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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, 2021
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/ab25c962cd366cf4da9c1436eefa4c62-mdlz-20210930_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
1.625% Notes due 2027MDLZ27The Nasdaq Stock Market LLC
0.250% Notes due 2028MDLZ28The Nasdaq Stock Market LLC
0.750% Notes due 2033MDLZ33The Nasdaq Stock Market LLC
2.375% Notes due 2035MDLZ35The Nasdaq Stock Market LLC
4.500% Notes due 2035MDLZ35AThe Nasdaq Stock Market LLC
1.375% Notes due 2041MDLZ41The 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 29, 2021, there were 1,394,972,132 shares of the registrant’s Class A Common Stock outstanding.



Table of Contents
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 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,
 2021202020212020
Net revenues$7,182 $6,665 $21,062 $19,283 
Cost of sales4,358 3,873 12,641 11,709 
Gross profit2,824 2,792 8,421 7,574 
Selling, general and administrative expenses1,436 1,484 4,593 4,474 
Asset impairment and exit costs62 123 286 253 
Gain on acquisition  (9) 
Amortization of intangible assets32 50 102 143 
Operating income1,294 1,135 3,449 2,704 
Benefit plan non-service income(37)(38)(135)(102)
Interest and other expense, net82 89 358 364 
Earnings before income taxes1,249 1,084 3,226 2,442 
Income tax provision(342)(391)(952)(880)
Gain on equity method investment transactions250 345 745 537 
Equity method investment net earnings105 84 290 311 
Net earnings1,262 1,122 3,309 2,410 
Noncontrolling interest earnings(4)(3)(12)(11)
Net earnings attributable to
   Mondelēz International
$1,258 $1,119 $3,297 $2,399 
Per share data:
Basic earnings per share attributable to
   Mondelēz International
$0.90 $0.78 $2.34 $1.68 
Diluted earnings per share attributable to
   Mondelēz International
$0.89 $0.78 $2.33 $1.66 

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,
 2021202020212020
Net earnings$1,262 $1,122 $3,309 $2,410 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment(397)213 (376)(1,077)
Pension and other benefit plans67 (37)138 28 
Derivative cash flow hedges(7)(4)12 55 
Total other comprehensive earnings/(losses)(337)172 (226)(994)
Comprehensive earnings/(losses)925 1,294 3,083 1,416 
less: Comprehensive earnings/(losses)
   attributable to noncontrolling interests
(1)11  18 
Comprehensive earnings/(losses) attributable to
   Mondelēz International
$926 $1,283 $3,083 $1,398 

See accompanying notes to the condensed consolidated financial statements.
2



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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, 2021December 31, 2020
ASSETS
Cash and cash equivalents$3,401 $3,619 
Trade receivables (net of allowances of $39 at September 30, 2021
   and $42 at December 31, 2020)
2,673 2,297 
Other receivables (net of allowances of $53 at September 30, 2021
   and $42 at December 31, 2020)
656 657 
Inventories, net2,922 2,647 
Other current assets803 759 
Total current assets10,455 9,979 
Property, plant and equipment, net8,668 9,026 
Operating lease right of use assets636 638 
Goodwill22,029 21,895 
Intangible assets, net18,413 18,482 
Prepaid pension assets838 672 
Deferred income taxes633 790 
Equity method investments5,269 6,036 
Other assets376 292 
TOTAL ASSETS$67,317 $67,810 
LIABILITIES
Short-term borrowings$234 $29 
Current portion of long-term debt2,061 2,741 
Accounts payable6,484 6,209 
Accrued marketing2,012 2,130 
Accrued employment costs788 834 
Other current liabilities2,680 3,216 
Total current liabilities14,259 15,159 
Long-term debt17,692 17,276 
Long-term operating lease liabilities476 470 
Deferred income taxes3,388 3,346 
Accrued pension costs1,059 1,257 
Accrued postretirement health care costs341 346 
Other liabilities2,348 2,302 
TOTAL LIABILITIES39,563 40,156 
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, 2021 and December 31, 2020)
  
Additional paid-in capital32,066 32,070 
Retained earnings30,305 28,402 
Accumulated other comprehensive losses(10,904)(10,690)
Treasury stock, at cost (601,655,289 shares at September 30, 2021 and
   577,363,557 shares at December 31, 2020)
(23,769)(22,204)
Total Mondelēz International Shareholders’ Equity27,698 27,578 
Noncontrolling interest56 76 
TOTAL EQUITY27,754 27,654 
TOTAL LIABILITIES AND EQUITY$67,317 $67,810 
See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 Mondelēz International Shareholders’ Equity  
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Earnings/
(Losses)
Treasury
Stock
Non-controlling
Interest
Total
Equity
Three Months Ended September 30, 2021
Balances at July 1, 2021$ $32,042 $29,538 $(10,572)$(23,465)$77 $27,620 
Comprehensive earnings/(losses):
Net earnings— — 1,258 — — 4 1,262 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (332)— (5)(337)
Exercise of stock options and issuance of
   other stock awards
— 24 (3)— 22 — 43 
Common Stock repurchased— — — — (326)— (326)
Cash dividends declared ($0.350 per share)
— — (489)— — — (489)
Dividends paid on noncontrolling interest
   and other activities
— — 1 — — (20)(19)
Balances at September 30, 2021$ $32,066 $30,305 $(10,904)$(23,769)$56 $27,754 
Nine Months Ended September 30, 2021
Balances at January 1, 2021$ $32,070 $28,402 $(10,690)$(22,204)$76 $27,654 
Comprehensive earnings/(losses):
Net earnings— — 3,297 — — 12 3,309 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (214)— (12)(226)
Exercise of stock options and issuance of
   other stock awards
— (4)(21)— 229 — 204 
Common Stock repurchased— — — — (1,794)— (1,794)
Cash dividends declared ($0.980 per share)
— — (1,378)— — — (1,378)
Dividends paid on noncontrolling interest
   and other activities
— — 5 — — (20)(15)
Balances at September 30, 2021$ $32,066 $30,305 $(10,904)$(23,769)$56 $27,754 
Three Months Ended September 30, 2020
Balances at July 1, 2020$ $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 
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 

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,
 20212020
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$3,309 $2,410 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization837 813 
Stock-based compensation expense88 97 
Deferred income tax provision/(benefit)159 (103)
Asset impairments and accelerated depreciation203 141 
Loss on early extinguishment of debt110  
Gain on acquisition(9) 
Gain on equity method investment transactions(745)(537)
Equity method investment net earnings(290)(311)
Distributions from equity method investments158 220 
Other non-cash items, net(52)225 
Change in current assets and current liabilities, net of acquisitions:
Receivables, net(417)(259)
Inventories, net(342)(314)
Accounts payable420 129 
Other current assets(259)(64)
Other current liabilities(231)44 
Change in pension and postretirement assets and liabilities, net(219)(176)
Net cash provided by operating activities2,720 2,315 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(639)(630)
Acquisitions, net of cash received(833)(1,142)
Proceeds from divestitures including equity method investments1,498 1,357 
Other80 58 
Net cash provided by/(used in) investing activities106 (357)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days 677 
Repayments of commercial paper, maturities greater than 90 days (1,119)
Net issuances of other short-term borrowings207 (2,001)
Long-term debt proceeds5,921 5,987 
Long-term debt repaid(5,898)(2,196)
Repurchase of Common Stock(1,824)(720)
Dividends paid(1,337)(1,227)
Other(40)104 
Net cash used in financing activities(2,971)(495)
Effect of exchange rate changes on cash, cash equivalents and
   restricted cash
(97)(1)
Cash, cash equivalents and restricted cash:
(Decrease)/Increase(242)1,462 
Balance at beginning of period3,650 1,328 
Balance at end of period$3,408 $2,790 

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, 2020.

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 as there are no readily determinable fair values for the equity interests, these investments are carried at cost with changes in the investment recognized to the extent cash is received.

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 Argentinean subsidiaries and changed their functional currency from the Argentinean peso to the U.S. dollar. On July 1, 2018, both monetary and non-monetary assets and liabilities denominated in Argentinean 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, 2021, our Argentinean operations had $1 million of Argentinean peso denominated net monetary liabilities. Our Argentinean operations contributed $111 million, or 1.5% of consolidated net revenues in the three months and $296 million, or 1.4% of consolidated net revenues in the nine months ended September 30, 2021. Within selling, general and administrative expenses, we recorded a remeasurement loss of $2 million during the three months and $10 million during the nine months ended September 30, 2021 as well as a remeasurement loss of $2 million during the three months and $7 million during the nine months ended September 30, 2020 related to the revaluation of the Argentinean peso denominated net monetary position over these periods.

Brexit. Following the separation of the United Kingdom from the European Union ("Brexit") in 2020, a new trade arrangement was reached between the U.K. and E.U. that began on January 1, 2021. The main trade provisions include the continuation of no tariffs or quotas on trade between the U.K. and E.U. subject to prescribed trade terms, including but not limited to meeting product and labeling standards for both the U.K. and E.U. Cross-border trade between the U.K. and E.U. is also subject to new customs regulations, documentation and reviews. To comply with the new requirements, we increased resources in customer service and logistics, in our factories, and on our customs support teams. We adapted our processes and systems for the new and increased number of customs transactions. We continue to closely monitor and manage our inventory levels of imported raw materials, packaging and finished goods in the U.K. We have made investments in resources, systems and processes to meet the new
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ongoing requirements and we work to mitigate disruptions to our local supply chain and distribution, including those related to the recent transportation labor shortage in the U.K., to reduce the impact on our input and distribution costs. Despite our efforts to control costs, we have seen inflationary cost pressures rise in our U.K. business this year, as we have also experienced in other markets. If the U.K.’s separation from, or new trade arrangements with, the E.U. negatively impact the U.K. economy or result in disagreements on trade terms, delays affecting our supply chain or distribution, disruptions to sales or collections, or further increases in inflationary cost pressures, the impact to our results of operations, financial condition and cash flows could be material. In the nine months ended September 30, 2021, we generated 9.1% of our consolidated net revenues in the U.K.

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 potential exposures. We continue to monitor the ongoing COVID-19 global pandemic and related impacts to our business operations, currencies and net monetary exposures. Since the global onset of COVID-19 in early 2020, most countries in which we do business experienced periods of significant economic uncertainty as well as exchange rate volatility. 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 of $7 million as of September 30, 2021 and $31 million as of December 31, 2020. Total cash, cash equivalents and restricted cash was $3,408 million as of September 30, 2021 and $3,650 million as of December 31, 2020.

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, 2021$(42)$(42)$(12)
Current period provision for expected credit losses(3)(13) 
Write-offs charged against the allowance3