SEC Filing | Mondelēz International, Inc.

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8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 7, 2021

MONDELĒZ INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Virginia

1-16483

52-2284372

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

905 West Fulton Market, Suite 200, Chicago, Illinois 60607

(Address of principal executive offices, including zip code)

(847) 943-4000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Class A Common Stock, no par value	MDLZ	The Nasdaq Global Select Market
2.375% Notes due 2021	MDLZ21	The Nasdaq Stock Market LLC
1.000% Notes due 2022	MDLZ22	The Nasdaq Stock Market LLC
1.625% Notes due 2023	MDLZ23	The Nasdaq Stock Market LLC
1.625% Notes due 2027	MDLZ27	The Nasdaq Stock Market LLC
2.375% Notes due 2035	MDLZ35	The Nasdaq Stock Market LLC
4.500% Notes due 2035	MDLZ35A	The Nasdaq Stock Market LLC
3.875% Notes due 2045	MDLZ45	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

Item 7.01.

Regulation FD Disclosure.

Mondelēz International, Inc. and subsidiaries (collectively, “we,” “our” or “Mondelēz International”) are furnishing this current report to provide supplemental non-GAAP financial information related to the retrospective impact of our sales of approximately 14.1 million Keurig Dr Pepper Inc. (“KDP”) ordinary shares on August 3, 2020 and approximately 12.5 million KDP ordinary shares on September 9, 2020. As a result of these sales, our equity interest in KDP decreased by 1.9% from 13.1% to 11.2%.

Due to our reporting of KDP’s results on a one-quarter lag basis, the impact of the sale of these shares will affect our non-GAAP financial results beginning with the fourth quarter ended December 31, 2020. Consistent with our definitions of our non-GAAP financial measures, we will reflect this partial sale of our equity method investment in KDP as a divestiture, resulting in the recasting of our non-GAAP financial results for the first nine months of 2020, all quarters of 2020, 2019 and 2018 and for the years ended December 31, 2019 and 2018.

Change to our Historical Non-GAAP Financial Results in Connection with our Sales of KDP shares

As previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, we sold approximately 14.1 million shares of KDP on August 3, 2020, which reduced our ownership interest by 1.0% to 12.1% of the total outstanding shares. We received $414 million of proceeds and recorded a pre-tax gain of $181 million (or $139 million after tax) during the third quarter of 2020. Subsequently, on September 9, 2020, we sold approximately 12.5 million shares of KDP, which reduced our ownership interest by 0.9% to 11.2% of the total outstanding shares. We received $363 million of proceeds and recorded a pre-tax gain of $154 million (or $119 million after tax) during the third quarter of 2020.

We consider the 1.9% ownership reduction resulting from these sales of shares a partial sale of our equity method investment in KDP. Consistent with our definitions of our non-GAAP financial measures, we consider these sales to be a divestiture. Due to our reporting of KDP’s results on a one-quarter lag basis, the impact of the sale of these shares will affect our non-GAAP financial results beginning with the fourth quarter ended December 31, 2020. Therefore, we will remove the equity method investment net earnings results related to this partial sale of our equity method investment in KDP from our non-GAAP financial results for Adjusted EPS for all historical periods presented. Our U.S. GAAP results, which include our historical equity method investment net earnings from KDP, will not change from what was previously reported.

Recast Amounts Reflecting Changes in Historical Non-GAAP Results

The change to our non-GAAP financial results for Adjusted EPS described above does not affect our previously reported consolidated financial results nor does it affect our non-GAAP financial results for Organic Net Revenue, Adjusted Gross Profit or Adjusted Operating Income for any period. This supplemental disclosure does not amend any disclosure contained in any of our prior SEC filings. See the chart below and Exhibit 99.1 for the unaudited GAAP and recast non-GAAP financial information for the first nine months of 2020, all quarters of 2020, 2019 and 2018 and for the years ended December 31, 2019 and 2018.

Mondelēz International, Inc. and Subsidiaries

Recast Amounts Reflecting Change Due to Divestiture

(in millions of U.S. dollars, except per share data)

(Unaudited)


	2018		2019		2020		2018								2019									2020
	FY		FY		Q3 YTD		Q1		Q2		Q3		Q4		Q1		Q2		Q3			Q4		Q1		Q2		Q3
Reported (GAAP)
Equity method investment net earnings	$	484	$	501	$	311	$	229	$	88	$	84	$	83	$	166	$	109	$	114		$	112	$	121	$	106	$	84
Provision for income taxes		773		2		880		337		15		310		111		189		216		(633	)		230		148		341		391
Net earnings attributable to Mondelēz International		3,317		3,929		2,399		1,043		319		1,198		757		967		803		1,426			733		736		544		1,119
Diluted earnings per share attributable to Mondelēz International	$	2.23	$	2.69	$	1.66	$	0.69	$	0.21	$	0.81	$	0.51	$	0.66	$	0.55	$	0.98		$	0.50	$	0.51	$	0.38	$	0.78

Adjusted (Non-GAAP) - As Recast
Equity method investment net earnings	$	393	$	487	$	352	$	116	$	87	$	82	$	108	$	160	$	106	$	109		$	112	$	112	$	124	$	116
Provision for income taxes		853		871		648		223		207		180		243		201		219		171			280		201		129		318
Net earnings attributable to Mondelēz International		3,502		3,593		2,756		933		813		903		853		980		810		923			880		958		889		909
Diluted earnings per share attributable to Mondelēz International	$	2.36	$	2.46	$	1.91	$	0.62	$	0.55	$	0.61	$	0.58	$	0.67	$	0.56	$	0.63		$	0.61	$	0.66	$	0.62	$	0.63

Financial Schedules

Exhibit 99.1 to this Form 8-K contains financial schedules that provide the reconciliations for our recast non-GAAP financial results for Adjusted EPS due to the partial sale of our equity method investment in KDP for the first nine months of 2020, all quarters of 2020, 2019 and 2018 and for the years ended December 31, 2019 and 2018.

•

Schedule 1 provides reconciliations of the differences between the recast Adjusted (non-GAAP) financial measures and their most directly comparable reported (GAAP) financial measures. Equity method investment net earnings and Provision for income taxes are components used to calculate net earnings and diluted earnings per share attributable to Mondelēz International.

•

Schedule 2 provides reconciliations between the reported diluted EPS attributable to Mondelēz International (GAAP) and the recast Adjusted EPS (non-GAAP).

Non-GAAP Financial Measures

We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results and identify trends in our underlying operating results, and it provides additional insight and transparency on how we evaluate our business. For additional information regarding our non-GAAP financial measures, see Exhibit 99.2.

Item 9.01.

Financial Statements and Exhibits.

(d) The following exhibits are being furnished with this Current Report on Form 8-K.


99.1		Financial schedules – Unaudited GAAP and Non-GAAP Financial Information.

99.2		Non-GAAP Financial Measures – Additional Information.

104		The cover page from Mondelēz International, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


MONDELĒZ INTERNATIONAL, INC.

By:		/s/ Luca Zaramella
Name:		Luca Zaramella
Title:		Executive Vice President and
		Chief Financial Officer

Date: January 7, 2021

EX-99.1

Exhibit 99.1

U.S. GAAP to Non-GAAP Reconciliations

In addition to reporting our U.S. GAAP operating results, we have historically reported non-GAAP financial information. Refer also to our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K for the periods presented for additional information on our GAAP to non-GAAP adjustments.

Schedule 1.a

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 Nine Months Ended September 30, 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)	$	2,704		$	(102	)	$	364		$	2,442		$	880			36.0	%	$	(537	)	$	(311	)	$	11	$	2,399		$	1.66
Simplify to Grow Program		248			(4	)		—			252			55						—			—			—		197			0.14
Intangible asset impairment charges		144			—			—			144			33						—			—			—		111			0.08
Mark-to-market (gains)/losses from derivatives		42			—			4			38			5						—			—			—		33			0.03
Acquisition integration costs		2			—			—			2			—						—			—			—		2			—
Acquisition-related costs		15			—			—			15			—						—			—			—		15			0.01
Divestiture-related costs		4			—			—			4			—						—			—			—		4			—
Net earnings from divestitures		—			—			—			—			—						—			16			—		(16	)		(0.01	)
Costs associated with JDE Peet’s transaction		48			—			—			48			(261	)					—			—			—		309			0.21
Remeasurement of net monetary position		7			—			—			7			—						—			—			—		7			—
Impact from pension participation changes		—			—			(9	)		9			2						—			—			—		7			0.01
Loss related to interest rate swaps		—			—			(103	)		103			24						—			—			—		79			0.05
Gain on equity method investment transactions		—			—			—			—			(94	)					537			—			—		(443	)		(0.31	)
Equity method investee items		—			—			—			—			11						—			(82	)		—		71			0.05
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	3,213		$	(106	)	$	256		$	3,063		$	655			21.4	%	$	—		$	(377	)	$	11	$	2,774		$	1.92
Net earnings from divestitures - KDP		—			—			—			—			(5	)					—			18			—		(13	)		(0.01	)
Change in equity method investee items		—			—			—			—			(2	)					—			7			—		(5	)		—

Adjusted (Non-GAAP) - As Recast	$	3,213		$	(106	)	$	256		$	3,063		$	648			21.2	%	$	—		$	(352	)	$	11	$	2,756		$	1.91

Currency																												74			0.05

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	2,830		$	1.96

Diluted Average Shares Outstanding																															1,442

	For the Nine Months Ended September 30, 2019
	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)	$	2,937		$	(42	)	$	386		$	2,593		$	(228	)		(8.8	)%	$	2		$	(389	)	$	12	$	3,196		$	2.19
Simplify to Grow Program		304			(6	)		—			310			67						—			—			—		243			0.17
Intangible asset impairment charges		57			—			—			57			14						—			—			—		43			0.03
Mark-to-market (gains)/losses from derivatives		(69	)		—			(2	)		(67	)		(14	)					—			—			—		(53	)		(0.04	)
Acquisition-related costs		2			—			—			2			1						—			—			—		1			—
Divestiture-related costs		6			—			—			6			—						—			—			—		6			0.01
Net earnings from divestitures		(9	)		—			—			(9	)		(1	)					—			32			—		(40	)		(0.03	)
Net gain on divestiture		(44	)		—			—			(44	)		(2	)					—			—			—		(42	)		(0.03	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		(35	)		—			(3	)		(32	)		(9	)					—			—			—		(23	)		(0.02	)
CEO transition remuneration		9			—			—			9			—						—			—			—		9			0.01
Loss related to interest rate swaps		—			—			(111	)		111			—						—			—			—		111			0.08
Swiss tax reform net impacts		2			—			—			2			769						—			—			—		(767	)		(0.53	)
U.S. tax reform discrete net tax expense		—			—			—			—			(2	)					—			—			—		2			—
Loss on equity method investment transactions		—			—			—			—			(7	)					(2	)		—			—		9			0.01
Equity method investee items		—			—			—			—			9						—			(40	)		—		31			0.02
Rounding		1			—			—			1			—						—			—			—		1			—

Adjusted (Non-GAAP)	$	3,163		$	(48	)	$	270		$	2,941		$	597			20.3	%	$	—		$	(397	)	$	12	$	2,729		$	1.87
Net earnings from divestitures - KDP		—			—			—			—			(4	)					—			16			—		(12	)		(0.01	)
Change in equity method investee items		—			—			—			—			(2	)					—			6			—		(4	)		—

Adjusted (Non-GAAP) - As Recast	$	3,163		$	(48	)	$	270		$	2,941		$	591			20.1	%	$	—		$	(375	)	$	12	$	2,713		$	1.86

Diluted Average Shares Outstanding																															1,459

⁽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.b

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 September 30, 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)	$	1,135		$	(38	)	$	89		$	1,084		$	391			36.1	%	$	(345	)	$	(84	)	$	3	$	1,119		$	0.78
Simplify to Grow Program		114			—			—			114			22						—			—			—		92			0.06
Intangible asset impairment charges		54			—			—			54			12						—			—			—		42			0.03
Mark-to-market (gains)/losses from derivatives		(145	)		—			3			(148	)		(27	)					—			—			—		(121	)		(0.08	)
Acquisition-related costs		—			—			—			—			(3	)					—			—			—		3			—
Divestiture-related costs		6			—			—			6			—						—			—			—		6			—
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		—			—			(3	)		3			1						—			—			—		2			—
Gain on equity method investment transactions		—			—			—			—			(77	)					345			—			—		(268	)		(0.19	)
Equity method investee items		—			—			—			—			3						—			(41	)		—		38			0.03
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	1,165		$	(38	)	$	89		$	1,114		$	322			28.9	%	$	—		$	(125	)	$	3	$	914		$	0.63
Net earnings from divestitures - KDP		—			—			—			—			(3	)					—			7			—		(4	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			2			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,165		$	(38	)	$	89		$	1,114		$	318			28.5	%	$	—		$	(116	)	$	3	$	909		$	0.63

Currency																												4			—

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	913		$	0.63

Diluted Average Shares Outstanding																															1,442

	For the Three Months Ended September 30, 2019
	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)	$	876		$	(13	)	$	205		$	684		$	(633	)		(92.5	)%	$	—		$	(114	)	$	5	$	1,426		$	0.98
Simplify to Grow Program		151			(1	)		—			152			29						—			—			—		123			0.08
Intangible asset impairment charges		57			—			—			57			14						—			—			—		43			0.03
Mark-to-market (gains)/losses from derivatives		(20	)		—			(2	)		(18	)		(8	)					—			—			—		(10	)		(0.01	)
Acquisition-related costs		1			—			—			1			1						—			—			—		—			—
Divestiture-related costs		(4	)		—			—			(4	)		(1	)					—			—			—		(3	)		—
Net earnings from divestitures		—			—			—			—			—						—			8			—		(8	)		—
Net gain on divestiture		(3	)		—			—			(3	)		1						—			—			—		(4	)		—
Remeasurement of net monetary position		1			—			—			1			—						—			—			—		1			—
Impact from pension participation changes		—			—			(3	)		3			—						—			—			—		3			—
CEO transition remuneration		3			—			—			3			—						—			—			—		3			—
Loss related to interest rate swaps		—			—			(111	)		111			—						—			—			—		111			0.08
Swiss tax reform net impacts		2			—			—			2			769						—			—			—		(767	)		(0.53	)
Equity method investee items		—			—			—			—			2						—			(11	)		—		9			0.01
Rounding		1			—			—			1			—						—			—			—		1			—

Adjusted (Non-GAAP)	$	1,065		$	(14	)	$	89		$	990		$	174			17.6	%	$	—		$	(117	)	$	5	$	928		$	0.64
Net earnings from divestitures - KDP		—			—			—			—			(2	)					—			6			—		(4	)		(0.01	)
Change in equity method investee items		—			—			—			—			(1	)					—			2			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,065		$	(14	)	$	89		$	990		$	171			17.3	%	$	—		$	(109	)	$	5	$	923		$	0.63

Diluted Average Shares Outstanding																															1,458

⁽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.c

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 June 30, 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)	$	713		$	(31	)	$	85		$	659		$	341			51.7	%	$	(121	)	$	(106	)	$	1	$	544		$	0.38
Simplify to Grow Program		76			(4	)		—			80			20						—			—			—		60			0.04
Intangible asset impairment charges		90			—			—			90			21						—			—			—		69			0.05
Mark-to-market (gains)/losses from derivatives		2			—			—			2			—						—			—			—		2			—
Acquisition integration costs		2			—			—			2			—						—			—			—		2			—
Acquisition-related costs		10			—			—			10			2						—			—			—		8			0.01
Divestiture-related costs		(2	)		—			—			(2	)		—						—			—			—		(2	)		—
Net earnings from divestitures		—			—			—			—			—						—			8			—		(8	)		(0.01	)
Costs associated with JDE Peet’s transaction		48			—			—			48			(261	)					—			—			—		309			0.21
Remeasurement of net monetary position		3			—			—			3			—						—			—			—		3			—
Impact from pension participation changes		—			—			(3	)		3			—						—			—			—		3			—
Gain on equity method investment transactions		—			—			—			—			—						121			—			—		(121	)		(0.08	)
Equity method investee items		—			—			—			—			7						—			(34	)		—		27			0.02

Adjusted (Non-GAAP)	$	942		$	(35	)	$	82		$	895		$	130			14.5	%	$	—		$	(132	)	$	1	$	896		$	0.62
Net earnings from divestitures - KDP		—			—			—			—			—						—			3			—		(3	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			5			—		(4	)		—

Adjusted (Non-GAAP) - As Recast	$	942		$	(35	)	$	82		$	895		$	129			14.4	%	$	—		$	(124	)	$	1	$	889		$	0.62

Currency																												27			0.02

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	916		$	0.64

Diluted Average Shares Outstanding																															1,439

	For the Three Months Ended June 30, 2019
	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)	$	1,025		$	(12	)	$	101		$	936		$	216			23.1	%	$	25		$	(109	)	$	1	$	803		$	0.55
Simplify to Grow Program		83			(5	)		—			88			19						—			—			—		69			0.05
Mark-to-market (gains)/losses from derivatives		(33	)		—			—			(33	)		(3	)					—			—			—		(30	)		(0.02	)
Acquisition-related costs		1			—			—			1			—						—			—			—		1			—
Divestiture-related costs		11			—			—			11			1						—			—			—		10			0.01
Net earnings from divestitures		(5	)		—			—			(5	)		(1	)					—			9			—		(13	)		(0.01	)
Net gain on divestiture		(41	)		—			—			(41	)		(3	)					—			—			—		(38	)		(0.03	)
Remeasurement of net monetary position		(1	)		—			—			(1	)		—						—			—			—		(1	)		—
Impact from pension participation changes		(35	)		—			—			(35	)		(9	)					—			—			—		(26	)		(0.02	)
CEO transition remuneration		3			—			—			3			—						—			—			—		3			—
U.S. tax reform discrete net tax expense		—			—			—			—			(1	)					—			—			—		1			—
Loss on equity method investment transactions		—			—			—			—			(2	)					(25	)		—			—		27			0.02
Equity method investee items		—			—			—			—			3						—			(12	)		—		9			0.01

Adjusted (Non-GAAP)	$	1,008		$	(17	)	$	101		$	924		$	220			23.8	%	$	—		$	(112	)	$	1	$	815		$	0.56
Net earnings from divestitures - KDP		—			—			—			—			(1	)					—			5			—		(4	)		—
Change in equity method investee items		—			—			—			—			—						—			1			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,008		$	(17	)	$	101		$	924		$	219			23.7	%	$	—		$	(106	)	$	1	$	810		$	0.56

Diluted Average Shares Outstanding																															1,458

⁽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.d

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 March 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)	$	856		$	(33	)	$	190		$	699		$	148			21.2	%	$	(71	)	$	(121	)	$	7	$	736		$	0.51
Simplify to Grow Program		58			—			—			58			13						—			—			—		45			0.03
Mark-to-market (gains)/losses from derivatives		185			—			1			184			32						—			—			—		152			0.11
Acquisition-related costs		5			—			—			5			1						—			—			—		4			—
Net earnings from divestitures		—			—			—			—			—						—			8			—		(8	)		—
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		—			—			(3	)		3			1						—			—			—		2			—
Loss related to interest rate swaps		—			—			(103	)		103			24						—			—			—		79			0.06
Gain on equity method investment transactions		—			—			—			—			(17	)					71			—			—		(54	)		(0.04	)
Equity method investee items		—			—			—			—			1						—			(7	)		—		6			—

Adjusted (Non-GAAP)	$	1,106		$	(33	)	$	85		$	1,054		$	203			19.3	%	$	—		$	(120	)	$	7	$	964		$	0.67
Net earnings from divestitures - KDP		—			—			—			—			(2	)					—			8			—		(6	)		(0.01	)
Change in equity method investee items		—			—			—			—			—						—			—			—		—			—

Adjusted (Non-GAAP) - As Recast	$	1,106		$	(33	)	$	85		$	1,054		$	201			19.1	%	$	—		$	(112	)	$	7	$	958		$	0.66

Currency																												43			0.03

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	1,001		$	0.69

Diluted Average Shares Outstanding																															1,445

	For the Three Months Ended March 31, 2019
	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)	$	1,036		$	(17	)	$	80		$	973		$	189			19.4	%	$	(23	)	$	(166	)	$	6	$	967		$	0.66
Simplify to Grow Program		70			—			—			70			19						—			—			—		51			0.03
Mark-to-market (gains)/losses from derivatives		(16	)		—			—			(16	)		(3	)					—			—			—		(13	)		(0.01	)
Divestiture-related costs		(1	)		—			—			(1	)		—						—			—			—		(1	)		—
Net earnings from divestitures		(4	)		—			—			(4	)		—						—			15			—		(19	)		(0.01	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
CEO transition remuneration		3			—			—			3			—						—			—			—		3			—
U.S. tax reform discrete net tax expense		—			—			—			—			(1	)					—			—			—		1			—
Gain on equity method investment transactions		—			—			—			—			(5	)					23			—			—		(18	)		(0.01	)
Equity method investee items		—			—			—			—			4						—			(17	)		—		13			0.01

Adjusted (Non-GAAP)	$	1,090		$	(17	)	$	80		$	1,027		$	203			19.8	%	$	—		$	(168	)	$	6	$	986		$	0.67
Net earnings from divestitures - KDP		—			—			—			—			(1	)					—			5			—		(4	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			3			—		(2	)		—

Adjusted (Non-GAAP) - As Recast	$	1,090		$	(17	)	$	80		$	1,027		$	201			19.6	%	$	—		$	(160	)	$	6	$	980		$	0.67

Diluted Average Shares Outstanding																															1,461

⁽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.e

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, 2019
	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)	$	3,843		$	(60	)	$	456		$	3,447		$	2			0.1	%	$	2		$	(501	)	$	15	$	3,929		$	2.69
Simplify to Grow Program		442			(6	)		—			448			103						—			—			—		345			0.24
Intangible asset impairment charges		57			—			—			57			14						—			—			—		43			0.03
Mark-to-market (gains)/losses from derivatives		(91	)		—			(1	)		(90	)		(19	)					—			—			—		(71	)		(0.05	)
Acquisition-related costs		3			—			—			3			1						—			—			—		2			—
Divestiture-related costs		6			—			—			6			—						—			—			—		6			—
Net earnings from divestitures		(9	)		—			—			(9	)		(2	)					—			40			—		(47	)		(0.03	)
Gain on divestitures		(44	)		—			—			(44	)		(3	)					—			—			—		(41	)		(0.03	)
Remeasurement of net monetary position		(4	)		—			—			(4	)		—						—			—			—		(4	)		—
Impact from pension participation changes		(35	)		—			(6	)		(29	)		(8	)					—			—			—		(21	)		(0.02	)
Impact from resolution of tax matters		85			—			—			85			21						—			—			—		64			0.05
CEO transition remuneration		9			—			—			9			—						—			—			—		9			0.01
Loss related to interest rate swaps		—			—			(111	)		111			—						—			—			—		111			0.08
Swiss tax reform net impacts		2			—			—			2			769						—			—			—		(767	)		(0.53	)
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			(5	)					—			—			—		5			—
Loss on equity method investment transactions		—			—			—			—			(6	)					(2	)		—			—		8			0.01
Equity method investee items		—			—			—			—			11						—			(55	)		—		44			0.03

Adjusted (Non-GAAP)	$	4,264		$	(66	)	$	338		$	3,992		$	878			22.0	%	$	—		$	(516	)	$	15	$	3,615		$	2.48
Net earnings from divestitures - KDP		—			—			—			—			(5	)					—			22			—		(17	)		(0.02	)
Change in equity method investee items		—			—			—			—			(2	)					—			7			—		(5	)		—

Adjusted (Non-GAAP) - As Recast	$	4,264		$	(66	)	$	338		$	3,992		$	871			21.8	%	$	—		$	(487	)	$	15	$	3,593		$	2.46

Currency																												220			0.16

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	3,813		$	2.62

Diluted Average Shares Outstanding																															1,458

	For the Twelve Months Ended December 31, 2018
	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)	$	3,312		$	(50	)	$	520		$	2,842		$	773			27.2	%	$	(778	)	$	(484	)	$	14	$	3,317		$	2.23
Simplify to Grow Program		626			(5	)		—			631			156						—			—			—		475			0.32
Intangible asset impairment charges		68			—			—			68			16						—			—			—		52			0.03
Mark-to-market (gains)/losses from derivatives		(141	)		—			1			(142	)		(10	)					—			—			—		(132	)		(0.09	)
Acquisition integration costs		3			—			—			3			—						—			—			—		3			—
Acquisition-related costs		13			—			—			13			3						—			—			—		10			0.01
Divestiture-related costs		(1	)		—			—			(1	)		(2	)					—			—			—		1			—
Net earnings from divestitures		(19	)		—			—			(19	)		(2	)					—			30			—		(47	)		(0.03	)
Remeasurement of net monetary position		11			—			—			11			—						—			—			—		11			0.01
Impact from pension participation changes		423			—			(6	)		429			108						—			—			—		321			0.22
Impact from resolution of tax matters		(15	)		—			(4	)		(11	)		6						—			—			—		(17	)		(0.01	)
CEO transition remuneration		22			—			—			22			5						—			—			—		17			0.01
Gain related to interest rate swaps		—			—			10			(10	)		(2	)					—			—			—		(8	)		(0.01	)
Loss on debt extinguishment and related expenses		—			—			(140	)		140			35						—			—			—		105			0.07
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			(19	)					—			—			—		19			0.01
Gain on equity method investment transactions		—			—			—			—			(192	)					778			—			—		(586	)		(0.39	)
Equity method investee items		—			—			—			—			(16	)					—			41			—		(25	)		(0.01	)

Adjusted (Non-GAAP)	$	4,302		$	(55	)	$	381		$	3,976		$	859			21.6	%	$	—		$	(413	)	$	14	$	3,516		$	2.37
Net earnings from divestitures - KDP		—			—			—			—			(7	)					—			29			—		(22	)		(0.01	)
Change in equity method investee items		—			—			—			—			1						—			(9	)		—		8			—

Adjusted (Non-GAAP) - As Recast	$	4,302		$	(55	)	$	381		$	3,976		$	853			21.5	%	$	—		$	(393	)	$	14	$	3,502		$	2.36

Diluted Average Shares Outstanding																															1,486

⁽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.f

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, 2019
	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)	$	906		$	(18	)	$	70		$	854		$	230			26.9	%	$	—		$	(112	)	$	3	$	733		$	0.50
Simplify to Grow Program		138			—			—			138			36						—			—			—		102			0.07
Mark-to-market (gains)/losses from derivatives		(22	)		—			1			(23	)		(5	)					—			—			—		(18	)		(0.01	)
Acquisition-related costs		1			—			—			1			—						—			—			—		1			—
Net earnings from divestitures		—			—			—			—			(1	)					—			8			—		(7	)		—
Remeasurement of net monetary position		(6	)		—			—			(6	)		—						—			—			—		(6	)		—
Impact from pension participation changes		—			—			(3	)		3			1						—			—			—		2			—
Impact from resolution of tax matters		85			—			—			85			21						—			—			—		64			0.04
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			(3	)					—			—			—		3			—
Equity method investee items		—			—			—			—			2						—			(15	)		—		13			0.01
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	1,101		$	(18	)	$	68		$	1,051		$	281			26.7	%	$	—		$	(119	)	$	3	$	886		$	0.61
Net earnings from divestitures - KDP		—			—			—			—			(1	)					—			6			—		(5	)		—
Change in equity method investee items		—			—			—			—			—						—			1			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,101		$	(18	)	$	68		$	1,051		$	280			26.6	%	$	—		$	(112	)	$	3	$	880		$	0.61

Currency																												34			0.02

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	914		$	0.63

Diluted Average Shares Outstanding																															1,453

	For the Three Months Ended December 31, 2018
	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)	$	870		$	(3	)	$	106		$	767		$	111			14.5	%	$	(21	)	$	(83	)	$	3	$	757		$	0.51
Simplify to Grow Program		194			(2	)		—			196			45						—			—			—		151			0.10
Mark-to-market (gains)/losses from derivatives		40			—			2			38			17						—			—			—		21			0.02
Acquisition integration costs		1			—			—			1			—						—			—			—		1			—
Acquisition-related costs		(1	)		—			—			(1	)		—						—			—			—		(1	)		—
Divestiture-related costs		2			—			—			2			—						—			—			—		2			—
Net earnings from divestitures		(5	)		—			—			(5	)		1						—			6			—		(12	)		(0.01	)
Remeasurement of net monetary position		(2	)		—			—			(2	)		—						—			—			—		(2	)		—
Impact from pension participation changes		15			—			(3	)		18			4						—			—			—		14			0.01
Impact from resolution of tax matters		(26	)		—			—			(26	)		(9	)					—			—			—		(17	)		(0.01	)
CEO transition remuneration		4			—			—			4			1						—			—			—		3			—
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			77						—			—			—		(77	)		(0.05	)
Gain on equity method investment transactions		—			—			—			—			(8	)					21			—			—		(13	)		(0.01	)
Equity method investee items		—			—			—			—			7						—			(38	)		—		31			0.02
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	1,091		$	(5	)	$	105		$	991		$	246			24.8	%	$	—		$	(115	)	$	3	$	857		$	0.58
Net earnings from divestitures - KDP		—			—			—			—			(1	)					—			3			—		(2	)		—
Change in equity method investee items		—			—			—			—			(2	)					—			4			—		(2	)		—

Adjusted (Non-GAAP) - As Recast	$	1,091		$	(5	)	$	105		$	991		$	243			24.5	%	$	—		$	(108	)	$	3	$	853		$	0.58

Diluted Average Shares Outstanding																															1,470

⁽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.g

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 September 30, 2019
	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)	$	876		$	(13	)	$	205		$	684		$	(633	)		(92.5	)%	$	—		$	(114	)	$	5	$	1,426		$	0.98
Simplify to Grow Program		151			(1	)		—			152			29						—			—			—		123			0.08
Intangible asset impairment charges		57			—			—			57			14						—			—			—		43			0.03
Mark-to-market (gains)/losses from derivatives		(20	)		—			(2	)		(18	)		(8	)					—			—			—		(10	)		(0.01	)
Acquisition-related costs		1			—			—			1			1						—			—			—		—			—
Divestiture-related costs		(4	)		—			—			(4	)		(1	)					—			—			—		(3	)		—
Net earnings from divestitures		—			—			—			—			—						—			8			—		(8	)		—
Gain on divestitures		(3	)		—			—			(3	)		1						—			—			—		(4	)		—
Remeasurement of net monetary position		1			—			—			1			—						—			—			—		1			—
Impact from pension participation changes		—			—			(3	)		3			—						—			—			—		3			—
CEO transition remuneration		3			—			—			3			—						—			—			—		3			—
Loss related to interest rate swaps		—			—			(111	)		111			—						—			—			—		111			0.08
Swiss tax reform net impacts		2			—			—			2			769						—			—			—		(767	)		(0.53	)
Equity method investee items		—			—			—			—			2						—			(11	)		—		9			0.01
Rounding		1			—			—			1			—						—			—			—		1			—

Adjusted (Non-GAAP)	$	1,065		$	(14	)	$	89		$	990		$	174			17.6	%	$	—		$	(117	)	$	5	$	928		$	0.64
Net earnings from divestitures - KDP		—			—			—			—			(2	)					—			6			—		(4	)		(0.01	)
Change in equity method investee items		—			—			—			—			(1	)					—			2			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,065		$	(14	)	$	89		$	990		$	171			17.3	%	$	—		$	(109	)	$	5	$	923		$	0.63

Currency																												47			0.04

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	975		$	0.67

Diluted Average Shares Outstanding																															1,458

	For the Three Months Ended September 30, 2018

	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)	$	737		$	(19	)	$	86		$	670		$	310			46.3	%	$	(757	)	$	(84	)	$	3	$	1,198		$	0.81
Simplify to Grow Program		139			—			—			139			34						—			—			—		105			0.07
Intangible asset impairment charges		68			—			—			68			16						—			—			—		52			0.03
Mark-to-market (gains)/losses from derivatives		112			—			(1	)		113			12						—			—			—		101			0.07
Acquisition integration costs		(1	)		—			—			(1	)		—						—			—			—		(1	)		—
Acquisition-related costs		1			—			—			1			—						—			—			—		1			—
Net earnings from divestitures		(6	)		—			—			(6	)		(1	)					—			6			—		(11	)		(0.01	)
Remeasurement of net monetary position		13			—			—			13			—						—			—			—		13			0.01
Impact from pension participation changes		—			—			(3	)		3			1						—			—			—		2			—
CEO transition remuneration		4			—			—			4			1						—			—			—		3			—
Gain related to interest rate swaps		—			—			1			(1	)		—						—			—			—		(1	)		—
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			(9	)					—			—			—		9			0.01
Gain on equity method investment transactions		—			—			—			—			(184	)					757			—			—		(573	)		(0.39	)
Equity method investee items		—			—			—			—			2						—			(9	)		—		7			0.01
Rounding		1			—			—			1			—						—			—			—		1			—

Adjusted (Non-GAAP)	$	1,068		$	(19	)	$	83		$	1,004		$	182			18.1	%	$	—		$	(87	)	$	3	$	906		$	0.61
Net earnings from divestitures - KDP		—			—			—			—			—						—			2			—		(2	)		—
Change in equity method investee items		—			—			—			—			(2	)					—			3			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,068		$	(19	)	$	83		$	1,004		$	180			17.9	%	$	—		$	(82	)	$	3	$	903		$	0.61

Diluted Average Shares Outstanding																															1,480

⁽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.h

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 June 30, 2019
	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)	$	1,025		$	(12	)	$	101		$	936		$	216			23.1	%	$	25		$	(109	)	$	1	$	803		$	0.55
Simplify to Grow Program		83			(5	)		—			88			19						—			—			—		69			0.05
Mark-to-market (gains)/losses from derivatives		(33	)		—			—			(33	)		(3	)					—			—			—		(30	)		(0.02	)
Acquisition-related costs		1			—			—			1			—						—			—			—		1			—
Divestiture-related costs		11			—			—			11			1						—			—			—		10			0.01
Net earnings from divestitures		(5	)		—			—			(5	)		(1	)					—			9			—		(13	)		(0.01	)
Gain on divestitures		(41	)		—			—			(41	)		(3	)					—			—			—		(38	)		(0.03	)
Remeasurement of net monetary position		(1	)		—			—			(1	)		—						—			—			—		(1	)		—
Impact from pension participation changes		(35	)		—			—			(35	)		(9	)					—			—			—		(26	)		(0.02	)
CEO transition remuneration		3			—			—			3			—						—			—			—		3			—
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			(1	)					—			—			—		1			—
Loss on equity method investment transactions		—			—			—			—			(2	)					(25	)		—			—		27			0.02
Equity method investee items		—			—			—			—			3						—			(12	)		—		9			0.01

Adjusted (Non-GAAP)	$	1,008		$	(17	)	$	101		$	924		$	220			23.8	%	$	—		$	(112	)	$	1	$	815		$	0.56
Net earnings from divestitures - KDP		—			—			—			—			(1	)					—			5			—		(4	)		—
Change in equity method investee items		—			—			—			—			—						—			1			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,008		$	(17	)	$	101		$	924		$	219			23.7	%	$	—		$	(106	)	$	1	$	810		$	0.56

Currency																												52			0.03

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	862		$	0.59

Diluted Average Shares Outstanding																															1,458

	For the Three Months Ended June 30, 2018
	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)	$	481		$	(15	)	$	248		$	248		$	15			6.0	%	$	—		$	(88	)	$	2	$	319		$	0.21
Simplify to Grow Program		179			(3	)		—			182			47						—			—			—		135			0.09
Mark-to-market (gains)/losses from derivatives		(88	)		—			—			(88	)		(14	)					—			—			—		(74	)		(0.05	)
Acquisition integration costs		2			—			—			2			—						—			—			—		2			—
Acquisition-related costs		13			—			—			13			3						—			—			—		10			0.01
Net earnings from divestitures		(2	)		—			—			(2	)		(3	)					—			6			—		(5	)		—
Impact from pension participation changes		408			—			—			408			103						—			—			—		305			0.20
Impact from resolution of tax matters		11			—			(4	)		15			15						—			—			—		—			—
CEO transition remuneration		10			—			—			10			2						—			—			—		8			0.01
Loss related to interest rate swaps		—			—			(5	)		5			1						—			—			—		4			—
Loss on debt extinguishment and related expenses		—			—			(140	)		140			35						—			—			—		105			0.07
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			2						—			—			—		(2	)		—
Equity method investee items		—			—			—			—			1						—			(8	)		—		7			0.01
Rounding		2			—			—			2			—						—			—			—		2			—

Adjusted (Non-GAAP)	$	1,016		$	(18	)	$	99		$	935		$	207			22.1	%	$	—		$	(90	)	$	2	$	816		$	0.55
Net earnings from divestitures - KDP		—			—			—			—			(1	)					—			3			—		(2	)		—
Change in equity method investee items		—			—			—			—			1						—			—			—		(1	)		—

Adjusted (Non-GAAP) - As Recast	$	1,016		$	(18	)	$	99		$	935		$	207			22.1	%	$	—		$	(87	)	$	2	$	813		$	0.55

Diluted Average Shares Outstanding																															1,488

⁽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.i

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 March 31, 2019
	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)	$	1,036		$	(17	)	$	80	$	973		$	189			19.4	%	$	(23	)	$	(166	)	$	6	$	967		$	0.66
Simplify to Grow Program		70			—			—		70			19						—			—			—		51			0.03
Mark-to-market (gains)/losses from derivatives		(16	)		—			—		(16	)		(3	)					—			—			—		(13	)		(0.01	)
Divestiture-related costs		(1	)		—			—		(1	)		—						—			—			—		(1	)		—
Net earnings from divestitures		(4	)		—			—		(4	)		—						—			15			—		(19	)		(0.01	)
Remeasurement of net monetary position		2			—			—		2			—						—			—			—		2			—
CEO transition remuneration		3			—			—		3			—						—			—			—		3			—
U.S. tax reform discrete net tax (benefit)/expense		—			—			—		—			(1	)					—			—			—		1			—
Gain on equity method investment transactions		—			—			—		—			(5	)					23			—			—		(18	)		(0.01	)
Equity method investee items		—			—			—		—			4						—			(17	)		—		13			0.01

Adjusted (Non-GAAP)	$	1,090		$	(17	)	$	80	$	1,027		$	203			19.8	%	$	—		$	(168	)	$	6	$	986		$	0.67
Net earnings from divestitures - KDP		—			—			—		—			(1	)					—			5			—		(4	)		—
Change in equity method investee items		—			—			—		—			(1	)					—			3			—		(2	)		—

Adjusted (Non-GAAP) - As Recast	$	1,090		$	(17	)	$	80	$	1,027		$	201			19.6	%	$	—		$	(160	)	$	6	$	980		$	0.67

Currency																											87			0.06

Adjusted @ Constant FX (Non-GAAP) - As Recast																										$	1,067		$	0.73

Diluted Average Shares Outstanding																														1,461

	For the Three Months Ended March 31, 2018
	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)	$	1,224		$	(13	)	$	80	$	1,157		$	337			29.1	%	$	—		$	(229	)	$	6	$	1,043		$	0.69
Simplify to Grow Program		114			—			—		114			30						—			—			—		84			0.06
Mark-to-market (gains)/losses from derivatives		(206	)		—			—		(206	)		(25	)					—			—			—		(181	)		(0.12	)
Acquisition integration costs		1			—			—		1			—						—			—			—		1			—
Divestiture-related costs		(3	)		—			—		(3	)		(2	)					—			—			—		(1	)		—
Net earnings from divestitures		(6	)		—			—		(6	)		1						—			12			—		(19	)		(0.01	)
CEO transition remuneration		4			—			—		4			1						—			—			—		3			—
Gain related to interest rate swaps		—			—			14		(14	)		(3	)					—			—			—		(11	)		(0.01	)
U.S. tax reform discrete net tax (benefit)/expense		—			—			—		—			(89	)					—			—			—		89			0.06
Equity method investee items		—			—			—		—			(26	)					—			96			—		(70	)		(0.05	)
Rounding		(1	)		—			—		(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	1,127		$	(13	)	$	94	$	1,046		$	224			21.4	%	$	—		$	(121	)	$	6	$	937		$	0.62
Net earnings from divestitures - KDP		—			—			—		—			(5	)					—			21			—		(16	)		(0.01	)
Change in equity method investee items		—			—			—		—			4						—			(16	)		—		12			0.01

Adjusted (Non-GAAP) - As Recast	$	1,127		$	(13	)	$	94	$	1,046		$	223			21.3	%	$	—		$	(116	)	$	6	$	933		$	0.62

Diluted Average Shares Outstanding																														1,505

⁽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.j

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, 2018
	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)	$	3,312		$	(50	)	$	520		$	2,842		$	773			27.2	%	$	(778	)	$	(484	)	$	14	$	3,317		$	2.23
Simplify to Grow Program		626			(5	)		—			631			156						—			—			—		475			0.32
Intangible asset impairment charges		68			—			—			68			16						—			—			—		52			0.03
Mark-to-market (gains)/losses from derivatives		(141	)		—			1			(142	)		(10	)					—			—			—		(132	)		(0.09	)
Acquisition integration costs		3			—			—			3			—						—			—			—		3			—
Acquisition-related costs		13			—			—			13			3						—			—			—		10			0.01
Divestiture-related costs		(1	)		—			—			(1	)		(2	)					—			—			—		1			—
Net earnings from divestitures		(19	)		—			—			(19	)		(2	)					—			30			—		(47	)		(0.03	)
Remeasurement of net monetary position		11			—			—			11			—						—			—			—		11			0.01
Impact from pension participation changes		423			—			(6	)		429			108						—			—			—		321			0.22
Impact from resolution of tax matters		(15	)		—			(4	)		(11	)		6						—			—			—		(17	)		(0.01	)
CEO transition remuneration		22			—			—			22			5						—			—			—		17			0.01
Gain related to interest rate swaps		—			—			10			(10	)		(2	)					—			—			—		(8	)		(0.01	)
Loss on debt extinguishment and related expenses		—			—			(140	)		140			35						—			—			—		105			0.07
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			(19	)					—			—			—		19			0.01
Gain on equity method investment transactions		—			—			—			—			(192	)					778			—			—		(586	)		(0.39	)
Equity method investee items		—			—			—			—			(16	)					—			41			—		(25	)		(0.01	)

Adjusted (Non-GAAP)	$	4,302		$	(55	)	$	381		$	3,976		$	859			21.6	%	$	—		$	(413	)	$	14	$	3,516		$	2.37
Net earnings from divestitures - KDP		—			—			—			—			(7	)					—			29			—		(22	)		(0.01	)
Change in equity method investee items		—			—			—			—			1						—			(9	)		—		8			—

Adjusted (Non-GAAP) - As Recast	$	4,302		$	(55	)	$	381		$	3,976		$	853			21.5	%	$	—		$	(393	)	$	14	$	3,502		$	2.36

Currency																												35			0.02

Adjusted @ Constant FX (Non-GAAP) - As Recast																											$	3,537		$	2.38

Diluted Average Shares Outstanding																															1,486

	For the Twelve Months Ended December 31, 2017
	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)	$	3,462		$	(44	)	$	382		$	3,124		$	666			21.3	%	$	(40	)	$	(315	)	$	14	$	2,799		$	1.83
Simplify to Grow Program		777			(15	)		—			792			190						—			—			—		602			0.39
Intangible asset impairment charges		109			—			—			109			30						—			—			—		79			0.05
Mark-to-market (gains)/losses from derivatives		96			—			—			96			6						—			—			—		90			0.06
Malware incident incremental expenses		84			—			—			84			27						—			—			—		57			0.04
Acquisition integration costs		3			—			—			3			—						—			—			—		3			—
Divestiture-related costs		31			—			(3	)		34			(8	)					—			—			—		42			0.02
Net earnings from divestitures		(92	)		—			—			(92	)		(17	)					—			22			—		(97	)		(0.06	)
Gain on divestitures		(186	)		—			—			(186	)		(7	)					—			—			—		(179	)		(0.11	)
Impacts from resolution of tax matters		(209	)		—			72			(281	)		(75	)					—			—			—		(206	)		(0.13	)
CEO transition remuneration		14			—			—			14			5						—			—			—		9			0.01
Loss on debt extinguishment and related expenses		—			—			(11	)		11			4						—			—			—		7			—
U.S. tax reform discrete net tax (benefit)/expense		—			—			—			—			44						—			—			—		(44	)		(0.03	)
Gain on equity method investment transactions		—			—			—			—			(15	)					40			—			—		(25	)		(0.02	)
Equity method investee items		—			—			—			—			10						—			(61	)		—		51			0.03
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	4,088		$	(59	)	$	440		$	3,707		$	860			23.2	%	$	—		$	(354	)	$	14	$	3,187		$	2.08
Net earnings from divestitures - KDP		—			—			—			—			(5	)					—			13			—		(8	)		—
Change in equity method investee items		—			—			—			—			(2	)					—			4			—		(2	)		—

Adjusted (Non-GAAP) - As Recast	$	4,088		$	(59	)	$	440		$	3,707		$	853			23.0	%	$	—		$	(337	)	$	14	$	3,177		$	2.08

Diluted Average Shares Outstanding																															1,531

⁽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 2.a

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Nine Months Ended September 30,
	2020			2019			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	1.66		$	2.19		$	(0.53	)		(24.2	)%
Simplify to Grow Program		0.14			0.17			(0.03	)
Intangible asset impairment charges		0.08			0.03			0.05
Mark-to-market (gains)/losses from derivatives		0.03			(0.04	)		0.07
Acquisition-related costs		0.01			—			0.01
Divestiture-related costs		—			0.01			(0.01	)
Net earnings from divestitures		(0.01	)		(0.03	)		0.02
Net gain on divestiture		—			(0.03	)		0.03
Costs associated with JDE Peet’s transaction		0.21			—			0.21
Impact from pension participation changes		0.01			(0.02	)		0.03
CEO transition remuneration		—			0.01			(0.01	)
Loss related to interest rate swaps		0.05			0.08			(0.03	)
Swiss tax reform net impacts		—			(0.53	)		0.53
(Gain)/loss on equity method investment transactions		(0.31	)		0.01			(0.32	)
Equity method investee items		0.05			0.02			0.03

Adjusted EPS (Non-GAAP)	$	1.92		$	1.87		$	0.05			2.7	%
Net earnings from divestitures - KDP		(0.01	)		(0.01	)		—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	1.91		$	1.86		$	0.05			2.7	%
Impact of unfavorable currency		0.05			—			0.05

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	1.96		$	1.86		$	0.10			5.4	%

Schedule 2.b

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended September 30,
	2020			2019			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.78		$	0.98		$	(0.20	)		(20.4	)%
Simplify to Grow Program		0.06			0.08			(0.02	)
Intangible asset impairment charges		0.03			0.03			—
Mark-to-market (gains)/losses from derivatives		(0.08	)		(0.01	)		(0.07	)
Loss related to interest rate swaps		—			0.08			(0.08	)
Swiss tax reform net impacts		—			(0.53	)		0.53
Gain on equity method investment transactions		(0.19	)		—			(0.19	)
Equity method investee items		0.03			0.01			0.02

Adjusted EPS (Non-GAAP)	$	0.63		$	0.64		$	(0.01	)		(1.6	)%
Net earnings from divestitures - KDP		—			(0.01	)		0.01
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	0.63		$	0.63		$	—			0.0	%
Impact of unfavorable currency		—			—			—

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.63		$	0.63		$	—			0.0	%

Schedule 2.c

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended June 30,
	2020			2019			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.38		$	0.55		$	(0.17	)		(30.9	)%
Simplify to Grow Program		0.04			0.05			(0.01	)
Intangible asset impairment charges		0.05			—			0.05
Mark-to-market (gains)/losses from derivatives		—			(0.02	)		0.02
Acquisition-related costs		0.01			—			0.01
Divestiture-related costs		—			0.01			(0.01	)
Net earnings from divestitures		(0.01	)		(0.01	)		—
Net gain on divestiture		—			(0.03	)		0.03
Costs associated with JDE Peet’s transaction		0.21			—			0.21
Impact from pension participation changes		—			(0.02	)		0.02
(Gain)/loss on equity method investment transactions		(0.08	)		0.02			(0.10	)
Equity method investee items		0.02			0.01			0.01

Adjusted EPS (Non-GAAP)	$	0.62		$	0.56		$	0.06			10.7	%
Net earnings from divestitures - KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	0.62		$	0.56		$	0.06			10.7	%
Impact of unfavorable currency		0.02			—			0.02

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.64		$	0.56		$	0.08			14.3	%

Schedule 2.d

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended March 31,
	2020			2019			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.51		$	0.66		$	(0.15	)		(22.7	)%
Simplify to Grow Program		0.03			0.03			—
Mark-to-market (gains)/losses from derivatives		0.11			(0.01	)		0.12
Net earnings from divestitures		—			(0.01	)		0.01
Loss related to interest rate swaps		0.06			—			0.06
Gain on equity method investment transactions		(0.04	)		(0.01	)		(0.03	)
Equity method investee items		—			0.01			(0.01	)

Adjusted EPS (Non-GAAP)	$	0.67		$	0.67		$	—			0.0	%
Net earnings from divestitures - KDP		(0.01	)		—			(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	0.66		$	0.67		$	(0.01	)		(1.5	)%
Impact of unfavorable currency		0.03			—			0.03

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.69		$	0.67		$	0.02			3.0	%

Schedule 2.e

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Twelve Months Ended December 31,
	2019			2018			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	2.69		$	2.23		$	0.46			20.6	%
Simplify to Grow Program		0.24			0.32			(0.08	)
Intangible asset impairment charges		0.03			0.03			—
Mark-to-market (gains)/losses from derivatives		(0.05	)		(0.09	)		0.04
Acquisition-related costs		—			0.01			(0.01	)
Net earnings from divestitures		(0.03	)		(0.03	)		—
Gain on divestitures		(0.03	)		—			(0.03	)
Remeasurement of net monetary position		—			0.01			(0.01	)
Impact from pension participation changes		(0.02	)		0.22			(0.24	)
Impact from resolution of tax matters		0.05			(0.01	)		0.06
CEO transition remuneration		0.01			0.01			—
(Gain)/loss related to interest rate swaps		0.08			(0.01	)		0.09
Loss on debt extinguishment and related expenses		—			0.07			(0.07	)
Swiss tax reform net impacts		(0.53	)		—			(0.53	)
U.S. tax reform discrete net tax (benefit)/expense		—			0.01			(0.01	)
(Gain)/loss on equity method investment transactions		0.01			(0.39	)		0.40
Equity method investee items		0.03			(0.01	)		0.04

Adjusted EPS (Non-GAAP)	$	2.48		$	2.37		$	0.11			4.6	%
Net earnings from divestitures - KDP		(0.02	)		(0.01	)		(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	2.46		$	2.36		$	0.10			4.2	%
Impact of unfavorable currency		0.16			—			0.16

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	2.62		$	2.36		$	0.26			11.0	%

Schedule 2.f

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended December 31,
	2019			2018			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.50		$	0.51		$	(0.01	)		(2.0	)%
Simplify to Grow Program		0.07			0.10			(0.03	)
Mark-to-market (gains)/losses from derivatives		(0.01	)		0.02			(0.03	)
Net earnings from divestitures		—			(0.01	)		0.01
Impact from pension participation changes		—			0.01			(0.01	)
Impact from resolution of tax matters		0.04			(0.01	)		0.05
U.S. tax reform discrete net tax (benefit)/expense		—			(0.05	)		0.05
Gain on equity method investment transactions		—			(0.01	)		0.01
Equity method investee items		0.01			0.02			(0.01	)

Adjusted EPS (Non-GAAP)	$	0.61		$	0.58		$	0.03			5.2	%
Net earnings from divestitures - KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	0.61		$	0.58		$	0.03			5.2	%
Impact of unfavorable currency		0.02			—			0.02

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.63		$	0.58		$	0.05			8.6	%

Schedule 2.g

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended September 30,
	2019			2018			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.98		$	0.81		$	0.17			21.0	%
Simplify to Grow Program		0.08			0.07			0.01
Intangible asset impairment charges		0.03			0.03			—
Mark-to-market (gains)/losses from derivatives		(0.01	)		0.07			(0.08	)
Net earnings from divestitures		—			(0.01	)		0.01
Remeasurement of net monetary position		—			0.01			(0.01	)
Loss related to interest rate swaps		0.08			—			0.08
Swiss tax reform net impacts		(0.53	)		—			(0.53	)
U.S. tax reform discrete net tax (benefit)/expense		—			0.01			(0.01	)
Gain on equity method investment transactions		—			(0.39	)		0.39
Equity method investee items		0.01			0.01			—

Adjusted EPS (Non-GAAP)	$	0.64		$	0.61		$	0.03			4.9	%
Net earnings from divestitures - KDP		(0.01	)		—			(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	0.63		$	0.61		$	0.02			3.3	%
Impact of unfavorable currency		0.04			—			0.04

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.67		$	0.61		$	0.06			9.8	%

Schedule 2.h

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended June 30,
	2019			2018			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.55		$	0.21		$	0.34			161.9	%
Simplify to Grow Program		0.05			0.09			(0.04	)
Mark-to-market (gains)/losses from derivatives		(0.02	)		(0.05	)		0.03
Acquisition-related costs		—			0.01			(0.01	)
Divestiture-related costs		0.01			—			0.01
Net earnings from divestitures		(0.01	)		—			(0.01	)
Gain on divestitures		(0.03	)		—			(0.03	)
Impact from pension participation changes		(0.02	)		0.20			(0.22	)
CEO transition remuneration		—			0.01			(0.01	)
Loss on debt extinguishment and related expenses		—			0.07			(0.07	)
Net loss on equity method investment transactions		0.02			—			0.02
Equity method investee items		0.01			0.01			—

Adjusted EPS (Non-GAAP)	$	0.56		$	0.55		$	0.01			1.8	%
Net earnings from divestitures - KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	0.56		$	0.55		$	0.01			1.8	%
Impact of unfavorable currency		0.03			—			0.03

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.59		$	0.55		$	0.04			7.3	%

Schedule 2.i

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended March 31,
	2019			2018			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.66		$	0.69		$	(0.03	)		(4.3	)%
Simplify to Grow Program		0.03			0.06			(0.03	)
Mark-to-market (gains)/losses from derivatives		(0.01	)		(0.12	)		0.11
Net earnings from divestitures		(0.01	)		(0.01	)		—
Gain related to interest rate swaps		—			(0.01	)		0.01
U.S. tax reform discrete net tax (benefit)/expense		—			0.06			(0.06	)
Gain on equity method investment transactions		(0.01	)		—			(0.01	)
Equity method investee items		0.01			(0.05	)		0.06

Adjusted EPS (Non-GAAP)	$	0.67		$	0.62		$	0.05			8.1	%
Net earnings from divestitures - KDP		—			(0.01	)		0.01
Change in equity method investee items		—			0.01			(0.01	)

Adjusted EPS (Non-GAAP) - As Recast	$	0.67		$	0.62		$	0.05			8.1	%
Impact of unfavorable currency		0.06			—			0.06

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	0.73		$	0.62		$	0.11			17.7	%

Schedule 2.j

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Twelve Months Ended December 31,
	2018			2017			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	2.23		$	1.83		$	0.40			21.9	%
Simplify to Grow Program		0.32			0.39			(0.07	)
Intangible asset impairment charges		0.03			0.05			(0.02	)
Mark-to-market (gains)/losses from derivatives		(0.09	)		0.06			(0.15	)
Malware incident incremental expenses		—			0.04			(0.04	)
Acquisition-related costs		0.01			—			0.01
Divestiture-related costs		—			0.02			(0.02	)
Net earnings from divestitures		(0.03	)		(0.06	)		0.03
Gain on divestitures		—			(0.11	)		0.11
Remeasurement of net monetary position		0.01			—			0.01
Impact from pension participation changes		0.22			—			0.22
Impact from resolution of tax matters		(0.01	)		(0.13	)		0.12
CEO transition remuneration		0.01			0.01			—
Gain related to interest rate swaps		(0.01	)		—			(0.01	)
Loss on debt extinguishment and related expenses		0.07			—			0.07
U.S. tax reform discrete net tax (benefit)/expense		0.01			(0.03	)		0.04
Gain on equity method investment transactions		(0.39	)		(0.02	)		(0.37	)
Equity method investee items		(0.01	)		0.03			(0.04	)

Adjusted EPS (Non-GAAP)	$	2.37		$	2.08		$	0.29			13.9	%
Net earnings from divestitures - KDP		(0.01	)		—			(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP) - As Recast	$	2.36		$	2.08		$	0.28			13.5	%
Impact of unfavorable currency		0.02			—			0.02

Adjusted EPS @ Constant FX (Non-GAAP) - As Recast	$	2.38		$	2.08		$	0.30			14.4	%

EX-99.2

Exhibit 99.2

Non-GAAP Financial Measures – Additional Information

We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in our underlying operating results, and provide additional insight and transparency on how we evaluate our business. We use non-GAAP financial measures to budget, make operating and strategic decisions and evaluate our performance. We have detailed below the adjustments that we make in our non-GAAP financial measure that was affected by this partial sale of an equity method investment. The adjustments generally fall within the following categories: acquisition & divestiture activities, gains and losses on intangible asset sales and non-cash impairments, major program restructuring activities, constant currency and related adjustments, major program financing and hedging activities and other major items affecting comparability of operating results. We believe the non-GAAP measures should always be considered along with the related U.S. GAAP financial measures.

The definitions of our non-GAAP financial measures did not change because of this partial sale of an equity method investment. For all periods presented in this Form 8-K, our non-GAAP financial measure Adjusted EPS is defined below and can also be found within our historically reported Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for periods presented. As new events or circumstances arise, this definition could change over time. When definitions change, we provide the updated definitions and present the related non-GAAP historical results on a comparable basis ⁽¹⁾.

Adjusted EPS – defined as diluted EPS attributable to Mondelēz International from continuing operations excluding the impacts of the Simplify to Grow Program ⁽²⁾; gains or losses (including non-cash impairment charges) on goodwill and intangible assets; net earnings from divestitures ⁽³⁾; divestiture ⁽³⁾ or acquisition gains or losses and related divestiture ⁽³⁾, acquisition and integration costs; remeasurement of net monetary position ⁽⁴⁾; mark-to-market impacts from commodity and forecasted currency transaction derivative contracts ⁽⁵⁾; impacts from resolution of tax matters ⁽⁶⁾; CEO transition remuneration ⁽⁷⁾; impact from pension participation changes ⁽⁸⁾; incremental expenses related to the 2017 malware incident; losses on debt extinguishment and related expenses; gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; gains or losses on equity method investment transactions; costs associated with the JDE Peet’s transaction; and U.S. and Swiss tax reform discrete impacts ⁽⁹⁾. Similarly, within Adjusted EPS, our equity method investment net earnings exclude our proportionate share of our investees’ significant operating and non-operating items ⁽¹⁰⁾. We believe that Adjusted EPS provides improved comparability of underlying operating results. We also evaluate growth in our Adjusted EPS on a constant currency basis ⁽¹¹⁾.

(1)

When items no longer impact our current or future presentation of non-GAAP operating results, we remove these items from our non-GAAP definitions. During the second quarter of 2020, we added to the non-GAAP definitions the exclusion of costs associated with the JDE Peet’s transaction. Refer to Note 6, Equity Method Investments, and Note 14, Income Taxes, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 for more information on the JDE Peet’s transaction.

(2)

Non-GAAP adjustments related to the Simplify to Grow Program reflect costs incurred that relate to the objectives of our program to transform our supply chain network and organizational structure. Costs that do not meet the program objectives are not reflected in the non-GAAP adjustments.

(3)

Divestitures include completed sales of businesses (including the partial or full sale of an equity method investment) and exits of major product lines upon completion of a sale or licensing agreement. Refer to Note 2, Divestitures and Acquisitions, in our Annual Report on Form 10-K for the year ended December 31, 2019 for more information on divestitures and acquisitions impacting the comparability of our results.

(4)

During the third quarter of 2018, as we began to apply highly inflationary accounting for Argentina, we excluded the remeasurement gains or losses related to remeasuring net monetary assets or liabilities in Argentina during the period to be consistent with our prior accounting for these remeasurement gains/losses for Venezuela when it was subject to highly inflationary accounting prior to 2016. Refer to Note 1, Summary of Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2019 for additional information.

(5)

During the third quarter of 2016, we began to exclude unrealized gains and losses (mark-to-market impacts) from outstanding commodity and forecasted currency transaction derivatives from our non-GAAP earnings measures until such time that the related exposures impact our operating results. Since we purchase commodity and forecasted currency contracts to mitigate price volatility primarily for inventory requirements in future periods, we made this adjustment to remove the volatility of these future inventory purchases on current operating results to facilitate comparisons of our underlying operating performance across periods. We also discontinued designating commodity and forecasted currency transaction derivatives for hedge accounting treatment. To facilitate comparisons of our underlying operating results, we have recast all historical non-GAAP earnings measures to exclude the mark-to-market impacts.

(6)

Refer to Note 14, Commitments and Contingencies – Tax Matters, in our Annual Report on Form 10-K for the year ended December 31, 2019 for additional information.

(7)

On November 20, 2017, Dirk Van de Put succeeded Irene Rosenfeld as CEO of Mondelēz International in advance of her retirement at the end of March 2018. In order to incent Mr. Van de Put to join us, we provided him compensation with a total combined target value of $42.5 million to make him whole for incentive awards he forfeited or grants that were not made to him when he left his former employer. The compensation we granted took the form of cash, deferred stock units, performance share units and stock options. In connection with Irene Rosenfeld’s retirement, we made her outstanding grants of performance share units for the 2016-2018 and 2017-2019 performance cycles eligible for continued vesting and approved a $0.5 million salary for her service as Chairman from January through March 2018. We refer to these elements of Mr. Van de Put’s and Ms. Rosenfeld’s compensation arrangements together as “CEO transition remuneration.” We are excluding amounts we expense as CEO transition remuneration from our 2017 and future non-GAAP results because those amounts are not part of our regular compensation program and are incremental to amounts we would have incurred as ongoing CEO compensation. As a result, in 2017, we excluded amounts expensed for the cash payment to Mr. Van de Put and partial vesting of his equity grants. In 2018, we excluded amounts paid for Ms. Rosenfeld’s service as Chairman and partial vesting of Mr. Van de Put’s and Ms. Rosenfeld’s equity grants. In 2019, we excluded amounts related to the partial vesting of Mr. Van de Put’s equity grants. During the first quarter of 2020, Mr. Van de Put’s equity grants became fully vested.

(8)

The impact from pension participation changes represents the charges incurred when employee groups are withdrawn from multiemployer pension plans and other changes in employee group pension plan participation. We exclude these charges from our non-GAAP results because those amounts do not reflect our ongoing pension obligations. See Note 11, Benefit Plans, in our Annual Report on Form 10-K for the year ended December 31, 2019 for more information on the multiemployer pension plan withdrawal.

(9)

We exclude the impact of the 2019 Swiss tax reform and 2017 U.S. tax reform. During the third quarter of 2019, Swiss Federal and Zurich Cantonal tax events drove our recognition of a Swiss tax reform net benefit to our results of operations. On December 22, 2017, the United States enacted tax reform legislation that included a broad range of business tax provisions. We exclude these tax reform impacts from our Adjusted EPS as they do not reflect our ongoing tax obligations under the new tax reforms. Refer to our Annual Report on Form 10-K for the year ended December 31, 2019 for more information on the impact of Swiss and U.S. tax reform.

(10)

We have excluded our proportionate share of our equity method investees’ significant operating and non-operating items, such as acquisition and divestiture related costs, restructuring program costs and discrete U.S. tax reform impacts, in order to provide investors with a comparable view of our performance across periods. Although we have shareholder rights and board representation commensurate with our ownership interests in our equity method investees and review the underlying operating results and significant operating and non-operating items with them each reporting period, we do not have direct control over their operations or resulting revenue and expenses. Our use of equity method investment net earnings on an adjusted basis is not intended to imply that we have any such control. Our GAAP “diluted EPS attributable to Mondelēz International from continuing operations” includes all of the investees’ significant operating and non-operating items.

(11)

Constant currency operating results are calculated by dividing or multiplying, as appropriate, the current-period local currency operating results by the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.

We believe that the presentation of these non-GAAP financial measures, when considered together with our U.S. GAAP financial measures and the reconciliations to the corresponding U.S. GAAP financial measures, helps provide a more complete understanding of the factors and trends affecting our business than could be obtained absent these disclosures. Because non-GAAP financial measures vary among companies, the non-GAAP financial measures presented in this report may not be comparable to similarly titled measures used by other companies. Our use of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for any U.S. GAAP financial measure. A limitation of the non-GAAP financial measures is they do not include all items of income and expense that affect us and have an impact on our U.S. GAAP reported results. The best way to address this limitation is by evaluating our non-GAAP financial measures in combination with our U.S. GAAP reported results and carefully evaluating the reconciliations of U.S. GAAP reported figures to the non-GAAP financial measures.