0001103982-23-000018 | 10-Q | XBRL Viewer | Mondelez International INC

Reallocation of previously approved capital expenditures to be spent on restructuring program cash costs

$ 5,700

$ 3,500

600

2014-2018 Restructuring Program | Maximum

Approved capital expenditures

1,600

$ 2,200

2014-2018 Restructuring Program | Restructuring Program Charges

2014-2018 Restructuring Program | Cash Costs

4,100

2014-2018 Restructuring Program | Non-cash Costs

3,100

$ 1,000

Simplify to Grow Program

Restructuring and implementation charges

$ 7,700

$ 35

$ 31

$ 5,182

Restructuring charges

^[1]

3,102

Cash spent in restructuring

^[2]

Simplify to Grow Program | Maximum

177

^[3]

177

^[3]

$ 164

Implementation costs

$ 2,080

2,080

Approved capital expenditures

2,300

Increase in approved restructuring program costs

$ 1,300

Increase in approved capital expenditures

$ 700

Simplify to Grow Program | Other current liabilities

Simplify to Grow Program | Other liabilities

135

Simplify to Grow Program | Restructuring Program Charges

Simplify to Grow Program | Cash Costs

5,400

Simplify to Grow Program | Non-cash Costs

4,100

Simplify to Grow Program | Severance and Related Costs

$ 1,300

Cash spent in restructuring

Restructuring charges

^[1]

^[2]

$ 17

Property, Plant and Equipment [Abstract]

$ 177

^[3]

$ 177

^[3]

$ 164

[1]	We recorded restructuring charges of $30 million in the first quarter of 2023 and $11 million in the first quarter of 2022 within asset impairment and exit costs and benefit plan non-service income.
[2]	We spent $18 million in the first quarter of 2023 and $17 million in the first quarter of 2022 in cash severance and related costs.
[3]	At March 31, 2023, $135 million of our net restructuring liability was recorded within other current liabilities and $42 million was recorded within other long-term liabilities.

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	$ 4,304	$ 4,147
Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	7,589	$ 7,319
Net investment hedges \| Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	7,600
Cash flow hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Expected transfer of unrealized losses (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months	$ 8
Hedged forecasted transaction period	3 years 5 months

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Land and land improvements	$	378	$	378
Buildings and building improvements	3,319		3,250
Machinery and equipment	12,050		11,724
Construction in progress	825		879
	16,572		16,231
Accumulated depreciation	(7,441)		(7,211)
Property, plant and equipment, net	$	9,131	$	9,020

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) brand	Mar. 31, 2022 USD ($)	Sep. 30, 2022 brand
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 39	$ 32
Estimated amortization expense of intangibles in 2022	150
Estimated amortization expense of intangibles in 2023	150
Estimated amortization expense of intangibles in 2024	150
Estimated amortization expense of intangibles in 2025	95
Estimated amortization expense of intangibles in 2026	$ 90
Brands
Goodwill and Intangible Assets Disclosure [Line Items]
Number of brands with fair value in excess of book value of 10% or less \| brand	8		8
Book value of brands with fair value in excess of book value of 10% or less	$ 1,600

Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Basis of Presentation - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 22		$ 25
Cash, cash equivalents and restricted cash	1,939	$ 1,953	1,948	$ 3,553
Outstanding principal amount of receivables sold under factoring arrangement	858		516
Operating lease right-of-use assets obtained in exchange for lease obligations	39	95
Finance lease right-of-use assets in exchange for lease obligations	27	$ 56
Supplier chain financing, obligation	2,500		2,400
Military Invasion of Ukraine
Summary of Significant Accounting Policies [Line Items]
Number of manufacturing facilities damaged \| facility		2
Incremental costs due to war in Ukraine, before tax		$ 143
Incremental costs due to war in Ukraine, after tax		$ 145
Trade receivable reversal and inventory recoveries	$ 3		$ 22
Argentina
Summary of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues	1.50%
Argentina \| Selling, general and administrative expenses
Summary of Significant Accounting Policies [Line Items]
Remeasurement gain (loss) due to inflationary accounting	$ 11
Turkey
Summary of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues	1.00%
Turkey \| Selling, general and administrative expenses
Summary of Significant Accounting Policies [Line Items]
Remeasurement gain (loss) due to inflationary accounting	$ 1

Stock Plans - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		108 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2023	Dec. 02, 2020
Class of Stock [Line Items]
Common shares repurchased		$ 409,000,000	$ 735,000,000
Payments for repurchase of common Stock		399,000,000	$ 751,000,000
Common Stock
Class of Stock [Line Items]
Common shares repurchased		$ 407,000,000
Number of shares repurchased (in shares)		6.2
Average cost of shares repurchased (in dollars per share)		$ 65.93
Remaining share repurchase capacity		$ 5,600,000,000
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Payments for repurchase of common Stock	$ 8,000,000
Common Stock \| Share Repurchase Program Amended December 2, 2020
Class of Stock [Line Items]
Stock repurchase value						$ 23,700,000,000
Common Stock \| Prior to January 1, 2022
Class of Stock [Line Items]
Common shares repurchased				$ 22,000,000,000
Common Stock \| Share Repurchase Program Amended January 1, 2023
Class of Stock [Line Items]
Stock repurchase value					$ 6,000,000,000

Restructuring Program

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Program

Note 7. Restructuring Program

On May 6, 2014, our Board of Directors approved a $3.5 billion 2014-2018 restructuring program and up to $2.2 billion of capital expenditures. On August 31, 2016, our Board of Directors approved a $600 million reallocation between restructuring program cash costs and capital expenditures so the $5.7 billion program consisted of approximately $4.1 billion of restructuring program charges ($3.1 billion cash costs and $1.0 billion non-cash costs) and up to $1.6 billion of capital expenditures. On September 6, 2018, our Board of Directors approved an extension of the restructuring program through 2022, an increase of $1.3 billion in the program charges and an increase of $700 million in capital expenditures. On October 21, 2021, our Board of Directors approved an extension of the restructuring program through 2023. The total $7.7 billion program now consists of $5.4 billion of program charges ($4.1 billion of cash costs and $1.3 billion of non-cash costs) and total capital expenditures of $2.3 billion to be incurred over the life of the program. The current restructuring program, as increased and extended by these actions, is now called the Simplify to Grow Program.

The primary objective of the Simplify to Grow Program is to reduce our operating cost structure in both our supply chain and overhead costs. The program covers severance as well as asset disposals and other manufacturing and procurement-related one-time costs. Since inception, we have incurred total restructuring and implementation charges of $5.2 billion related to the Simplify to Grow Program. We expect to incur the remainder of the program charges by year-end 2023.

Restructuring Costs

The Simplify to Grow Program liability activity for the three months ended March 31, 2023 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability balance, January 1, 2023	$	164	$	—	$	164
Charges (2)	29		1		30
Cash spent (3)	(18)		—		(18)
Non-cash settlements/adjustments (4)	—		(1)		(1)
Currency	2		—		2
Liability balance, March 31, 2023 (5)	$	177	$	—	$	177

(1)Includes gains as a result of assets sold which are included in the restructuring program.

(2)We recorded restructuring charges of $30 million in the first quarter of 2023 and $11 million in the first quarter of 2022 within asset impairment and exit costs and benefit plan non-service income.

(3)We spent $18 million in the first quarter of 2023 and $17 million in the first quarter of 2022 in cash severance and related costs.

(4)We recognized non-cash asset write-downs (including accelerated depreciation and asset impairments), and other non-cash adjustments, including any gains on sale of restructuring program assets, which totaled a charge of $1 million in the first quarter of 2023 and a charge of $2 million in the first quarter of 2022.

(5)At March 31, 2023, $135 million of our net restructuring liability was recorded within other current liabilities and $42 million was recorded within other long-term liabilities.

Implementation Costs

Implementation costs are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. We believe the disclosure of implementation costs provides readers of our financial statements with more information on the total costs of our Simplify to Grow Program. Implementation costs primarily relate to reorganizing our operations and facilities in connection with our supply chain reinvention program and other identified productivity and cost saving initiatives. The costs include incremental expenses related to the closure of facilities, costs to terminate certain contracts and the simplification of our information systems. Within our continuing results of operations, we recorded implementation costs of $5 million in

the first quarter of 2023 and $20 million in the first quarter of 2022. We recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses.

Restructuring and Implementation Costs

During the three months ended March 31, 2023 and March 31, 2022, and since inception of the Simplify to Grow Program, we recorded the following restructuring and implementation costs within segment operating income and earnings before income taxes:


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Three Months Ended March 31, 2023
Restructuring Costs	$	—	$	1	$	30	$	(1)	$	—	$	30
Implementation Costs	—		—		—		—		5		5
Total	$	—	$	1	$	30	$	(1)	$	5	$	35
For the Three Months Ended March 31, 2022
Restructuring Costs	$	(1)	$	2	$	2	$	8	$	—	$	11
Implementation Costs	1		1		5		7		6		20
Total	$	—	$	3	$	7	$	15	$	6	$	31
Total Project (Inception to Date)
Restructuring Costs	$	548	$	555	$	1,193	$	656	$	150	$	3,102
Implementation Costs	303		245		569		590		373		2,080
Total	$	851	$	800	$	1,762	$	1,246	$	523	$	5,182

Debt and Borrowing Arrangements - Narrative (Details) - USD ($) $ in Millions	Apr. 06, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Reclassification of long-term debt to short-term debt, amount		$ 800
Credit facility borrowings \| Subsequent Event \| Revolving Credit Facility Terminating on December 29, 2023
Debt Instrument [Line Items]
Facility Amount	$ 2,000

Financial Instruments - Notional Values of Hedging Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Euro notes \| Net investment hedge debt
Derivative [Line Items]
Notional Amount	$ 3,453	$ 3,410
Swiss franc notes \| Net investment hedge debt
Derivative [Line Items]
Notional Amount	645	638
Canadian dollar notes \| Net investment hedge debt
Derivative [Line Items]
Notional Amount	444	443
Currency exchange contracts \| Intercompany loans and forecasted interest payments
Derivative [Line Items]
Notional Amount	2,504	2,085
Currency exchange contracts \| Forecasted transactions
Derivative [Line Items]
Notional Amount	7,032	5,470
Commodity contracts
Derivative [Line Items]
Notional Amount	11,802	12,131
Interest rate contracts
Derivative [Line Items]
Notional Amount	4,304	4,147
Net investment hedge contracts
Derivative [Line Items]
Notional Amount	7,589	$ 7,319
Net investment hedge contracts \| Net investment hedge debt
Derivative [Line Items]
Notional Amount	$ 7,600

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Note 16. Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages.

We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.

Our operations and management structure are organized into four operating segments:

• Latin America

• AMEA

• Europe

• North America

We use segment operating income to evaluate segment performance and allocate resources. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that management reviews.

Our segment net revenues and earnings were:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Net revenues:
Latin America	$	1,211	$	826
AMEA	1,939		1,867
Europe	3,307		2,935
North America	2,709		2,136
Net revenues	$	9,166	$	7,764
Earnings before income taxes:
Operating income:
Latin America	$	139	$	103
AMEA	360		272
Europe	507		377
North America	566		418
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	49		27
General corporate expenses	(77)		(50)
Amortization of intangible assets	(39)		(32)

Acquisition-related costs	—		(21)
Operating income	1,505		1,094
Benefit plan non-service income	19		33
Interest and other expense, net	(95)		(168)
Gain on marketable securities	796		—
Earnings before income taxes	$	2,225	$	959

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Acquisitions and Divestitures, Note 3, Inventories, Note 4, Property, Plant and Equipment, Note 5, Goodwill and Intangible Assets, and Note 7, Restructuring Program. Also see Note 8, Debt and Borrowing Arrangements, and Note 9, Financial Instruments, for more information on our interest and other expense, net for each period.

Net revenues by product category were:


	For the Three Months Ended March 31, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	276	$	669	$	1,062	$	2,313	$	4,320
Chocolate	368		747		1,670		84		2,869
Gum & Candy	348		206		233		312		1,099
Beverages	111		208		33		—		352
Cheese & Grocery	108		109		309		—		526
Total net revenues	$	1,211	$	1,939	$	3,307	$	2,709	$	9,166

	For the Three Months Ended March 31, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	224	$	657	$	951	$	1,799	$	3,631
Chocolate	248		706		1,512		77		2,543
Gum & Candy	172		203		152		260		787
Beverages	102		197		32		—		331
Cheese & Grocery	80		104		288		—		472
Total net revenues	$	826	$	1,867	$	2,935	$	2,136	$	7,764

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options and Performance Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Mondelēz International stock options excluded from the calculation of diluted EPS (in shares)	2.2	2.1

Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

Note 15. Earnings per Share

Basic and diluted earnings per share (“EPS”) were calculated as follows:


	For the Three Months Ended March 31,
	2023		2022
	(in millions, except per share data)
Net earnings	$	2,089	$	861
Noncontrolling interest earnings	(8)		(6)
Net earnings attributable to Mondelēz International	$	2,081	$	855
Weighted-average shares for basic EPS	1,366		1,389
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	7		9
Weighted-average shares for diluted EPS	1,373		1,398
Basic earnings per share attributable to Mondelēz International	$	1.52	$	0.62
Diluted earnings per share attributable to Mondelēz International	$	1.52	$	0.61

We exclude antidilutive Mondelēz International stock options and long-term incentive plan shares from our calculation of weighted-average shares for diluted EPS, which are 2.2 million in the first quarter of 2023 and 2.1 million in the first quarter of 2022.

Acquisitions and Divestitures - Narrative (Details) $ in Millions, € in Billions, $ in Billions						3 Months Ended
	Nov. 01, 2022 USD ($)	Nov. 01, 2022 MXN ($)	Aug. 01, 2022 USD ($)	Jan. 03, 2022 USD ($)	Jan. 03, 2022 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 16, 2022 USD ($)
Business Acquisition [Line Items]
Payments to acquire business net of cash acquired						$ (1)	$ 1,418
Acquisition-related costs						0	21
Held for Sale (1) \| Developed-market Gum Business
Business Acquisition [Line Items]
Disposal group, including discontinued operation, expected consideration								$ 1,400
Costs related to divestiture						30
Ricolino
Business Acquisition [Line Items]
Percentage of interest acquired	100.00%
Payments to acquire business net of cash acquired	$ 1,308	$ 26
Indefinite-life intangible assets	$ 339
Incremental net revenues from acquisition						171
Incremental operating income (loss) from acquisition						9
Acquisition integration costs						6
Clif Bar
Business Acquisition [Line Items]
Percentage of interest acquired			100.00%
Payments to acquire business net of cash acquired			$ 2,576
Incremental net revenues from acquisition						218
Incremental operating income (loss) from acquisition						(35)
Acquisition integration costs						39
Payments to acquire businesses and other related costs			2,900
Payment of employee stock ownership plan expense			300
Contingent consideration			440
Goodwill expected to be deductible for income tax purposes			1,400
Clif Bar \| Minimum
Business Acquisition [Line Items]
Contingent consideration arrangement, additional consideration to be paid, low value			0
Clif Bar \| Maximum
Business Acquisition [Line Items]
Contingent consideration arrangement, additional consideration to be paid, high value			2,400
Clif Bar \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets			$ 1,450
Chipita, S.A.
Business Acquisition [Line Items]
Percentage of interest acquired				100.00%
Payments to acquire business net of cash acquired				$ 1,402
Acquisition integration costs						$ 6	35
Total cash payment				1,400	€ 1.2
Liabilities assumed				436	0.5
Purchase consideration				1,800	€ 1.7
Acquisition-related costs							$ 21
Chipita, S.A. \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets				$ 686

Restructuring Program - Restructuring and Implementation Costs by Segments (Details) - Simplify to Grow Program - USD ($)
$ in Millions

3 Months Ended

101 Months Ended

107 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Sep. 30, 2022

Mar. 31, 2023

$ 30

^[1]

$ 11

$ 3,102

2,080

Operating Segments | Latin America

5,182

(1)

548

303

Operating Segments | AMEA

851

555

245

Operating Segments | Europe

800

1,193

569

Operating Segments | North America

1,762

(1)

656

590

(1)

1,246

Corporate

150

373

Derivative Instruments and Hedging Activities Disclosure [Abstract]

$ 5

$ 6

$ 523

[1]	We recorded restructuring charges of $30 million in the first quarter of 2023 and $11 million in the first quarter of 2022 within asset impairment and exit costs and benefit plan non-service income.

Financial Instruments

3 Months Ended

Mar. 31, 2023

Financial Instruments

Note 9. Financial Instruments

Fair Value of Derivative Instruments

Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2023				As of December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	123	39		$	132	35
Net investment hedge derivative contracts (1)	225		242		265		241
	$	348	$	281	$	397	$	276
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	213	$	126	$	185	$	103
Commodity contracts	346		332		200		247
Interest rate contracts	6		2		8		—
Equity method investment contracts (2)	—		1		—		3
	$	565	$	461	$	393	$	353
Total fair value	$	913	$	742	$	790	$	629

(1)Net investment hedge derivative contracts consist of cross-currency interest rate swaps, forward contracts and options. We also designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 8, Debt and Borrowing Arrangements. Both net investment hedge derivative contracts and non-U.S. dollar denominated debt acting as net investment hedges are also disclosed in the Derivative Volume table and the Hedges of Net Investments in International Operations section appearing later in this footnote.

(2)Equity method investment contracts consist of two types of derivatives: (a) options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares that are exercisable at maturity over the third quarter of 2023 with strike prices ranging between €26.10 and €28.71 per share and (b) the bifurcated embedded derivative option that was a component of the September 20, 2021 €300 million exchangeable bonds issuance. Refer to Note 8, Debt and Borrowing Arrangements.

We record derivative assets and liabilities on a gross basis on our condensed consolidated balance sheets. The fair value of our asset derivatives is recorded within other current assets and other assets and the fair value of our liability derivatives is recorded within other current liabilities and other liabilities.

The fair values (asset/(liability)) of our derivative instruments were determined using:


	As of March 31, 2023
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	87	$	—	$	87	$	—
Commodity contracts	14		(17)		31		—
Interest rate contracts	88		—		88		—
Net investment hedge contracts	(17)		—		(17)		—
Equity method investment contracts	(1)		—		(1)		—
Total derivatives	$	171	$	(17)	$	188	$	—


	As of December 31, 2022
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	82	$	—	$	82	$	—
Commodity contracts	(47)		(35)		(12)		—
Interest rate contracts	105		—		105		—
Net investment hedge contracts	24		—		24		—
Equity method investment contracts	(3)		—		(3)		—
Total derivatives	$	161	$	(35)	$	196	$	—

Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options. The fair value of these instruments is determined based on quoted market prices on commodity exchanges.

Level 2 financial assets and liabilities consist primarily of over-the-counter (“OTC”) currency exchange forwards, options and swaps; commodity forwards and options; net investment hedge contracts; and interest rate swaps. Our currency exchange contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our bifurcated exchange options are valued, as derivative instrument liabilities, using the Black-Scholes option pricing model. This model requires assumptions related to the market price of the underlying note and associated credit spread combined with the share of price, expected dividend yield, and expected volatility of the JDE Peet’s shares over the life of the option. Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Our OTC derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

Derivative Volume

The notional values of our hedging instruments were:


	Notional Amount
	As of March 31, 2023		As of December 31, 2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,504	$	2,085
Forecasted transactions	7,032		5,470
Commodity contracts	11,802		12,131
Interest rate contracts	4,304		4,147
Net investment hedges:
Net investment hedge derivative contracts	7,589		7,319
Non-U.S. dollar debt designated as net investment hedges
Euro notes	3,453		3,410
Swiss franc notes	645		638
Canadian dollar notes	444		443

Cash Flow Hedges

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses). Refer to Note 13, Reclassifications from Accumulated Other Comprehensive Income for further information on current period activity.

Based on current market conditions, we would expect to transfer losses of $8 million (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months.

Cash Flow Hedge Coverage

As of March 31, 2023, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 5 months.

Hedges of Net Investments in International Operations

Net investment hedge ("NIH") derivative contracts

We enter into cross-currency interest rate swaps, forwards and options to hedge certain investments in our non-U.S. operations against movements in exchange rates. The aggregate notional value as of March 31, 2023 was $7.6 billion.

Net investment hedge derivative contract impacts on other comprehensive earnings and net earnings were:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
After-tax (loss)/gain on NIH contracts(1)	$	(5)	$	41

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings. The cash flows from the settled contracts are reported within other investing activities in the condensed consolidated statement of cash flows.


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Amounts excluded from the assessment of hedge effectiveness(1)	$	36	$	22

(1)We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

Non-U.S. dollar debt designated as net investment hedges

After-tax gains/(losses) related to hedges of net investments in international operations were recorded within the cumulative translation adjustment section of other comprehensive income and were:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Euro notes	$	(33)	$	74
British pound sterling notes	—		8
Swiss franc notes	(5)		6
Canadian notes	(1)		(4)

Economic Hedges

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:


	For the Three Months Ended March 31,				Location of Gain/(Loss) Recognized in Earnings
	2023		2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	22	$	(11)		Interest and other expense, net
Forecasted transactions	2		(7)			Cost of sales
Forecasted transactions	5		21			Interest and other expense, net
Forecasted transactions	(5)		2			Selling, general and administrative expenses
Commodity contracts	(2)		237			Cost of sales
Equity method investment contracts	2		—			Gain on equity method investment transactions
Total	$	24	$	242

Fair Value of Contingent Consideration

The following is a summary of our contingent consideration liability activity:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Liability at beginning of period	$	642	$	159

Changes in fair value	17		6


Liability at end of period	$	659	$	165

Contingent consideration was recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2023
	Total Fair Value of Liability		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Clif Bar (1)	$	465	$	—	$	—	$	465
Other (2)	194		—		—		194
Total contingent consideration	$	659	$	—	$	—	$	659


	As of December 31, 2022
	Total Fair Value of Liability		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Clif Bar (1)	$	452	$	—	$	—	$	452
Other (2)	190		—		—		190
Total contingent consideration	$	642	$	—	$	—	$	642

(1)In connection with the Clif Bar acquisition, we entered into a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain net revenue, gross profit and EBITDA targets in 2025 and 2026 that exceed our base financial projections for the business implied in the upfront purchase price. The other contingent consideration liabilities are recorded at fair value within long term liabilities. The estimated fair value of the contingent consideration obligation at the acquisition date was determined using a Monte Carlo simulation and recorded in other liabilities. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and EBITDA, as well as discount and volatility rates. Fair value adjustments are primarily recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.

(2)The other contingent consideration liabilities are recorded at fair value, with $113 million and $102 million classified as other current liabilities and $81 million and $88 million classified as long term liabilities at March 31, 2023 and December 31, 2022. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management's latest estimate of forecasted future results. Other key assumptions included discount rate and volatility. Fair value adjustments are recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.

Debt and Borrowing Arrangements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Borrowing Arrangements

Note 8. Debt and Borrowing Arrangements

Short-Term Borrowings

Our short-term borrowings and related weighted-average interest rates consisted of:


	As of March 31, 2023				As of December 31, 2022
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	2,350	4.8	%	$	2,209	4.7	%
Bank loans	111		9.5	%	90		9.1	%
Total short-term borrowings	$	2,461			$	2,299

Our uncommitted credit lines and committed credit lines available as of March 31, 2023 and December 31, 2022 include:


	As of March 31, 2023				As of December 31, 2022
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,306	$	111	$	1,335	$	90
Credit facility expiry (1):
February 22, 2023	—		—		2,500		—
March 11, 2023	—		—		2,000		—
February 21, 2024	1,500		—		—		—
July 29, 2025 (2)	2,000		1,000		2,000		2,000
February 23, 2027	4,500		—		4,500		—

(1)We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At March 31, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.0 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

(2)On March 31, 2022, we entered into a supplemental term loan credit facility that can be utilized for general corporate purposes, including acquisitions. Under this agreement, we may draw up to a total of $2.0 billion in term loans from the facility. On July 29, 2022, we drew down $2.0 billion in term loans, due July 29, 2025, bearing interest at a variable annual rate based on SOFR plus an applicable margin. On March 3, 2023, we repaid $1.0 billion in term loans. Subsequently on April 3, 2023, we repaid $0.3 billion.

On April 6, 2023, we entered into an additional revolving credit agreement that can be utilized for general corporate purposes and to support our commercial paper program. Under this agreement, we may draw up to a total of $2.0 billion from the facility. This agreement will terminate on December 29, 2023.

Long-Term Debt

As of March 31, 2023, the Company reclassified the net carrying value of debt of $800 million due within one year from long-term debt to current portion of long-term debt.

Fair Value of Our Debt

The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our term loans was determined using quoted prices for similar instruments in markets that are not active (Level 2 valuation data) and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Fair Value	$	19,782	$	20,217
Carrying Value	$	22,202	$	22,933

Interest and Other Expense, net

Interest and other expense, net consisted of:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Interest expense, debt	$	153	$	91
Loss on debt extinguishment and related expenses	—		129
Other (income), net	(58)		(52)
Interest and other expense, net	$	95	$	168

Other income, net includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts. Refer to Note 9, Financial Instruments.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Goodwill and Intangible Assets Disclosure [Abstract]

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retained Earnings
Cash dividends declared (in dollars per share)	$ 0.390	$ 0.315

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Goodwill by Segment

Changes in goodwill consisted of:


	Latin America		AMEA		Europe		North America		Total
January 1, 2022	$	674	$	3,365	$	7,830	$	10,109	$	21,978
Currency	41		(233)		(550)		(15)		(757)
Acquisitions (1)	714		—		795		1,020		2,529
Held for Sale (1)	—		—		(66)		(226)		(292)
Divestitures	(8)		—		—		—		(8)
Balance at December 31, 2022	$	1,421	$	3,132	$	8,009	$	10,888	$	23,450
Currency	95		(18)		73		4		154


Balance at March 31, 2023	$	1,516	$	3,114	$	8,082	$	10,892	$	23,604

(1)Refer to Note 2, Acquisitions and Divestitures for more information.

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following:


	As of March 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-life intangible assets	$	3,389	$	(2,110)	$	1,279	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1)	18,531		—		18,531		18,413		—		18,413
Total	$	21,920	$	(2,110)	$	19,810	$	21,767	$	(2,057)	$	19,710

(1)In 2022, we recorded $101 million of intangible asset impairment charges related to two biscuit brands in AMEA segment, of which $78 million was recorded in the first quarter and $23 million was recorded in the third quarter.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following:


	As of March 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-life intangible assets	$	3,389	$	(2,110)	$	1,279	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1)	18,531		—		18,531		18,413		—		18,413
Total	$	21,920	$	(2,110)	$	19,810	$	21,767	$	(2,057)	$	19,710

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Derivative Instruments and Hedging Activities Disclosures [Line Items]

Debt and Borrowing Arrangements - Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 19,782	$ 20,217
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 22,202	$ 22,933

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Effects of Derivative Instruments

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:


	For the Three Months Ended March 31,				Location of Gain/(Loss) Recognized in Earnings
	2023		2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	22	$	(11)		Interest and other expense, net
Forecasted transactions	2		(7)			Cost of sales
Forecasted transactions	5		21			Interest and other expense, net
Forecasted transactions	(5)		2			Selling, general and administrative expenses
Commodity contracts	(2)		237			Cost of sales
Equity method investment contracts	2		—			Gain on equity method investment transactions
Total	$	24	$	242

Schedule of Contingent Consideration

The following is a summary of our contingent consideration liability activity:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Liability at beginning of period	$	642	$	159

Changes in fair value	17		6


Liability at end of period	$	659	$	165

Contingent consideration was recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2023
	Total Fair Value of Liability		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Clif Bar (1)	$	465	$	—	$	—	$	465
Other (2)	194		—		—		194
Total contingent consideration	$	659	$	—	$	—	$	659


	As of December 31, 2022
	Total Fair Value of Liability		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Clif Bar (1)	$	452	$	—	$	—	$	452
Other (2)	190		—		—		190
Total contingent consideration	$	642	$	—	$	—	$	642

Net investment hedges

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Hedges of Net Investments in International Operations

Net investment hedge derivative contract impacts on other comprehensive earnings and net earnings were:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
After-tax (loss)/gain on NIH contracts(1)	$	(5)	$	41


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Amounts excluded from the assessment of hedge effectiveness(1)	$	36	$	22

(1)We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

After-tax gains/(losses) related to hedges of net investments in international operations were recorded within the cumulative translation adjustment section of other comprehensive income and were:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Euro notes	$	(33)	$	74
British pound sterling notes	—		8
Swiss franc notes	(5)		6
Canadian notes	(1)		(4)

Derivative

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Fair Value of Derivatives Instruments

Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:


	As of March 31, 2023				As of December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	123	39		$	132	35
Net investment hedge derivative contracts (1)	225		242		265		241
	$	348	$	281	$	397	$	276
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	213	$	126	$	185	$	103
Commodity contracts	346		332		200		247
Interest rate contracts	6		2		8		—
Equity method investment contracts (2)	—		1		—		3
	$	565	$	461	$	393	$	353
Total fair value	$	913	$	742	$	790	$	629

Schedule of Derivative Instruments Fair Value and Measurement Inputs

The fair values (asset/(liability)) of our derivative instruments were determined using:


	As of March 31, 2023
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	87	$	—	$	87	$	—
Commodity contracts	14		(17)		31		—
Interest rate contracts	88		—		88		—
Net investment hedge contracts	(17)		—		(17)		—
Equity method investment contracts	(1)		—		(1)		—
Total derivatives	$	171	$	(17)	$	188	$	—


	As of December 31, 2022
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	82	$	—	$	82	$	—
Commodity contracts	(47)		(35)		(12)		—
Interest rate contracts	105		—		105		—
Net investment hedge contracts	24		—		24		—
Equity method investment contracts	(3)		—		(3)		—
Total derivatives	$	161	$	(35)	$	196	$	—

Schedule of Notional Values of Derivative Instruments

The notional values of our hedging instruments were:


	Notional Amount
	As of March 31, 2023		As of December 31, 2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,504	$	2,085
Forecasted transactions	7,032		5,470
Commodity contracts	11,802		12,131
Interest rate contracts	4,304		4,147
Net investment hedges:
Net investment hedge derivative contracts	7,589		7,319
Non-U.S. dollar debt designated as net investment hedges
Euro notes	3,453		3,410
Swiss franc notes	645		638
Canadian dollar notes	444		443

Financial Instruments - Net Investment Hedge Derivative Contracts (Details) - Net investment hedges - Net investment hedge derivative contracts - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Derivative Instruments, Gain (Loss) [Line Items]

After-tax (loss)/gain on NIH contracts

^[1]

$ (5)

$ 41

Amounts excluded from the assessment of hedge effectiveness

^[2]

$ 36

$ 22

[1]	Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings. The cash flows from the settled contracts are reported within other investing activities in the condensed consolidated statement of cash flows.
[2]	We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

Financial Instruments - Non-U.S. Dollar Debt Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Euro notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (33)	$ 74
British pound sterling notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	0	8
Swiss franc notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	(5)	6
Canadian notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (1)	$ (4)

Stock Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Options Activity

Stock option activity is reflected below:


	Shares Subject to Option	Weighted- Average Exercise or Grant Price Per Share	Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance at January 1, 2023	20,490,250	$46.31	5 years	$	417	million
Annual grant to eligible employees	2,452,110	65.36
Additional options issued	3,310	66.25
Total options granted	2,455,420	65.36
Options exercised (1)	(1,453,616)	34.75		$	46	million
Options canceled	(109,897)	48.36
Balance at March 31, 2023	21,382,157	49.27	6 years	$	437	million

(1)Cash received from options exercised was $49 million in the three months ended March 31, 2023. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $8 million in the three months ended March 31, 2023.

Performance Share Units and Other Stock-Based Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Performance Share Units and Stock-Based Awards Activity

Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:


	Number of Shares	Grant Date	Weighted-Average Fair Value Per Share (4)	Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2023	4,451,674		$60.12
Annual grant to eligible employees:		Mar 2, 2023
Performance share units	895,410		68.59
Deferred stock units	578,570		65.36
Additional shares granted (1)	675,395	Various	65.13
Total shares granted	2,149,375		66.63	$	143	million
Vested (2) (3)	(1,598,781)		63.07	$	101	million
Forfeited (2)	(91,430)		60.77
Balance at March 31, 2023	4,910,838		61.99

(1)Includes PSUs and DSUs.

(2)Includes PSUs, DSUs and other stock-based awards.

(3)The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $2 million in the three months ended March 31, 2023.

(4)The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.

Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Note 2. Acquisitions and Divestitures

Acquisitions

Ricolino

On November 1, 2022, we acquired 100% of the equity of Grupo Bimbo's confectionery business, Ricolino, located primarily in Mexico. The acquisition of Ricolino builds on our continued prioritization of fast-growing snacking segments in key geographies. The cash consideration paid for Ricolino totaled $26 billion Mexican pesos ($1.3 billion), net of cash received.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:


	(in millions)
Cash	$	22
Receivables	86
Inventory	70
Other current assets	3
Property, plant and equipment	144
Operating leases right of use assets	17

Definite-life intangible assets	218
Indefinite-life intangible assets	339
Goodwill	714

Assets acquired	$	1,613
Current liabilities	177
Deferred tax liability	77
Operating lease liabilities	17
Other liabilities	12
Total purchase price	$	1,330
Less: cash received	(22)
Net Cash Paid	$	1,308

Within identifiable intangible assets, we allocated $339 million to trade names, which have an indefinite life. The fair value for the Ricolino, Dulces Vero, LaCorona and Coronado trade names were determined using the Relief from Royalty method, a form of the income approach, at the acquisition date. The fair value measurement of indefinite-life intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include estimates of future sales, discount and royalty rates.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across both new and legacy product categories in Mexico. None of the goodwill recognized is expected to be deductible for income tax purposes. All of the goodwill was assigned to the Latin American operating segment.

Ricolino added incremental net revenues of $171 million and operating income of $9 million during the three months ended March 31, 2023. We incurred acquisition integration costs of $6 million during the three months ended March 31, 2023.

Clif Bar

On August 1, 2022, we acquired 100% of the equity of Clif Bar & Company (“Clif Bar”), a leading U.S. maker of nutritious energy bars with organic ingredients. The acquisition expands our global snack bar business and complements our refrigerated snacking and performance nutrition bar portfolios. The total cash payment of $2.9 billion includes purchase price consideration of $2.6 billion, net of cash received, and one-time compensation expense of $0.3 billion related to the buyout of the non-vested employee stock ownership plan ("ESOP") shares. This compensation expense is considered an acquisition-related cost. The acquisition of Clif Bar includes a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain revenue and earnings targets in 2025 and 2026 that exceed our base financial projections for the business

implied in the upfront purchase price. The possible payments range from zero to a maximum total of $2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections. The estimated fair value of the contingent consideration obligation at the acquisition date was $440 million determined using a Monte Carlo simulation. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and earnings before interest, tax, depreciation and amortization ("EBITDA"), as well as discount and volatility rates.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:


	(in millions)
Cash	$	99
Receivables	76
Inventory	124
Other current assets	9
Property, plant and equipment	186
Operating leases right of use assets	22
Deferred tax assets	92

Definite-life intangible assets	200
Indefinite-life intangible assets	1,450
Goodwill	1,020
Other assets	11
Assets acquired	$	3,289
Current liabilities	159

Contingent consideration	440
Other liabilities	15
Total purchase price	$	2,675
Less: cash received	(99)
Net Cash Paid	$	2,576

Within identifiable intangible assets, we allocated $1,450 million to trade names, which have an indefinite life. The fair value for the Clif and Luna trade names, were determined using the Relief from Royalty method, a form of the income approach, at the acquisition date. The fair value measurement of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include forecasted future revenue, discount and royalty rates. We expect to generate a meaningful cash tax benefit over time from the amortization of acquisition-related intangibles.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across the U.S. and other key markets. All of the goodwill was assigned to the North America operating segment. Tax deductible goodwill is expected to be $1.4 billion and will be amortized.

Clif Bar added incremental net revenues of $218 million and operating income of $35 million during the three months ended March 31, 2023. We incurred acquisition integration costs of $39 million during the three months ended March 31, 2023. These acquisition integration costs include an increase to the contingent consideration liability due to changes to underlying assumptions. Refer to Note 9, Financial Instruments for additional information.

Chipita

On January 3, 2022, we acquired 100% of the equity of Chipita Global S.A. (“Chipita”), a leading croissants and baked snacks company in the Central and Eastern European markets. The acquisition of Chipita offers a strategic complement to our existing portfolio and advances our strategy to become the global leader in broader snacking. The cash consideration paid for Chipita totaled €1.2 billion ($1.4 billion), net of cash received, plus the assumption of Chipita’s debt of €0.5 billion ($0.4 billion) for a total purchase price of €1.7 billion ($1.8 billion).

We have recorded a purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as follows:


	(in millions)
Cash	$	52
Receivables	102
Inventory	60
Other current assets	3
Property, plant and equipment	379
Finance leases right of use assets	8
Definite-life intangible assets	48
Indefinite-life intangible assets	686
Goodwill	795
Other assets	77
Assets acquired	$	2,210
Current liabilities	133
Deferred tax liability	158
Finance lease liabilities	8
Other liabilities	21
Total purchase price	$	1,890
Less: long-term debt	(436)
Less: cash received	(52)
Net Cash Paid	$	1,402

Within identifiable intangible assets, we allocated $686 million to trade names, which have an indefinite life. The fair value for the 7 Days trade name, which is the primary asset acquired, was determined using the multi-period excess earnings method under the income approach at the acquisition date. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include forecasted future cash flows and discount rates.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across both new and legacy product categories. None of the goodwill recognized is expected to be deductible for income tax purposes. All of the goodwill was assigned to the Europe operating segment.

We incurred acquisition integration costs of $6 million during the three months ended March 31, 2023. We incurred acquisition-related costs of $21 million and acquisition integration costs of $35 million during the three months ended March 31, 2022.

Divestitures

Developed Market Gum - Held for Sale

On December 16, 2022, Mondelēz entered into an agreement to sell its developed market gum business in North America and Europe for $1.4 billion. It is expected to close in Q4 2023, subject to relevant antitrust approvals and closing conditions. In connection with these agreements, we concluded that the disposal group met the held for sale criteria as of December 31, 2022. The disposal group is included as part of the North America and Europe operating segments.

We incurred divestiture-related costs of $30 million during the three months ended March 31, 2023.

Total assets and liabilities held for sale are comprised of the following:


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Inventories, net	$	90	$	79
Current assets held for sale (1)	$	90	$	79
Property, plant and equipment, net	161		159
Goodwill	292		292
Intangible assets, net	677		671
Noncurrent assets held for sale (2)	$	1,130	$	1,122

Accrued employment costs	6		4
Current liabilities held for sale (3)	$	6	$	4
Deferred income taxes	13		15
Noncurrent liabilities held for sale (4)	$	13	$	15

(1)Reported in Other current assets on the condensed consolidated balance sheets.

(2)Reported in Other assets on the condensed consolidated balance sheets.

(3)Reported in Other current liabilities on the condensed consolidated balance sheets.

(4)Reported in Other liabilities on the condensed consolidated balance sheets.

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

$ 23,450

$ 21,978

154

(757)

^[1]

2,529

23,604

23,450

Latin America

1,421

674

^[1]

714

1,516

1,421

AMEA

3,132

3,365

(18)

(233)

^[1]

3,114

3,132

Europe

8,009

7,830

(550)

^[1]

795

8,082

8,009

North America

10,888

10,109

(15)

^[1]

1,020

$ 10,892

10,888

Held for Sale (1)

Held for Sale (1) | Latin America

^[1]

(292)

^[1]

Held for Sale (1) | AMEA

Held for Sale (1) | Europe

^[1]

Held for Sale (1) | North America

^[1]

(66)

^[1]

(226)

Divestitures

Divestitures | Latin America

(8)

(8)

Divestitures | AMEA

Divestitures | Europe

Divestitures | North America

Restructuring Reserve [Roll Forward]

$ 0

[1]	Refer to Note 2, Acquisitions and Divestitures for more information.

Restructuring Program - Restructuring Liability Activity (Details) - Simplify to Grow Program - USD ($)
$ in Millions

3 Months Ended

101 Months Ended

107 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Sep. 30, 2022

Mar. 31, 2023

Liability balance, January 1, 2023

$ 164

Charges

^[1]

$ 11

$ 3,102

Cash spent

^[2]

(18)

Non-cash settlements/adjustments

(1)

^[3]

(2)

Liability balance, March 31, 2023

^[4]

177

Severance and related costs

Restructuring Reserve [Roll Forward]

Liability balance, January 1, 2023

164

Charges

^[1]

Cash spent

(18)

^[2]

$ (17)

Non-cash settlements/adjustments

^[3]

Liability balance, March 31, 2023

^[4]

177

Asset Write-downs

Restructuring Reserve [Roll Forward]

Liability balance, January 1, 2023

^[5]

Charges

^[1],[5]

Cash spent

^[2],[5]

Non-cash settlements/adjustments

^[3],[5]

(1)

Liability balance, March 31, 2023

^[5]

^[4],[5]

$ 0

[1]	We recorded restructuring charges of $30 million in the first quarter of 2023 and $11 million in the first quarter of 2022 within asset impairment and exit costs and benefit plan non-service income.
[2]	We spent $18 million in the first quarter of 2023 and $17 million in the first quarter of 2022 in cash severance and related costs.
[3]	We recognized non-cash asset write-downs (including accelerated depreciation and asset impairments), and other non-cash adjustments, including any gains on sale of restructuring program assets, which totaled a charge of $1 million in the first quarter of 2023 and a charge of $2 million in the first quarter of 2022.
[4]	At March 31, 2023, $135 million of our net restructuring liability was recorded within other current liabilities and $42 million was recorded within other long-term liabilities.
[5]	Includes gains as a result of assets sold which are included in the restructuring program.

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,096	$ 1,031
Finished product	2,680	2,501
Inventories, gross	3,776	3,532
Inventory reserves	(149)	(151)
Inventories, net	$ 3,627	$ 3,381

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 60	$ 45
Other receivables, allowances	$ 65	$ 59
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	5,000,000,000	5,000,000,000
Common stock, shares issued (in shares)	1,996,537,778	1,996,537,778
Treasury stock, at cost (in shares)	634,260,938	630,646,687

Reclassifications from Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Reclassifications from Accumulated Other Comprehensive Income

Note 13. Reclassifications from Accumulated Other Comprehensive Income


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(9,808)	$	(9,097)
Currency translation adjustments	173		6


Tax (expense)/benefit	(22)		44
Other comprehensive earnings/(losses)	151		50
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	(2)		4
Balance at end of period	(9,659)		(9,043)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,105)	$	(1,379)
Net actuarial gain/(loss) arising during period	2		44
Tax (expense)/benefit on net actuarial gain/(loss)	—		—
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	8		20
Settlement losses and other expenses (1)	5		3

Tax expense/(benefit) on reclassifications (3)	(3)		(6)
Currency impact	(18)		32
Other comprehensive earnings/(losses)	(6)		93
Balance at end of period	(1,111)		(1,286)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(34)	$	(148)
Net derivative gains/(losses)	(28)		26
Tax (expense)/benefit on net derivative gain/(loss)	(3)		(1)
Losses/(gains) reclassified into net earnings:

Interest rate contracts (2)	18		48
Tax expense/(benefit) on reclassifications (3)	2		(23)
Currency impact	1		2
Other comprehensive earnings/(losses)	(10)		52
Balance at end of period	(44)		(96)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,947)	$	(10,624)
Total other comprehensive earnings/(losses)	135		195
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	(2)		4
Other comprehensive earnings/(losses) attributable to Mondelēz International	133		199
Balance at end of period	$	(10,814)	$	(10,425)

(1)These reclassified losses are included in net periodic benefit costs disclosed in Note 10, Benefit Plans.

(2)These reclassified gains or losses are recorded within interest and other expense, net.

(3)Taxes reclassified to earnings are recorded within the provision for income taxes.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Goodwill

Changes in goodwill consisted of:


	Latin America		AMEA		Europe		North America		Total
January 1, 2022	$	674	$	3,365	$	7,830	$	10,109	$	21,978
Currency	41		(233)		(550)		(15)		(757)
Acquisitions (1)	714		—		795		1,020		2,529
Held for Sale (1)	—		—		(66)		(226)		(292)
Divestitures	(8)		—		—		—		(8)
Balance at December 31, 2022	$	1,421	$	3,132	$	8,009	$	10,888	$	23,450
Currency	95		(18)		73		4		154


Balance at March 31, 2023	$	1,516	$	3,114	$	8,082	$	10,892	$	23,604

(1)Refer to Note 2, Acquisitions and Divestitures for more information.

Intangible Assets

Intangible assets consisted of the following:


	As of March 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-life intangible assets	$	3,389	$	(2,110)	$	1,279	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1)	18,531		—		18,531		18,413		—		18,413
Total	$	21,920	$	(2,110)	$	19,810	$	21,767	$	(2,057)	$	19,710

Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of trademarks, customer-related intangibles, process technology, licenses and non-compete agreements.

Amortization expense for intangible assets was $39 million for the three months ended March 31, 2023 and $32 million for the three months ended March 31, 2022. For the next five years, we currently estimate annual amortization expense of approximately $150 million in 2023-2025, approximately $95 million in 2026 and approximately $90 million in 2027 (reflecting March 31, 2023 exchange rates).

Impairment Assessment

We test our reporting units and brands for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount.During the first quarter of 2023, we evaluated our goodwill impairment and intangible asset impairment risk through an assessment of potential triggering events. We considered qualitative and quantitative information in our assessment. We concluded there were no impairment indicators.

During our 2022 annual indefinite-life intangible asset testing, we identified eight brands that each had a fair value in excess of book value of 10% or less. The aggregate book value of the eight brands was $1.6 billion as of March 31, 2023. We believe our current plans for each of these brands will allow them to not be impaired, but if the brand earnings expectations are not met or specific valuation factors outside of our control, such as discount rates, change significantly then a brand or brands could become impaired in the future.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2022.
Principles of Consolidation	Principles of ConsolidationThe condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments with readily determinable fair values for which we do not have the ability to exercise significant influence are measured at fair value.
Highly Inflationary Accounting	Highly Inflationary AccountingWithin our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less.
Allowances for Credit Losses	Allowances for Credit Losses
Transfers of Financial Assets	Transfers of Financial Assets The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $858 million as of March 31, 2023 and $516 million as of December 31, 2022. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.
Supply Chain Financing	Supply Chain FinancingAs part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. Our current payment terms with a majority of our suppliers are from 30 to 180 days, which we deem to be commercially reasonable. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Under these programs, our suppliers, at their sole discretion, determine invoices that they want to sell to participating financial institutions. Our suppliers’ voluntary inclusion of invoices in SCF programs has no bearing on our payment terms or amounts due. Our responsibility is limited to making payments based upon the agreed-upon contractual terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF programs and we have no economic interest in the suppliers’ decision to participate in the SCF programs. Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our consolidated balance sheet.
New Accounting Pronouncements	New Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which requires companies to recognize and measure customer contract assets and contract liabilities acquired in a business combination as if the acquiring company originated the related revenue contracts. Prior to adopting this ASU, acquired contract assets and liabilities were measured at fair value. This ASU is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. We adopted this standard in the first quarter of 2023 and it did not have an impact on our consolidated financial statements. In September 2022, the FASB issued an ASU which enhances the transparency of supplier finance programs by requiring additional disclosure about the key terms of these programs and a roll-forward of the related obligations to understand the effects of these programs on working capital, liquidity and cash flows. The ASU is effective for fiscal years beginning after December 15, 2022, except for the roll-forward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We adopted, with the exception of the roll-forward requirement, this standard in the first quarter of 2023 and it did not have a material impact on our consolidated financial statements and related disclosures.

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

+ References + Details

Segment Reporting - Net Revenues by Product Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 9,166	$ 7,764
Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	4,320	3,631
Chocolate
Segment Reporting Information [Line Items]
Net revenues	2,869	2,543
Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	1,099	787
Beverages
Segment Reporting Information [Line Items]
Net revenues	352	331
Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	526	472
Latin America
Segment Reporting Information [Line Items]
Net revenues	1,211	826
Latin America \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	276	224
Latin America \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	368	248
Latin America \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	348	172
Latin America \| Beverages
Segment Reporting Information [Line Items]
Net revenues	111	102
Latin America \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	108	80
AMEA
Segment Reporting Information [Line Items]
Net revenues	1,939	1,867
AMEA \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	669	657
AMEA \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	747	706
AMEA \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	206	203
AMEA \| Beverages
Segment Reporting Information [Line Items]
Net revenues	208	197
AMEA \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	109	104
Europe
Segment Reporting Information [Line Items]
Net revenues	3,307	2,935
Europe \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	1,062	951
Europe \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	1,670	1,512
Europe \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	233	152
Europe \| Beverages
Segment Reporting Information [Line Items]
Net revenues	33	32
Europe \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	309	288
North America
Segment Reporting Information [Line Items]
Net revenues	2,709	2,136
North America \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	2,313	1,799
North America \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	84	77
North America \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	312	260
North America \| Beverages
Segment Reporting Information [Line Items]
Net revenues	0	0
North America \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	$ 0	$ 0

Segment Reporting - Net Revenues and Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 9,166	$ 7,764
Operating income	1,505	1,094
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	49	27
General corporate expenses	(77)	(50)
Amortization of intangible assets	(39)	(32)
Acquisition-related costs	0	(21)
Benefit plan non-service income	19	33
Interest and other expense, net	(95)	(168)
Gain on marketable securities	796	0
Earnings before income taxes	2,225	959
Latin America
Segment Reporting Information [Line Items]
Net revenues	1,211	826
Operating income	139	103
AMEA
Segment Reporting Information [Line Items]
Net revenues	1,939	1,867
Operating income	360	272
Europe
Segment Reporting Information [Line Items]
Net revenues	3,307	2,935
Operating income	507	377
North America
Segment Reporting Information [Line Items]
Net revenues	2,709	2,136
Operating income	$ 566	$ 418

Reclassifications from Accumulated Other Comprehensive Income - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Losses reclassified from accumulated other comprehensive earnings/(losses) to net earnings	$ 30	$ 42

Property, Plant and Equipment - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,572	$ 16,231
Accumulated depreciation	(7,441)	(7,211)
Property, plant and equipment, net	9,131	9,020
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	378	378
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,319	3,250
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,050	11,724
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 825	$ 879

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Earnings/(Losses)	Treasury Stock	Non-controlling Interest
Balance at beginning of period at Dec. 31, 2021	$ 28,323	$ 0	$ 32,097	$ 30,806	$ (10,624)	$ (24,010)	$ 54
Comprehensive earnings/(losses):
Net earnings	861			855			6
Other comprehensive earnings/(losses), net of income taxes	195				199		(4)
Exercise of stock options and issuance of other stock awards	60		(44)	(11)		115
Common Stock repurchased	(735)					(735)
Cash dividends declared	(487)			(487)
Dividends paid on noncontrolling interest and other activities	(1)			0			(1)
Balance at end of period at Mar. 31, 2022	28,216	0	32,053	31,163	(10,425)	(24,630)	55
Balance at beginning of period at Dec. 31, 2022	26,920	0	32,143	31,481	(10,947)	(25,794)	37
Comprehensive earnings/(losses):
Net earnings	2,089			2,081			8
Other comprehensive earnings/(losses), net of income taxes	135				133		2
Exercise of stock options and issuance of other stock awards	54		(31)	(8)		93
Common Stock repurchased	(409)					(409)
Cash dividends declared	(528)			(528)
Dividends paid on noncontrolling interest and other activities	13			14			(1)
Balance at end of period at Mar. 31, 2023	$ 28,274	$ 0	$ 32,112	$ 33,040	$ (10,814)	$ (26,110)	$ 46

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Capital expenditures	$ 223	$ 167
Accrued capital expenditures unpaid	$ 290	$ 244	$ 324	$ 249

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings	$ 2,089	$ 861
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	303	275
Stock-based compensation expense	38	24
Deferred income tax provision/(benefit)	199	(70)
Asset impairments and accelerated depreciation	18	155
Loss on early extinguishment of debt	0	38
(Gain)/loss on equity method investment transactions	(487)	5
Equity method investment net earnings	(35)	(117)
Distributions from equity method investments	102	107
Unrealized gain on derivative contracts	(67)	(13)
Unrealized gain on marketable securities	(787)	0
Non-cash items, net	25	0
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	(590)	(517)
Inventories, net	(232)	(81)
Accounts payable	216	397
Other current assets	(137)	(104)
Other current liabilities	517	230
Change in pension and postretirement assets and liabilities, net	(49)	(59)
Net cash provided by operating activities	1,123	1,131
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures	(223)	(167)
Acquisitions, net of cash received	1	(1,418)
Proceeds from divestitures including equity method investments	1,034	66
(Payments)/proceeds from investments and derivative settlements	(176)	78
Net cash provided by/(used in) investing activities	636	(1,441)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Net issuances/(repayments) of short-term borrowings	156	217
Long-term debt proceeds	0	1,991
Long-term debt repayments	(1,036)	(2,306)
Repurchases of Common Stock	(399)	(751)
Dividends paid	(529)	(491)
Other	51	60
Net cash used in financing activities	(1,757)	(1,280)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11)	(10)
Cash, cash equivalents and restricted cash:
(Decrease)/Increase	(9)	(1,600)
Balance at beginning of period	1,948	3,553
Balance at end of period	$ 1,939	$ 1,953

Investments	3 Months Ended
Investments	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Note 6. Investments Marketable Securities On March 2, 2023, we sold approximately 30 million shares of Keurig Dr Pepper Inc. (Nasdaq: "KDP"), which reduced our ownership interest by 2.1%, from 5.3% to 3.2% of the total outstanding shares. We received approximately $1.0 billion in proceeds and recorded a pre-tax gain of $493 million (or $366 million after tax) on this sale during the first quarter of 2023. This reduction in ownership, to below 5% of the outstanding shares of KDP, resulted in a change of accounting for our KDP investment, from equity method investment accounting to accounting for equity interests with readily determinable fair values ("marketable securities") as we no longer have significant influence over KDP. These marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1). On March 2, 2023, the date we changed from equity method accounting to marketable securities accounting for this investment, we recorded unrealized gains for marketable securities of $755 million (or $562 million after tax). We recorded an additional unrealized gain of $32 million (or $24 million after tax) during the first quarter, for a total unrealized gain of $787 million (or $586 million after tax) during the first quarter of 2023. We reported marketable securities of $1.6 billion as of March 31, 2023 in other current assets in the Company's Condensed Consolidated Balance Sheet. Equity Method Investments Our equity method investments include, but are not limited to, our ownership interests in JDE Peet's (Euronext Amsterdam: "JDEP"), Dong Suh Foods Corporation and Dong Suh Oil & Fats Co. Ltd. Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions. As of March 31, 2023, we owned 19.7%, 50.0% and 49.0%, respectively, of these companies' outstanding shares. We continue to have board representation with two directors on the JDEP's Board of Directors and have retained certain additional governance rights. As we continue to have significant influence, we continue to account for our investment in JDEP under the equity method. Our investments accounted for under the equity method of accounting totaled $3.4 billion as of March 31, 2023 and $4.9 billion as of December 31, 2022. The investment balance as of December 31, 2022 is inclusive of our investment in KDP. We recorded equity earnings of $35 million and cash dividends of $102 million in the first quarter of 2023 and equity earnings of $117 million and cash dividends of $107 million in the first quarter of 2022. Based on the quoted closing prices as of March 31, 2023, the fair value of our publicly-traded investment in JDEP was $2.8 billion, and there was no other than temporary impairment identified. In 2021, we issued €300 million exchangeable bonds, which are redeemable at maturity in September 2024 at their principal amount in cash or, at our option, through the delivery of an equivalent number of JDE Peet’s ordinary shares based on an initial exchange price of €35.40 and, as the case may be, an additional amount in cash. If all bonds were redeemed in exchange for JDE Peet's shares, this would represent approximately 8.5 million shares or approximately 9% of our equity interest in JDE Peet's as of March 31, 2023. Refer to Note 9, Financial Instruments, for further details on this transaction. On March 30, 2023, we issued options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares. These options are exercisable at their maturities which are between July 3, 2023 and September 29, 2023, with strike prices ranging from €26.10 to €28.71 per share. In addition, on April 3, 2023, we sold approximately 7.7 million shares of JDEP and received cash proceeds of €199 million. This reduced our ownership interest by 1.6%, from 19.7% to 18.1% of the total outstanding shares. If all options issued on March 30, 2023 are exercised, our ownership interest will be reduced by an additional 1.6%. As we continue to have significant influence, we will continue to account for our investment in JDEP under the equity method.

Financial Instruments - Fair Value of Contingent Consideration Liability (Details) - USD ($)
$ in Millions

Mar. 31, 2023

Dec. 31, 2022

Aug. 01, 2022

Quoted Prices in Active Markets for Identical Assets (Level 1)

$ 659

$ 642

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

659

642

Clif Bar

Contingent consideration, liability, noncurrent

^[1]

465

452

$ 440

Clif Bar | Quoted Prices in Active Markets for Identical Assets (Level 1)

Clif Bar | Significant Other Observable Inputs (Level 2)

^[1]

Clif Bar | Significant Unobservable Inputs (Level 3)

^[1]

^[1]

465

452

Other

Contingent consideration, current liability

^[2]

194

190

113

102

Contingent consideration, liability, noncurrent

Other | Quoted Prices in Active Markets for Identical Assets (Level 1)

Other | Significant Other Observable Inputs (Level 2)

^[2]

Other | Significant Unobservable Inputs (Level 3)

^[2]

^[2]

$ 194

$ 190

[1]

In connection with the Clif Bar acquisition, we entered into a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain net revenue, gross profit and EBITDA targets in 2025 and 2026 that exceed our base financial projections for the business implied in the upfront purchase price. The other contingent consideration liabilities are recorded at fair value within long term liabilities. The estimated fair value of the contingent consideration obligation at the acquisition date was determined using a Monte Carlo simulation and recorded in other liabilities. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and EBITDA, as well as discount and volatility rates. Fair value adjustments are primarily recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.

[2]

The other contingent consideration liabilities are recorded at fair value, with $113 million and $102 million classified as other current liabilities and $81 million and $88 million classified as long term liabilities at March 31, 2023 and December 31, 2022. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management's latest estimate of forecasted future results. Other key assumptions included discount rate and volatility. Fair value adjustments are recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.

Financial Instruments - Fair Value of Derivative Instruments (Details)
€ / shares in Units, $ in Millions

Sep. 30, 2023

€ / shares

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

EUR (€)

Sep. 20, 2021

EUR (€)

$ 913

$ 790

0.000% Notes Due September 2024 | Exchangeable Notes

742

629

Equity method investment contracts | Minimum | JDEP | Forecast

Debt issued | €

€ 300,000,000

Option strike price (in euros per share) | € / shares

€ 26.10

Equity method investment contracts | Maximum | JDEP | Forecast

Option strike price (in euros per share) | € / shares

€ 28.71

Derivatives designated as accounting hedges

348

397

Derivatives designated as accounting hedges | Interest rate contracts

281

276

123

132

Derivatives designated as accounting hedges | Net investment hedge derivative contracts

^[1]

225

265

Derivatives not designated as accounting hedges

^[1]

242

241

565

393

Derivatives not designated as accounting hedges | Currency exchange contracts

461

353

213

185

Derivatives not designated as accounting hedges | Interest rate contracts

126

103

Derivatives not designated as accounting hedges | Commodity contracts

346

200

Derivatives not designated as accounting hedges | Equity method investment contracts

332

247

^[2]

^[2]

$ 1

$ 3

[1]

Net investment hedge derivative contracts consist of cross-currency interest rate swaps, forward contracts and options. We also designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 8, Debt and Borrowing Arrangements. Both net investment hedge derivative contracts and non-U.S. dollar denominated debt acting as net investment hedges are also disclosed in the Derivative Volume table and the Hedges of Net Investments in International Operations section appearing later in this footnote.

[2]

Equity method investment contracts consist of two types of derivatives: (a) options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares that are exercisable at maturity over the third quarter of 2023 with strike prices ranging between €26.10 and €28.71 per share and (b) the bifurcated embedded derivative option that was a component of the September 20, 2021 €300 million exchangeable bonds issuance. Refer to Note 8, Debt and Borrowing Arrangements.

Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Benefit Plans

Note 10. Benefit Plans

Pension Plans

Components of Net Periodic Pension Cost

Net periodic pension cost/(benefit) consisted of the following:


	U.S. Plans				Non-U.S. Plans
	For the Three Months Ended March 31,				For the Three Months Ended March 31,
	2023		2022		2023		2022
	(in millions)
Service cost	$	1	$	1	$	14	$	39
Interest cost	15		11		76		41
Expected return on plan assets	(25)		(18)		(102)		(93)
Amortization:
Net loss from experience differences	—		3		11		19
Prior service cost/(benefit)	1		—		—		(1)

Settlement losses and other expenses	5		3		—		—
Net periodic pension (benefit)/cost	$	(3)	$	—	$	(1)	$	5

Employer Contributions

During the three months ended March 31, 2023, we contributed $2 million to our U.S. pension plans and $37 million to our non-U.S. pension plans. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of March 31, 2023, we plan to make further contributions of approximately $4 million to our U.S. plans and $82 million to our non-U.S. plans for the remainder of 2023. Our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or interest rates.

Multiemployer Pension Plans

On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Bakery and Confectionery Union and Industry International Pension Fund totaling $526 million requiring pro-rata monthly payments over 20 years. We began making monthly payments during the third quarter of 2019. In connection with the discounted long-term liability, we recorded accreted interest of $3 million in the three months ended March 31, 2023 and March 31, 2022, within interest and other expense, net. As of March 31, 2023, the remaining discounted withdrawal liability was $340 million, with $15 million recorded in other current liabilities and $325 million recorded in long-term other liabilities.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement cost was zero for the three months ended March 31, 2023 and $3 million for the three months ended March 31, 2022. The net periodic postemployment cost was $1 million for the three months ended March 31, 2023 and $1 million for the three months ended March 31, 2022.

The entire disclosure for retirement benefits.

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Schedule of Short-Term Borrowings and Related Weighted-Average Interest Rates

Financial Instruments - Summary of Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contingent Consideration Liability Activity [Roll Forward]
Liability at beginning of period	$ 642	$ 159
Changes in fair value	17	6
Liability at end of period	$ 659	$ 165

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 2,089	$ 861
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment	151	50
Pension and other benefit plans	(6)	93
Derivative cash flow hedges	(10)	52
Total other comprehensive earnings/(losses)	135	195
Comprehensive earnings/(losses)	2,224	1,056
less: Comprehensive earnings/(losses) attributable to noncontrolling interests	10	2
Comprehensive earnings/(losses) attributable to Mondelēz International	$ 2,214	$ 1,054

Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Our short-term borrowings and related weighted-average interest rates consisted of:


	As of March 31, 2023				As of December 31, 2022
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	2,350	4.8	%	$	2,209	4.7	%
Bank loans	111		9.5	%	90		9.1	%
Total short-term borrowings	$	2,461			$	2,299

Schedule of Uncommitted and Committed Credit Lines Available

Our uncommitted credit lines and committed credit lines available as of March 31, 2023 and December 31, 2022 include:


	As of March 31, 2023				As of December 31, 2022
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,306	$	111	$	1,335	$	90
Credit facility expiry (1):
February 22, 2023	—		—		2,500		—
March 11, 2023	—		—		2,000		—
February 21, 2024	1,500		—		—		—
July 29, 2025 (2)	2,000		1,000		2,000		2,000
February 23, 2027	4,500		—		4,500		—

Schedule of Fair Value of Debt


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Fair Value	$	19,782	$	20,217
Carrying Value	$	22,202	$	22,933

Schedule of Interest and Other Expense

Interest and other expense, net consisted of:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Interest expense, debt	$	153	$	91
Loss on debt extinguishment and related expenses	—		129
Other (income), net	(58)		(52)
Interest and other expense, net	$	95	$	168

Basis of Presentation - Changes in Allowances for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Allowance for Trade Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1, 2023	$ (45)
Current period provision for expected credit losses	(16)
Write-offs charged against the allowance	2
Currency	(1)
Balance at March 31, 2023	(60)
Allowance for Other Current Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1, 2023	(59)
Current period provision for expected credit losses	(5)
Write-offs charged against the allowance	0
Currency	(1)
Balance at March 31, 2023	(65)
Allowance for Long-Term Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1, 2023	(14)
Current period provision for expected credit losses	0
Write-offs charged against the allowance	0
Currency	0
Balance at March 31, 2023	$ (14)

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Chipita (Details) $ in Millions, € in Billions			3 Months Ended
	Jan. 03, 2022 USD ($)	Jan. 03, 2022 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 23,604		$ 23,450	$ 21,978
Net Cash Paid			$ (1)	$ 1,418
Chipita, S.A.
Business Acquisition [Line Items]
Cash	$ 52
Receivables	102
Inventory	60
Other current assets	3
Property, plant and equipment	379
Finance leases right of use assets	8
Definite-life intangible assets	48
Goodwill	795
Other assets	77
Assets acquired	2,210
Current liabilities	133
Deferred tax liability	158
Finance lease liabilities	8
Other liabilities	21
Total purchase price	1,890
Less: long-term debt	(436)	€ (0.5)
Less: cash received	(52)
Net Cash Paid	1,402
Chipita, S.A. \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets	$ 686

Earnings per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net earnings	$ 2,089	$ 861
Noncontrolling interest earnings	(8)	(6)
Net earnings attributable to Mondelēz International	$ 2,081	$ 855
Weighted-average shares for basic EPS (in shares)	1,366	1,389
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares (in shares)	7	9
Weighted-average shares for diluted EPS (in shares)	1,373	1,398
Basic earnings per share attributable to Mondelēz International (in dollars per share)	$ 1.52	$ 0.62
Diluted earnings per share attributable to Mondelēz International (in dollars per share)	$ 1.52	$ 0.61

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Stock Plans - Performance Share Units and Other Stock-Based Awards Activity (Details)
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2023

USD ($)

$ / shares

Balance at January 1, 2023 (in shares) | shares

4,451,674

Vested (in shares) | shares

2,149,375

(1,598,781)

^[1],[2]

Forfeited (in shares) | shares

(91,430)

^[1]

Balance at March 31, 2023 (in shares) | shares

4,910,838

Weighted-average grant date fair value per share

Balance at January 1, 2023 (in dollars per share) | $ / shares

$ 60.12

^[3]

Vested (in dollars per share) | $ / shares

66.63

^[3]

63.07

^[1],[2],[3]

Forfeited (in dollars per share) | $ / shares

60.77

^[1],[3]

Balance at March 31, 2023 (in dollars per share) | $ / shares

$ 61.99

^[3]

Weighted-Average Aggregate Fair Value

Weighted average grant date fair value of shares granted | $

$ 143

^[2]

Weighted average grant date fair value of shares vested | $

101

^[1],[2]

Actual tax benefit/(expense) realized for the tax deductions from the shares vested | $

$ 2

Annual grant to eligible employees

Grant Date

Grant Date

Mar. 02, 2023

Performance share units

Weighted-average grant date fair value per share

895,410

$ 68.59

^[3]

Deferred stock units

Weighted-average grant date fair value per share

578,570

Additional shares granted

$ 65.36

^[3]

Weighted-average grant date fair value per share

675,395

^[4]

Schedule of Changes in Allowances for Credit Losses

$ 65.13

^[3],[4]

[1]	Includes PSUs, DSUs and other stock-based awards.
[2]	The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $2 million in the three months ended March 31, 2023.
[3]	The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.
[4]	Includes PSUs and DSUs.

Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Changes in allowances for credit losses consisted of:


	Allowance for Trade Receivables		Allowance for Other Current Receivables		Allowance for Long-Term Receivables
	(in millions)
Balance at January 1, 2023	$	(45)	$	(59)	$	(14)
Current period provision for expected credit losses	(16)		(5)		—
Write-offs charged against the allowance	2		—		—

Currency	(1)		(1)		—
Balance at March 31, 2023	$	(60)	$	(65)	$	(14)

Debt and Borrowing Arrangements - Uncommitted and Committed Credit Lines Available (Details) - USD ($)

3 Months Ended

Apr. 03, 2023

Mar. 03, 2023

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Repayments of long-term debt

$ 2,461,000,000

$ 2,299,000,000

1,036,000,000

$ 2,306,000,000

Bank loans | Credit Facility Expiring July 29, 2025

Repayments of long-term debt

^[1],[2]

2,000,000,000

Borrowed Amount

^[1],[2]

1,000,000,000

2,000,000,000

$ 1,000,000,000

Bank loans | Credit Facility Expiring July 29, 2025 | Subsequent Event

Repayments of long-term debt

$ 300,000,000

Bank loans | Credit Facility Expiring February 23, 2027

Bank loans | Multi-year Senior Unsecured Revolving Credit Facility Expiring February 27, 2024 | Revolving Credit Agreement

^[2]

4,500,000,000

Borrowed Amount

^[2]

Total shareholders' equity, excluding accumulated other comprehensive earnings/(losses)

39,000,000,000.0

Bank loans | Multi-year Senior Unsecured Revolving Credit Facility Expiring February 27, 2024 | Revolving Credit Agreement | Minimum

Total shareholders' equity, excluding accumulated other comprehensive earnings/(losses)

25,000,000,000

Bank loans

Bank loans | Uncommitted credit facilities

111,000,000

90,000,000

1,306,000,000

1,335,000,000

Bank loans | Credit Facility Expiring February 22, 2023

111,000,000

90,000,000

^[2]

2,500,000,000

Bank loans | Credit Facility Maturing March 11, 2023

^[2]

^[2]

2,000,000,000

Bank loans | Credit Facility Maturing February 21, 2024

^[2]

^[2]

1,500,000,000

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

^[2]

$ 0

[1]

On March 31, 2022, we entered into a supplemental term loan credit facility that can be utilized for general corporate purposes, including acquisitions. Under this agreement, we may draw up to a total of $2.0 billion in term loans from the facility. On July 29, 2022, we drew down $2.0 billion in term loans, due July 29, 2025, bearing interest at a variable annual rate based on SOFR plus an applicable margin. On March 3, 2023, we repaid $1.0 billion in term loans. Subsequently on April 3, 2023, we repaid $0.3 billion.

[2]

We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At March 31, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.0 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	4

Reclassifications from Accumulated Other Comprehensive Income - Changes in the Accumulated Balance of Components of Other Comprehensive Earnings/(Losses) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

$ 26,920

$ 28,323

Less: other comprehensive (earnings)/loss attributable to noncontrolling interests

135

195

(2)

Other comprehensive earnings/(losses) attributable to Mondelēz International

133

199

28,274

28,216

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

(9,808)

(9,097)

173

Tax (expense)/benefit

(22)

Less: other comprehensive (earnings)/loss attributable to noncontrolling interests

151

(2)

Pension and Other Benefits Plans

(9,659)

(9,043)

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

(1,105)

(1,379)

(18)

Net actuarial gain/(loss) arising during period

(6)

Tax (expense)/benefit before reclassifications

Tax expense/(benefit) on reclassifications

^[1]

(3)

(6)

Amortization of experience losses and prior service costs

(1,111)

(1,286)

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Losses/(gains) reclassified into net earnings

^[2]

Settlement losses and other expenses

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Losses/(gains) reclassified into net earnings

^[2]

Derivative Cash Flow Hedges

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

(34)

(148)

Net actuarial gain/(loss) arising during period

(10)

(28)

Tax (expense)/benefit before reclassifications

(3)

(1)

Tax expense/(benefit) on reclassifications

^[1]

(23)

Derivative Cash Flow Hedges | Interest rate contracts

(44)

(96)

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Losses/(gains) reclassified into net earnings

^[3]

Accumulated other comprehensive income attributable to Mondelēz International

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

(10,947)

(10,624)

133

199

Share-Based Payment Arrangement [Abstract]

$ (10,814)

$ (10,425)

[1]	Taxes reclassified to earnings are recorded within the provision for income taxes.
[2]	These reclassified losses are included in net periodic benefit costs disclosed in Note 10, Benefit Plans.
[3]	These reclassified gains or losses are recorded within interest and other expense, net.

Stock Plans

3 Months Ended

Mar. 31, 2023

Stock Plans

Note 11. Stock Plans

Stock Options

Stock option activity is reflected below:


	Shares Subject to Option	Weighted- Average Exercise or Grant Price Per Share	Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance at January 1, 2023	20,490,250	$46.31	5 years	$	417	million
Annual grant to eligible employees	2,452,110	65.36
Additional options issued	3,310	66.25
Total options granted	2,455,420	65.36
Options exercised (1)	(1,453,616)	34.75		$	46	million
Options canceled	(109,897)	48.36
Balance at March 31, 2023	21,382,157	49.27	6 years	$	437	million

Performance Share Units and Other Stock-Based Awards

Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:


	Number of Shares	Grant Date	Weighted-Average Fair Value Per Share (4)	Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2023	4,451,674		$60.12
Annual grant to eligible employees:		Mar 2, 2023
Performance share units	895,410		68.59
Deferred stock units	578,570		65.36
Additional shares granted (1)	675,395	Various	65.13
Total shares granted	2,149,375		66.63	$	143	million
Vested (2) (3)	(1,598,781)		63.07	$	101	million
Forfeited (2)	(91,430)		60.77
Balance at March 31, 2023	4,910,838		61.99

(1)Includes PSUs and DSUs.

(2)Includes PSUs, DSUs and other stock-based awards.

(3)The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $2 million in the three months ended March 31, 2023.

Share Repurchase Program

Between 2013 and 2020, our Board of Directors authorized the repurchase of a total of $23.7 billion of our Common Stock and extended the program through December 31, 2023. Prior to January 1, 2023, we had repurchased approximately $22.0 billion of Common Stock pursuant to this authorization. Our Board of Directors approved a new program authorizing the repurchase of up to $6.0 billion of our Common Stock through December 31, 2025. This authorization, effective January 1, 2023, replaces our current share repurchase program. Repurchases under the program are determined by management and are wholly discretionary.

During the three months ended March 31, 2023, we repurchased approximately 6.2 million shares of Common Stock at an average cost of $65.93 per share, or an aggregate cost of approximately $407 million, all of which was paid during the period except for approximately $8 million settled in April 2023. All share repurchases were funded

through available cash and commercial paper issuances. As of March 31, 2023, we have approximately $5.6 billion in remaining share repurchase capacity.

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 3. Inventories

Inventories consisted of the following:


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Raw materials	$	1,096	$	1,031
Finished product	2,680		2,501
	3,776		3,532
Inventory reserves	(149)		(151)
Inventories, net	$	3,627	$	3,381

Debt and Borrowing Arrangements - Short-Term Borrowings and Related Weighted-Average Interest Rates (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Amount Outstanding	$ 2,461	$ 2,299
Commercial paper
Short-term Debt [Line Items]
Amount Outstanding	$ 2,350	$ 2,209
Weighted- Average Rate	4.80%	4.70%
Bank loans
Short-term Debt [Line Items]
Amount Outstanding	$ 111	$ 90
Weighted- Average Rate	9.50%	9.10%

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes As of the first quarter of 2023, our estimated annual effective tax rate, which excludes discrete tax impacts, was 24.3%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws partially offset by favorable impacts from the mix of pre-tax income in various non-U.S. jurisdictions. Our 2023 first quarter effective tax rate of 29.6% was high due to a $127 million net tax expense incurred in connection with the KDP share sale (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes). Associated with the KDP share sale, we also recorded a $201 million net tax expense related to the change of accounting for our KDP investment from equity method investment accounting to accounting for equity interests with readily determinable fair values. Excluding these tax impacts as well as the associated pre-tax impacts, our effective tax rate for the three months ended March 31, 2023 of 23.0% was favorably impacted by discrete net tax benefits of $20 million, primarily driven by a $30 million net benefit from the release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions. As of the first quarter of 2022, our estimated annual effective tax rate, which excluded discrete tax impacts, was 24.8%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws and our tax related to earnings from equity method investments (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes), partially offset by favorable impacts from the mix of pre-tax income in various non-U.S. jurisdictions. The estimated annual effective tax rate also considers the impact of the establishment of a valuation allowance related to a deferred tax asset arising from the anticipated 2022 Ukraine loss. Our effective tax rate for the three months ended March 31, 2022 of 21.9% was favorably impacted by discrete net tax benefits of $62 million, primarily driven by the Chipita acquisition, which resulted in the release of a portion of the valuation allowance recorded against the deferred tax asset for the step-up of intangible assets in Switzerland.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Restructuring and Related Activities [Abstract]

Restructuring Program (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Restructuring Program Liability

The Simplify to Grow Program liability activity for the three months ended March 31, 2023 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability balance, January 1, 2023	$	164	$	—	$	164
Charges (2)	29		1		30
Cash spent (3)	(18)		—		(18)
Non-cash settlements/adjustments (4)	—		(1)		(1)
Currency	2		—		2
Liability balance, March 31, 2023 (5)	$	177	$	—	$	177

(1)Includes gains as a result of assets sold which are included in the restructuring program.

(3)We spent $18 million in the first quarter of 2023 and $17 million in the first quarter of 2022 in cash severance and related costs.

(5)At March 31, 2023, $135 million of our net restructuring liability was recorded within other current liabilities and $42 million was recorded within other long-term liabilities.

Schedule of Restructuring and Implementation Costs by Segment


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Three Months Ended March 31, 2023
Restructuring Costs	$	—	$	1	$	30	$	(1)	$	—	$	30
Implementation Costs	—		—		—		—		5		5
Total	$	—	$	1	$	30	$	(1)	$	5	$	35
For the Three Months Ended March 31, 2022
Restructuring Costs	$	(1)	$	2	$	2	$	8	$	—	$	11
Implementation Costs	1		1		5		7		6		20
Total	$	—	$	3	$	7	$	15	$	6	$	31
Total Project (Inception to Date)
Restructuring Costs	$	548	$	555	$	1,193	$	656	$	150	$	3,102
Implementation Costs	303		245		569		590		373		2,080
Total	$	851	$	800	$	1,762	$	1,246	$	523	$	5,182

Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2023

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Benefit Costs/(Credits)

Net periodic pension cost/(benefit) consisted of the following:


	U.S. Plans				Non-U.S. Plans
	For the Three Months Ended March 31,				For the Three Months Ended March 31,
	2023		2022		2023		2022
	(in millions)
Service cost	$	1	$	1	$	14	$	39
Interest cost	15		11		76		41
Expected return on plan assets	(25)		(18)		(102)		(93)
Amortization:
Net loss from experience differences	—		3		11		19
Prior service cost/(benefit)	1		—		—		(1)

Settlement losses and other expenses	5		3		—		—
Net periodic pension (benefit)/cost	$	(3)	$	—	$	(1)	$	5

Goodwill and Intangible Assets - Intangible Assets (Details)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2022

USD ($)

Mar. 31, 2022

USD ($)

Dec. 31, 2022

USD ($)

brand

Mar. 31, 2023

USD ($)

Definite-life intangible assets

Gross carrying amount

$ 3,354

$ 3,389

Accumulated amortization

(2,057)

(2,110)

Net carrying amount

1,297

1,279

Indefinite-life intangible assets (1)

Gross carrying amount

^[1]

18,413

18,531

Total

Gross carrying amount

21,767

21,920

Net carrying amount

19,710

$ 19,810

Biscuits & Baked Snacks | AMEA | Brands

Goodwill and Intangible Assets Disclosure [Line Items]

Impairment charge

$ 23

$ 78

$ 101

Number of impaired brands | brand

[1]	In 2022, we recorded $101 million of intangible asset impairment charges related to two biscuit brands in AMEA segment, of which $78 million was recorded in the first quarter and $23 million was recorded in the third quarter.

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share (“EPS”) were calculated as follows:


	For the Three Months Ended March 31,
	2023		2022
	(in millions, except per share data)
Net earnings	$	2,089	$	861
Noncontrolling interest earnings	(8)		(6)
Net earnings attributable to Mondelēz International	$	2,081	$	855
Weighted-average shares for basic EPS	1,366		1,389
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	7		9
Weighted-average shares for diluted EPS	1,373		1,398
Basic earnings per share attributable to Mondelēz International	$	1.52	$	0.62
Diluted earnings per share attributable to Mondelēz International	$	1.52	$	0.61

Benefit Plans - Pension Plans (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	15	11
Expected return on plan assets	(25)	(18)
Net loss from experience differences	0	3
Prior service cost/(benefit)	1	0
Settlement losses and other expenses	5	3
Net periodic pension (benefit)/cost	(3)	0
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	14	39
Interest cost	76	41
Expected return on plan assets	(102)	(93)
Net loss from experience differences	11	19
Prior service cost/(benefit)	0	(1)
Settlement losses and other expenses	0	0
Net periodic pension (benefit)/cost	$ (1)	$ 5

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Land and land improvements	$	378	$	378
Buildings and building improvements	3,319		3,250
Machinery and equipment	12,050		11,724
Construction in progress	825		879
	16,572		16,231
Accumulated depreciation	(7,441)		(7,211)
Property, plant and equipment, net	$	9,131	$	9,020

For the three months ended March 31, 2023, capital expenditures of $223 million excluded $290 million of accrued capital expenditures remaining unpaid at March 31, 2023 and included payment for a portion of the $324 million of capital expenditures that were accrued and unpaid at December 31, 2022. For the three months ended March 31, 2022, capital expenditures of $167 million excluded $244 million of accrued capital expenditures remaining unpaid at March 31, 2022 and included payment for a portion of the $249 million of capital expenditures that were accrued and unpaid at December 31, 2021.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Net Revenues and Earnings

Our segment net revenues and earnings were:


	For the Three Months Ended March 31,
	2023		2022
	(in millions)
Net revenues:
Latin America	$	1,211	$	826
AMEA	1,939		1,867
Europe	3,307		2,935
North America	2,709		2,136
Net revenues	$	9,166	$	7,764
Earnings before income taxes:
Operating income:
Latin America	$	139	$	103
AMEA	360		272
Europe	507		377
North America	566		418
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	49		27
General corporate expenses	(77)		(50)
Amortization of intangible assets	(39)		(32)

Acquisition-related costs	—		(21)
Operating income	1,505		1,094
Benefit plan non-service income	19		33
Interest and other expense, net	(95)		(168)
Gain on marketable securities	796		—
Earnings before income taxes	$	2,225	$	959

Schedule of Net Revenues by Product Category

Net revenues by product category were:


	For the Three Months Ended March 31, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	276	$	669	$	1,062	$	2,313	$	4,320
Chocolate	368		747		1,670		84		2,869
Gum & Candy	348		206		233		312		1,099
Beverages	111		208		33		—		352
Cheese & Grocery	108		109		309		—		526
Total net revenues	$	1,211	$	1,939	$	3,307	$	2,709	$	9,166

	For the Three Months Ended March 31, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	224	$	657	$	951	$	1,799	$	3,631
Chocolate	248		706		1,512		77		2,543
Gum & Candy	172		203		152		260		787
Beverages	102		197		32		—		331
Cheese & Grocery	80		104		288		—		472
Total net revenues	$	826	$	1,867	$	2,935	$	2,136	$	7,764

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2022.

Principles of Consolidation

The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments with readily determinable fair values for which we do not have the ability to exercise significant influence are measured at fair value.

War in Ukraine

In February 2022, Russia began a military invasion of Ukraine and we closed our operations and facilities in Ukraine. In March 2022, our two Ukrainian manufacturing facilities in Trostyanets and Vyshhorod were significantly damaged. During the first quarter of 2022, we evaluated and impaired these and other related assets. We recorded $143 million of total expenses ($145 million after-tax) incurred as a direct result of the war. We reversed $22 million during the remainder of 2022 and $3 million during the first quarter of 2023 of previously recorded charges primarily as a result of higher than expected collection of trade receivables and inventory recoveries. We continue to make targeted repairs on both our plants and have partially reopened and restarted limited production in both plants. We also continue to support our Ukraine employees, including paying salaries to those not yet able to return to work until full production returns. We continue to consolidate both our Ukrainian and Russian subsidiaries and continue to evaluate our ability to control our operating activities and businesses on an ongoing basis. We base our estimates on historical experience, expectations of future impacts and other assumptions that we believe are reasonable. Given the uncertainty of the ongoing effects of the war in Ukraine, and its impact on the global economic environment, our estimates could be significantly different than future performance.

Highly Inflationary Accounting

Within our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies. Argentina and Türkiye represent 1.5% and 1.0% of our consolidated net revenues with remeasurement losses of $11 million and $1 million for the period ended March 31, 2023, respectively.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We also have restricted cash within other current assets of $22 million as of March 31, 2023 and $25 million as of December 31, 2022. Total cash, cash equivalents and restricted cash was $1,939 million as of March 31, 2023 and $1,948 million as of December 31, 2022.

Allowances for Credit Losses

Changes in allowances for credit losses consisted of:


	Allowance for Trade Receivables		Allowance for Other Current Receivables		Allowance for Long-Term Receivables
	(in millions)
Balance at January 1, 2023	$	(45)	$	(59)	$	(14)
Current period provision for expected credit losses	(16)		(5)		—
Write-offs charged against the allowance	2		—		—

Currency	(1)		(1)		—
Balance at March 31, 2023	$	(60)	$	(65)	$	(14)

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $858 million as of March 31, 2023 and $516 million as of December 31, 2022. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions

We recorded $39 million in operating lease and $27 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2023 and $95 million in operating lease and $56 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2022.

Supply Chain Financing

As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. Our current payment terms with a majority of our suppliers are from 30 to 180 days, which we deem to be commercially reasonable. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Under these programs, our suppliers, at their sole discretion, determine invoices that they want to sell to participating financial institutions. Our suppliers’ voluntary inclusion of invoices in SCF programs has no bearing on our payment terms or amounts due. Our responsibility is limited to making payments based upon the agreed-upon contractual terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF programs and we have no economic interest in the suppliers’ decision to participate in the SCF programs. Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our consolidated balance sheet. We have been informed by the participating financial institutions that as of March 31, 2023 and December 31, 2022, $2.5 billion and $2.4 billion, respectively, of our outstanding accounts payable related to suppliers that participate in the SCF programs.

New Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which requires companies to recognize and measure customer contract assets and contract liabilities acquired in a business combination as if the acquiring company originated the related revenue contracts. Prior to adopting this ASU, acquired contract assets and liabilities were measured at fair value. This ASU is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. We adopted this standard in the first quarter of 2023 and it did not have an impact on our consolidated financial statements.

In September 2022, the FASB issued an ASU which enhances the transparency of supplier finance programs by requiring additional disclosure about the key terms of these programs and a roll-forward of the related obligations to understand the effects of these programs on working capital, liquidity and cash flows. The ASU is effective for fiscal years beginning after December 15, 2022, except for the roll-forward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We adopted, with the exception of the roll-forward requirement, this standard in the first quarter of 2023 and it did not have a material impact on our consolidated financial statements and related disclosures.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Contingency [Line Items]
Estimated annual effective tax rate	24.30%	24.80%
Effective tax rate	29.60%	21.90%
Effective income tax rate, excluding impact from employee stock ownership plan, percent	23.00%
Discrete net tax benefit (expense)	$ 20	$ (62)
Net benefit from the release of uncertain tax positions due to the expirations of statutes of limitations, and audit settlements	30
KDP
Income Tax Contingency [Line Items]
Tax expense related to sale of equity securities	127
Tax expense due to change in accounting for equity securities	$ 201

Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:


	(in millions)
Cash	$	22
Receivables	86
Inventory	70
Other current assets	3
Property, plant and equipment	144
Operating leases right of use assets	17

Definite-life intangible assets	218
Indefinite-life intangible assets	339
Goodwill	714

Assets acquired	$	1,613
Current liabilities	177
Deferred tax liability	77
Operating lease liabilities	17
Other liabilities	12
Total purchase price	$	1,330
Less: cash received	(22)
Net Cash Paid	$	1,308

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:


	(in millions)
Cash	$	99
Receivables	76
Inventory	124
Other current assets	9
Property, plant and equipment	186
Operating leases right of use assets	22
Deferred tax assets	92

Definite-life intangible assets	200
Indefinite-life intangible assets	1,450
Goodwill	1,020
Other assets	11
Assets acquired	$	3,289
Current liabilities	159

Contingent consideration	440
Other liabilities	15
Total purchase price	$	2,675
Less: cash received	(99)
Net Cash Paid	$	2,576

We have recorded a purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as follows:


	(in millions)
Cash	$	52
Receivables	102
Inventory	60
Other current assets	3
Property, plant and equipment	379
Finance leases right of use assets	8
Definite-life intangible assets	48
Indefinite-life intangible assets	686
Goodwill	795
Other assets	77
Assets acquired	$	2,210
Current liabilities	133
Deferred tax liability	158
Finance lease liabilities	8
Other liabilities	21
Total purchase price	$	1,890
Less: long-term debt	(436)
Less: cash received	(52)
Net Cash Paid	$	1,402

Schedule Assets and Liabilities Held-for-Sale

Total assets and liabilities held for sale are comprised of the following:


	As of March 31, 2023		As of December 31, 2022
	(in millions)
Inventories, net	$	90	$	79
Current assets held for sale (1)	$	90	$	79
Property, plant and equipment, net	161		159
Goodwill	292		292
Intangible assets, net	677		671
Noncurrent assets held for sale (2)	$	1,130	$	1,122

Accrued employment costs	6		4
Current liabilities held for sale (3)	$	6	$	4
Deferred income taxes	13		15
Noncurrent liabilities held for sale (4)	$	13	$	15

(1)Reported in Other current assets on the condensed consolidated balance sheets.

(2)Reported in Other assets on the condensed consolidated balance sheets.

(3)Reported in Other current liabilities on the condensed consolidated balance sheets.

(4)Reported in Other liabilities on the condensed consolidated balance sheets.

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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