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 11, 2022

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
1.625% Notes due 2027	MDLZ27	The Nasdaq Stock Market LLC
0.250% Notes due 2028	MDLZ28	The Nasdaq Stock Market LLC
0.750% Notes due 2033	MDLZ33	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
1.375% Notes due 2041	MDLZ41	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 (1) our sale of Keurig Dr Pepper Inc. (“KDP”) shares on August 2, 2021, and (2) our sale of MaxFoods Pty Ltd (“MaxFoods”), an Australian packaged seafood business on November 1, 2021.

Due to our reporting of KDP’s results on a one-quarter lag basis, the impact of the sale of the KDP shares will affect our non-GAAP financial results beginning with our fourth quarter ended December 31, 2021. Consistent with our definitions of our non-GAAP financial measures, we will reflect the partial sale of our equity method investment in KDP as well as the sale of MaxFoods as divestitures. These changes will result in the recasting of our historical non-GAAP financial results and 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.

Change to our Historical Non-GAAP Financial Results in Connection with our Sale of KDP Shares

As previously disclosed in our Quarterly Report on Form 10-Q for the three months ended September 30, 2021, we sold approximately 14.7 million shares of KDP on August 2, 2021, which reduced our ownership interest by 1.0% to 5.3% of the total outstanding shares. We received $500 million of proceeds and recorded a pre-tax gain of $248 million (or $189 million after tax) during the third quarter of 2021.

We consider the 1.0% ownership reduction resulting from this sale of shares a partial sale of our equity method investment in KDP. Consistent with our definitions of our non-GAAP financial measures, we consider this sale 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, 2021. 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.

Change to our Historical Non-GAAP Financial Results in Connection with our Sale of MaxFoods

On November 1, 2021, we completed the sale of MaxFoods, an Australian packaged foods business that we had recently acquired as part of our April 1, 2021 acquisition of Gourmet Foods Holdings Pty Ltd. As a result of this divestiture, consistent with the definitions of our non-GAAP financial measures, we will remove the results of this operation from our non-GAAP financial results for Adjusted Gross Profit, Adjusted Operating Income and Adjusted EPS for the second and third quarters of 2021 only, as these are the only quarters’ results impacted by this divestiture. Our non-GAAP financial measure for Organic Net Revenue for these periods will not change, as the net revenue from this business was previously included as net revenue from acquisitions which is already excluded from our Organic Net Revenue financial measure. Our U.S. GAAP results, which include the results of the divested operation through the divestiture closing date noted above, will not change from what was previously reported.

Recast Amounts Reflecting Changes in Historical Non-GAAP Results

See the summary chart below and Exhibit 99.1 for the unaudited GAAP and recast non-GAAP financial information for the first three quarters of 2021, all quarters of 2020 and 2019, the first nine months of 2021 and the years ended December 31, 2020 and 2019. This supplemental disclosure does not amend any disclosure contained in any of our prior SEC filings.

Mondelēz International, Inc. and Subsidiaries

Recast Amounts Reflecting Change Due to Divestiture

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

(Unaudited)


	2019 FY		2020 FY		2021 Sep YTD		2019									2020								2021
	2019 FY		2020 FY		2021 Sep YTD		Q1		Q2		Q3			Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3
Reported (GAAP)
Gross Profit	$	10,337	$	10,446	$	8,421	$	2,593	$	2,469	$	2,516		$	2,759	$	2,451	$	2,331	$	2,792	$	2,872	$	2,966	$	2,631	$	2,824
Operating Income		3,843		3,853		3,449		1,036		1,025		876			906		856		713		1,135		1,149		1,283		872		1,294
Equity method investment net earnings		501		421		290		166		109		114			112		121		106		84		110		78		107		105
Provision for income taxes		2		1,224		952		189		216		(633	)		230		148		341		391		344		212		398		342
Net earnings attributable to Mondelēz International		3,929		3,555		3,297		967		803		1,426			733		736		544		1,119		1,156		961		1,078		1,258
Diluted earnings per share attributable to Mondelēz International	$	2.69	$	2.47	$	2.33	$	0.66	$	0.55	$	0.98		$	0.50	$	0.51	$	0.38	$	0.78	$	0.80	$	0.68	$	0.76	$	0.89

Adjusted (Non-GAAP) - As Recast
Gross Profit	$	10,333	$	10,521	$	8,261	$	2,591	$	2,452	$	2,525		$	2,765	$	2,656	$	2,347	$	2,659	$	2,859	$	2,866	$	2,648	$	2,747
Operating Income		4,264		4,401		3,600		1,090		1,008		1,065			1,101		1,106		942		1,165		1,188		1,292		1,075		1,233
Equity method investment net earnings		354		384		318		96		84		86			88		96		101		90		97		121		102		95
Provision for income taxes		839		878		760		198		201		163			277		194		125		279		280		250		233		277
Net earnings attributable to Mondelēz International		3,492		3,694		3,054		919		806		908			859		949		870		922		953		1,123		930		1,001
Diluted earnings per share attributable to Mondelēz International	$	2.40	$	2.56	$	2.16	$	0.63	$	0.55	$	0.62		$	0.59	$	0.66	$	0.60	$	0.64	$	0.66	$	0.79	$	0.66	$	0.71

Numbers in bold represent our non-GAAP financial measures that were recast due to the items noted above. See GAAP to non-GAAP reconciliation schedules provided in Exhibit 99.1.

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 Gross Profit and Adjusted Operating Income, due to the sale of MaxFoods, for the second quarter, third quarter and first nine months of 2021, and for Adjusted EPS, due to the partial sale of our equity method investment in KDP and the sale of Max Foods, for the first three quarters of 2021, all quarters of 2020 and 2019, the first nine months of 2021 and the years ended December 31, 2020 and 2019.

•

Schedule 1 provides reconciliations of the differences between reported Gross Profit and Operating Income (GAAP) and the recast Adjusted Gross Profit and Adjusted Operating Income (non-GAAP) measures.

•

Schedule 2 provides reconciliations of the differences between the reported Operating Income (GAAP) and the recast Adjusted Operating Income (non-GAAP) by reportable segment.

•

Schedule 3 provides reconciliations of the differences between the reported (GAAP) financial measures for Operating Income to Net Earnings Attributable to Mondelēz International and the recast Adjusted (non-GAAP) financial measures for these items. 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 4 provides reconciliations between the reported Diluted EPS attributable to Mondelēz International (GAAP) and the recast Adjusted EPS (non-GAAP) for comparative periods.

Non-GAAP Financial Measures

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 11, 2022

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

Gross Profit / Operating Income

(in millions of U.S. dollars)

(Unaudited)


	For the Nine Months Ended September 30, 2021
	Net Revenues			Gross Profit			Gross Profit Margin			Operating Income			Operating Income Margin
Reported (GAAP)	$	21,062		$	8,421			40.0	%	$	3,449			16.4	%
Simplify to Grow Program		—			92						381
Intangible asset impairment charges		—			—						32
Mark-to-market (gains)/losses from derivatives		—			(270	)					(270	)
Acquisition integration costs and contingent consideration adjustments		—			2						(54	)
Acquisition-related costs		—			—						24
Gain on acquisition		—			—						(9	)
Remeasurement of net monetary position		—			—						10
Impact from pension participation changes		—			20						47
Impact from resolution of tax matters		—			—						(5	)

Adjusted (Non-GAAP)	$	21,062		$	8,265			39.2	%	$	3,605			17.1	%
Operating income from Max Foods		(30	)		(4	)					(5	)

Adjusted (Non-GAAP)—As Recast	$	21,032		$	8,261			39.3	%	$	3,600			17.1	%

Currency					(244	)					(129	)

Adjusted @ Constant FX (Non-GAAP)—As Recast				$	8,017					$	3,471


	For the Nine Months Ended September 30, 2020
	Net Revenues		Gross Profit			Gross Profit Margin			Operating Income			Operating Income Margin
Reported (GAAP)	$	19,283	$	7,574			39.3	%	$	2,704			14.0	%
Simplify to Grow Program		—		48						248
Intangible asset impairment charges		—		—						144
Mark-to-market (gains)/losses from derivatives		—		40						42
Acquisition integration costs		—		—						2
Acquisition-related costs		—		—						15
Divestiture-related costs		—		—						4
Costs associated with JDE Peet’s transaction		—		—						48
Remeasurement of net monetary position		—		—						7
Rounding		—		—						(1	)

Adjusted (Non-GAAP)	$	19,283	$	7,662			39.7	%	$	3,213			16.7	%


			Gross Profit						Operating Income
$ Change—Reported (GAAP)			$	847					$	745
$ Change—Adjusted (Non-GAAP)				603						392
$ Change—Adjusted (Non-GAAP)—As Recast				599						387
$ Change—Adjusted @ Constant FX (Non-GAAP)—As Recast				355						258

% Change—Reported (GAAP)				11.2	%					27.6	%
% Change—Adjusted (Non-GAAP)				7.9	%					12.2	%
% Change—Adjusted (Non-GAAP)—As Recast				7.8	%					12.0	%
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast				4.6	%					8.0	%

Schedule 1.b

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Gross Profit / Operating Income

(in millions of U.S. dollars)

(Unaudited)


	For the Three Months Ended September 30, 2021
	Net Revenues			Gross Profit			Gross Profit Margin			Operating Income			Operating Income Margin
Reported (GAAP)	$	7,182		$	2,824			39.3	%	$	1,294			18.0	%
Simplify to Grow Program		—			57						127
Mark-to-market (gains)/losses from derivatives		—			(133	)					(132	)
Acquisition integration costs and contingent consideration adjustments		—			1						(57	)
Remeasurement of net monetary position		—			—						2
Impact from pension participation changes		—			1						2

Adjusted (Non-GAAP)	$	7,182		$	2,750			38.3	%	$	1,236			17.2	%
Operating income from Max Foods		(16	)		(3	)					(3	)

Adjusted (Non-GAAP)—As Recast	$	7,166		$	2,747			38.3	%	$	1,233			17.2	%

Currency					(34	)					(18	)

Adjusted @ Constant FX (Non-GAAP)—As Recast				$	2,713					$	1,215


	For the Three Months Ended September 30, 2020
	Net Revenues		Gross Profit			Gross Profit Margin			Operating Income			Operating Income Margin
Reported (GAAP)	$	6,665	$	2,792			41.9	%	$	1,135			17.0	%
Simplify to Grow Program		—		14						114
Intangible asset impairment charges		—		—						54
Mark-to-market (gains)/losses from derivatives		—		(147	)					(145	)
Divestiture-related costs		—		1						6
Remeasurement of net monetary position		—		—						2
Rounding		—		(1	)					(1	)

Adjusted (Non-GAAP)	$	6,665	$	2,659			39.9	%	$	1,165			17.5	%


			Gross Profit						Operating Income
$ Change—Reported (GAAP)			$	32					$	159
$ Change—Adjusted (Non-GAAP)				91						71
$ Change—Adjusted (Non-GAAP)—As Recast				88						68
$ Change—Adjusted @ Constant FX (Non-GAAP)—As Recast				54						50

% Change—Reported (GAAP)				1.1	%					14.0	%
% Change—Adjusted (Non-GAAP)				3.4	%					6.1	%
% Change—Adjusted (Non-GAAP)—As Recast				3.3	%					5.8	%
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast				2.0	%					4.3	%

Schedule 1.c

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Gross Profit / Operating Income

(in millions of U.S. dollars)

(Unaudited)


	For the Three Months Ended June 30, 2021
	Net Revenues			Gross Profit			Gross Profit Margin			Operating Income			Operating Income Margin
Reported (GAAP)	$	6,642		$	2,631			39.6	%	$	872			13.1	%
Simplify to Grow Program		—			20						132
Intangible asset impairment charges		—			—						32
Mark-to-market (gains)/losses from derivatives		—			(21	)					(20	)
Acquisition integration costs and contingent consideration adjustments		—			1						2
Acquisition-related costs		—			—						17
Remeasurement of net monetary position		—			—						3
Impact from pension participation changes		—			18						44
Impact from resolution of tax matters		—			—						(5	)

Adjusted (Non-GAAP)	$	6,642		$	2,649			39.9	%	$	1,077			16.2	%
Operating income from Max Foods		(14	)		(1	)					(2	)

Adjusted (Non-GAAP)—As Recast	$	6,628		$	2,648			40.0	%	$	1,075			16.2	%

Currency					(134	)					(67	)

Adjusted @ Constant FX (Non-GAAP)—As Recast				$	2,514					$	1,008


	For the Three Months Ended June 30, 2020
	Net Revenues		Gross Profit			Gross Profit Margin			Operating Income			Operating Income Margin
Reported (GAAP)	$	5,911	$	2,331			39.4	%	$	713			12.1	%
Simplify to Grow Program		—		15						76
Intangible asset impairment charges		—		—						90
Mark-to-market (gains)/losses from derivatives		—		1						2
Acquisition integration costs		—		—						2
Acquisition-related costs		—		—						10
Divestiture-related costs		—		(1	)					(2	)
Costs associated with JDE Peet’s transaction		—		—						48
Remeasurement of net monetary position		—		—						3
Rounding		—		1						—

Adjusted (Non-GAAP)	$	5,911	$	2,347			39.7	%	$	942			15.9	%


			Gross Profit						Operating Income
$ Change—Reported (GAAP)			$	300					$	159
$ Change—Adjusted (Non-GAAP)				302						135
$ Change—Adjusted (Non-GAAP)—As Recast				301						133
$ Change—Adjusted @ Constant FX (Non-GAAP)—As Recast				167						66

% Change—Reported (GAAP)				12.9	%					22.3	%
% Change—Adjusted (Non-GAAP)				12.9	%					14.3	%
% Change—Adjusted (Non-GAAP)—As Recast				12.8	%					14.1	%
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast				7.1	%					7.0	%

Schedule 2.a

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Segment Data

(in millions of U.S. dollars)

(Unaudited)


	For the Nine Months Ended September 30, 2021
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities			General Corporate Expenses			Amortization of Intangibles			Other Items			Mondelēz International
Net Revenue
Reported (GAAP)	$	2,089		$	4,826		$	8,035		$	6,112		$	—		$	—		$	—		$	—		$	21,062
Divestitures		—			—			—			—			—			—			—			—			—

Adjusted (Non-GAAP)	$	2,089		$	4,826		$	8,035		$	6,112		$	—		$	—		$	—		$	—		$	21,062
Max Foods		—			(30	)		—			—			—			—			—			—			(30	)

Adjusted (Non-GAAP)—As Recast	$	2,089		$	4,796		$	8,035		$	6,112		$	—		$	—		$	—		$	—		$	21,032

Operating Income
Reported (GAAP)	$	221		$	842		$	1,478		$	932		$	270		$	(177	)	$	(102	)	$	(15	)	$	3,449
Simplify to Grow Program		11			(11	)		34			328			—			19			—			—			381
Intangible asset impairment charges		—			—			—			32			—			—			—			—			32
Mark-to-market (gains)/losses from derivatives		—			—			—			—			(270	)		—			—			—			(270	)
Acquisition integration costs and contingent consideration adjustments		—			—			6			(60	)		—			—			—			—			(54	)
Acquisition-related costs		—			—			—			—			—			—			—			24			24
Gain on acquisition		—			—			—			—			—			—			—			(9	)		(9	)
Remeasurement of net monetary position		10			—			—			—			—			—			—			—			10
Impact from pension participation changes		—			—			47			—			—			—			—			—			47
Impact from resolution of tax matters		(5	)		—			—			—			—			—			—			—			(5	)

Adjusted (Non-GAAP)	$	237		$	831		$	1,565		$	1,232		$	—		$	(158	)	$	(102	)	$	—		$	3,605
Operating income from Max Foods		—			(5	)		—			—			—			—			—			—			(5	)

Adjusted (Non-GAAP)—As Recast	$	237		$	826		$	1,565		$	1,232		$	—		$	(158	)	$	(102	)	$	—		$	3,600
Currency		19			(50	)		(100	)		(8	)		—			6			4			—			(129	)

Adjusted @ Constant FX (Non-GAAP)—As Recast	$	256		$	776		$	1,465		$	1,224		$	—		$	(152	)	$	(98	)	$	—		$	3,471

% Change—Reported (GAAP)		48.3	%		36.9	%		23.1	%		(21.8	)%		n/m			30.0	%		28.7	%		n/m			27.6	%
% Change—Adjusted (Non-GAAP)		24.7	%		25.7	%		16.3	%		(6.4	)%		n/m			(0.6	)%		28.7	%		n/m			12.2	%
% Change—Adjusted (Non-GAAP)—As Recast		24.7	%		25.0	%		16.3	%		(6.4	)%		n/m			(0.6	)%		28.7	%		n/m			12.0	%
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast		34.7	%		17.4	%		8.8	%		(7.0	)%		n/m			3.2	%		31.5	%		n/m			8.0	%
Operating Income Margin
Reported %		10.6	%		17.4	%		18.4	%		15.2	%														16.4	%
Reported pp change		2.5	pp		2.8	pp		1.8	pp		(4.7	)pp														2.4	pp
Adjusted %		11.3	%		17.2	%		19.5	%		20.2	%														17.1	%
Adjusted pp change		1.0	pp		1.5	pp		0.9	pp		(1.8	)pp														0.4	pp
Adjusted %—As Recast		11.3	%		17.2	%		19.5	%		20.2	%														17.1	%
Adjusted pp change—As Recast		1.0	pp		1.5	pp		0.9	pp		(1.8	)pp														0.4	pp


	For the Nine Months Ended September 30, 2020
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities			General Corporate Expenses			Amortization of Intangibles			Other Items			Mondelēz International
Net Revenue
Reported (GAAP)	$	1,847		$	4,209		$	7,248		$	5,979		$	—		$	—		$	—		$	—		$	19,283
Divestitures		—			—			—			—			—			—			—			—			—

Adjusted (Non-GAAP)	$	1,847		$	4,209		$	7,248		$	5,979		$	—		$	—		$	—		$	—		$	19,283

Operating Income
Reported (GAAP)	$	149		$	615		$	1,201		$	1,192		$	(42	)	$	(253	)	$	(143	)	$	(15	)	$	2,704
Simplify to Grow Program		31			37			92			39			—			49			—			—			248
Intangible asset impairment charges		3			5			53			83			—			—			—			—			144
Mark-to-market (gains)/losses from derivatives		—			—			—			—			42			—			—			—			42
Acquisition integration costs		—			—			—			2			—			—			—			—			2
Acquisition-related costs		—			—			—			—			—			—			—			15			15
Divestiture-related costs		—			4			—			—			—			—			—			—			4
Costs associated with JDE Peet’s transaction		—			—			—			—			—			48			—			—			48
Remeasurement of net monetary position		7			—			—			—			—			—			—			—			7
Rounding		—			—			—			—			—			(1	)		—			—			(1	)

Adjusted (Non-GAAP)	$	190		$	661		$	1,346		$	1,316		$	—		$	(157	)	$	(143	)	$	—		$	3,213

Operating Income Margin
Reported %		8.1	%		14.6	%		16.6	%		19.9	%														14.0	%
Adjusted %		10.3	%		15.7	%		18.6	%		22.0	%														16.7	%

Schedule 2.b

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Segment Data

(in millions of U.S. dollars)

(Unaudited)


	For the Three Months Ended September 30, 2021
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities			General Corporate Expenses			Amortization of Intangibles			Other Items		Mondelēz International
Net Revenue
Reported (GAAP)	$	751		$	1,629		$	2,714		$	2,088		$	—		$	—		$	—		$	—	$	7,182
Divestitures		—			—			—			—			—			—			—			—		—

Adjusted (Non-GAAP)	$	751		$	1,629		$	2,714		$	2,088		$	—		$	—		$	—		$	—	$	7,182
Max Foods		—			(16	)		—			—			—			—			—			—		(16	)

Adjusted (Non-GAAP)—As Recast	$	751		$	1,613		$	2,714		$	2,088		$	—		$	—		$	—		$	—	$	7,166

Operating Income
Reported (GAAP)	$	91		$	267		$	508		$	363		$	132		$	(35	)	$	(32	)	$	—	$	1,294
Simplify to Grow Program		1			3			8			108			—			7			—			—		127
Mark-to-market (gains)/losses from derivatives		—			—			—			—			(132	)		—			—			—		(132	)
Acquisition integration costs and contingent consideration adjustments		—			—			6			(62	)		—			(1	)		—			—		(57	)
Remeasurement of net monetary position		2			—			—			—			—			—			—			—		2
Impact from pension participation changes		—			—			2			—			—			—			—			—		2

Adjusted (Non-GAAP)	$	94		$	270		$	524		$	409		$	—		$	(29	)	$	(32	)	$	—	$	1,236
Operating income from Max Foods		—			(3	)		—			—			—			—			—			—		(3	)

Adjusted (Non-GAAP) —As Recast	$	94		$	267		$	524		$	409		$	—		$	(29	)	$	(32	)	$	—	$	1,233
Currency		5			(7	)		(12	)		(1	)		—			(4	)		1			—		(18	)

Adjusted @ Constant FX (Non-GAAP) —As Recast	$	99		$	260		$	512		$	408		$	—		$	(33	)	$	(31	)	$	—	$	1,215

% Change —Reported (GAAP)		18.2	%		27.1	%		17.6	%		(6.2	)%		n/m			47.0	%		36.0	%		n/m		14.0	%
% Change —Adjusted (Non-GAAP)		8.0	%		11.1	%		6.9	%		(9.5	)%		n/m			49.1	%		36.0	%		n/m		6.1	%
% Change —Adjusted (Non-GAAP) — As Recast		8.0	%		9.9	%		6.9	%		(9.5	)%		n/m			49.1	%		36.0	%		n/m		5.8	%
% Change —Adjusted @ Constant FX (Non-GAAP) —As Recast		13.8	%		7.0	%		4.5	%		(9.7	)%		n/m			42.1	%		38.0	%		n/m		4.3	%
Operating Income Margin
Reported %		12.1	%		16.4	%		18.7	%		17.4	%													18.0	%
Reported pp change		(0.5	)pp		2.1	pp		1.6	pp		(1.4	)pp													1.0	pp
Adjusted %		12.5	%		16.6	%		19.3	%		19.6	%													17.2	%
Adjusted pp change		(1.8	)pp		0.1 pp			(0.1	)pp		(2.4	)pp													(0.3	)pp
Adjusted %—As Recast		12.5	%		16.4	%		19.3	%		19.6	%													17.2	%
Adjusted pp change—As Recast		(1.8	)pp		(0.1	)pp		(0.1	)pp		(2.4	)pp													(0.3	)pp


	For the Three Months Ended September 30, 2020
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities			General Corporate Expenses			Amortization of Intangibles			Other Items		Mondelēz International
Net Revenue
Reported (GAAP)	$	610		$	1,470		$	2,526		$	2,059		$	—		$	—		$	—		$	—	$	6,665
Divestitures		—			—			—			—			—			—			—			—		—

Adjusted (Non-GAAP)	$	610		$	1,470		$	2,526		$	2,059		$	—		$	—		$	—		$	—	$	6,665
Operating Income
Reported (GAAP)	$	77		$	210		$	432		$	387		$	145		$	(66	)	$	(50	)	$	—	$	1,135
Simplify to Grow Program		5			27			55			18			—			9			—			—		114
Intangible asset impairment charges		3			—			3			47			—			1			—			—		54
Mark-to-market (gains)/losses from derivatives		—			—			—			—			(145	)		—			—			—		(145	)
Divestiture-related costs		—			6			—			—			—			—			—			—		6
Remeasurement of net monetary position		2			—			—			—			—			—			—			—		2
Rounding		—			—			—			—			—			(1	)		—			—		(1	)

Adjusted (Non-GAAP)	$	87		$	243		$	490		$	452		$	—		$	(57	)	$	(50	)	$	—	$	1,165

Operating Income Margin
Reported %		12.6	%		14.3	%		17.1	%		18.8	%													17.0	%
Adjusted %		14.3	%		16.5	%		19.4	%		22.0	%													17.5	%

Schedule 2.c

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Segment Data

(in millions of U.S. dollars)

(Unaudited)


	For the Three Months Ended June 30, 2021
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities			General Corporate Expenses			Amortization of Intangibles			Other Items			Mondelēz International
Net Revenue
Reported (GAAP)	$	669		$	1,452		$	2,474		$	2,047		$	—		$	—		$	—		$	—		$	6,642
Divestitures		—			—			—			—			—			—			—			—			—

Adjusted (Non-GAAP)	$	669		$	1,452		$	2,474		$	2,047		$	—		$	—		$	—		$	—		$	6,642
Max Foods		—			(14	)		—			—			—			—			—			—			(14	)

Adjusted (Non-GAAP)—As Recast	$	669		$	1,438		$	2,474		$	2,047		$	—		$	—		$	—		$	—		$	6,628

Operating Income
Reported (GAAP)	$	54		$	213		$	413		$	299		$	20		$	(78	)	$	(32	)	$	(17	)	$	872
Simplify to Grow Program		4			5			10			109			—			4			—			—			132
Intangible asset impairment charges		—			—			—			32			—			—			—			—			32
Mark-to-market (gains)/losses from derivatives		—			—			—			—			(20	)		—			—			—			(20	)
Acquisition integration costs and contingent consideration adjustments		—			—			—			1			—			1			—			—			2
Acquisition-related costs		—			—			—			—			—			—			—			17			17
Remeasurement of net monetary position		3			—			—			—			—			—			—			—			3
Impact from pension participation changes		—			—			44			—			—			—			—			—			44
Impact from resolution of tax matters		(5	)		—			—			—			—			—			—			—			(5	)

Adjusted (Non-GAAP)	$	56		$	218		$	467		$	441		$	—		$	(73	)	$	(32	)	$	—		$	1,077
Operating income from Max Foods		—			(2	)		—			—			—			—			—			—			(2	)

Adjusted (Non-GAAP)—As Recast	$	56		$	216		$	467		$	441		$	—		$	(73	)	$	(32	)	$	—		$	1,075
Currency		1			(23	)		(45	)		(5	)		—			4			1			—			(67	)

Adjusted @ Constant FX (Non-GAAP)—As Recast	$	57		$	193		$	422		$	436		$	—		$	(69	)	$	(31	)	$	—		$	1,008

% Change—Reported (GAAP)		1000.0	%		24.6	%		39.1	%		(29.5	)%		n/m			29.7	%		36.0	%		n/m			22.3	%
% Change—Adjusted (Non-GAAP)		366.7	%		19.8	%		27.2	%		(6.2	)%		n/m			(87.2	)%		36.0	%		n/m			14.3	%
% Change—Adjusted (Non-GAAP)—As Recast		366.7	%		18.7	%		27.2	%		(6.2	)%		n/m			(87.2	)%		36.0	%		n/m			14.1	%
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast		375.0	%		6.0	%		15.0	%		(7.2	)%		n/m			(76.9	)%		38.0	%		n/m			7.0	%
Operating Income Margin
Reported %		8.1	%		14.7	%		16.7	%		14.6	%														13.1	%
Reported pp change		9.3	pp		0.9	pp		2.8	pp		(6.3	)pp														1.0	pp
Adjusted %		8.4	%		15.0	%		18.9	%		21.5	%														16.2	%
Adjusted pp change		6.1	pp		0.3	pp		1.7	pp		(1.7	)pp														0.3	pp
Adjusted %—As Recast		8.4	%		15.0	%		18.9	%		21.5	%														16.2	%
Adjusted pp change—As Recast		6.1	pp		0.3	pp		1.7	pp		(1.7	)pp														0.3	pp


	For the Three Months Ended June 30, 2020
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities			General Corporate Expenses			Amortization of Intangibles			Other Items			Mondelēz International
Net Revenue
Reported (GAAP)	$	511		$	1,237		$	2,138		$	2,025		$	—		$	—		$	—		$	—		$	5,911
Divestitures		—			—			—			—			—			—			—			—			—

Adjusted (Non-GAAP)	$	511		$	1,237		$	2,138		$	2,025		$	—		$	—		$	—		$	—		$	5,911

Operating Income
Reported (GAAP)	$	(6	)	$	171		$	297		$	424		$	(2	)	$	(111	)	$	(50	)	$	(10	)	$	713
Simplify to Grow Program		15			8			20			9			—			24			—			—			76
Intangible asset impairment charges		—			5			50			36			—			(1	)		—			—			90
Mark-to-market (gains)/losses from derivatives		—			—			—			—			2			—			—			—			2
Acquisition integration costs		—			—			—			1			—			1			—			—			2
Acquisition-related costs		—			—			—			—			—			—			—			10			10
Divestiture-related costs		—			(2	)		—			—			—			—			—			—			(2	)
Costs associated with JDE Peet’s transaction		—			—			—			—			—			48			—			—			48
Remeasurement of net monetary position		3			—			—			—			—			—			—			—			3

Adjusted (Non-GAAP)	$	12		$	182		$	367		$	470		$	—		$	(39	)	$	(50	)	$	—		$	942

Operating Income Margin
Reported %		(1.2	)%		13.8	%		13.9	%		20.9	%														12.1	%
Adjusted %		2.3	%		14.7	%		17.2	%		23.2	%														15.9	%

Schedule 3.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, 2021
	Operating Income			Benefit plan non- service expense / (income)			Interest and other expense, net			Earnings before income taxes			Income taxes ⁽¹⁾			Effective tax rate			Gain on equity method investment transactions			Equity method investment net losses / (earnings)			Non-controlling interest earnings		Net Earnings attributable to Mondelēz International			Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	3,449		$	(135	)	$	358		$	3,226		$	952			29.5	%	$	(745	)	$	(290	)	$	12	$	3,297		$	2.33
Simplify to Grow Program		381			(1	)		—			382			98						—			—			—		284			0.20
Intangible asset impairment charges		32			—			—			32			8						—			—			—		24			0.02
Mark-to-market (gains)/losses from derivatives		(270	)		—			(4	)		(266	)		(42	)					2			—			—		(226	)		(0.16	)
Acquisition integration costs and contingent consideration adjustments		(54	)		—			—			(54	)		(14	)					—			—			—		(40	)		(0.03	)
Acquisition-related costs		24			—			—			24			4						—			—			—		20			0.01
Gain on acquisition		(9	)		—			—			(9	)		(2	)					—			—			—		(7	)		—
Net earnings from divestitures		—			—			—			—			(4	)					—			16			—		(12	)		(0.01	)
Remeasurement of net monetary position		10			—			—			10			—						—			—			—		10			0.01
Impact from pension participation changes		47			17			(8	)		38			8						—			—			—		30			0.02
Impact from resolution of tax matters		(5	)		—			2			(7	)		(1	)					—			—			—		(6	)		—
Loss on debt extinguishment and related expenses		—			—			(137	)		137			34						—			—			—		103			0.07
Initial impacts from enacted tax law changes		—			—			—			—			(95	)					—			—			—		95			0.07
Gain on equity method investment transactions		—			—			—			—			(184	)					743			—			—		(559	)		(0.40	)
Equity method investee items		—			—			—			—			4						—			(60	)		—		56			0.04

Adjusted (Non-GAAP)	$	3,605		$	(119	)	$	211		$	3,513		$	766			21.8	%	$	—		$	(334	)	$	12	$	3,069		$	2.17
Net earnings from Max Foods		(5	)		—			—			(5	)		(2	)					—			—			—		(3	)		—
Net earnings from divestitures—KDP		—			—			—			—			(3	)					—			13			—		(10	)		(0.01	)
Change in equity method investee items		—			—			—			—			(1	)					—			3			—		(2	)		—

Adjusted (Non-GAAP)—As Recast	$	3,600		$	(119	)	$	211		$	3,508		$	760			21.7	%	$	—		$	(318	)	$	12	$	3,054		$	2.16

Currency																												(132	)		(0.09	)

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	2,922		$	2.07

Diluted Average Shares Outstanding																															1,415


	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		—			—			—			—			(17	)					—			80			—		(63	)		(0.04	)
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
Initial impacts from enacted tax law changes		—			—			—			—			(30	)					—			—			—		30			0.02
Gain on equity method investment transactions		—			—			—			—			(94	)					537			—			—		(443	)		(0.31	)
Equity method investee items		—			—			—			—			5						—			(69	)		—		64			0.05
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	3,213		$	(106	)	$	256		$	3,063		$	602			19.7	%	$	—		$	(300	)	$	11	$	2,750		$	1.91
Net earnings from divestitures—KDP		—			—			—			—			(3	)					—			10			—		(7	)		(0.01	)
Change in equity method investee items		—			—			—			—			(1	)					—			3			—		(2	)		—

Adjusted (Non-GAAP)—As Recast	$	3,213		$	(106	)	$	256		$	3,063		$	598			19.5	%	$	—		$	(287	)	$	11	$	2,741		$	1.90

Diluted Average Shares Outstanding																															1,442

⁽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 3.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, 2021
	Operating Income			Benefit plan non- service expense / (income)			Interest and other expense, net			Earnings before income taxes			Income taxes ⁽¹⁾			Effective tax rate			Gain on equity method investment transactions			Equity method investment net losses / (earnings)			Non-controlling interest earnings		Net Earnings attributable to Mondelēz International			Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	1,294		$	(37	)	$	82		$	1,249		$	342			27.4	%	$	(250	)	$	(105	)	$	4	$	1,258		$	0.89
Simplify to Grow Program		127			—			—			127			32						—			—			—		95			0.06
Mark-to-market (gains)/losses from derivatives		(132	)		—			—			(132	)		(24	)					2			—			—		(110	)		(0.08	)
Acquisition integration costs and contingent consideration adjustments		(57	)		—			—			(57	)		(15	)					—			—			—		(42	)		(0.03	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		2			3			(2	)		1			—						—			—			—		1			—
Initial impacts from enacted tax law changes		—			—			—			—			4						—			—			—		(4	)		—
Gain on equity method investment transactions		—			—			—			—			(59	)					248			—			—		(189	)		(0.13	)
Equity method investee items		—			—			—			—			1						—			4			—		(5	)		—

Adjusted (Non-GAAP)	$	1,236		$	(34	)	$	80		$	1,190		$	281			23.6	%	$	—		$	(101	)	$	4	$	1,006		$	0.71
Net earnings from Max Foods		(3	)		—			—			(3	)		(2	)					—			—			—		(1	)		—
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—			5			—		(4	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			1			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,233		$	(34	)	$	80		$	1,187		$	277			23.3	%	$	—		$	(95	)	$	4	$	1,001		$	0.71

Currency																												(23	)		(0.02	)

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	978		$	0.69

Diluted Average Shares Outstanding																															1,408


	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			—
Net earnings from divestitures		—			—			—			—			(8	)					—			24			—		(16	)		(0.01	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		—			—			(3	)		3			1						—			—			—		2			—
Initial impacts from enacted tax law changes		—			—			—			—			(30	)					—			—			—		30			0.02
Gain on equity method investment transactions		—			—			—			—			(77	)					345			—			—		(268	)		(0.19	)
Equity method investee items		—			—			—			—			1						—			(35	)		—		34			0.03
Rounding		(1	)		—			—			(1	)		—						—			—			—		(1	)		—

Adjusted (Non-GAAP)	$	1,165		$	(38	)	$	89		$	1,114		$	282			25.3	%	$	—		$	(95	)	$	3	$	924		$	0.64
Net earnings from divestitures—KDP		—			—			—			—			(2	)					—			4			—		(2	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			1			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,165		$	(38	)	$	89		$	1,114		$	279			25.0	%	$	—		$	(90	)	$	3	$	922		$	0.64

Diluted Average Shares Outstanding																															1,442

⁽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 3.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, 2021
	Operating Income			Benefit plan non- service expense / (income)			Interest and other expense, net			Earnings before income taxes			Income taxes ⁽¹⁾			Effective tax rate			Gain on equity method investment transactions			Equity method investment net losses / (earnings)			Non- controlling interest earnings		Net Earnings attributable to Mondelēz International			Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	872		$	(54	)	$	58		$	868		$	398			45.9	%	$	(502	)	$	(107	)	$	1	$	1,078		$	0.76
Simplify to Grow Program		132			(1	)		—			133			35						—			—			—		98			0.07
Intangible asset impairment charges		32			—			—			32			8						—			—			—		24			0.02
Mark-to-market (gains)/losses from derivatives		(20	)		—			(3	)		(17	)		4						—			—			—		(21	)		(0.02	)
Acquisition integration costs and contingent consideration adjustments		2			—			—			2			1						—			—			—		1			—
Acquisition-related costs		17			—			—			17			3						—			—			—		14			0.01
Net earnings from divestitures		—			—			—			—			(2	)					—			7			—		(5	)		—
Remeasurement of net monetary position		3			—			—			3			—						—			—			—		3			—
Impact from pension participation changes		44			14			(3	)		33			7						—			—			—		26			0.02
Impact from resolution of tax matters		(5	)		—			2			(7	)		(1	)					—			—			—		(6	)		—
Initial impacts from enacted tax law changes		—			—			—			—			(95	)					—			—			—		95			0.07
Gain on equity method investment transactions		—			—			—			—			(125	)					502			—			—		(377	)		(0.27	)
Equity method investee items		—			—			—			—			2						—			(6	)		—		4			—

Adjusted (Non-GAAP)	$	1,077		$	(41	)	$	54		$	1,064		$	235			22.1	%	$	—		$	(106	)	$	1	$	934		$	0.66
Net earnings from Max Foods		(2	)		—			—			(2	)		—						—			—			—		(2	)		—
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—			3			—		(2	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			1			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,075		$	(41	)	$	54		$	1,062		$	233			21.9	%	$	—		$	(102	)	$	1	$	930		$	0.66

Currency																												(59	)		(0.04	)

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	871		$	0.62

Diluted Average Shares Outstanding																															1,416


	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		—			—			—			—			(2	)					—			20			—		(18	)		(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		—			—			—			—			4						—			(19	)		—		15			0.01

Adjusted (Non-GAAP)	$	942		$	(35	)	$	82		$	895		$	125			14.0	%	$	—		$	(105	)	$	1	$	874		$	0.61
Net earnings from divestitures—KDP		—			—			—			—			—						—			2			—		(2	)		(0.01	)
Change in equity method investee items		—			—			—			—			—						—			2			—		(2	)		—

Adjusted (Non-GAAP)—As Recast	$	942		$	(35	)	$	82		$	895		$	125			14.0	%	$	—		$	(101	)	$	1	$	870		$	0.60

Diluted Average Shares Outstanding																															1,439

⁽¹⁾	Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item.

Schedule 3.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, 2021
	Operating Income			Benefit plan non- service expense / (income)			Interest and other expense, net			Earnings before income taxes			Income taxes ⁽¹⁾			Effective tax rate			Loss on equity method investment transactions			Equity method investment net losses / (earnings)			Non- controlling interest earnings		Net Earnings attributable to Mondelēz International			Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	1,283		$	(44	)	$	218		$	1,109		$	212			19.1	%	$	7		$	(78	)	$	7	$	961		$	0.68
Simplify to Grow Program		122			—			—			122			31						—			—			—		91			0.07
Mark-to-market (gains)/losses from derivatives		(118	)		—			(1	)		(117	)		(22	)					—			—			—		(95	)		(0.07	)
Acquisition integration costs and contingent consideration adjustments		1			—			—			1			—						—			—			—		1			—
Acquisition-related costs		7			—			—			7			1						—			—			—		6			0.01
Gain on acquisition		(9	)		—			—			(9	)		(2	)					—			—			—		(7	)		—
Net earnings from divestitures		—			—			—			—			(2	)					—			9			—		(7	)		(0.01	)
Remeasurement of net monetary position		5			—			—			5			—						—			—			—		5			—
Impact from pension participation changes		1			—			(3	)		4			1						—			—			—		3			—
Loss on debt extinguishment and related expenses		—			—			(137	)		137			34						—			—			—		103			0.07
Initial impacts from enacted tax law changes		—			—			—			—			(4	)					—			—			—		4			—
Loss on equity method investment transactions		—			—			—			—			—						(7	)		—			—		7			—
Equity method investee items		—			—			—			—			1						—			(58	)		—		57			0.04

Adjusted (Non-GAAP)	$	1,292		$	(44	)	$	77		$	1,259		$	250			19.9	%	$	—		$	(127	)	$	7	$	1,129		$	0.79
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—			5			—		(4	)		—
Change in equity method investee items		—			—			—			—			1						—			1			—		(2	)		—

Adjusted (Non-GAAP)—As Recast	$	1,292		$	(44	)	$	77		$	1,259		$	250			19.9	%	$	—		$	(121	)	$	7	$	1,123		$	0.79

Currency																												(50	)		(0.04	)

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	1,073		$	0.75

Diluted Average Shares Outstanding																															1,422


	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		—		—			—			—		(7	)					—			36			—		(29	)		(0.01	)
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			0.05
Gain on equity method investment transactions		—		—			—			—		(17	)					71			—			—		(54	)		(0.04	)
Equity method investee items		—		—			—			—		—						—			(15	)		—		15			0.01

Adjusted (Non-GAAP)	$	1,106	$	(33	)	$	85		$	1,054	$	195			18.5	%	$	—		$	(100	)	$	7	$	952		$	0.66
Net earnings from divestitures—KDP		—		—			—			—		(1	)					—			4			—		(3	)		—
Change in equity method investee items		—		—			—			—		—						—			—			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,106	$	(33	)	$	85		$	1,054	$	194			18.4	%	$	—		$	(96	)	$	7	$	949		$	0.66

Diluted Average Shares Outstanding																													1,445

⁽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 3.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, 2020
	Operating Income			Benefit plan non- service expense / (income)			Interest and other expense, net			Earnings before income taxes			Income taxes ⁽¹⁾			Effective tax rate			Gain on equity method investment transactions			Equity method investment net losses / (earnings)			Non- controlling interest earnings		Net Earnings attributable to Mondelēz International			Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	3,853		$	(138	)	$	608		$	3,383		$	1,224			36.2	%	$	(989	)	$	(421	)	$	14	$	3,555		$	2.47
Simplify to Grow Program		360			(3	)		—			363			81						—			—			—		282			0.20
Intangible asset impairment charges		144			—			—			144			33						—			—			—		111			0.08
Mark-to-market (gains)/losses from derivatives		(16	)		—			3			(19	)		(8	)					—			—			—		(11	)		(0.01	)
Acquisition integration costs		4			—			—			4			2						—			—			—		2			—
Acquisition-related costs		15			—			—			15			—						—			—			—		15			0.01
Divestiture-related costs		4			—			—			4			—						—			—			—		4			—
Net earnings from divestitures		—			—			—			—			(22	)					—			102			—		(80	)		(0.06	)
Costs associated with JDE Peet’s transaction		48			—			—			48			(250	)					—			—			—		298			0.20
Remeasurement of net monetary position		9			—			—			9			—						—			—			—		9			0.01
Impact from pension participation changes		—			—			(11	)		11			2						—			—			—		9			0.01
Impact from resolution of tax matters		(20	)		—			28			(48	)		(16	)					—			—			—		(32	)		(0.02	)
Loss related to interest rate swaps		—			—			(103	)		103			24						—			—			—		79			0.05
Loss on debt extinguishment and related expenses		—			—			(185	)		185			46						—			—			—		139			0.10
Initial impacts from enacted tax law changes		—			—			—			—			(36	)					—			—			—		36			0.02
Gain on equity method investment transactions		—			—			—			—			(202	)					989			—			—		(787	)		(0.55	)
Equity method investee items		—			—			—			—			5						—			(84	)		—		79			0.06

Adjusted (Non-GAAP)	$	4,401		$	(141	)	$	340		$	4,202		$	883			21.0	%	$	—		$	(403	)	$	14	$	3,708		$	2.57
Net earnings from divestitures—KDP		—			—			—			—			(4	)					—			15			—		(11	)		(0.01	)
Change in equity method investee items		—			—			—			—			(1	)					—			4			—		(3	)		—

Adjusted (Non-GAAP)—As Recast	$	4,401		$	(141	)	$	340		$	4,202		$	878			20.9	%	$	—		$	(384	)	$	14	$	3,694		$	2.56

Currency																												49			0.04

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	3,743		$	2.60

Diluted Average Shares Outstanding																															1,441


	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	)		(20	)					—			118			—		(107	)		(0.08	)
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
Initial impacts from enacted tax law changes		2			—			—			2			754						—			—			—		(752	)		(0.52	)
Loss on equity method investment transactions		—			—			—			—			(6	)					(2	)		—			—		8			0.01
Equity method investee items		—			—			—			—			4						—			13			—		(17	)		(0.01	)

Adjusted (Non-GAAP)	$	4,264		$	(66	)	$	338		$	3,992		$	843			21.1	%	$	—		$	(370	)	$	15	$	3,504		$	2.40
Net earnings from divestitures—KDP		—			—			—			—			(3	)					—			12			—		(9	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			4			—		(3	)		—

Adjusted (Non-GAAP)—As Recast	$	4,264		$	(66	)	$	338		$	3,992		$	839			21.0	%	$	—		$	(354	)	$	15	$	3,492		$	2.40

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 3.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, 2020
	Operating Income			Benefit plan non- service expense / (income)			Interest and other expense, net			Earnings before income taxes			Income taxes ⁽¹⁾			Effective tax rate			Gain on equity method investment transactions			Equity method investment net losses / (earnings)			Non- controlling interest earnings		Net Earnings attributable to Mondelēz International			Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	1,149		$	(36	)	$	244		$	941		$	344			36.6	%	$	(452	)	$	(110	)	$	3	$	1,156		$	0.80
Simplify to Grow Program		112			1			—			111			26						—			—			—		85			0.06
Mark-to-market (gains)/losses from derivatives		(58	)		—			(1	)		(57	)		(13	)					—			—			—		(44	)		(0.03	)
Acquisition integration costs		2			—			—			2			2						—			—			—		—			—
Net earnings from divestitures		—			—			—			—			(5	)					—			22			—		(17	)		—
Costs associated with JDE Peet’s transaction		—			—			—			—			11						—			—			—		(11	)		(0.01	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		—			—			(2	)		2			—						—			—			—		2			—
Impact from resolution of tax matters		(20	)		—			28			(48	)		(16	)					—			—			—		(32	)		(0.02	)
Loss on debt extinguishment and related expenses		—			—			(185	)		185			46						—			—			—		139			0.10
Initial impacts from enacted tax law changes		—			—			—			—			(6	)					—			—			—		6			—
Gain on equity method investment transactions		—			—			—			—			(108	)					452			—			—		(344	)		(0.24	)
Equity method investee items		—			—			—			—			—						—			(15	)		—		15			0.01
Rounding		1			—			—			1			—						—			—			—		1			—

Adjusted (Non-GAAP)	$	1,188		$	(35	)	$	84		$	1,139		$	281			24.7	%	$	—		$	(103	)	$	3	$	958		$	0.67
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—			5			—		(4	)		(0.01	)
Change in equity method investee items		—			—			—			—			—						—			1			—		(1	)		—

Adjusted (Non-GAAP)—As Recast	$	1,188		$	(35	)	$	84		$	1,139		$	280			24.6	%	$	—		$	(97	)	$	3	$	953		$	0.66

Currency																												(25	)		(0.02	)

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	928		$	0.64

Diluted Average Shares Outstanding																															1,439


	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		—			—			—			—			(5	)					—		29			—		(24	)		(0.02	)
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
Initial impacts from enacted tax law changes		—			—			—			—			(1	)					—		—			—		1			—
Equity method investee items		—			—			—			—			1						—		(11	)		—		10			0.01
Rounding		(1	)		—			—			(1	)		—						—		2			—		(3	)		—

Adjusted (Non-GAAP)	$	1,101		$	(18	)	$	68		$	1,051		$	278			26.5	%	$	—	$	(92	)	$	3	$	862		$	0.59
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—		3			—		(2	)		—
Change in equity method investee items		—			—			—			—			—						—		1			—		(1	)		—

Adjusted (Non-GAAP)—As Recast	$	1,101		$	(18	)	$	68		$	1,051		$	277			26.4	%	$	—	$	(88	)	$	3	$	859		$	0.59

Diluted Average Shares Outstanding																														1,453

⁽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 3.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, 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			—
Net earnings from divestitures		—			—			—			—			(8	)					—			24			—		(16	)		(0.01	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
Impact from pension participation changes		—			—			(3	)		3			1						—			—			—		2			—
Initial impacts from enacted tax law changes		—			—			—			—			(30	)					—			—			—		30			0.02
Gain on equity method investment transactions		—			—			—			—			(77	)					345			—			—		(268	)		(0.19	)
Equity method investee items		—			—			—			—			2						—			(37	)		—		35			0.03
Rounding		(1	)		—			—			(1	)		(1	)					—			2			—		(2	)		—

Adjusted (Non-GAAP)	$	1,165		$	(38	)	$	89		$	1,114		$	282			25.3	%	$	—		$	(95	)	$	3	$	924		$	0.64
Net earnings from divestitures—KDP		—			—			—			—			(2	)					—			4			—		(2	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			1			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,165		$	(38	)	$	89		$	1,114		$	279			25.0	%	$	—		$	(90	)	$	3	$	922		$	0.64

Currency																												3			—

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	925		$	0.64

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			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		—			—			—			—			(5	)					—		29			—		(24	)		(0.02	)
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
Initial impacts from enacted tax law changes		2			—			—			2			766						—		—			—		(764	)		(0.53	)
Equity method investee items		—			—			—			—			—						—		(5	)		—		5			0.01
Rounding		1			—			—			1			—						—		—			—		1			—

Adjusted (Non-GAAP)	$	1,065		$	(14	)	$	89		$	990		$	164			16.6	%	$	—	$	(90	)	$	5	$	911		$	0.62
Net earnings from divestitures—KDP		—			—			—			—			—						—		3			—		(3	)		—
Change in equity method investee items		—			—			—			—			(1	)					—		1			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,065		$	(14	)	$	89		$	990		$	163			16.5	%	$	—	$	(86	)	$	5	$	908		$	0.62

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 3.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, 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		—			—			—			—			(2	)					—			20			—		(18	)		(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		—			—			—			—			4						—			(19	)		—		15			0.01

Adjusted (Non-GAAP)	$	942		$	(35	)	$	82		$	895		$	125			14.0	%	$	—		$	(105	)	$	1	$	874		$	0.61
Net earnings from divestitures—KDP		—			—			—			—			—						—			2			—		(2	)		(0.01	)
Change in equity method investee items		—			—			—			—			—						—			2			—		(2	)		—

Adjusted (Non-GAAP)—As Recast	$	942		$	(35	)	$	82		$	895		$	125			14.0	%	$	—		$	(101	)	$	1	$	870		$	0.60

Currency																												28			0.02

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	898		$	0.62

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	)		(6	)					—			27			—		(26	)		(0.02	)
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			—
Initial impacts from enacted tax law changes		—			—			—		—			(10	)					—			—			—		10			0.01
Loss on equity method investment transactions		—			—			—		—			(2	)					(25	)		—			—		27			0.02
Equity method investee items		—			—			—		—			—						—			(5	)		—		5			—

Adjusted (Non-GAAP)	$	1,008		$	(17	)	$	101	$	924		$	203			22.0	%	$	—		$	(87	)	$	1	$	807		$	0.55
Net earnings from divestitures—KDP		—			—			—		—			(1	)					—			3			—		(2	)		—
Change in equity method investee items		—			—			—		—			(1	)					—			—			—		1			—

Adjusted (Non-GAAP)—As Recast	$	1,008		$	(17	)	$	101	$	924		$	201			21.8	%	$	—		$	(84	)	$	1	$	806		$	0.55

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 3.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, 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		—			—			—			—			(7	)					—			36			—		(29	)		(0.01	)
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			0.05
Gain on equity method investment transactions		—			—			—			—			(17	)					71			—			—		(54	)		(0.04	)
Equity method investee items		—			—			—			—			—						—			(15	)		—		15			0.01

Adjusted (Non-GAAP)	$	1,106		$	(33	)	$	85		$	1,054		$	195			18.5	%	$	—		$	(100	)	$	7	$	952		$	0.66
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—			4			—		(3	)		—
Change in equity method investee items		—			—			—			—			—						—			—			—		—			—

Adjusted (Non-GAAP)—As Recast	$	1,106		$	(33	)	$	85		$	1,054		$	194			18.4	%	$	—		$	(96	)	$	7	$	949		$	0.66

Currency																												43			0.03

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	992		$	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			0.04
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	)		(4	)					—			33			—		(33	)		(0.02	)
Remeasurement of net monetary position		2			—			—			2			—						—			—			—		2			—
CEO transition remuneration		3			—			—			3			—						—			—			—		3			—
Initial impacts from enacted tax law changes		—			—			—			—			(1	)					—			—			—		1			—
Gain on equity method investment transactions		—			—			—			—			(5	)					23			—			—		(18	)		(0.01	)
Equity method investee items		—			—			—			—			3						—			32			—		(35	)		(0.03	)

Adjusted (Non-GAAP)	$	1,090		$	(17	)	$	80		$	1,027		$	198			19.3	%	$	—		$	(101	)	$	6	$	924		$	0.63
Net earnings from divestitures—KDP		—			—			—			—			(1	)					—			3			—		(2	)		—
Change in equity method investee items		—			—			—			—			1						—			2			—		(3	)		—

Adjusted (Non-GAAP)—As Recast	$	1,090		$	(17	)	$	80		$	1,027		$	198			19.3	%	$	—		$	(96	)	$	6	$	919		$	0.63

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 3.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, 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	)		(20	)					—			118			—		(107	)		(0.08	)
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
Initial impacts from enacted tax law changes		2			—			—			2			754						—			—			—		(752	)		(0.52	)
Loss on equity method investment transactions		—			—			—			—			(6	)					(2	)		—			—		8			0.01
Equity method investee items		—			—			—			—			4						—			13			—		(17	)		(0.01	)

Adjusted (Non-GAAP)	$	4,264		$	(66	)	$	338		$	3,992		$	843			21.1	%	$	—		$	(370	)	$	15	$	3,504		$	2.40
Net earnings from divestitures—KDP		—			—			—			—			(3	)					—			12			—		(9	)		—
Change in equity method investee items		—			—			—			—			(1	)					—			4			—		(3	)		—

Adjusted (Non-GAAP)—As Recast	$	4,264		$	(66	)	$	338		$	3,992		$	839			21.0	%	$	—		$	(354	)	$	15	$	3,492		$	2.40

Currency																												217			0.14

Adjusted @ Constant FX (Non-GAAP)—As Recast																											$	3,709		$	2.54

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	)		(26	)					—			134			—		(127	)		(0.08	)
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
Initial impacts from enacted tax law changes		—			—			—			—			(33	)					—			—			—		33			0.02
Gain on equity method investment transactions		—			—			—			—			(192	)					778			—			—		(586	)		(0.39	)
Equity method investee items		—			—			—			—			(7	)					—			1			—		6			—

Adjusted (Non-GAAP)	$	4,302		$	(55	)	$	381		$	3,976		$	830			20.9	%	$	—		$	(349	)	$	14	$	3,481		$	2.34
Net earnings from divestitures—KDP		—			—			—			—			(4	)					—			16			—		(12	)		—
Change in equity method investee items		—			—			—			—			1						—			(5	)		—		4			—

Adjusted (Non-GAAP)—As Recast	$	4,302		$	(55	)	$	381		$	3,976		$	827			20.8	%	$	—		$	(338	)	$	14	$	3,473		$	2.34

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 4.a

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Nine Months Ended September 30,
	2021			2020			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	2.33		$	1.66		$	0.67			40.4	%
Simplify to Grow Program		0.20			0.14			0.06
Intangible asset impairment charges		0.02			0.08			(0.06	)
Mark-to-market (gains)/losses from derivatives		(0.16	)		0.03			(0.19	)
Acquisition integration costs and contingent consideration adjustments		(0.03	)		—			(0.03	)
Acquisition-related costs		0.01			0.01			—
Net earnings from divestitures		(0.01	)		(0.04	)		0.03
Costs associated with JDE Peet’s transaction		—			0.21			(0.21	)
Remeasurement of net monetary position		0.01			—			0.01
Impact from pension participation changes		0.02			0.01			0.01
Loss related to interest rate swaps		—			0.05			(0.05	)
Loss on debt extinguishment and related expenses		0.07			—			0.07
Initial impacts from enacted tax law changes		0.07			0.02			0.05
Gain on equity method investment transactions		(0.40	)		(0.31	)		(0.09	)
Equity method investee items		0.04			0.05			(0.01	)

Adjusted EPS (Non-GAAP)	$	2.17		$	1.91		$	0.26			13.6	%
Net earnings from Max Foods		—			—			—
Net earnings from divestitures—KDP		(0.01	)		(0.01	)		—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	2.16		$	1.90		$	0.26			13.7	%
Impact of favorable currency		(0.09	)		—			(0.09	)

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	2.07		$	1.90		$	0.17			8.9	%

Schedule 4.b

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended September 30,
	2021			2020			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.89		$	0.78		$	0.11			14.1	%
Simplify to Grow Program		0.06			0.06			—
Intangible asset impairment charges		—			0.03			(0.03	)
Mark-to-market (gains)/losses from derivatives		(0.08	)		(0.08	)		—
Acquisition integration costs and contingent consideration adjustments		(0.03	)		—			(0.03	)
Net earnings from divestitures		—			(0.01	)		0.01
Initial impacts from enacted tax law changes		—			0.02			(0.02	)
Gain on equity method investment transactions		(0.13	)		(0.19	)		0.06
Equity method investee items		—			0.03			(0.03	)

Adjusted EPS (Non-GAAP)	$	0.71		$	0.64		$	0.07			10.9	%
Net earnings from Max Foods		—			—			—
Net earnings from divestitures—KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.71		$	0.64		$	0.07			10.9	%
Impact of favorable currency		(0.02	)		—			(0.02	)

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.69		$	0.64		$	0.05			7.8	%

Schedule 4.c

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended June 30,
	2021			2020			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.76		$	0.38		$	0.38			100.0	%
Simplify to Grow Program		0.07			0.04			0.03
Intangible asset impairment charges		0.02			0.05			(0.03	)
Mark-to-market (gains)/losses from derivatives		(0.02	)		—			(0.02	)
Acquisition-related costs		0.01			0.01			—
Net earnings from divestitures		—			(0.01	)		0.01
Costs associated with JDE Peet’s transaction		—			0.21			(0.21	)
Impact from pension participation changes		0.02			—			0.02
Initial impacts from enacted tax law changes		0.07			—			0.07
Gain on equity method investment transactions		(0.27	)		(0.08	)		(0.19	)
Equity method investee items		—			0.01			(0.01	)

Adjusted EPS (Non-GAAP)	$	0.66		$	0.61		$	0.05			8.2	%
Net earnings from Max Foods		—			—			—
Net earnings from divestitures—KDP		—			(0.01	)		0.01
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.66		$	0.60		$	0.06			10.0	%
Impact of favorable currency		(0.04	)		—			(0.04	)

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.62		$	0.60		$	0.02			3.3	%

Schedule 4.d

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended March 31,
	2021			2020			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.68		$	0.51		$	0.17			33.3	%
Simplify to Grow Program		0.07			0.03			0.04
Mark-to-market (gains)/losses from derivatives		(0.07	)		0.11			(0.18	)
Acquisition-related costs		0.01			—			0.01
Net earnings from divestitures		(0.01	)		(0.01	)		—
Loss related to interest rate swaps		—			0.05			(0.05	)
Loss on debt extinguishment and related expenses		0.07			—			0.07
Gain on equity method investment transactions		—			(0.04	)		0.04
Equity method investee items		0.04			0.01			0.03

Adjusted EPS (Non-GAAP)	$	0.79		$	0.66		$	0.13			19.7	%
Net earnings from divestitures—KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.79		$	0.66		$	0.13			19.7	%
Impact of favorable currency		(0.04	)		—			(0.04	)

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.75		$	0.66		$	0.09			13.6	%

Schedule 4.e

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Twelve Months Ended December 31,
	2020			2019			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	2.47		$	2.69		$	(0.22	)		(8.2	)%
Simplify to Grow Program		0.20			0.24			(0.04	)
Intangible asset impairment charges		0.08			0.03			0.05
Mark-to-market (gains)/losses from derivatives		(0.01	)		(0.05	)		0.04
Acquisition-related costs		0.01			—			0.01
Net earnings from divestitures		(0.06	)		(0.08	)		0.02
Gain on divestitures		—			(0.03	)		0.03
Costs associated with JDE Peet’s transaction		0.20			—			0.20
Remeasurement of net monetary position		0.01			—			0.01
Impact from pension participation changes		0.01			(0.02	)		0.03
Impact from resolution of tax matters		(0.02	)		0.05			(0.07	)
CEO transition remuneration		—			0.01			(0.01	)
Loss related to interest rate swaps		0.05			0.08			(0.03	)
Loss on debt extinguishment and related expenses		0.10			—			0.10
Initial impacts from enacted tax law changes		0.02			(0.52	)		0.54
(Gain)/loss on equity method investment transactions		(0.55	)		0.01			(0.56	)
Equity method investee items		0.06			(0.01	)		0.07

Adjusted EPS (Non-GAAP)	$	2.57		$	2.40		$	0.17			7.1	%
Net earnings from divestitures—KDP		(0.01	)		—			(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	2.56		$	2.40		$	0.16			6.7	%
Impact of unfavorable currency		0.04			—			0.04

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	2.60		$	2.40		$	0.20			8.3	%

Schedule 4.f

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended December 31,
	2020			2019			$ Change			% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.80		$	0.50		$	0.30			60.0	%
Simplify to Grow Program		0.06			0.07			(0.01	)
Mark-to-market (gains)/losses from derivatives		(0.03	)		(0.01	)		(0.02	)
Net earnings from divestitures		—			(0.02	)		0.02
Costs associated with JDE Peet’s transaction		(0.01	)		—			(0.01	)
Impact from resolution of tax matters		(0.02	)		0.04			(0.06	)
Loss on debt extinguishment and related expenses		0.10			—			0.10
Gain on equity method investment transactions		(0.24	)		—			(0.24	)
Equity method investee items		0.01			0.01			—

Adjusted EPS (Non-GAAP)	$	0.67		$	0.59		$	0.08			13.6	%
Net earnings from divestitures—KDP		(0.01	)		—			(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.66		$	0.59		$	0.07			11.9	%
Impact of favorable currency		(0.02	)		—			(0.02	)

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.64		$	0.59		$	0.05			8.5	%

Schedule 4.g

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	)
Net earnings from divestitures		(0.01	)		(0.02	)		0.01
Loss related to interest rate swaps		—			0.08			(0.08	)
Initial impacts from enacted tax law changes		0.02			(0.53	)		0.55
Gain on equity method investment transactions		(0.19	)		—			(0.19	)
Equity method investee items		0.03			0.01			0.02

Adjusted EPS (Non-GAAP)	$	0.64		$	0.62		$	0.02			3.2	%
Net earnings from divestitures—KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.64		$	0.62		$	0.02			3.2	%
Impact of currency		—			—			—

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.64		$	0.62		$	0.02			3.2	%

Schedule 4.h

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	)		(0.02	)		0.01
Gain on divestitures		—			(0.03	)		0.03
Costs associated with JDE Peet’s transaction		0.21			—			0.21
Impact from pension participation changes		—			(0.02	)		0.02
Initial impacts from enacted tax law changes		—			0.01			(0.01	)
(Gain)/loss on equity method investment transactions		(0.08	)		0.02			(0.10	)
Equity method investee items		0.01			—			0.01

Adjusted EPS (Non-GAAP)	$	0.61		$	0.55		$	0.06			10.9	%
Net earnings from divestitures—KDP		(0.01	)		—			(0.01	)
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.60		$	0.55		$	0.05			9.1	%
Impact of unfavorable currency		0.02			—			0.02

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.62		$	0.55		$	0.07			12.7	%

Schedule 4.i

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			0.04			(0.01	)
Mark-to-market (gains)/losses from derivatives		0.11			(0.01	)		0.12
Net earnings from divestitures		(0.01	)		(0.02	)		0.01
Loss related to interest rate swaps		0.05			—			0.05
Gain on equity method investment transactions		(0.04	)		(0.01	)		(0.03	)
Equity method investee items		0.01			(0.03	)		0.04

Adjusted EPS (Non-GAAP)	$	0.66		$	0.63		$	0.03			4.8	%
Net earnings from divestitures—KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	0.66		$	0.63		$	0.03			4.8	%
Impact of unfavorable currency		0.03			—			0.03

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	0.69		$	0.63		$	0.06			9.5	%

Schedule 4.j

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		(0.08	)		(0.08	)		—
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	)
Initial impacts from enacted tax law changes		(0.52	)		0.02			(0.54	)
(Gain)/loss on equity method investment transactions		0.01			(0.39	)		0.40
Equity method investee items		(0.01	)		—			(0.01	)

Adjusted EPS (Non-GAAP)	$	2.40		$	2.34		$	0.06			2.6	%
Net earnings from divestitures—KDP		—			—			—
Change in equity method investee items		—			—			—

Adjusted EPS (Non-GAAP)—As Recast	$	2.40		$	2.34		$	0.06			2.6	%
Impact of unfavorable currency		0.14			—			0.14

Adjusted EPS @ Constant FX (Non-GAAP)—As Recast	$	2.54		$	2.34		$	0.20			8.5	%

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. Our 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 and divested operation. For all periods presented in this Form 8-K, our non-GAAP financial measure Adjusted Gross Profit, Adjusted Operating Income and Adjusted EPS are defined below. 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 Gross Profit – defined as gross profit excluding the impacts of the Simplify to Grow Program ⁽²⁾; acquisition integration costs ⁽³⁾; the operating results of divestitures ⁽³⁾; and mark-to-market impacts from commodity, forecasted currency and equity method investment transaction derivative contracts ⁽⁴⁾. We also present “Adjusted Gross Profit margin,” which is subject to the same adjustments as Adjusted Gross Profit. We believe that Adjusted Gross Profit and Adjusted Gross Profit margin provide improved comparability of underlying operating results. We also evaluate growth in the company’s Adjusted Gross Profit on a constant currency basis ⁽⁵⁾.

Adjusted Operating Income and Adjusted Segment Operating Income – defined as operating income (or segment operating income) excluding the impacts of the items listed in the Adjusted Gross Profit definition as well as gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture ⁽³⁾ or acquisition gains or losses, divestiture-related ⁽³⁾ costs, acquisition-related costs, and acquisition integration costs and contingent consideration adjustments; the operating results of divestitures ⁽³⁾; remeasurement of net monetary position ⁽⁶⁾; impacts from resolution of tax matters ⁽⁷⁾; CEO transition remuneration ⁽⁸⁾; impact from pension participation changes ⁽⁹⁾; initial impacts from enacted tax law changes ⁽¹⁰⁾; and costs associated with the JDE Peet’s transaction. We also present “Adjusted Operating Income margin” and “Adjusted Segment Operating Income margin,” which are subject to the same adjustments as Adjusted Operating Income and Adjusted Segment Operating Income. We believe that Adjusted Operating Income, Adjusted Segment Operating Income, Adjusted Operating Income margin and Adjusted Segment Operating Income margin provide improved comparability of underlying operating results. We also evaluate growth in the company’s Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis ⁽⁵⁾.

Adjusted EPS – defined as diluted EPS attributable to Mondelēz International from continuing operations excluding the impacts of the items listed in the Adjusted Operating Income and Adjusted Operating Income definitions as well as losses on debt extinguishment and related expenses; gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; net earnings from divestitures ⁽³⁾; and gains or losses on equity method investment transactions. Similarly, within Adjusted EPS, our equity method investment net earnings exclude our proportionate share of our investees’ significant operating and non-operating items ⁽¹¹⁾. 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 ⁽⁵⁾.

(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. In the second quarter of 2021, we added to the non-GAAP definitions the exclusion of initial impacts from enacted tax law changes. Refer to footnote (9) below. In the third quarter of 2021, we also added the exclusion of contingent consideration adjustments (refer to footnote (3) below) and the mark-to-market impacts from equity method investment transaction derivative contracts (see footnote (4) below).

(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. As we record our share of KDP and JDE Peet’s ongoing earnings on a one-quarter lag basis, any KDP or JDE Peet’s ownership reductions are reflected as divestitures within our non-GAAP results the following quarter. During the third

quarter of 2021, we began to exclude the impact of certain adjustments made to our acquisition contingent consideration liabilities that were recorded at the date of acquisition. We made this adjustment to better facilitate comparisons of our underlying operating performance across periods. Refer to Note 2, Acquisitions and Divestitures, and Note 6, Equity Method Investments, in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 for more information on acquisitions and divestitures impacting the comparability of our results.

(4)

We exclude unrealized gains and losses (mark-to-market impacts) from outstanding commodity and forecasted currency and equity method investment transaction derivatives from our non-GAAP earnings measures. The mark-to-market impacts are excluded 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 make 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 exclude equity method investment transaction derivative contract settlements as they represent protection of value for future divestitures.

(5)

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.

(6)

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 deconsolidation in 2015. Refer to Note 1, Summary of Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2020 for additional information.

(7)

Refer to Note 14, Commitments and Contingencies – Tax Matters, in our Annual Report on Form 10-K for the year ended December 31, 2020 for additional information.

(8)

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.

(9)

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 10, Benefit Plans, in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 for more information on the multiemployer pension plan withdrawal.

(10)

We have excluded the initial impacts from enacted tax law changes. Initial impacts include items such as the remeasurement of deferred tax balances and the transition tax from the 2017 U.S. tax reform. Previously, we only excluded the initial impacts from more material tax reforms, specifically the impacts of the 2019 Swiss tax reform and 2017 U.S. tax reform. We exclude initial impacts from enacted tax law changes from our Adjusted EPS as they do not reflect our ongoing tax obligations under the enacted tax law changes. Refer to Note 16, Income Taxes, in our Annual Report on Form 10-K for the year ended December 31, 2020 for more information on the impact of Swiss and U.S. tax reform.

(11)

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 initial impacts from enacted tax law changes, 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.

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.