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mdlz-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission file number 1-16483
https://cdn.kscope.io/e96dfa6394ce9808be7ae46dd9e064da-mdlz-20200930_g1.jpg
Mondelēz International, Inc.
(Exact name of registrant as specified in its charter)
Virginia52-2284372
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
905 West Fulton Market, Suite 200
Chicago,Illinois60607
(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code) (847) 943-4000

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Tile of each classTrading
Symbol(s)		Name of each exchange on which registered
Class A Common Stock, no par valueMDLZThe Nasdaq Global Select Market
2.375% Notes due 2021MDLZ21The Nasdaq Stock Market LLC
1.000% Notes due 2022MDLZ22The Nasdaq Stock Market LLC
1.625% Notes due 2023MDLZ23The Nasdaq Stock Market LLC
1.625% Notes due 2027MDLZ27The Nasdaq Stock Market LLC
2.375% Notes due 2035MDLZ35The Nasdaq Stock Market LLC
4.500% Notes due 2035MDLZ35AThe Nasdaq Stock Market LLC
3.875% Notes due 2045MDLZ45The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨


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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
 Accelerated filer  ☐
Non-accelerated filer☐ Smaller reporting company ☐
 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ☐  No  x

At October 30, 2020, there were 1,430,162,763 shares of the registrant’s Class A Common Stock outstanding.


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Mondelēz International, Inc.
Table of Contents
 
  Page No.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.

In this report, for all periods presented, “we,” “us,” “our,” “the Company” and “Mondelēz International” refer to Mondelēz International, Inc. and subsidiaries. References to “Common Stock” refer to our Class A Common Stock.



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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars, except per share data)
(Unaudited)
 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2020201920202019
Net revenues$6,665 $6,355 $19,283 $18,955 
Cost of sales3,873 3,839 11,709 11,377 
Gross profit2,792 2,516 7,574 7,578 
Selling, general and administrative expenses1,484 1,466 4,474 4,386 
Asset impairment and exit costs123 134 253 169 
Net gain on divestiture— (3)— (44)
Amortization of intangibles50 43 143 130 
Operating income1,135 876 2,704 2,937 
Benefit plan non-service income(38)(13)(102)(42)
Interest and other expense, net89 205 364 386 
Earnings before income taxes1,084 684 2,442 2,593 
Income tax (provision)/benefit(391)633 (880)228 
Gain/(loss) on equity method investment
transactions		345 — 537 (2)
Equity method investment net earnings84 114 311 389 
Net earnings1,122 1,431 2,410 3,208 
Noncontrolling interest earnings(3)(5)(11)(12)
Net earnings attributable to
Mondelēz International		$1,119 $1,426 $2,399 $3,196 
Per share data:
Basic earnings per share attributable to
Mondelēz International		$0.78 $0.99 $1.68 $2.21 
Diluted earnings per share attributable to
Mondelēz International		$0.78 $0.98 $1.66 $2.19 

See accompanying notes to the condensed consolidated financial statements.
1


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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of U.S. dollars)
(Unaudited)
 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2020201920202019
Net earnings$1,122 $1,431 $2,410 $3,208 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment213 (347)(1,077)(154)
Pension and other benefit plans(37)89 28 144 
Derivative cash flow hedges(4)36 55 (91)
Total other comprehensive earnings/(losses)172 (222)(994)(101)
Comprehensive earnings/(losses)1,294 1,209 1,416 3,107 
less: Comprehensive earnings/(losses) attributable to
noncontrolling interests		11 (4)18 4 
Comprehensive earnings/(losses) attributable to Mondelēz International
$1,283 $1,213 $1,398 $3,103 

See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars, except share data)
(Unaudited)
September 30,
2020		December 31, 2019
ASSETS
Cash and cash equivalents$2,759 $1,291 
Trade receivables (net of allowances of $41 at September 30, 2020
   and $35 at December 31, 2019)
2,491 2,212 
Other receivables (net of allowances of $40 at September 30, 2020
   and $44 at December 31, 2019)
565 715 
Inventories, net2,840 2,546 
Other current assets791 866 
Total current assets9,446 7,630 
Property, plant and equipment, net8,533 8,733 
Operating lease right of use assets661 568 
Goodwill21,335 20,848 
Intangible assets, net18,056 17,957 
Prepaid pension assets654 516 
Deferred income taxes799 726 
Equity method investments6,488 7,178 
Other assets277 359 
TOTAL ASSETS$66,249 $64,515 
LIABILITIES
Short-term borrowings$199 $2,638 
Current portion of long-term debt999 1,581 
Accounts payable5,597 5,853 
Accrued marketing2,028 1,836 
Accrued employment costs760 769 
Other current liabilities3,102 2,645 
Total current liabilities12,685 15,322 
Long-term debt18,916 14,207 
Long-term operating lease liabilities484 403 
Deferred income taxes3,387 3,338 
Accrued pension costs1,115 1,190 
Accrued postretirement health care costs373 387 
Other liabilities2,261 2,351 
TOTAL LIABILITIES39,221 37,198 
Commitments and Contingencies (Note 12)
EQUITY
Common Stock, no par value (5,000,000,000 shares authorized and
   1,996,537,778 shares issued at September 30, 2020 and December 31, 2019)
— — 
Additional paid-in capital32,054 32,019 
Retained earnings27,702 26,615 
Accumulated other comprehensive losses(11,255)(10,254)
Treasury stock, at cost (566,694,393 shares at September 30, 2020 and
   561,531,524 shares at December 31, 2019)
(21,558)(21,139)
Total Mondelēz International Shareholders’ Equity26,943 27,241 
Noncontrolling interest85 76 
TOTAL EQUITY27,028 27,317 
TOTAL LIABILITIES AND EQUITY$66,249 $64,515 
See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 Mondelēz International Shareholders’ Equity  
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Earnings/
(Losses)		Treasury
Stock		Non-controlling
Interest		Total
Equity
Three Months Ended September 30, 2020
Balances at July 1, 2020$— $32,022 $27,040 $(11,419)$(21,625)$79 $26,097 
Comprehensive earnings/(losses):
Net earnings— — 1,119 — — 3 1,122 
Other comprehensive earnings/(losses),
   net of income taxes
— — — 164 — 8 172 
Exercise of stock options and issuance of
   other stock awards
— 32 (7)— 67 — 92 
Common Stock repurchased— — — — — — — 
Cash dividends declared ($0.315 per share)
— — (452)— — — (452)
Dividends paid on noncontrolling interest
   and other activities
— — 2 — — (5)(3)
Balances at September 30, 2020$— $32,054 $27,702 $(11,255)$(21,558)$85 $27,028 
Nine Months Ended September 30, 2020
Balances at January 1, 2020$— $32,019 $26,615 $(10,254)$(21,139)$76 $27,317 
Comprehensive earnings/(losses):
Net earnings— — 2,399 — — 11 2,410 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (1,001)— 7 (994)
Exercise of stock options and issuance of
   other stock awards
— 35 (48)— 282 — 269 
Common Stock repurchased— — — — (701)— (701)
Cash dividends declared ($0.885 per share)
— — (1,269)— — — (1,269)
Dividends paid on noncontrolling interest
   and other activities
— — 5 — — (9)(4)
Balances at September 30, 2020$— $32,054 $27,702 $(11,255)$(21,558)$85 $27,028 
Three Months Ended September 30, 2019
Balances at July 1, 2019$— $31,970 $25,300 $(10,524)$(20,684)$81 $26,143 
Comprehensive earnings/(losses):
Net earnings— — 1,426 — — 5 1,431 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (213)— (9)(222)
Exercise of stock options and issuance of
   other stock awards
— 28 (15)— 70 — 83 
Common Stock repurchased— — — — (206)— (206)
Cash dividends declared ($0.285 per share)
— — (411)— — — (411)
Dividends paid on noncontrolling interest
   and other activities
— — — — — (9)(9)
Balances at September 30, 2019$— $31,998 $26,300 $(10,737)$(20,820)$68 $26,809 
Nine Months Ended September 30, 2019
Balances at January 1, 2019$— $31,961 $24,394 $(10,644)$(20,185)$76 $25,602 
Comprehensive earnings/(losses):
Net earnings— — 3,196 — — 12 3,208 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (93)— (8)(101)
Exercise of stock options and issuance of
   other stock awards
— 37 (126)— 512 — 423 
Common Stock repurchased— — — — (1,147)— (1,147)
Cash dividends declared ($0.805 per share)
— — (1,164)— — — (1,164)
Dividends paid on noncontrolling interest
   and other activities
— — — — — (12)(12)
Balances at September 30, 2019$— $31,998 $26,300 $(10,737)$(20,820)$68 $26,809 

See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited)
For the Nine Months Ended
September 30,
 20202019
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$2,410 $3,208 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization813 777 
Stock-based compensation expense97 101 
U.S. tax reform transition tax— 2 
Deferred income tax benefit(103)(738)
Asset impairments and accelerated depreciation141 103 
Net gain on divestiture— (44)
(Gain)/loss on equity method investment transactions(537)2 
Equity method investment net earnings(311)(389)
Distributions from equity method investments220 217 
Other non-cash items, net225 70 
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net(259)(217)
Inventories, net(314)(219)
Accounts payable129 (259)
Other current assets(64)(113)
Other current liabilities44 (499)
Change in pension and postretirement assets and liabilities, net(176)(120)
Net cash provided by operating activities2,315 1,882 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(630)(686)
Acquisition, net of cash received(1,142)(284)
Proceeds from divestitures including equity method investments1,357 166 
Other58 69 
Net cash used in investing activities(357)(735)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days677 809 
Repayments of commercial paper, maturities greater than 90 days(1,119)(2,367)
Net issuances of other short-term borrowings(2,001)1,637 
Long-term debt proceeds5,987 1,596 
Long-term debt repaid(2,196)(415)
Repurchase of Common Stock(720)(1,143)
Dividends paid(1,227)(1,131)
Other104 328 
Net cash used in financing activities(495)(686)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash		(1)(24)
Cash, cash equivalents and restricted cash:
Increase1,462 437 
Balance at beginning of period1,328 1,100 
Balance at end of period$2,790 $1,537 

See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2019.

Principles of Consolidation:
The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments over which we do not have significant influence or control are not material and are carried at cost as there is no readily determinable fair value for the equity interests.

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

Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings. As discussed below, beginning on July 1, 2018, we began to apply highly inflationary accounting for our operations in Argentina.

Argentina. During the second quarter of 2018, primarily based on published estimates that indicated that Argentina's three-year cumulative inflation rate exceeded 100%, we concluded that Argentina became a highly inflationary economy for accounting purposes. As of July 1, 2018, we began to apply highly inflationary accounting for our Argentinian subsidiaries and changed their functional currency from the Argentinian peso to the U.S. dollar. On July 1, 2018, both monetary and non-monetary assets and liabilities denominated in Argentinian pesos were remeasured into U.S. dollars using the exchange rate as of the balance sheet date, with remeasurement and other transaction gains and losses recorded in net earnings. As of September 30, 2020, our Argentinian operations had $6 million of Argentinian peso denominated net monetary assets. Our Argentinian operations contributed $77 million, or 1.2% of consolidated net revenues in the three months and $252 million, or 1.3% of consolidated net revenues in the nine months ended September 30, 2020. Within selling, general and administrative expenses, we recorded a remeasurement loss of $2 million during the three months and $7 million during the nine months ended September 30, 2020 as well as a remeasurement loss of $1 million during the three months and $2 million during the nine months ended September 30, 2019 related to the revaluation of the Argentinian peso denominated net monetary position over these periods.

Brexit. In the nine months ended September 30, 2020, we generated 8.8% of our consolidated net revenues in the United Kingdom. On January 31, 2020, the United Kingdom began the withdrawal process from the European Union under the European and U.K. Parliament approved Withdrawal Agreement. Through December 31, 2020, the United Kingdom will effectively remain in the E.U.’s customs union and single market while a trade deal with the European Union is negotiated. On December 31, 2020, the United Kingdom will either exit the European Union and begin a new trade relationship with the European Union or will exit without a trade deal. As we approach the planned U.K. exit at the end of 2020, we are taking protective measures in response to the potential impacts on our results of operations and financial condition. If the ultimate terms of the United Kingdom’s separation from the European Union negatively impact the U.K. economy or result in disruptions to sales or our supply chain, the impact to our results of operations and financial condition could be material. We are taking measures to increase our resources in
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customer service & logistics together with increasing our inventory levels of imported raw materials, packaging and finished goods in the United Kingdom to help us manage through Brexit and the inherent risks.

Other Countries. Since we sell our products in over 150 countries and have operations in approximately 80 countries, we monitor economic and currency-related risks and seek to take protective measures in response to these exposures, including the impacts related to the global outbreak of the novel coronavirus (“COVID-19”) in 2020. Most countries in which we do business have recently experienced periods of significant economic uncertainty as well as exchange rate volatility. We continue to monitor COVID-19 and other impacts to our business operations, currencies and net monetary exposures in the countries in which we operate. At this time, except for Argentina which is accounted for as a highly inflationary economy, we do not anticipate any other countries in which we operate to be at risk of becoming highly inflationary countries.

Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We also have restricted cash that is recorded within other current assets and which was $31 million as of September 30, 2020 and $37 million as of December 31, 2019. Total cash, cash equivalents and restricted cash was $2,790 million as of September 30, 2020 and $1,328 million as of December 31, 2019.

Allowances for Credit Losses:
The allowances for credit losses are recorded against our receivables. They are developed at a country and region level based on historical collection experiences, current economic condition of specific customers and the forecasted economic condition of countries using various factors such as bond default rates and consumption indexes. We write off receivables once it is determined that the receivables are no longer collectible and as allowed by local laws.

Changes in allowances for credit losses consisted of:
Allowance for Trade ReceivablesAllowance for Other Current ReceivablesAllowance for Long-Term Receivables
 (in millions)
Balance at January 1, 2020$(35)$(44)$(14)
Current period provision for expected credit losses(9)(1)(2)
Write-offs charged against the allowance1 2 — 
Currency2 3 5 
Balance at September 30, 2020$(41)$(40)$(11)

Transfers of Financial Assets:
We account for transfers of financial assets, such as uncommitted revolving non-recourse accounts receivable factoring arrangements, when we have surrendered control over the related assets. Determining whether control has transferred requires an evaluation of relevant legal considerations, an assessment of the nature and extent of our continuing involvement with the assets transferred and any other relevant considerations. We use receivable factoring arrangements periodically when circumstances are favorable to manage liquidity. We have non-recourse factoring arrangements in which we sell eligible trade receivables primarily to banks in exchange for cash. We may then continue to collect the receivables sold, acting solely as a collecting agent on behalf of the banks. The outstanding principal amount of receivables under these arrangements amounted to $778 million as of September 30, 2020 and $760 million as of December 31, 2019. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions:
We recorded $187 million in operating lease and $129 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2020 and $91 million in operating lease and $48 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2019.

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New Accounting Pronouncements:
In December 2019, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that removes certain exceptions in accounting for income taxes, improves consistency in application and clarifies existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We do not expect this ASU to have a material impact on our consolidated financial statements.

In August 2018, the FASB issued an ASU that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. We will adopt this standard and reflect the changes to our 2020 annual disclosures. This ASU is not expected to have an impact on our consolidated financial statements.

Reclassifications:
Certain amounts previously reported have been reclassified to conform to current-year presentation. During the second quarter of 2020, in connection with the JDE Peet's (as defined below) transaction (refer to Note 6, Equity Method Investments), we changed our accounting principle to reflect our share of Jacobs Douwe Egberts ("JDE") historical results and JDE Peet's ongoing results on a one-quarter lag basis while we continue to record dividends when cash is received. This change was applied retrospectively to all periods presented.

Note 2. Acquisitions and Divestitures

On April 1, 2020, we 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