 | $ 7,298 |
| Acquisitions | - | (174) | (174) |
| Currency | 167 | (154) | 13 |
| Organic (Non-GAAP) | $ 2,641 | $ 4,496 | $ 7,137 |
| For the Three Months Ended December 31, 2019 | |||
| Reported (GAAP) | $ 2,538 | $ 4,375 | $ 6,913 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 2,538 | $ 4,375 | $ 6,913 |
| % Change | |||
| Reported (GAAP) | (2.5)% | 10.3% | 5.6% |
| Divestitures | - pp | - pp | - pp |
| Acquisitions | - | (3.9) | (2.6) |
| Currency | 6.6 | (3.6) | 0.2 |
| Organic (Non-GAAP) | 4.1% | 2.8% | 3.2% |
| Vol/Mix | 0.3 pp | 2.1 pp | 1.3 pp |
| Pricing | 3.8 | 0.7 | 1.9 |
| 2 Year CAGR | |||
| Reported (GAAP) | 3.0% | 6.5% | 5.2% |
| Organic (Non-GAAP) | 7.5% | 2.6% | 4.3% |
WC - FY21-FY20 Mkt Org Rev
| GAAP to Non-GAAP Reconciliation | |||
| Net Revenues to Organic Net Revenue | |||
| (in millions of U.S. dollars) (Unaudited) | |||
| Emerging Markets | Developed Markets | Mondelēz International | |
| For the Twelve Months Ended December 31, 2021 | |||
| Reported (GAAP) | $ 10,132 | $ 18,588 | $ 28,720 |
| Divestitures | - | (35) | (35) |
| Acquisitions | - | (254) | (254) |
| Currency | 74 | (536) | (462) |
| Organic (Non-GAAP) | $ 10,206 | $ 17,763 | $ 27,969 |
| For the Twelve Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 9,097 | $ 17,484 | $ 26,581 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 9,097 | $ 17,484 | $ 26,581 |
| % Change | |||
| Reported (GAAP) | 11.4% | 6.3% | 8.0% |
| Divestitures | - pp | (0.2)pp | (0.1)pp |
| Acquisitions | - | (1.4) | (1.0) |
| Currency | 0.8 | (3.1) | (1.7) |
| Organic (Non-GAAP) | 12.2% | 1.6% | 5.2% |
| Vol/Mix | 6.6 pp | 0.6 pp | 2.6 pp |
| Pricing | 5.6 | 1.0 | 2.6 |
| Emerging Markets | Developed Markets | Mondelēz International | |
| For the Twelve Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 9,097 | $ 17,484 | $ 26,581 |
| Acquisitions | - | (445) | (445) |
| Currency | 749 | (112) | 637 |
| Organic (Non-GAAP) | $ 9,846 | $ 16,927 | $ 26,773 |
| For the Twelve Months Ended December 31, 2019 | |||
| Reported (GAAP) | $ 9,675 | $ 16,193 | $ 25,868 |
| Divestitures | (55) | - | (55) |
| Organic (Non-GAAP) | $ 9,620 | $ 16,193 | $ 25,813 |
| % Change | |||
| Reported (GAAP) | (6.0)% | 8.0% | 2.8% |
| Divestitures | 0.6 pp | - pp | 0.2 pp |
| Acquisitions | - | (2.8) | (1.7) |
| Currency | 7.7 | (0.7) | 2.4 |
| Organic (Non-GAAP) | 2.3% | 4.5% | 3.7% |
| Vol/Mix | (1.3)pp | 3.6 pp | 1.8 pp |
| Pricing | 3.6 | 0.9 | 1.9 |
| 2 Year CAGR | |||
| Reported (GAAP) | 2.3% | 7.1% | 5.4% |
| Organic (Non-GAAP) | 7.1% | 3.0% | 4.4% |
WC - Q421 ex Arg Org Rev
| GAAP to Non-GAAP Reconciliation | |||
| Net Revenues to Organic Net Revenue | |||
| (in millions of U.S. dollars) (Unaudited) | |||
| Emerging Markets | Argentina | Emerging Markets ex. Argentina | |
| For the Three Months Ended December 31, 2021 | |||
| Reported (GAAP) | $ 2,692 | $ 105 | $ 2,587 |
| Currency | 56 | 27 | 29 |
| Organic (Non-GAAP) | $ 2,748 | $ 132 | $ 2,616 |
| For the Three Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 2,474 | $ 83 | $ 2,391 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 2,474 | $ 83 | $ 2,391 |
| % Change | |||
| Reported (GAAP) | 8.8% | 26.5% | 8.2% |
| Divestitures | - pp | - pp | - pp |
| Currency | 2.3 | 32.5 | 1.2 |
| Organic (Non-GAAP) | 11.1% | 59.0% | 9.4% |
| Latin America | Argentina | Latin America ex. Argentina | |
| For the Three Months Ended December 31, 2021 | |||
| Reported (GAAP) | $ 708 | $ 105 | $ 603 |
| Currency | 46 | 27 | 19 |
| Organic (Non-GAAP) | $ 754 | $ 132 | $ 622 |
| For the Three Months Ended December 31, 2020 | |||
| Reported (GAAP) | $ 630 | $ 83 | $ 547 |
| Divestitures | - | - | - |
| Organic (Non-GAAP) | $ 630 | $ 83 | $ 547 |
| % Change | |||
| Reported (GAAP) | 12.4% | 26.5% | 10.2% |
| Divestitures | - pp | - pp | - pp |
| Currency | 7.3 | 32.5 | 3.5 |
| Organic (Non-GAAP) | 19.7% | 59.0% | 13.7% |
WC - FY20-FY19 Sector Org R
| GAAP to Non-GAAP Reconciliation | |||||||
| Net Revenues to Organic Net Revenues by Consumer Sector | |||||||
| (in millions of U.S. dollars) (Unaudited) | |||||||
| Biscuits | Chocolate | Gum & Candy | Total Snacks | Beverage | Cheese & Grocery | Mondelēz International | |
| For the Twelve Months Ended December 31, 2020 | |||||||
| Reported (GAAP) | $ 12,766 | $ 8,179 | $ 2,662 | $ 23,607 | $ 1,049 | $ 1,925 | $ 26,581 |
| Acquisitions | (445) | - | - | (445) | - | - | (445) |
| Currency | 131 | 256 | 102 | 489 | 124 | 24 | 637 |
| Organic (Non-GAAP) | $ 12,452 | $ 8,435 | $ 2,764 | $ 23,651 | $ 1,173 | $ 1,949 | $ 26,773 |
| For the Twelve Months Ended December 31, 2019 | |||||||
| Reported (GAAP) | $ 11,438 | $ 8,158 | $ 3,355 | $ 22,951 | $ 1,095 | $ 1,822 | $ 25,868 |
| Divestitures | - | - | - | - | - | (55) | (55) |
| Organic (Non-GAAP) | $ 11,438 | $ 8,158 | $ 3,355 | $ 22,951 | $ 1,095 | $ 1,767 | $ 25,813 |
| % Change | |||||||
| Reported (GAAP) | 11.6% | 0.3% | (20.7)% | 2.9% | (4.2)% | 5.7% | 2.8% |
| Organic (Non-GAAP) | 8.9% | 3.4% | (17.6)% | 3.0% | 7.1% | 10.3% | 3.7% |
| Biscuits | Chocolate | Gum & Candy | Total Snacks | Beverage | Cheese & Grocery | Mondelēz International | |
| For the Twelve Months Ended December 31, 2019 | |||||||
| Reported (GAAP) | $ 11,438 | $ 8,158 | $ 3,355 | $ 22,951 | $ 1,095 | $ 1,822 | $ 25,868 |
| Divestitures | - | - | - | - | - | (55) | (55) |
| Acquisitions | (88) | - | - | (88) | - | - | (88) |
| Currency | 322 | 495 | 149 | 966 | 114 | 74 | 1,154 |
| Organic (Non-GAAP) | $ 11,672 | $ 8,653 | $ 3,504 | $ 23,829 | $ 1,209 | $ 1,841 | $ 26,879 |
| For the Twelve Months Ended December 31, 2018 | |||||||
| Reported (GAAP) | $ 11,185 | $ 8,177 | $ 3,491 | $ 22,853 | $ 1,184 | $ 1,901 | $ 25,938 |
| Divestitures | - | - | - | - | - | (126) | (126) |
| Organic (Non-GAAP) | $ 11,185 | $ 8,177 | $ 3,491 | $ 22,853 | $ 1,184 | $ 1,775 | $ 25,812 |
| % Change | |||||||
| Reported (GAAP) | 2.3% | (0.2)% | (3.9)% | 0.4% | (7.5)% | (4.2)% | (0.3)% |
| Organic (Non-GAAP) | 4.4% | 5.8% | 0.4% | 4.3% | 2.1% | 3.7% | 4.1% |
WC - Q421-Q420 Sector Org Rev
| GAAP to Non-GAAP Reconciliation | |||||||
| Net Revenues to Organic Net Revenues by Consumer Sector | |||||||
| (in millions of U.S. dollars) (Unaudited) | |||||||
| Biscuits | Chocolate | Gum & Candy | Total Snacks | Beverage | Cheese & Grocery | Mondelēz International | |
| For the Three Months Ended December 31, 2021 | |||||||
| Reported (GAAP) | $ 3,458 | $ 2,693 | $ 754 | $ 6,905 | $ 245 | $ 508 | $ 7,658 |
| Divestitures | - | - | - | - | - | (5) | (5) |
| Acquisitions | (41) | (8) | - | (49) | (5) | - | (54) |
| Currency | 26 | 29 | 14 | 69 | 12 | 15 | 96 |
| Organic (Non-GAAP) | $ 3,443 | $ 2,714 | $ 768 | $ 6,925 | $ 252 | $ 518 | $ 7,695 |
| For the Three Months Ended December 31, 2020 | |||||||
| Reported (GAAP) | $ 3,337 | $ 2,503 | $ 687 | $ 6,527 | $ 250 | $ 521 | $ 7,298 |
| Divestitures | - | - | - | - | - | - | - |
| Organic (Non-GAAP) | $ 3,337 | $ 2,503 | $ 687 | $ 6,527 | $ 250 | $ 521 | $ 7,298 |
| % Change | |||||||
| Reported (GAAP) | 3.6% | 7.6% | 9.8% | 5.8% | (2.0)% | (2.5)% | 4.9% |
| Organic (Non-GAAP) | 3.2% | 8.4% | 11.8% | 6.1% | 0.8% | (0.6)% | 5.4% |
| Biscuits | Chocolate | Gum & Candy | Total Snacks | Beverage | Cheese & Grocery | Mondelēz International | |
| For the Three Months Ended December 31, 2020 | |||||||
| Reported (GAAP) | $ 3,337 | $ 2,503 | $ 687 | $ 6,527 | $ 250 | $ 521 | $ 7,298 |
| Acquisitions | (174) | - | - | (174) | - | - | (174) |
| Currency | (18) | 3 | 17 | 2 | 28 | (17) | 13 |
| Organic (Non-GAAP) | $ 3,145 | $ 2,506 | $ 704 | $ 6,355 | $ 278 | $ 504 | $ 7,137 |
| For the Three Months Ended December 31, 2019 | |||||||
| Reported (GAAP) | $ 2,945 | $ 2,381 | $ 857 | $ 6,183 | $ 260 | $ 470 | $ 6,913 |
| Divestitures | - | - | - | - | - | - | - |
| Organic (Non-GAAP) | $ 2,945 | $ 2,381 | $ 857 | $ 6,183 | $ 260 | $ 470 | $ 6,913 |
| % Change | |||||||
| Reported (GAAP) | 13.3% | 5.1% | (19.8)% | 5.6% | (3.8)% | 10.9% | 5.6% |
| Organic (Non-GAAP) | 6.8% | 5.2% | (17.9)% | 2.8% | 6.9% | 7.2% | 3.2% |
| 2 Year CAGR | |||||||
| Reported (GAAP) | 8.3% | 6.3% | (6.2)% | 5.7% | (2.9)% | 4.0% | 5.2% |
| Organic (Non-GAAP) | 5.0% | 6.8% | (4.2)% | 4.4% | 3.8% | 3.2% | 4.3% |
WC - FY21-FY20 Sector Org Rev
| GAAP to Non-GAAP Reconciliation | |||||||
| Net Revenues to Organic Net Revenues by Consumer Sector | |||||||
| (in millions of U.S. dollars) (Unaudited) | |||||||
| Biscuits | Chocolate | Gum & Candy | Total Snacks | Beverage | Cheese & Grocery | Mondelēz International | |
| For the Twelve Months Ended December 31, 2021 | |||||||
| Reported (GAAP) | $ 13,524 | $ 9,299 | $ 2,872 | $ 25,695 | $ 1,035 | $ 1,990 | $ 28,720 |
| Divestitures | - | - | - | - | - | (35) | (35) |
| Acquisitions | (210) | (30) | - | (240) | (14) | - | (254) |
| Currency | (163) | (241) | (23) | (427) | 27 | (62) | (462) |
| Organic (Non-GAAP) | $ 13,151 | $ 9,028 | $ 2,849 | $ 25,028 | $ 1,048 | $ 1,893 | $ 27,969 |
| For the Twelve Months Ended December 31, 2020 | |||||||
| Reported (GAAP) | $ 12,766 | $ 8,179 | $ 2,662 | $ 23,607 | $ 1,049 | $ 1,925 | $ 26,581 |
| Divestitures | - | - | - | - | - | - | - |
| Organic (Non-GAAP) | $ 12,766 | $ 8,179 | $ 2,662 | $ 23,607 | $ 1,049 | $ 1,925 | $ 26,581 |
| % Change | |||||||
| Reported (GAAP) | 5.9% | 13.7% | 7.9% | 8.8% | (1.3)% | 3.4% | 8.0% |
| Organic (Non-GAAP) | 3.0% | 10.4% | 7.0% | 6.0% | (0.1)% | (1.7)% | 5.2% |
| Biscuits | Chocolate | Gum & Candy | Total Snacks | Beverage | Cheese & Grocery | Mondelēz International | |
| For the Twelve Months Ended December 31, 2020 | |||||||
| Reported (GAAP) | $ 12,766 | $ 8,179 | $ 2,662 | $ 23,607 | $ 1,049 | $ 1,925 | $ 26,581 |
| Acquisitions | (445) | - | - | (445) | - | - | (445) |
| Currency | 131 | 256 | 102 | 489 | 124 | 24 | 637 |
| Organic (Non-GAAP) | $ 12,452 | $ 8,435 | $ 2,764 | $ 23,651 | $ 1,173 | $ 1,949 | $ 26,773 |
| For the Twelve Months Ended December 31, 2019 | |||||||
| Reported (GAAP) | $ 11,438 | $ 8,158 | $ 3,355 | $ 22,951 | $ 1,095 | $ 1,822 | $ 25,868 |
| Divestitures | - | - | - | - | - | (55) | (55) |
| Organic (Non-GAAP) | $ 11,438 | $ 8,158 | $ 3,355 | $ 22,951 | $ 1,095 | $ 1,767 | $ 25,813 |
| % Change | |||||||
| Reported (GAAP) | 11.6% | 0.3% | (20.7)% | 2.9% | (4.2)% | 5.7% | 2.8% |
| Organic (Non-GAAP) | 8.9% | 3.4% | (17.6)% | 3.0% | 7.1% | 10.3% | 3.7% |
| 2 Year CAGR | |||||||
| Reported (GAAP) | 8.7% | 6.8% | (7.5)% | 5.8% | (2.8)% | 4.5% | 5.4% |
| Organic (Non-GAAP) | 5.9% | 6.8% | (6.1)% | 4.5% | 3.4% | 4.1% | 4.4% |
WC - Q421 Seg OI
| GAAP to Non-GAAP Reconciliation | |||||||||
| Segment Data | |||||||||
| (in millions of U.S. dollars) (Unaudited) | |||||||||
| For the Three Months Ended December 31, 2021 | |||||||||
| 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) | $ 708 | $ 1,639 | $ 3,121 | $ 2,190 | $ - | $ - | $ - | $ - | $ 7,658 |
| Divestitures | - | (5) | - | - | - | - | - | - | (5) |
| Adjusted (Non-GAAP) | $ 708 | $ 1,634 | $ 3,121 | $ 2,190 | $ - | $ - | $ - | $ - | $ 7,653 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 40 | $ 212 | $ 614 | $ 439 | $ 9 | $ (76) | $ (32) | $ (2) | $ 1,204 |
| Simplify to Grow Program | 5 | 4 | 3 | (78) | - | 4 | - | - | (62) |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (9) | - | - | - | (9) |
| Acquisition integration costs and contingent consideration adjustments | - | 1 | 10 | 1 | - | 2 | - | - | 14 |
| Acquisition-related costs | - | - | - | - | - | - | - | 1 | 1 |
| Divestiture-related costs | 22 | - | - | - | - | - | - | - | 22 |
| Loss on divestiture | - | - | - | - | - | - | - | 1 | 1 |
| Remeasurement of net monetary position | 3 | - | - | - | - | - | - | - | 3 |
| Impact from pension participation changes | - | - | 1 | - | - | - | - | - | 1 |
| Adjusted (Non-GAAP) | $ 70 | $ 217 | $ 628 | $ 362 | $ - | $ (70) | $ (32) | $ - | $ 1,175 |
| Currency | 4 | 2 | 15 | (1) | - | (10) | 1 | - | 11 |
| Adjusted @ Constant FX (Non-GAAP) | $ 74 | $ 219 | $ 643 | $ 361 | $ - | $ (80) | $ (31) | $ - | $ 1,186 |
| % Change - Reported (GAAP) | 0.0% | 2.9% | 7.0% | 11.1% | n/m | (4.1)% | 37.3% | n/m | 4.8% |
| % Change - Adjusted (Non-GAAP) | 79.5% | 0.9% | 2.6% | (20.1)% | n/m | 12.5% | 37.3% | n/m | (1.1)% |
| % Change - Adjusted @ Constant FX (Non-GAAP) | 89.7% | 1.9% | 5.1% | (20.3)% | n/m | 0.0% | 39.2% | n/m | (0.2)% |
| Operating Income Margin | |||||||||
| Reported % | 5.6% | 12.9% | 19.7% | 20.0% | 15.7% | ||||
| Reported pp change | (0.7)pp | (0.6)pp | 0.3 pp | 1.9 pp | - pp | ||||
| Adjusted % | 9.9% | 13.3% | 20.1% | 16.5% | 15.4% | ||||
| Adjusted pp change | 3.7 pp | (0.7)pp | (0.6)pp | (4.3)pp | (0.9)pp | ||||
| For the Three Months Ended December 31, 2020 | |||||||||
| 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) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ - | $ - | $ - | $ - | $ 7,298 |
| Divestitures | - | - | - | - | - | - | - | - | - |
| Adjusted (Non-GAAP) | $ 630 | $ 1,531 | $ 2,959 | $ 2,178 | $ - | $ - | $ - | $ - | $ 7,298 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 40 | $ 206 | $ 574 | $ 395 | $ 58 | $ (73) | $ (51) | $ - | $ 1,149 |
| Simplify to Grow Program | 17 | 9 | 38 | 56 | - | (8) | - | - | 112 |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (58) | - | - | - | (58) |
| Acquisition integration costs | - | - | - | 2 | - | - | - | - | 2 |
| Remeasurement of net monetary position | 2 | - | - | - | - | - | - | - | 2 |
| Impact from resolution of tax matters | (20) | - | - | - | - | - | - | - | (20) |
| Rounding | - | - | - | - | - | 1 | - | - | 1 |
| Adjusted (Non-GAAP) | $ 39 | $ 215 | $ 612 | $ 453 | $ - | $ (80) | $ (51) | $ - | $ 1,188 |
| Operating Income Margin | |||||||||
| Reported % | 6.3% | 13.5% | 19.4% | 18.1% | 15.7% | ||||
| Adjusted % | 6.2% | 14.0% | 20.7% | 20.8% | 16.3% |
WC - FY21 Seg OI
| GAAP to Non-GAAP Reconciliation | |||||||||
| Segment Data | |||||||||
| (in millions of U.S. dollars) (Unaudited) | |||||||||
| For the Twelve Months Ended December 31, 2021 | |||||||||
| 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) | $ 2,797 | $ 6,465 | $ 11,156 | $ 8,302 | $ - | $ - | $ - | $ - | $ 28,720 |
| Divestitures | - | (35) | - | - | - | - | - | - | (35) |
| Adjusted (Non-GAAP) | $ 2,797 | $ 6,430 | $ 11,156 | $ 8,302 | $ - | $ - | $ - | $ - | $ 28,685 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 261 | $ 1,054 | $ 2,092 | $ 1,371 | $ 279 | $ (253) | $ (134) | $ (17) | $ 4,653 |
| Simplify to Grow Program | 16 | (7) | 37 | 250 | - | 23 | - | - | 319 |
| Intangible asset impairment charges | - | - | - | 32 | - | - | - | - | 32 |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (279) | - | - | - | (279) |
| Acquisition integration costs and contingent consideration adjustments | - | 1 | 16 | (59) | - | 2 | - | - | (40) |
| Acquisition-related costs | - | - | - | - | - | - | - | 25 | 25 |
| Divestiture-related costs | 22 | - | - | - | - | - | - | - | 22 |
| Operating income from divestitures | - | (5) | - | - | - | - | - | - | (5) |
| Net gain on acquisition and divestitures | - | - | - | - | - | - | - | (8) | (8) |
| Remeasurement of net monetary position | 13 | - | - | - | - | - | - | - | 13 |
| Impact from pension participation changes | - | - | 48 | - | - | - | - | - | 48 |
| Impact from resolution of tax matters | (5) | - | - | - | - | - | - | - | (5) |
| Adjusted (Non-GAAP) | $ 307 | $ 1,043 | $ 2,193 | $ 1,594 | $ - | $ (228) | $ (134) | $ - | $ 4,775 |
| Currency | 23 | (48) | (85) | (9) | - | (4) | 5 | - | (118) |
| Adjusted @ Constant FX (Non-GAAP) | $ 330 | $ 995 | $ 2,108 | $ 1,585 | $ - | $ (232) | $ (129) | $ - | $ 4,657 |
| % Change - Reported (GAAP) | 38.1% | 28.4% | 17.9% | (13.6)% | n/m | 22.4% | 30.9% | n/m | 20.8% |
| % Change - Adjusted (Non-GAAP) | 34.1% | 19.1% | 12.0% | (9.9)% | n/m | 3.8% | 30.9% | n/m | 8.5% |
| % Change - Adjusted @ Constant FX (Non-GAAP) | 44.1% | 13.6% | 7.7% | (10.4)% | n/m | 2.1% | 33.5% | n/m | 5.8% |
| Operating Income Margin | |||||||||
| Reported % | 9.3% | 16.3% | 18.8% | 16.5% | 16.2% | ||||
| Reported pp change | 1.7 pp | 2.0 pp | 1.4 pp | (3.0)pp | 1.7 pp | ||||
| Adjusted % | 11.0% | 16.2% | 19.7% | 19.2% | 16.6% | ||||
| Adjusted pp change | 1.8 pp | 0.9 pp | 0.5 pp | (2.5)pp | - pp | ||||
| For the Twelve Months Ended December 31, 2020 | |||||||||
| 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) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ - | $ - | $ - | $ - | $ 26,581 |
| Divestitures | - | - | - | - | - | - | - | - | - |
| Adjusted (Non-GAAP) | $ 2,477 | $ 5,740 | $ 10,207 | $ 8,157 | $ - | $ - | $ - | $ - | $ 26,581 |
| Operating Income | |||||||||
| Reported (GAAP) | $ 189 | $ 821 | $ 1,775 | $ 1,587 | $ 16 | $ (326) | $ (194) | $ (15) | $ 3,853 |
| Simplify to Grow Program | 48 | 46 | 130 | 95 | - | 41 | - | - | 360 |
| Intangible asset impairment charges | 3 | 5 | 53 | 83 | - | - | - | - | 144 |
| Mark-to-market (gains)/losses from derivatives | - | - | - | - | (16) | - | - | - | (16) |
| Acquisition integration costs | - | - | - | 4 | - | - | - | - | 4 |
| Acquisition-related costs | - | - | - | - | - | - | - | 15 | 15 |
| Divestiture-related costs | - | 4 | - | - | - | - | - | - | 4 |
| Costs associated with JDE Peet's transaction | - | - | - | - | - | 48 | - | - | 48 |
| Remeasurement of net monetary position | 9 | - | - | - | - | - | - | - | 9 |
| Impact from resolution of tax matters | (20) | - | - | - | - | - | - | - | (20) |
| Adjusted (Non-GAAP) | $ 229 | $ 876 | $ 1,958 | $ 1,769 | $ - | $ (237) | $ (194) | $ - | $ 4,401 |
| Operating Income Margin | |||||||||
| Reported % | 7.6% | 14.3% | 17.4% | 19.5% | 14.5% | ||||
| Adjusted % | 9.2% | 15.3% | 19.2% | 21.7% | 16.6% |
WC - Q421 EPS
| GAAP to Non-GAAP Reconciliation | ||||
| Diluted EPS to Adjusted EPS | ||||
| (Unaudited) | ||||
| For the Three Months Ended December 31, | ||||
| 2021 | 2020 | $ Change | % Change | |
| Diluted EPS attributable to Mondelēz International (GAAP) | $ 0.71 | $ 0.80 | $ (0.09) | (11.3)% |
| Simplify to Grow Program | (0.03) | 0.06 | (0.09) | |
| Mark-to-market (gains)/losses from derivatives | - | (0.03) | 0.03 | |
| Acquisition integration costs and contingent consideration adjustments | 0.01 | - | 0.01 | |
| Divestiture-related costs | 0.01 | - | 0.01 | |
| Net earnings from divestitures | - | (0.01) | 0.01 | |
| Costs associated with JDE Peet's transaction | - | (0.01) | 0.01 | |
| Impact from resolution of tax matters | - | (0.02) | 0.02 | |
| Loss on debt extinguishment and related expenses | - | 0.10 | (0.10) | |
| Gain on equity method investment transactions | - | (0.24) | 0.24 | |
| Equity method investee items | 0.01 | 0.01 | - | |
| Adjusted EPS (Non-GAAP) | $ 0.71 | $ 0.66 | $ 0.05 | 7.6 % |
| Impact of unfavorable currency | 0.01 | - | 0.01 | |
| Adjusted EPS @ Constant FX (Non-GAAP) | $ 0.72 | $ 0.66 | $ 0.06 | 9.1 % |
| Adjusted EPS @ Constant FX - Key Drivers | ||||
| Increase in operations | $ - | |||
| Change in benefit plan non-service income | - | |||
| Change in interest and other expense, net | - | |||
| Change in equity method investment net earnings | 0.01 | |||
| Change in income taxes | 0.03 | |||
| Change in shares outstanding | 0.02 | |||
| $ 0.06 |
WC - FY21 EPS
| GAAP to Non-GAAP Reconciliation | ||||
| Diluted EPS to Adjusted EPS | ||||
| (Unaudited) | ||||
| For the Twelve Months Ended December 31, | ||||
| 2021 | 2020 | $ Change | % Change | |
| Diluted EPS attributable to Mondelēz International (GAAP) | $ 3.04 | $ 2.47 | $ 0.57 | 23.1 % |
| Simplify to Grow Program | 0.17 | 0.20 | (0.03) | |
| Intangible asset impairment charges | 0.02 | 0.08 | (0.06) | |
| Mark-to-market (gains)/losses from derivatives | (0.17) | (0.01) | (0.16) | |
| Acquisition integration costs and contingent consideration adjustments | (0.02) | - | (0.02) | |
| Acquisition-related costs | 0.01 | 0.01 | - | |
| Divestiture-related costs | 0.01 | - | 0.01 | |
| Net earnings from divestitures | (0.02) | (0.07) | 0.05 | |
| Costs associated with JDE Peet's transaction | - | 0.20 | (0.20) | |
| Remeasurement of net monetary position | 0.01 | 0.01 | - | |
| Impact from pension participation changes | 0.02 | 0.01 | 0.01 | |
| Impact from resolution of tax matters | - | (0.02) | 0.02 | |
| Loss related to interest rate swaps | - | 0.05 | (0.05) | |
| Loss on debt extinguishment and related expenses | 0.07 | 0.10 | (0.03) | |
| Initial impacts from enacted tax law changes | 0.07 | 0.02 | 0.05 | |
| Gain on equity method investment transactions | (0.39) | (0.55) | 0.16 | |
| Equity method investee items | 0.05 | 0.06 | (0.01) | |
| Adjusted EPS (Non-GAAP) | $ 2.87 | $ 2.56 | $ 0.31 | 12.1 % |
| Impact of favorable currency | (0.08) | - | (0.08) | |
| Adjusted EPS @ Constant FX (Non-GAAP) | $ 2.79 | $ 2.56 | $ 0.23 | 9.0 % |
| Adjusted EPS @ Constant FX - Key Drivers | ||||
| Increase in operations | $ 0.14 | |||
| Change in benefit plan non-service income | - | |||
| Change in interest and other expense, net | 0.02 | |||
| Change in equity method investment net earnings | 0.03 | |||
| Change in income taxes | (0.01) | |||
| Change in shares outstanding | 0.05 | |||
| $ 0.23 |