0001103982-23-000043 | 10-Q | XBRL Viewer | Mondelez International INC

$ 23,450

$ 21,978

243

(757)

^[1]

(23)

^[2]

2,529

23,670

23,450

Latin America

1,421

674

172

^[1]

(2)

^[2]

714

1,591

1,421

AMEA

3,132

3,365

(82)

(233)

^[1]

^[2]

3,050

3,132

Europe

8,009

7,830

134

(550)

^[1]

^[2]

795

8,143

8,009

North America

10,888

10,109

(15)

^[1]

(21)

^[2]

1,020

$ 10,886

10,888

Held for Sale

Held for Sale | Latin America

^[1]

(292)

^[1]

Held for Sale | AMEA

^[1]

Held for Sale | Europe

Held for Sale | North America

^[1]

(66)

^[1]

(226)

Divestitures

Divestitures | Latin America

(8)

(8)

Divestitures | AMEA

Divestitures | Europe

Divestitures | North America

2014-2018 Restructuring Program

$ 0

[1]	Refer to Note 2, Acquisitions and Divestitures for more information.
[2]	Relates to purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

Basis of Presentation

6 Months Ended

Jun. 30, 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 six months 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 1.6% and 0.8% of our consolidated net revenues with remeasurement losses of $10 million and $16 million for the three months ended June 30, 2023, respectively, and 2.3% and 0.9% of our consolidated net revenues with remeasurement losses of $21 million and $17 million for the six months ended June 30, 2023.

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 $71 million as of June 30, 2023 and $25 million as of December 31, 2022. Total cash, cash equivalents and restricted cash was $1,553 million as of June 30, 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/(recovery) for expected credit losses	(22)		6		—
Write-offs charged against the allowance	3		—		—

Currency	—		(1)		(1)
Balance at June 30, 2023	$	(64)	$	(54)	$	(15)

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $744 million as of June 30, 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 $62 million in operating lease and $73 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2023 and $125 million in operating lease and $76 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 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 our outstanding accounts payable related to suppliers that participate in the SCF programs was $2.3 billion and $2.4 billion, respectively, as of June 30, 2023 and December 31, 2022.

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.

Restructuring Program - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

110 Months Ended

Oct. 21, 2021

Sep. 06, 2018

Aug. 31, 2016

May 06, 2014

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Dec. 31, 2022

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

$ 6

$ 23

$ 41

$ 54

$ 5,188

Restructuring charges

^[1]

3,104

Cash spent in restructuring

^[2]

Simplify to Grow Program | Maximum

159

^[3]

159

^[3]

159

^[3]

$ 164

Implementation costs

2,084

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

118

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]

$ 16

^[2]

$ 33

Investments, Debt and Equity Securities [Abstract]

$ 159

^[3]

$ 159

^[3]

$ 159

^[3]

$ 164

[1]	We recorded restructuring charges of $2 million in the three months ended June 30, 2023 and $4 million in the three months ended June 30, 2022 and restructuring charges of $32 million in the six months ended June 30, 2023 and $15 million in the six months ended June 30, 2022 within asset impairment and exit costs and benefit plan non-service income.
[2]	We spent $17 million in the three months ended June 30, 2023 and $16 million in the three months ended June 30, 2022 and spent $35 million in the six months ended June 30, 2023 and $33 million in the six months ended June 30, 2022 in cash severance and related costs.
[3]	At June 30, 2023, $118 million of our net restructuring liability was recorded within other current liabilities and $41 million was recorded within other long-term liabilities.

Investments

6 Months Ended

Jun. 30, 2023

Investments

Note 6. Investments

Marketable Securities

Our reduction in ownership in Keurig Dr Pepper Inc. (Nasdaq: "KDP") during the first quarter of 2023, to below 5% of the outstanding shares, 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. These marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1).

On June 8, 2023, we sold 23 million shares of KDP, which reduced our ownership by 1.6%, from 3.2% to 1.6% of the total outstanding shares. We received proceeds of approximately $708 million.

On March 2, 2023, we sold 30 million shares of KDP, which reduced our ownership interest by 2.1%, from 5.3% to 3.2% of the total outstanding shares. We received proceeds of approximately $1.0 billion and recorded a pre-tax gain on equity method transactions of $493 million (or $366 million after tax) during the first quarter of 2023.

Pre-tax gains and losses for marketable securities are summarized below (in millions):


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(in millions)
Loss/(gain) on marketable securities sold during the period	$	104	$	(293)
Unrealized loss/(gain) on equity securities held as of the end of the period	90		(300)
Dividend income	(5)		(14)
Total loss/(gain) on marketable securities	$	189	$	(607)

In the table above, loss/(gain) on marketable securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the date of the change of accounting for our investment in KDP, if later.

We reported marketable securities of $705 million as of June 30, 2023 in other current assets in the Company's Condensed Consolidated Balance Sheet.

On July 13, 2023, we sold the remainder of our KDP investment, approximately 23 million shares, and received approximately $704 million in proceeds.

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 June 30, 2023, we owned 18.1%, 50.0% and 49.0%, respectively, of these companies' outstanding shares.

Our investments accounted for under the equity method of accounting totaled $3.2 billion as of June 30, 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 $71 million and cash dividends of zero in the three months ended June 30, 2023, and equity earnings of $98 million and cash dividends of $14 million in the three months ended June 30, 2022. We recorded equity earnings of $106 million and cash dividends of $102 million in the six months ended June 30, 2023 and equity earnings of $215 million and cash dividends of $121 million in the six months ended June 30, 2022.

Based on the quoted closing prices as of June 30, 2023, the fair value of our publicly-traded investment in JDEP was $2.6 billion, and there was no other than temporary impairment identified.

JDEP Transactions

On April 3, 2023, we sold approximately 7.7 million shares of JDEP, which reduced our ownership interest by 1.6%, from 19.7% to 18.1% of the total outstanding shares. We received cash proceeds of €198 million ($217 million) and recorded a loss of €18 million ($19 million) on this sale during the three months ended June 30, 2023. We continue to have board representation with two directors on 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.

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. If all options issued on March 30, 2023 are exercised, our ownership interest will be reduced by an additional 1.6%.

On May 8, 2022, we sold approximately 18.6 million of our JDEP shares back to JDEP, which reduced our ownership interest by approximately 3%. We received cash proceeds of €500 million ($529 million) and recorded a loss of €8 million ($8 million) on this sale during the three months ended June 30, 2022.

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 JDEP’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 JDEP's shares, this would represent approximately 8.5 million shares or approximately 10% of our equity interest in JDEP as of June 30, 2023. Refer to Note 9, Financial Instruments, for further details on this transaction.

Investments - Pre-tax Gains and Losses for Marketable Securities (Details) - KDP - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Schedule of Investments [Line Items]
Loss/(gain) on marketable securities sold during the period	$ 104	$ (293)
Unrealized loss/(gain) on equity securities held as of the end of the period	90	(300)
Dividend income	(5)	(14)
Total loss/(gain) on marketable securities	$ 189	$ (607)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Debt and Borrowing Arrangements - Interest and Other Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Interest expense, debt	$ 145	$ 89	$ 298	$ 180
Loss on debt extinguishment and related expenses	1	0	1	129
Other (income)/expense, net	(49)		(107)	(43)
Other (income)/expense, net		9
Interest and other expense, net	$ 97	$ 98	$ 192	$ 266

Debt and Borrowing Arrangements - Fair Value of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 18,703	$ 20,217
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 21,226	$ 22,933

Segment Reporting - Net Revenues and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 8,507	$ 7,274	$ 17,673	$ 15,038
Operating income	1,425	927	2,930	2,021
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	171	(109)	220	(82)
General corporate expenses	(79)	(62)	(156)	(112)
Amortization of intangible assets	(37)	(32)	(76)	(64)
Acquisition-related costs	0	(5)	0	(26)
Benefit plan non-service income	22	30	41	63
Interest and other expense, net	(97)	(98)	(192)	(266)
Loss/(gain) on marketable securities	(189)	0	607	0
Earnings before income taxes	1,161	859	3,386	1,818
Latin America
Segment Reporting Information [Line Items]
Net revenues	1,228	876	2,439	1,702
Operating income	134	90	273	193
AMEA
Segment Reporting Information [Line Items]
Net revenues	1,609	1,535	3,548	3,402
Operating income	207	211	567	483
Europe
Segment Reporting Information [Line Items]
Net revenues	2,926	2,626	6,233	5,561
Operating income	449	380	956	757
North America
Segment Reporting Information [Line Items]
Net revenues	2,744	2,237	5,453	4,373
Operating income	$ 580	$ 454	$ 1,146	$ 872

Benefit Plans - Pension Plans (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 2	$ 2	$ 3
Interest cost	17	12	32	23
Expected return on plan assets	(24)	(18)	(49)	(36)
Net loss from experience differences	0	2	0	5
Prior service cost/(benefit)			1	0
Settlement losses and other expenses	3	4	8	7
Net periodic pension (benefit)/cost	(3)	2	(6)	2
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	13	16	27	55
Interest cost	76	47	152	88
Expected return on plan assets	(100)	(94)	(202)	(186)
Net loss from experience differences	10	15	21	33
Prior service cost/(benefit)			0	(1)
Settlement losses and other expenses	0	0	0	0
Net periodic pension (benefit)/cost	$ (1)	$ (16)	$ (2)	$ (11)

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

Dec. 31, 2023

€ / shares

Sep. 29, 2023

€ / shares

Jun. 30, 2023

USD ($)

Mar. 30, 2023

Dec. 31, 2022

USD ($)

Dec. 31, 2021

EUR (€)

Sep. 20, 2021

EUR (€)

$ 1,587

$ 790

0.000% Notes Due September 2024 | Exchangeable Notes

$ 1,228

629

Equity method investment contracts | JDEP

Debt issued | €

€ 300,000,000

Derivative, underlying investment (in shares) | shares

7.7

Equity method investment contracts | Minimum | JDEP | Forecast

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

$ 407

397

Derivatives designated as accounting hedges | Interest rate contracts

309

276

106

132

Derivatives designated as accounting hedges | Net investment hedge derivative contracts

^[1]

301

265

Derivatives not designated as accounting hedges

^[1]

262

241

1,180

393

Derivatives not designated as accounting hedges | Currency exchange contracts

919

353

257

185

Derivatives not designated as accounting hedges | Interest rate contracts

144

103

Derivatives not designated as accounting hedges | Commodity contracts

912

200

Derivatives not designated as accounting hedges | Equity method investment contracts

766

247

^[2]

Restructuring and Related Activities [Abstract]

^[2]

$ 5

$ 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.

Restructuring Program (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Restructuring Program Liability

The Simplify to Grow Program liability activity for the six months ended June 30, 2023 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability balance, January 1, 2023	$	164	$	—	$	164
Charges (2)	26		6		32
Cash spent (3)	(35)		—		(35)
Non-cash settlements/adjustments (4)	—		(6)		(6)
Currency	4		—		4
Liability balance, June 30, 2023 (5)	$	159	$	—	$	159

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

(2)We recorded restructuring charges of $2 million in the three months ended June 30, 2023 and $4 million in the three months ended June 30, 2022 and restructuring charges of $32 million in the six months ended June 30, 2023 and $15 million in the six months ended June 30, 2022 within asset impairment and exit costs and benefit plan non-service income.

(3)We spent $17 million in the three months ended June 30, 2023 and $16 million in the three months ended June 30, 2022 and spent $35 million in the six months ended June 30, 2023 and $33 million in the six months ended June 30, 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 $5 million in the three months ended June 30, 2023 and a charge of $7 million in the three months ended June 30, 2022 and a charge of $6 million in the six months ended June 30, 2023 and $9 million in the six months ended June 30, 2022.

(5)At June 30, 2023, $118 million of our net restructuring liability was recorded within other current liabilities and $41 million was recorded within other long-term liabilities.

Schedule of Restructuring and Implementation Costs by Segment

During the three and six months ended June 30, 2023 and June 30, 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 June 30, 2023
Restructuring Costs	$	(1)	$	1	$	(3)	$	6	$	(1)	$	2
Implementation Costs	(1)		—		2		3		—		4
Total	$	(2)	$	1	$	(1)	$	9	$	(1)	$	6
For the Three Months Ended June 30, 2022
Restructuring Costs	$	(2)	$	—	$	—	$	4	$	2	$	4
Implementation Costs	3		3		8		9		(4)		19
Total	$	1	$	3	$	8	$	13	$	(2)	$	23
For the For the Six Months Ended June 30, 2023
Restructuring Costs	$	(1)	$	2	$	27	$	5	$	—	$	32
Implementation Costs	(1)		—		2		3		5		9
Total	$	(2)	$	2	$	29	$	8	$	5	$	41
For the For the Six Months Ended June 30, 2022
Restructuring Costs	$	(3)	$	2	$	2	$	12	$	2	$	15
Implementation Costs	4		4		13		16		2		39
Total	$	1	$	6	$	15	$	28	$	4	$	54
Total Project (Inception to Date)
Restructuring Costs	$	547	$	556	$	1,190	$	662	$	149	$	3,104
Implementation Costs	302		245		571		593		373		2,084
Total	$	849	$	801	$	1,761	$	1,255	$	522	$	5,188

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retained Earnings
Cash dividends declared (in dollars per share)	$ 0.385	$ 0.350	$ 0.770	$ 0.700

Segment Reporting - Net Revenues by Product Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 8,507	$ 7,274	$ 17,673	$ 15,038
Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	4,391	3,725	8,711	7,356
Chocolate
Segment Reporting Information [Line Items]
Net revenues	2,176	1,979	5,045	4,522
Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	1,128	840	2,227	1,627
Beverages
Segment Reporting Information [Line Items]
Net revenues	288	260	640	591
Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	524	470	1,050	942
Latin America
Segment Reporting Information [Line Items]
Net revenues	1,228	876	2,439	1,702
Latin America \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	309	255	585	479
Latin America \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	316	243	684	491
Latin America \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	368	193	716	365
Latin America \| Beverages
Segment Reporting Information [Line Items]
Net revenues	112	92	223	194
Latin America \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	123	93	231	173
AMEA
Segment Reporting Information [Line Items]
Net revenues	1,609	1,535	3,548	3,402
AMEA \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	570	568	1,239	1,225
AMEA \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	563	536	1,310	1,242
AMEA \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	235	201	441	404
AMEA \| Beverages
Segment Reporting Information [Line Items]
Net revenues	150	144	358	341
AMEA \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	91	86	200	190
Europe
Segment Reporting Information [Line Items]
Net revenues	2,926	2,626	6,233	5,561
Europe \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	1,129	1,001	2,191	1,952
Europe \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	1,241	1,140	2,911	2,652
Europe \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	220	170	453	322
Europe \| Beverages
Segment Reporting Information [Line Items]
Net revenues	26	24	59	56
Europe \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	310	291	619	579
North America
Segment Reporting Information [Line Items]
Net revenues	2,744	2,237	5,453	4,373
North America \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Net revenues	2,383	1,901	4,696	3,700
North America \| Chocolate
Segment Reporting Information [Line Items]
Net revenues	56	60	140	137
North America \| Gum & Candy
Segment Reporting Information [Line Items]
Net revenues	305	276	617	536
North America \| Beverages
Segment Reporting Information [Line Items]
Net revenues	0	0	0	0
North America \| Cheese & Grocery
Segment Reporting Information [Line Items]
Net revenues	$ 0	$ 0	$ 0	$ 0

Acquisitions and Divestitures - Schedule of Assets and Liabilities Held-for-Sale (Details) - Held for Sale - Developed-market Gum Business - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Inventories, net

$ 98

$ 79

Current assets held for sale

^[1]

Property, plant and equipment, net

168

159

Goodwill

292

Intangible assets, net

702

671

Noncurrent assets held for sale

^[2]

1,162

1,122

Accrued employment costs

Current liabilities held for sale

^[3]

Accrued pension costs

Deferred income taxes

Noncurrent liabilities assets held for sale

^[4]

$ 16

$ 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.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Net Revenues and Earnings

Our segment net revenues and earnings were:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Net revenues:
Latin America	$	1,228	$	876	$	2,439	$	1,702
AMEA	1,609		1,535		3,548		3,402
Europe	2,926		2,626		6,233		5,561
North America	2,744		2,237		5,453		4,373
Net revenues	$	8,507	$	7,274	$	17,673	$	15,038
Earnings before income taxes:
Operating income:
Latin America	$	134	$	90	$	273	$	193
AMEA	207		211		567		483
Europe	449		380		956		757
North America	580		454		1,146		872
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	171		(109)		220		(82)
General corporate expenses	(79)		(62)		(156)		(112)
Amortization of intangible assets	(37)		(32)		(76)		(64)

Acquisition-related costs	—		(5)		—		(26)
Operating income	1,425		927		2,930		2,021
Benefit plan non-service income	22		30		41		63
Interest and other expense, net	(97)		(98)		(192)		(266)
(Loss)/gain on marketable securities	(189)		—		607		—
Earnings before income taxes	$	1,161	$	859	$	3,386	$	1,818

Schedule of Net Revenues by Product Category

Net revenues by product category were:


	For the Three Months Ended June 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	309	$	570	$	1,129	$	2,383	$	4,391
Chocolate	316		563		1,241		56		2,176
Gum & Candy	368		235		220		305		1,128
Beverages	112		150		26		—		288
Cheese & Grocery	123		91		310		—		524
Total net revenues	$	1,228	$	1,609	$	2,926	$	2,744	$	8,507

	For the Three Months Ended June 30, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	255	$	568	$	1,001	$	1,901	$	3,725
Chocolate	243		536		1,140		60		1,979
Gum & Candy	193		201		170		276		840
Beverages	92		144		24		—		260
Cheese & Grocery	93		86		291		—		470
Total net revenues	$	876	$	1,535	$	2,626	$	2,237	$	7,274

	For the Six Months Ended June 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	585	$	1,239	$	2,191	$	4,696	$	8,711
Chocolate	684		1,310		2,911		140		5,045
Gum & Candy	716		441		453		617		2,227
Beverages	223		358		59		—		640
Cheese & Grocery	231		200		619		—		1,050
Total net revenues	$	2,439	$	3,548	$	6,233	$	5,453	$	17,673

	For the Six Months Ended June 30, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	479	$	1,225	$	1,952	$	3,700	$	7,356
Chocolate	491		1,242		2,652		137		4,522
Gum & Candy	365		404		322		536		1,627
Beverages	194		341		56		—		591
Cheese & Grocery	173		190		579		—		942
Total net revenues	$	1,702	$	3,402	$	5,561	$	4,373	$	15,038

Debt and Borrowing Arrangements - Short-Term Borrowings and Related Weighted-Average Interest Rates (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Amount Outstanding	$ 2,178	$ 2,299
Commercial paper
Short-term Debt [Line Items]
Amount Outstanding	$ 2,080	$ 2,209
Weighted- Average Rate	5.40%	4.70%
Bank loans
Short-term Debt [Line Items]
Amount Outstanding	$ 98	$ 90
Weighted- Average Rate	10.20%	9.10%

Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 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	712
Other assets	3
Assets acquired	$	1,614
Current liabilities	177
Deferred tax liability	78
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	123
Other current assets	9
Property, plant and equipment	186
Operating leases right of use assets	22
Deferred tax assets	96

Definite-life intangible assets	200
Indefinite-life intangible assets	1,450
Goodwill	999
Other assets	11
Assets acquired	$	3,271
Current liabilities	159

Contingent consideration	440
Other liabilities	15
Total purchase price	$	2,657
Less: cash received	(99)
Net Cash Paid	$	2,558

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 June 30, 2023		As of December 31, 2022
	(in millions)
Inventories, net	$	98	$	79
Current assets held for sale (1)	$	98	$	79
Property, plant and equipment, net	168		159
Goodwill	292		292
Intangible assets, net	702		671
Noncurrent assets held for sale (2)	$	1,162	$	1,122

Accrued employment costs	—		4
Current liabilities held for sale (3)	$	—	$	4
Accrued pension costs	1		—
Deferred income taxes	15		15
Noncurrent liabilities held for sale (4)	$	16	$	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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Property, Plant and Equipment [Abstract]

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of June 30, 2023		As of December 31, 2022
	(in millions)
Land and land improvements	$	379	$	378
Buildings and building improvements	3,375		3,250
Machinery and equipment	12,298		11,724
Construction in progress	915		879
	16,967		16,231
Accumulated depreciation	(7,659)		(7,211)
Property, plant and equipment, net	$	9,308	$	9,020

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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)	2.8	3.4	2.7	2.7

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	1,609			1,602			7
Other comprehensive earnings/(losses), net of income taxes	(29)				(14)		(15)
Exercise of stock options and issuance of other stock awards	125		(11)	(11)		147
Common Stock repurchased	(1,505)					(1,505)
Cash dividends declared	(969)			(969)
Dividends paid on noncontrolling interest and other activities	(1)			3			(4)
Balance at end of period at Jun. 30, 2022	27,553	0	32,086	31,431	(10,638)	(25,368)	42
Balance at beginning of period at Mar. 31, 2022	28,216	0	32,053	31,163	(10,425)	(24,630)	55
Comprehensive earnings/(losses):
Net earnings	748			747			1
Other comprehensive earnings/(losses), net of income taxes	(224)				(213)		(11)
Exercise of stock options and issuance of other stock awards	65		33	0		32
Common Stock repurchased	(770)					(770)
Cash dividends declared	(482)			(482)
Dividends paid on noncontrolling interest and other activities	0			3			(3)
Balance at end of period at Jun. 30, 2022	27,553	0	32,086	31,431	(10,638)	(25,368)	42
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	3,030			3,025			5
Other comprehensive earnings/(losses), net of income taxes	231				237		(6)
Exercise of stock options and issuance of other stock awards	146		5	(9)		150
Common Stock repurchased	(605)					(605)
Cash dividends declared	(1,053)			(1,053)
Dividends paid on noncontrolling interest and other activities	10			14			(4)
Balance at end of period at Jun. 30, 2023	28,679	0	32,148	33,458	(10,710)	(26,249)	32
Balance at beginning of period at Mar. 31, 2023	28,274	0	32,112	33,040	(10,814)	(26,110)	46
Comprehensive earnings/(losses):
Net earnings	941			944			(3)
Other comprehensive earnings/(losses), net of income taxes	96				104		(8)
Exercise of stock options and issuance of other stock awards	92		36	(1)		57
Common Stock repurchased	(196)					(196)
Cash dividends declared	(525)			(525)
Dividends paid on noncontrolling interest and other activities	(3)			0			(3)
Balance at end of period at Jun. 30, 2023	$ 28,679	$ 0	$ 32,148	$ 33,458	$ (10,710)	$ (26,249)	$ 32

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

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of June 30, 2023		As of December 31, 2022
	(in millions)
Land and land improvements	$	379	$	378
Buildings and building improvements	3,375		3,250
Machinery and equipment	12,298		11,724
Construction in progress	915		879
	16,967		16,231
Accumulated depreciation	(7,659)		(7,211)
Property, plant and equipment, net	$	9,308	$	9,020

For the six months ended June 30, 2023, capital expenditures of $495 million excluded $305 million of accrued capital expenditures remaining unpaid at June 30, 2023 and included payment for the $324 million of capital expenditures that were accrued and unpaid at December 31, 2022. For the six months ended June 30, 2022, capital expenditures of $385 million excluded $239 million of accrued capital expenditures remaining unpaid at June 30, 2022 and included payment for the $249 million of capital expenditures that were accrued and unpaid at December 31, 2021.

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Changes in 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/(recovery) for expected credit losses	(22)		6		—
Write-offs charged against the allowance	3		—		—

Currency	—		(1)		(1)
Balance at June 30, 2023	$	(64)	$	(54)	$	(15)

Financial Instruments - Economic Hedges (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	$ 166	$ 30	$ 190	$ 272
Currency exchange contracts \| Intercompany loans and forecasted interest payments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	25	7	47	(4)
Currency exchange contracts \| Forecasted transactions \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	27	114	29	107
Currency exchange contracts \| Forecasted transactions \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	8	(52)	13	(31)
Currency exchange contracts \| Forecasted transactions \| Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	(1)	1	(6)	3
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	106	(40)	104	197
Equity method investment contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives instruments, pre-tax gains/(losses) recognized in earnings	$ 1	$ 0	$ 3	$ 0

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Ricolino (Details) $ in Millions, $ in Billions			6 Months Ended
	Nov. 01, 2022 USD ($)	Nov. 01, 2022 MXN ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 23,670		$ 23,450	$ 21,978
Net Cash Paid			$ (19)	$ 1,402
Ricolino
Business Acquisition [Line Items]
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	712
Other assets	3
Assets acquired	1,614
Current liabilities	177
Deferred tax liability	78
Finance lease liabilities	17
Other liabilities	12
Total purchase price	1,330
Less: cash received	(22)
Net Cash Paid	$ 1,308	$ 26

Commitments and Contingencies (Details) - Jun. 30, 2023 € in Millions, $ in Millions	USD ($)	EUR (€)
Investigation By European Commission
Loss Contingencies [Line Items]
Loss contingency, accrual, current	$ 328	€ 300

Investments - Narrative (Details) € / shares in Units, shares in Millions, $ in Millions								3 Months Ended						6 Months Ended
	Jul. 13, 2023 USD ($) shares	Jun. 08, 2023 USD ($) shares	Apr. 03, 2023 USD ($) shares	Apr. 03, 2023 EUR (€) shares	Mar. 02, 2023 shares	May 08, 2022 USD ($) shares	May 08, 2022 EUR (€) shares	Sep. 29, 2023 € / shares	Jun. 30, 2023 USD ($) director shares	Jun. 30, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 USD ($) director shares	Jun. 30, 2022 USD ($)	Dec. 31, 2023 € / shares	Jun. 07, 2023	Apr. 02, 2023	Mar. 30, 2023 shares	Mar. 01, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2021 EUR (€) € / shares	Sep. 20, 2021 EUR (€)
Schedule of Investments [Line Items]
Marketable securities									$ 705					$ 705
Equity method investments									3,245					3,245							$ 4,879
Equity method investment net earnings									71			$ 98		106	$ 215
Cash dividends received from equity method investments									$ 0			14		$ 102	$ 121
KDP
Schedule of Investments [Line Items]
Equity securities investment, significant influence over investee, threshold ownership percentage					5.00%
Equity investment, increase (decrease) in ownership percentage		(1.60%)			(2.10%)
Equity securities, measured at fair value, ownership percentage		1.60%			3.20%												3.20%
JDEP
Schedule of Investments [Line Items]
Equity investment, increase (decrease) in ownership percentage			(1.60%)	(1.60%)		(3.00%)	(3.00%)
JDEP \| Forecast
Schedule of Investments [Line Items]
Equity investment, increase (decrease) in ownership percentage								(1.60%)
0.000% Notes Due September 2024 \| Exchangeable Notes
Schedule of Investments [Line Items]
Debt issued \| €																						€ 300,000,000	€ 300,000,000
Exchange price (in EUR per share) \| € / shares																						€ 35.40
Debt convertible into equity interest, shares issuable (in shares) \| shares														8.5
Debt convertible into equity interest, percentage														10.00%
KDP
Schedule of Investments [Line Items]
Number of shares sold (in shares) \| shares		23.0			30.0
Proceeds from sale of marketable securities		$ 708
Equity method investment, ownership percentage																				5.30%
Proceeds from equity method investment transaction											$ 1,000
Gain on sale of equity method investment											493
Equity securities, measured at fair value, realized gain (loss), net of tax											$ 366
KDP \| Subsequent Event
Schedule of Investments [Line Items]
Number of shares sold (in shares) \| shares	23.0
Proceeds from sale of marketable securities	$ 704
JDEP
Schedule of Investments [Line Items]
Equity method investment, ownership percentage			18.10%	18.10%					18.10%					18.10%				19.70%
Fair value of ownership of equity method investment									$ 2,600					$ 2,600
Number of directors \| director									2					2
JDEP \| Equity method investment contracts
Schedule of Investments [Line Items]
Number of shares sold (in shares) \| shares			7.7	7.7		18.6	18.6
Proceeds from equity method investment transaction			$ 217	€ 198,000,000		$ 529	€ 500,000,000
Gain on sale of equity method investment									$ 19	€ 18,000,000		$ 8	€ 8,000,000
Derivative, underlying investment (in shares) \| shares									7.7					7.7					7.7
JDEP \| Forecast \| Minimum \| Equity method investment contracts
Schedule of Investments [Line Items]
Option strike price (in euros per share) \| € / shares								€ 26.10								€ 26.10
JDEP \| Forecast \| Maximum \| Equity method investment contracts
Schedule of Investments [Line Items]
Option strike price (in euros per share) \| € / shares								€ 28.71								€ 28.71
Dong Suh Foods Corporation
Schedule of Investments [Line Items]
Equity method investment, ownership percentage									50.00%					50.00%
Dong Suh Oil & Fats Co. Ltd.
Schedule of Investments [Line Items]
Equity method investment, ownership percentage									49.00%					49.00%

Restructuring Program

6 Months Ended

Jun. 30, 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, and on July 25, 2023, our Board of Directors approved a further extension of the restructuring program through December 31, 2024. 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 six months ended June 30, 2023 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability balance, January 1, 2023	$	164	$	—	$	164
Charges (2)	26		6		32
Cash spent (3)	(35)		—		(35)
Non-cash settlements/adjustments (4)	—		(6)		(6)
Currency	4		—		4
Liability balance, June 30, 2023 (5)	$	159	$	—	$	159

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

(5)At June 30, 2023, $118 million of our net restructuring liability was recorded within other current liabilities and $41 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 $4 million in the three months ended June 30, 2023 and $19 million in the three months ended June 30, 2022, and we recorded implementation costs of $9 million in the six months ended June 30, 2023 and $39 million in the six months ended June 30, 2022. We recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses.

Restructuring and Implementation Costs


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Three Months Ended June 30, 2023
Restructuring Costs	$	(1)	$	1	$	(3)	$	6	$	(1)	$	2
Implementation Costs	(1)		—		2		3		—		4
Total	$	(2)	$	1	$	(1)	$	9	$	(1)	$	6
For the Three Months Ended June 30, 2022
Restructuring Costs	$	(2)	$	—	$	—	$	4	$	2	$	4
Implementation Costs	3		3		8		9		(4)		19
Total	$	1	$	3	$	8	$	13	$	(2)	$	23
For the For the Six Months Ended June 30, 2023
Restructuring Costs	$	(1)	$	2	$	27	$	5	$	—	$	32
Implementation Costs	(1)		—		2		3		5		9
Total	$	(2)	$	2	$	29	$	8	$	5	$	41
For the For the Six Months Ended June 30, 2022
Restructuring Costs	$	(3)	$	2	$	2	$	12	$	2	$	15
Implementation Costs	4		4		13		16		2		39
Total	$	1	$	6	$	15	$	28	$	4	$	54
Total Project (Inception to Date)
Restructuring Costs	$	547	$	556	$	1,190	$	662	$	149	$	3,104
Implementation Costs	302		245		571		593		373		2,084
Total	$	849	$	801	$	1,761	$	1,255	$	522	$	5,188

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

Jun. 30, 2023

USD ($)

Definite-life intangible assets

Gross carrying amount

$ 3,354

$ 3,311

Accumulated amortization

(2,057)

(2,072)

Net carrying amount

1,297

1,239

Indefinite-life intangible assets

Gross carrying amount

^[1]

18,413

18,600

Total

Gross carrying amount

21,767

21,911

Net carrying amount

19,710

$ 19,839

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 the AMEA segment, of which $78 million was recorded in the first quarter and $23 million was recorded in the third quarter.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes As of the second quarter of 2023, our estimated annual effective tax rate, which excludes discrete tax impacts, was 24.6%. 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 second quarter effective tax rate of 23.1% included a $50 million net tax benefit related to gains and losses on KDP marketable securities and a $29 million net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax expense of $4 million. Our effective tax rate for the six months ended June 30, 2023 of 27.3% was higher due to a $127 million net tax expense incurred in connection with the KDP share sale during the first quarter (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes). Excluding this impact, our effective tax rate for the six months ended June 30, 2023 was 23.6%. The 23.6% rate included a $151 million net tax expense related to gains and losses on KDP marketable securities ($201 million net tax expense in Q1 and $50 million net tax benefit in Q2) as well as the associated pre-tax impacts. As of the second quarter of 2022, our estimated annual effective tax rate, which excluded discrete tax impacts, was 24.4%. 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 2022 second quarter effective tax rate of 23.4% was favorably impacted by discrete net tax benefits of $2 million. The discrete net tax benefit primarily consisted of a net benefit from the release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions and an expense from tax law changes in various jurisdictions. Our effective tax rate for the six months ended June 30, 2022 of 22.6% was favorably impacted by discrete net tax benefits of $64 million primarily driven by the Chipita acquisition.

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.

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Debt and Borrowing Arrangements - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Reclassification of long-term debt to short-term debt, amount	$ 500

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Chipita (Details) $ in Millions, € in Billions			6 Months Ended
	Jan. 03, 2022 USD ($)	Jan. 03, 2022 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 23,670		$ 23,450	$ 21,978
Net Cash Paid			$ (19)	$ 1,402
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)	€ (0.4)
Less: cash received	(52)
Net Cash Paid	1,402
Chipita, S.A. \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets	$ 686

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 1,482	$ 1,923
Trade receivables (net of allowances of $64 at June 30, 2023 and $45 at December 31, 2022)	2,934	3,088
Other receivables (net of allowances of $54 at June 30, 2023 and $59 at December 31, 2022)	851	819
Inventories, net	3,825	3,381
Other current assets	2,530	880
Total current assets	11,622	10,091
Property, plant and equipment, net	9,308	9,020
Operating lease right of use assets	636	660
Goodwill	23,670	23,450
Intangible assets, net	19,839	19,710
Prepaid pension assets	1,108	1,016
Deferred income taxes	432	473
Equity method investments	3,245	4,879
Other assets	2,165	1,862
TOTAL ASSETS	72,025	71,161
LIABILITIES
Short-term borrowings	2,178	2,299
Current portion of long-term debt	901	383
Accounts payable	7,740	7,562
Accrued marketing	2,521	2,370
Accrued employment costs	816	949
Other current liabilities	3,846	3,168
Total current liabilities	18,002	16,731
Long-term debt	18,147	20,251
Long-term operating lease liabilities	492	514
Deferred income taxes	3,525	3,437
Accrued pension costs	374	403
Accrued postretirement health care costs	213	217
Other liabilities	2,593	2,688
TOTAL LIABILITIES	43,346	44,241
Commitments and Contingencies (Note 12)
EQUITY
Common Stock, no par value (5,000,000,000 shares authorized and 1,996,537,778 shares issued at June 30, 2023 and December 31, 2022)	0	0
Additional paid-in capital	32,148	32,143
Retained earnings	33,458	31,481
Accumulated other comprehensive losses	(10,710)	(10,947)
Treasury stock, at cost (635,538,156 shares at June 30, 2023 and 630,646,687 shares at December 31, 2022)	(26,249)	(25,794)
Total Mondelēz International Shareholders’ Equity	28,647	26,883
Noncontrolling interest	32	37
TOTAL EQUITY	28,679	26,920
TOTAL LIABILITIES AND EQUITY	$ 72,025	$ 71,161

Earnings per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net earnings	$ 941	$ 748	$ 3,030	$ 1,609
Noncontrolling interest earnings	3	(1)	(5)	(7)
Net earnings attributable to Mondelēz International	$ 944	$ 747	$ 3,025	$ 1,602
Weighted-average shares for basic EPS (in shares)	1,364	1,382	1,365	1,385
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares (in shares)	7	7	7	8
Weighted-average shares for diluted EPS (in shares)	1,371	1,389	1,372	1,393
Basic earnings per share attributable to Mondelēz International (in dollars per share)	$ 0.69	$ 0.54	$ 2.22	$ 1.16
Diluted earnings per share attributable to Mondelēz International (in dollars per share)	$ 0.69	$ 0.54	$ 2.20	$ 1.15

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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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

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

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Financial Instruments - Non-U.S. Dollar Debt Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Euro notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (17)	$ 142	$ (50)	$ 216
British pound sterling notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	0	19	0	27
Swiss franc notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	(11)	21	(16)	27
Canadian notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (7)	$ 11	$ (8)	$ 7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings	$ 3,030	$ 1,609
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	593	548
Stock-based compensation expense	75	56
Deferred income tax provision/(benefit)	101	(32)
Asset impairments and accelerated depreciation	44	163
Loss on early extinguishment of debt	1	38
(Gain)/loss on equity method investment transactions	(464)	13
Equity method investment net earnings	(106)	(215)
Distributions from equity method investments	102	121
Unrealized (gain)/loss on derivative contracts	(229)	137
Unrealized gain on marketable securities	(593)	0
Other non-cash items, net	27	13
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	(90)	(227)
Inventories, net	(428)	(366)
Accounts payable	(62)	183
Other current assets	(130)	(142)
Other current liabilities	190	179
Change in pension and postretirement assets and liabilities, net	(88)	(111)
Net cash provided by operating activities	1,973	1,967
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures	(495)	(385)
Acquisitions, net of cash received	19	(1,402)
Proceeds from divestitures including equity method and marketable security investments	1,960	595
(Payments)/proceeds from investments and derivative settlements	(234)	193
Net cash provided by/(used in) investing activities	1,250	(999)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days	67	0
Net (repayments)/issuances of short-term borrowings	(186)	219
Long-term debt proceeds	189	1,991
Long-term debt repayments	(2,056)	(2,329)
Repurchases of Common Stock	(596)	(1,506)
Dividends paid	(1,055)	(977)
Other	98	86
Net cash used in financing activities	(3,539)	(2,516)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(79)	(70)
Cash, cash equivalents and restricted cash:
(Decrease)/Increase	(395)	(1,618)
Balance at beginning of period	1,948	3,553
Balance at end of period	$ 1,553	$ 1,935

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Effects of Derivative Instruments

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,				Location of Gain/(Loss) Recognized in Earnings
	2023		2022		2023		2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	25	$	7	$	47	$	(4)	Interest and other expense, net
Forecasted transactions	27		114		29		107		Cost of sales
Forecasted transactions	8		(52)		13		(31)		Interest and other expense, net
Forecasted transactions	(1)		1		(6)		3		Selling, general and administrative expenses
Commodity contracts	106		(40)		104		197		Cost of sales
Equity method investment contracts	1		—		3		—		(Loss)/gain on equity method investment transactions
Total	$	166	$	30	$	190	$	272

Schedule of Contingent Consideration

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Liability at beginning of period	$	659	$	165	$	642	$	159
Contingent consideration arising from acquisitions	—		—		—		—
Changes in fair value	(2)		8		15		14
Payments	(90)		—		(90)		—
Currency	—		(1)		—		(1)
Liability at end of period	$	567	$	172	$	567	$	172

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


	As of June 30, 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)	$	472	$	—	$	—	$	472
Other (2)	95		—		—		95
Total contingent consideration	$	567	$	—	$	—	$	567


	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 $12 million and $102 million classified as other current liabilities and $83 million and $88 million classified as long term liabilities at June 30, 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.

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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
After-tax gain on NIH contracts(1)	$	22	$	307	$	17	$	348

(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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Amounts excluded from the assessment of hedge effectiveness(1)	$	36	$	30	$	72	$	52

(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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Euro notes	$	(17)	$	142	$	(50)	$	216
British pound sterling notes	—		19		—		27
Swiss franc notes	(11)		21		(16)		27
Canadian notes	(7)		11		(8)		7

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 June 30, 2023				As of December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	106	47		$	132	35
Net investment hedge derivative contracts (1)	301		262		265		241
	$	407	$	309	$	397	$	276
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	257	$	144	$	185	$	103
Commodity contracts	912		766		200		247
Interest rate contracts	11		4		8		—
Equity method investment contracts (2)	—		5		—		3
	$	1,180	$	919	$	393	$	353
Total fair value	$	1,587	$	1,228	$	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.

Schedule of Derivative Instruments Fair Value and Measurement Inputs

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


	As of June 30, 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	$	113	$	—	$	113	$	—
Commodity contracts	146		16		130		—
Interest rate contracts	66		—		66		—
Net investment hedge contracts	39		—		39		—
Equity method investment contracts	(5)		—		(5)		—
Total derivatives	$	359	$	16	$	343	$	—


	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 June 30, 2023		As of December 31, 2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,762	$	2,085
Forecasted transactions	5,855		5,470
Commodity contracts (1)	12,104		7,777
Interest rate contracts	4,304		4,147
Net investment hedges:
Net investment hedge derivative contracts	7,792		7,319
Non-U.S. dollar debt designated as net investment hedges
Euro notes	3,475		3,410
Swiss franc notes	659		638
Canadian dollar notes	453		443

(1)Prior year notional value has been revised.

Acquisitions and Divestitures

6 Months Ended

Jun. 30, 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	712
Other assets	3
Assets acquired	$	1,614
Current liabilities	177
Deferred tax liability	78
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 America operating segment.

Ricolino added incremental net revenues of $155 million during the three months and $326 million during the six months ended June 30, 2023, and operating income of $7 million during the three months and $16 million during the six months ended June 30, 2023. We incurred acquisition integration costs of $10 million during the three months and $16 million during the six months ended June 30, 2023. We incurred $1 million of acquisition-related costs during the three months and six months ended June 30, 2022.

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	123
Other current assets	9
Property, plant and equipment	186
Operating leases right of use assets	22
Deferred tax assets	96

Definite-life intangible assets	200
Indefinite-life intangible assets	1,450
Goodwill	999
Other assets	11
Assets acquired	$	3,271
Current liabilities	159

Contingent consideration	440
Other liabilities	15
Total purchase price	$	2,657
Less: cash received	(99)
Net Cash Paid	$	2,558

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 $240 million during the three months and $458 million during the six months ended June 30, 2023, and operating income of $35 million during the three months and $70 million during the six months ended June 30, 2023. We incurred acquisition integration costs of $16 million during the three months and $55 million during the six months ended June 30, 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. We incurred $4 million of acquisition-related costs during the three months and six months ended June 30, 2022.

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 €0.4 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 $4 million during the three months and $10 million during the six months ended June 30, 2023. We incurred acquisition integration costs of $36 million during the three months and $71 million during the six months ended June 30, 2022. We incurred acquisition-related costs of $21 million during the six months ended June 30, 2022.

Divestitures

Developed Market Gum - Held for Sale

On December 16, 2022, we entered into an agreement to sell our 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 $22 million in the three months ended June 30, 2023 and $52 million in the six months ended June 30, 2023.

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


	As of June 30, 2023		As of December 31, 2022
	(in millions)
Inventories, net	$	98	$	79
Current assets held for sale (1)	$	98	$	79
Property, plant and equipment, net	168		159
Goodwill	292		292
Intangible assets, net	702		671
Noncurrent assets held for sale (2)	$	1,162	$	1,122

Accrued employment costs	—		4
Current liabilities held for sale (3)	$	—	$	4
Accrued pension costs	1		—
Deferred income taxes	15		15
Noncurrent liabilities held for sale (4)	$	16	$	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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) brand	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) brand	Jun. 30, 2022 USD ($)	Dec. 31, 2022 brand
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 37	$ 32	$ 76	$ 64
Estimated amortization expense of intangibles in 2023	150		150
Estimated amortization expense of intangibles in 2024	150		150
Estimated amortization expense of intangibles in 2025	150		150
Estimated amortization expense of intangibles in 2026	95		95
Estimated amortization expense of intangibles in 2027	$ 90		$ 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		8
Book value of brands with fair value in excess of book value of 10% or less	$ 1,600		$ 1,600

Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 June 30, 2023				As of December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	106	47		$	132	35
Net investment hedge derivative contracts (1)	301		262		265		241
	$	407	$	309	$	397	$	276
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	257	$	144	$	185	$	103
Commodity contracts	912		766		200		247
Interest rate contracts	11		4		8		—
Equity method investment contracts (2)	—		5		—		3
	$	1,180	$	919	$	393	$	353
Total fair value	$	1,587	$	1,228	$	790	$	629

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 June 30, 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	$	113	$	—	$	113	$	—
Commodity contracts	146		16		130		—
Interest rate contracts	66		—		66		—
Net investment hedge contracts	39		—		39		—
Equity method investment contracts	(5)		—		(5)		—
Total derivatives	$	359	$	16	$	343	$	—


	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 options to sell shares of JDEP are valued using the Black-Scholes option pricing model. This model requires assumptions related to the stock price of JDE Peet's shares, strike price of each European style option, time to expiry, expected dividend yield and the interpolated market-implied volatility of JDE Peet's active market of listed options. 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 June 30, 2023		As of December 31, 2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,762	$	2,085
Forecasted transactions	5,855		5,470
Commodity contracts (1)	12,104		7,777
Interest rate contracts	4,304		4,147
Net investment hedges:
Net investment hedge derivative contracts	7,792		7,319
Non-U.S. dollar debt designated as net investment hedges
Euro notes	3,475		3,410
Swiss franc notes	659		638
Canadian dollar notes	453		443

(1)Prior year notional value has been revised.

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 June 30, 2023, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 2 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 June 30, 2023 was $7.8 billion.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
After-tax gain on NIH contracts(1)	$	22	$	307	$	17	$	348


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Amounts excluded from the assessment of hedge effectiveness(1)	$	36	$	30	$	72	$	52

(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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Euro notes	$	(17)	$	142	$	(50)	$	216
British pound sterling notes	—		19		—		27
Swiss franc notes	(11)		21		(16)		27
Canadian notes	(7)		11		(8)		7

Economic Hedges

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,				Location of Gain/(Loss) Recognized in Earnings
	2023		2022		2023		2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	25	$	7	$	47	$	(4)	Interest and other expense, net
Forecasted transactions	27		114		29		107		Cost of sales
Forecasted transactions	8		(52)		13		(31)		Interest and other expense, net
Forecasted transactions	(1)		1		(6)		3		Selling, general and administrative expenses
Commodity contracts	106		(40)		104		197		Cost of sales
Equity method investment contracts	1		—		3		—		(Loss)/gain on equity method investment transactions
Total	$	166	$	30	$	190	$	272

Fair Value of Contingent Consideration

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Liability at beginning of period	$	659	$	165	$	642	$	159
Contingent consideration arising from acquisitions	—		—		—		—
Changes in fair value	(2)		8		15		14
Payments	(90)		—		(90)		—
Currency	—		(1)		—		(1)
Liability at end of period	$	567	$	172	$	567	$	172

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


	As of June 30, 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)	$	472	$	—	$	—	$	472
Other (2)	95		—		—		95
Total contingent consideration	$	567	$	—	$	—	$	567


	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

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Goodwill

Changes in goodwill consisted of (in millions):


	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	172		(82)		134		19		243
Acquisitions (1) (2)	(2)		—		—		(21)		(23)


Balance at June 30, 2023	$	1,591	$	3,050	$	8,143	$	10,886	$	23,670

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

(2)Relates to purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

Intangible Assets

Intangible assets consisted of the following (in millions):


	As of June 30, 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	$	3,311	$	(2,072)	$	1,239	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1)	18,600		—		18,600		18,413		—		18,413
Total	$	21,911	$	(2,072)	$	19,839	$	21,767	$	(2,057)	$	19,710

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

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 $37 million for the three months and $76 million for the six months ended June 30, 2023 and $32 million for the three months and $64 million for the six months ended June 30, 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 June 30, 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 second 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 June 30, 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.

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 941	$ 748	$ 3,030	$ 1,609
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment	146	(399)	297	(349)
Pension and other benefit plans	(22)	167	(28)	260
Derivative cash flow hedges	(28)	8	(38)	60
Total other comprehensive earnings/(losses)	96	(224)	231	(29)
Comprehensive earnings/(losses)	1,037	524	3,261	1,580
less: Comprehensive earnings/(losses) attributable to noncontrolling interests	(11)	(10)	(1)	(8)
Comprehensive earnings/(losses) attributable to Mondelēz International	$ 1,048	$ 534	$ 3,262	$ 1,588

Earnings per Share

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions, except per share data)
Net earnings	$	941	$	748	$	3,030	$	1,609
Noncontrolling interest earnings	3		(1)		(5)		(7)
Net earnings attributable to Mondelēz International	$	944	$	747	$	3,025	$	1,602
Weighted-average shares for basic EPS	1,364		1,382		1,365		1,385
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	7		7		7		8
Weighted-average shares for diluted EPS	1,371		1,389		1,372		1,393
Basic earnings per share attributable to Mondelēz International	$	0.69	$	0.54	$	2.22	$	1.16
Diluted earnings per share attributable to Mondelēz International	$	0.69	$	0.54	$	2.20	$	1.15

We exclude antidilutive Mondelēz International stock options and long-term incentive plan shares from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options and performance share units of 2.8 million for the three months ended June 30, 2023 and 3.4 million for the three months ended June 30, 2022 and 2.7 million for the six months ended June 30, 2023 and 2022.

Financial Instruments - Summary of Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contingent Consideration Liability Activity [Roll Forward]
Liability at beginning of period	$ 659	$ 165	$ 642	$ 159
Contingent consideration arising from acquisitions	0	0	0	0
Changes in fair value	(2)	8	15	14
Payments	90	0	90	0
Currency	0	(1)	0	(1)
Liability at end of period	$ 567	$ 172	$ 567	$ 172

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Derivative Instruments, Gain (Loss) [Line Items]

After-tax (loss)/gain on NIH contracts

^[1]

$ 22

$ 307

$ 17

$ 348

Amounts excluded from the assessment of hedge effectiveness

^[2]

$ 36

$ 30

$ 72

$ 52

[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.

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions, except per share data)
Net earnings	$	941	$	748	$	3,030	$	1,609
Noncontrolling interest earnings	3		(1)		(5)		(7)
Net earnings attributable to Mondelēz International	$	944	$	747	$	3,025	$	1,602
Weighted-average shares for basic EPS	1,364		1,382		1,365		1,385
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	7		7		7		8
Weighted-average shares for diluted EPS	1,371		1,389		1,372		1,393
Basic earnings per share attributable to Mondelēz International	$	0.69	$	0.54	$	2.22	$	1.16
Diluted earnings per share attributable to Mondelēz International	$	0.69	$	0.54	$	2.20	$	1.15

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Note 3. Inventories

Inventories consisted of the following:


	As of June 30, 2023		As of December 31, 2022
	(in millions)
Raw materials	$	1,092	$	1,031
Finished product	2,881		2,501
	3,973		3,532
Inventory reserves	(148)		(151)
Inventories, net	$	3,825	$	3,381

Stock Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

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	3,820	66.78
Total options granted	2,455,930	65.36
Options exercised (1)	(2,844,348)	37.84		$	93	million
Options canceled	(159,460)	53.03
Balance at June 30, 2023	19,942,372	49.81	5 years	$	461	million

(1)Cash received from options exercised was $56 million in the three months and $105 million in the six months ended June 30, 2023. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $9 million in the three months and $17 million in the six months ended June 30, 2023

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)	710,633	Various	65.54
Total shares granted	2,184,613		66.74	$	146	million
Vested (2) (3)	(1,626,765)		62.75	$	102	million
Forfeited (2)	(144,096)		61.28
Balance at June 30, 2023	4,865,426		62.18

(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 zero in the three months and $2 million in the six months ended June 30, 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.

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, replaced our previous share repurchase program. Repurchases under the program are determined by management and are wholly discretionary.

During the six months ended June 30, 2023, we repurchased approximately 8.8 million shares of Common Stock at an average cost of $68.16 per share, or an aggregate cost of approximately $602 million, all of which was paid

during the period except for approximately $6 million settled in July 2023. All share repurchases were funded through available cash and commercial paper issuances. As of June 30, 2023, we have approximately $5.4 billion in remaining share repurchase capacity.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 944	$ 747	$ 3,025	$ 1,602

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reclassifications from Accumulated Other Comprehensive Income

Reclassifications from Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Note 13. Reclassifications from Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net (losses)/gains of $11 million in the second quarter of 2023 and $82 million in the second quarter of 2022 and $41 million in the first six months of 2023 and $40 million in the first six months of 2022..


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(9,659)	$	(9,043)	$	(9,808)	$	(9,097)
Currency translation adjustments	139		(339)		312		(333)


Tax (expense)/benefit	7		(60)		(15)		(16)
Other comprehensive earnings/(losses)	146		(399)		297		(349)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	8		11		6		15
Balance at end of period	(9,505)		(9,431)		(9,505)		(9,431)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,111)	$	(1,286)	$	(1,105)	$	(1,379)
Net actuarial gain/(loss) arising during period	(1)		108		1		152
Tax (expense)/benefit on net actuarial gain/(loss)	—		(27)		—		(27)
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	5		16		13		36
Settlement losses and other expenses (1)	3		4		8		7

Tax expense/(benefit) on reclassifications (3)	(3)		(6)		(6)		(12)
Currency impact	(26)		72		(44)		104
Other comprehensive earnings/(losses)	(22)		167		(28)		260
Balance at end of period	(1,133)		(1,119)		(1,133)		(1,119)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(44)	$	(96)	$	(34)	$	(148)
Net derivative gains/(losses)	(38)		98		(66)		124
Tax (expense)/benefit on net derivative gain/(loss)	4		1		1		—
Losses/(gains) reclassified into net earnings:
Currency exchange contracts(2)	—		3		—		5
Interest rate contracts (2)	5		(99)		23		(53)
Tax expense/(benefit) on reclassifications (3)	1		—		3		(23)
Currency impact	—		5		1		7
Other comprehensive earnings/(losses)	(28)		8		(38)		60
Balance at end of period	(72)		(88)		(72)		(88)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,814)	$	(10,425)	$	(10,947)	$	(10,624)
Total other comprehensive earnings/(losses)	96		(224)		231		(29)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	8		11		6		15
Other comprehensive earnings/(losses) attributable to Mondelēz International	104		(213)		237		(14)
Balance at end of period	$	(10,710)	$	(10,638)	$	(10,710)	$	(10,638)

(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.

Stock Plans (Tables)

6 Months Ended

Jun. 30, 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	3,820	66.78
Total options granted	2,455,930	65.36
Options exercised (1)	(2,844,348)	37.84		$	93	million
Options canceled	(159,460)	53.03
Balance at June 30, 2023	19,942,372	49.81	5 years	$	461	million

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)	710,633	Various	65.54
Total shares granted	2,184,613		66.74	$	146	million
Vested (2) (3)	(1,626,765)		62.75	$	102	million
Forfeited (2)	(144,096)		61.28
Balance at June 30, 2023	4,865,426		62.18

(1)Includes PSUs and DSUs.

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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Goodwill by Segment

Changes in goodwill consisted of (in millions):


	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	172		(82)		134		19		243
Acquisitions (1) (2)	(2)		—		—		(21)		(23)


Balance at June 30, 2023	$	1,591	$	3,050	$	8,143	$	10,886	$	23,670

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

(2)Relates to purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following (in millions):


	As of June 30, 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	$	3,311	$	(2,072)	$	1,239	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1)	18,600		—		18,600		18,413		—		18,413
Total	$	21,911	$	(2,072)	$	19,839	$	21,767	$	(2,057)	$	19,710

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in millions):


	As of June 30, 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	$	3,311	$	(2,072)	$	1,239	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1)	18,600		—		18,600		18,413		—		18,413
Total	$	21,911	$	(2,072)	$	19,839	$	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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Defined Benefit Plan Disclosure [Line Items]

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Pension Plans

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 June 30,				For the Three Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Service cost	$	1	$	2	$	13	$	16
Interest cost	17		12		76		47
Expected return on plan assets	(24)		(18)		(100)		(94)
Amortization:
Net loss from experience differences	—		2		10		15


Settlement losses and other expenses	3		4		—		—
Net periodic pension (benefit)/cost	$	(3)	$	2	$	(1)	$	(16)

	U.S. Plans				Non-U.S. Plans
	For the Six Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Service cost	$	2	$	3	$	27	$	55
Interest cost	32		23		152		88
Expected return on plan assets	(49)		(36)		(202)		(186)
Amortization:
Net loss from experience differences	—		5		21		33
Prior service cost/(benefit)	1		—		—		(1)

Settlement losses and other expenses	8		7		—		—
Net periodic pension (benefit)/cost	$	(6)	$	2	$	(2)	$	(11)

Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended
Basis of Presentation - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Mar. 31, 2022 USD ($) facility	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 71		$ 71		$ 25
Cash, cash equivalents and restricted cash	1,553		1,553	$ 1,935	1,948	$ 3,553
Outstanding principal amount of receivables sold under factoring arrangement	744		744		516
Operating lease right-of-use assets obtained in exchange for lease obligations			62	125
Finance lease right-of-use assets in exchange for lease obligations			73	$ 76
Supplier chain financing, obligation	$ 2,300		$ 2,300		2,400
Maximum
Summary of Significant Accounting Policies [Line Items]
Supplier finance program, payment timing, period	180 days		180 days
Minimum
Summary of Significant Accounting Policies [Line Items]
Supplier finance program, payment timing, period	30 days		30 days
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	1.60%		2.30%
Argentina \| Selling, general and administrative expenses
Summary of Significant Accounting Policies [Line Items]
Remeasurement gain (loss) due to inflationary accounting	$ 10		$ 21
Turkey
Summary of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues	0.80%		0.90%
Turkey \| Selling, general and administrative expenses
Summary of Significant Accounting Policies [Line Items]
Remeasurement gain (loss) due to inflationary accounting	$ 16		$ 17

Benefit Plans

6 Months Ended

Jun. 30, 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 June 30,				For the Three Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Service cost	$	1	$	2	$	13	$	16
Interest cost	17		12		76		47
Expected return on plan assets	(24)		(18)		(100)		(94)
Amortization:
Net loss from experience differences	—		2		10		15


Settlement losses and other expenses	3		4		—		—
Net periodic pension (benefit)/cost	$	(3)	$	2	$	(1)	$	(16)

	U.S. Plans				Non-U.S. Plans
	For the Six Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Service cost	$	2	$	3	$	27	$	55
Interest cost	32		23		152		88
Expected return on plan assets	(49)		(36)		(202)		(186)
Amortization:
Net loss from experience differences	—		5		21		33
Prior service cost/(benefit)	1		—		—		(1)

Settlement losses and other expenses	8		7		—		—
Net periodic pension (benefit)/cost	$	(6)	$	2	$	(2)	$	(11)

Employer Contributions

During the six months ended June 30, 2023, we contributed $3 million to our U.S. pension plans and $65 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 June 30, 2023, we plan to make further contributions of approximately $3 million to our U.S. plans and $54 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 $2 million and $5 million for the three and six months ended June 30, 2023 and 2022, within interest and other expense, net. As of June 30, 2023, the remaining discounted withdrawal liability was $336 million, with $15 million recorded in other current liabilities and $321 million recorded in long-term other liabilities.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement (benefit)/cost was $(2) million for the three and six months ended June 30, 2023 and $3 million and $6 million for the three and six months ended June 30, 2022. The net periodic postemployment

cost was zero and $1 million for the three and six months ended June 30, 2023 and 2022.

The entire disclosure for retirement benefits.

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-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Euro notes | Net investment hedge debt

Financial Instruments - Notional Values of Hedging Instruments (Details) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Swiss franc notes | Net investment hedge debt

$ 3,475

$ 3,410

Canadian dollar notes | Net investment hedge debt

659

638

Currency exchange contracts | Intercompany loans and forecasted interest payments

453

443

Currency exchange contracts | Forecasted transactions

2,762

2,085

5,855

5,470

Commodity contracts

^[1]

12,104

7,777

Interest rate contracts

Net investment hedge contracts

4,304

4,147

Net investment hedge contracts | Net investment hedge debt

7,792

$ 7,319

$ 7,800

[1]	Prior year notional value has been revised.

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

3 Months Ended

6 Months Ended

110 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

$ 2

$ 4

$ 32

^[1]

$ 15

$ 3,104

2,084

Operating Segments | Latin America

5,188

(1)

(2)

(1)

(3)

547

(1)

302

Operating Segments | AMEA

(2)

849

556

245

Operating Segments | Europe

801

(3)

1,190

571

Operating Segments | North America

(1)

1,761

662

593

1,255

(1)

149

(4)

373

Balance at January 1, 2023 (in shares)

$ (1)

$ (2)

$ 5

$ 4

$ 522

[1]

We recorded restructuring charges of $2 million in the three months ended June 30, 2023 and $4 million in the three months ended June 30, 2022 and restructuring charges of $32 million in the six months ended June 30, 2023 and $15 million in the six months ended June 30, 2022 within asset impairment and exit costs and benefit plan non-service income.

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	4

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,092	$ 1,031
Finished product	2,881	2,501
Inventories, gross	3,973	3,532
Inventory reserves	(148)	(151)
Inventories, net	$ 3,825	$ 3,381

Stock Plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Shares Subject to Option

20,490,250

Options granted (in shares)

2,455,930

Options exercised (in shares)

^[1]

(2,844,348)

Options canceled (in shares)

(159,460)

Balance at June 30, 2023 (in shares)

19,942,372

20,490,250

Weighted- Average Exercise or Grant Price Per Share

Balance at January 1, 2023 (in dollars per share)

$ 46.31

Options granted (in dollars per share)

65.36

Options exercised (in dollars per share)

^[1]

37.84

Options canceled (in dollars per share)

53.03

Balance at June 30, 2023 (in dollars per share)

$ 49.81

$ 46.31

Average Remaining Contractual Term

Average remaining contractual term

5 years

Aggregate Intrinsic Value

Aggregate intrinsic value

$ 461

$ 417

Aggregate intrinsic value options exercised

^[1]

Cash received from options exercised

105

Actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises

$ 9

$ 17

Annual grant to eligible employees

Shares Subject to Option

Options granted (in shares)

2,452,110

Weighted- Average Exercise or Grant Price Per Share

Options granted (in dollars per share)

$ 65.36

Additional options issued

Shares Subject to Option

Options granted (in shares)

3,820

Weighted- Average Exercise or Grant Price Per Share

Options granted (in dollars per share)

$ 66.78

[1]

Cash received from options exercised was $56 million in the three months and $105 million in the six months ended June 30, 2023. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $9 million in the three months and $17 million in the six months ended June 30, 2023

Acquisitions and Divestitures - Narrative (Details) $ in Millions, € in Billions, $ in Billions						3 Months Ended		6 Months Ended
	Nov. 01, 2022 USD ($)	Nov. 01, 2022 MXN ($)	Aug. 01, 2022 USD ($)	Jan. 03, 2022 USD ($)	Jan. 03, 2022 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 16, 2022 USD ($)
Business Acquisition [Line Items]
Payments to acquire business net of cash acquired								$ (19)	$ 1,402
Acquisition-related costs						$ 0	$ 5	0	26
Held for Sale \| Developed-market Gum Business
Business Acquisition [Line Items]
Disposal group, including discontinued operation, expected consideration										$ 1,400
Costs related to divestiture						22		52
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						155		326
Incremental operating income (loss) from acquisition						7		16
Acquisition integration costs						10		16
Acquisition-related costs							1		1
Clif Bar
Business Acquisition [Line Items]
Percentage of interest acquired			100.00%
Payments to acquire business net of cash acquired			$ 2,558
Incremental net revenues from acquisition						240		458
Incremental operating income (loss) from acquisition						35		70
Acquisition integration costs						16		55
Acquisition-related costs							4		4
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						$ 4	$ 36	$ 10	71
Acquisition-related costs									$ 21
Total cash payment				1,400	€ 1.2
Liabilities assumed				436	0.4
Purchase consideration				1,800	€ 1.7
Chipita, S.A. \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets				$ 686

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

6 Months Ended

May 03, 2023

Apr. 25, 2023

Apr. 03, 2023

Mar. 03, 2023

Jun. 30, 2023

Jun. 30, 2022

Apr. 18, 2023

Dec. 31, 2022

Jul. 29, 2022

Mar. 31, 2022

Repayments of long-term debt

$ 2,178,000,000

$ 2,299,000,000

2,056,000,000

$ 2,329,000,000

Bank loans | Credit Facility Expiring July 29, 2025

Repayments of long-term debt

^[1],[2]

2,000,000,000

^[1],[2]

$ 2,000,000,000

Borrowed Amount

^[1],[2]

2,000,000,000

^[1],[2]

$ 2,000,000,000

$ 700,000,000

$ 300,000,000

$ 1,000,000,000

Bank loans | Credit Facility Expiring October 18, 2025

Proceeds from lines of credit

189,000,000

^[3]

$ 200,000,000

^[3]

Borrowed Amount

^[3]

189,000,000

$ 200,000,000

Bank loans | Credit Facility Expiring February 23, 2027

Bank loans | 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)

39,400,000,000

Bank loans | 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

98,000,000

90,000,000

1,311,000,000

1,335,000,000

Bank loans | Credit Facility Expiring February 22, 2023

98,000,000

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 December 29, 2023

^[2]

^[2]

2,000,000,000

Bank loans | Credit Facility Maturing February 21, 2024

^[2]

^[2]

1,500,000,000

Investments, Debt and Equity Securities [Abstract]

^[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. Amounts borrowed and repaid under the facility may not be reborrowed. 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. We repaid $1.0 billion on March 3, 2023, $0.3 billion on April 3, 2023, and $0.7 billion on May 3, 2023 in term loans.
[2]	We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include 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 June 30, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.4 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.
[3]	On April 18, 2023, we entered into a credit facility secured by pledged deposits. Under this agreement, we may draw up to a total of $0.2 billion in loans from the facility. On April 25, 2023, we drew down $0.2 billion bearing a variable rate based on SOFR plus an applicable margin.

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Pre-tax Gains and Losses for Marketable Securities

Pre-tax gains and losses for marketable securities are summarized below (in millions):


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(in millions)
Loss/(gain) on marketable securities sold during the period	$	104	$	(293)
Unrealized loss/(gain) on equity securities held as of the end of the period	90		(300)
Dividend income	(5)		(14)
Total loss/(gain) on marketable securities	$	189	$	(607)

Financial Instruments - Derivative Instruments Fair Value and Measurement Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total derivatives	$ 359	$ 161
Currency exchange contracts
Derivative [Line Items]
Total derivatives	113	82
Commodity contracts
Derivative [Line Items]
Total derivatives	146	(47)
Interest rate contracts
Derivative [Line Items]
Total derivatives	66	105
Net investment hedge derivative contracts
Derivative [Line Items]
Total derivatives	39	24
Equity method investment contracts
Derivative [Line Items]
Total derivatives	(5)	(3)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivative [Line Items]
Total derivatives	16	(35)
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Currency exchange contracts
Derivative [Line Items]
Total derivatives	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commodity contracts
Derivative [Line Items]
Total derivatives	16	(35)
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate contracts
Derivative [Line Items]
Total derivatives	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Net investment hedge derivative contracts
Derivative [Line Items]
Total derivatives	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity method investment contracts
Derivative [Line Items]
Total derivatives	0	0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Total derivatives	343	196
Significant Other Observable Inputs (Level 2) \| Currency exchange contracts
Derivative [Line Items]
Total derivatives	113	82
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Derivative [Line Items]
Total derivatives	130	(12)
Significant Other Observable Inputs (Level 2) \| Interest rate contracts
Derivative [Line Items]
Total derivatives	66	105
Significant Other Observable Inputs (Level 2) \| Net investment hedge derivative contracts
Derivative [Line Items]
Total derivatives	39	24
Significant Other Observable Inputs (Level 2) \| Equity method investment contracts
Derivative [Line Items]
Total derivatives	(5)	(3)
Significant Unobservable Inputs (Level 3)
Derivative [Line Items]
Total derivatives	0	0
Significant Unobservable Inputs (Level 3) \| Currency exchange contracts
Derivative [Line Items]
Total derivatives	0	0
Significant Unobservable Inputs (Level 3) \| Commodity contracts
Derivative [Line Items]
Total derivatives	0	0
Significant Unobservable Inputs (Level 3) \| Interest rate contracts
Derivative [Line Items]
Total derivatives	0	0
Significant Unobservable Inputs (Level 3) \| Net investment hedge derivative contracts
Derivative [Line Items]
Total derivatives	0	0
Significant Unobservable Inputs (Level 3) \| Equity method investment contracts
Derivative [Line Items]
Total derivatives	$ 0	$ 0

Stock Plans - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended		108 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2023	Dec. 02, 2020
Class of Stock [Line Items]
Common shares repurchased		$ 196,000,000	$ 770,000,000	$ 605,000,000	$ 1,505,000,000
Payments for repurchase of common Stock				596,000,000	$ 1,506,000,000
Common Stock
Class of Stock [Line Items]
Common shares repurchased				$ 602,000,000
Number of shares repurchased (in shares)				8.8
Average cost of shares repurchased (in dollars per share)				$ 68.16
Remaining share repurchase capacity		$ 5,400,000,000		$ 5,400,000,000
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Payments for repurchase of common Stock	$ 6,000,000
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

Segment Reporting

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Net revenues:
Latin America	$	1,228	$	876	$	2,439	$	1,702
AMEA	1,609		1,535		3,548		3,402
Europe	2,926		2,626		6,233		5,561
North America	2,744		2,237		5,453		4,373
Net revenues	$	8,507	$	7,274	$	17,673	$	15,038
Earnings before income taxes:
Operating income:
Latin America	$	134	$	90	$	273	$	193
AMEA	207		211		567		483
Europe	449		380		956		757
North America	580		454		1,146		872
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	171		(109)		220		(82)
General corporate expenses	(79)		(62)		(156)		(112)
Amortization of intangible assets	(37)		(32)		(76)		(64)

Acquisition-related costs	—		(5)		—		(26)
Operating income	1,425		927		2,930		2,021
Benefit plan non-service income	22		30		41		63
Interest and other expense, net	(97)		(98)		(192)		(266)
(Loss)/gain on marketable securities	(189)		—		607		—
Earnings before income taxes	$	1,161	$	859	$	3,386	$	1,818

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 June 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	309	$	570	$	1,129	$	2,383	$	4,391
Chocolate	316		563		1,241		56		2,176
Gum & Candy	368		235		220		305		1,128
Beverages	112		150		26		—		288
Cheese & Grocery	123		91		310		—		524
Total net revenues	$	1,228	$	1,609	$	2,926	$	2,744	$	8,507

	For the Three Months Ended June 30, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	255	$	568	$	1,001	$	1,901	$	3,725
Chocolate	243		536		1,140		60		1,979
Gum & Candy	193		201		170		276		840
Beverages	92		144		24		—		260
Cheese & Grocery	93		86		291		—		470
Total net revenues	$	876	$	1,535	$	2,626	$	2,237	$	7,274

	For the Six Months Ended June 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	585	$	1,239	$	2,191	$	4,696	$	8,711
Chocolate	684		1,310		2,911		140		5,045
Gum & Candy	716		441		453		617		2,227
Beverages	223		358		59		—		640
Cheese & Grocery	231		200		619		—		1,050
Total net revenues	$	2,439	$	3,548	$	6,233	$	5,453	$	17,673

	For the Six Months Ended June 30, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	479	$	1,225	$	1,952	$	3,700	$	7,356
Chocolate	491		1,242		2,652		137		4,522
Gum & Candy	365		404		322		536		1,627
Beverages	194		341		56		—		591
Cheese & Grocery	173		190		579		—		942
Total net revenues	$	1,702	$	3,402	$	5,561	$	4,373	$	15,038

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Restructuring Reserve [Roll Forward]

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Capital expenditures	$ 495	$ 385
Accrued capital expenditures unpaid	$ 305	$ 239	$ 324	$ 249

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

3 Months Ended

6 Months Ended

110 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Liability balance, January 1, 2023

$ 164

Charges

$ 2

$ 4

^[1]

$ 15

$ 3,104

Cash spent

^[2]

(35)

Non-cash settlements/adjustments

^[3]

(6)

Liability balance, June 30, 2023

^[4]

159

Non-cash asset write-downs

Severance and related costs

Restructuring Reserve [Roll Forward]

Liability balance, January 1, 2023

164

Charges

^[1]

Cash spent

(17)

$ (16)

(35)

^[2]

$ (33)

Non-cash settlements/adjustments

^[3]

Liability balance, June 30, 2023

^[4]

159

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]

(6)

Liability balance, June 30, 2023

^[5]

^[4],[5]

$ 0

[1]	We recorded restructuring charges of $2 million in the three months ended June 30, 2023 and $4 million in the three months ended June 30, 2022 and restructuring charges of $32 million in the six months ended June 30, 2023 and $15 million in the six months ended June 30, 2022 within asset impairment and exit costs and benefit plan non-service income.
[2]	We spent $17 million in the three months ended June 30, 2023 and $16 million in the three months ended June 30, 2022 and spent $35 million in the six months ended June 30, 2023 and $33 million in the six months ended June 30, 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 $5 million in the three months ended June 30, 2023 and a charge of $7 million in the three months ended June 30, 2022 and a charge of $6 million in the six months ended June 30, 2023 and $9 million in the six months ended June 30, 2022.
[4]	At June 30, 2023, $118 million of our net restructuring liability was recorded within other current liabilities and $41 million was recorded within other long-term liabilities.
[5]	Includes gains as a result of assets sold which are included in the restructuring program.

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

Jun. 30, 2023

Dec. 31, 2022

Aug. 01, 2022

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

$ 567

$ 642

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

567

642

Clif Bar

Contingent consideration, liability, noncurrent

^[1]

472

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]

472

452

Other

Contingent consideration, current liability

^[2]

190

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]

Debt and Borrowing Arrangements

^[2]

$ 95

$ 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 $12 million and $102 million classified as other current liabilities and $83 million and $88 million classified as long term liabilities at June 30, 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 - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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	7,792	$ 7,319
Net investment hedges \| Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	7,800
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 2 months

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 64	$ 45
Other receivables, allowances	$ 54	$ 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)	635,538,156	630,646,687

Debt and Borrowing Arrangements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Note 8. Debt and Borrowing Arrangements

Short-Term Borrowings

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


	As of June 30, 2023				As of December 31, 2022
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	2,080	5.4	%	$	2,209	4.7	%
Bank loans	98		10.2	%	90		9.1	%
Total short-term borrowings	$	2,178			$	2,299

Our uncommitted credit lines and committed credit lines available as of June 30, 2023 and December 31, 2022 include:


	As of June 30, 2023				As of December 31, 2022
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,311	$	98	$	1,335	$	90
Credit facilities:
February 22, 2023 (1)	—		—		2,500		—
March 11, 2023 (1)	—		—		2,000		—
December 29, 2023 (1)	2,000		—		—		—
February 21, 2024 (1)	1,500		—		—		—
July 29, 2025 (1) (3)	—		—		2,000		2,000
October 18, 2025 (2)	189		189		—		—
February 23, 2027 (1)	4,500		—		4,500		—

(1)We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include 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 June 30, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.4 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 April 18, 2023, we entered into a credit facility secured by pledged deposits. Under this agreement, we may draw up to a total of $0.2 billion in loans from the facility. On April 25, 2023, we drew down $0.2 billion bearing a variable rate based on SOFR plus an applicable margin.

(3)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. Amounts borrowed and repaid under the facility may not be reborrowed. 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. We repaid $1.0 billion on March 3, 2023, $0.3 billion on April 3, 2023, and $0.7 billion on May 3, 2023 in term loans.

Long-Term Debt

As of June 30, 2023, the Company reclassified the net carrying value of debt of $500 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 June 30, 2023		As of December 31, 2022
	(in millions)
Fair Value	$	18,703	$	20,217
Carrying Value	$	21,226	$	22,933

Interest and Other Expense, net

Interest and other expense, net consisted of:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Interest expense, debt	$	145	$	89	$	298	$	180
Loss on debt extinguishment and related expenses	1		—		1		129
Other (income)/expense, net	(49)		9		(107)		(43)
Interest and other expense, net	$	97	$	98	$	192	$	266

Other (income)/expense, 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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

Property, Plant and Equipment - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,967	$ 16,231
Accumulated depreciation	(7,659)	(7,211)
Property, plant and equipment, net	9,308	9,020
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	379	378
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,375	3,250
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,298	11,724
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 915	$ 879

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Legal Proceedings We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated as case number 15-cv-2937, Harry Ploss et al. v. Kraft Foods Group, Inc. and Mondelēz Global LLC. On January 3, 2020, the District Court granted plaintiffs' request to certify a class. In November 2022, the District Court adjourned the trial date it had previously set for November 30 and ordered the parties to brief Kraft’s motions to decertify the class and for summary judgment, which was completed on July 25, 2023. It is not possible to predict the outcome of these matters; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action. As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. On January 28, 2021, the European Commission announced it had taken the next procedural step in its investigation and opened formal proceedings. We have been cooperating with the investigation and discussions with the European Commission are progressing in an effort to reach a negotiated, proportionate resolution in this matter. As of June 30, 2023 and December 31, 2022, we have accrued (in accordance with U.S. GAAP) a liability of €300 million ($328 million as of June 30, 2023) within other current liabilities in the consolidated balance sheet as an estimate of the possible cost to resolve this matter. It is not possible to predict if our ongoing discussions will result in a negotiated resolution, or result in a negotiated resolution in a higher amount, or when we will have clarity on the ultimate outcome of these discussions. If our discussions do not result in a negotiated resolution, we expect that the European Commission will pursue proceedings against the Company, including the imposition of a fine, and we would defend against any allegations made in such proceedings. There is a possibility that the final liability could be materially higher than the amount accrued. However, due to the inherent uncertainty of the discussions and possible outcomes, any possible loss or range of loss different from the amount accrued is not reasonably estimable at this time. Third-Party Guarantees We enter into third-party guarantees primarily to cover long-term obligations of our vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. As of June 30, 2023 and December 31, 2022, we had no material third-party guarantees recorded on our condensed consolidated balance sheet. Tax Matters We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position.

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

$ 28,274

$ 28,216

$ 26,920

$ 28,323

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

(224)

231

(29)

Other comprehensive earnings/(losses) attributable to Mondelēz International

104

(213)

237

(14)

28,679

27,553

28,679

27,553

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

(9,659)

(9,043)

(9,808)

(9,097)

139

(339)

312

(333)

Tax (expense)/benefit

(60)

(15)

(16)

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

146

(399)

297

(349)

Pension and Other Benefits Plans

(9,505)

(9,431)

(9,505)

(9,431)

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

(1,111)

(1,286)

(1,105)

(1,379)

(26)

(44)

104

Net actuarial gain/(loss) arising during period

(22)

167

(28)

260

(1)

108

152

Tax (expense)/benefit before reclassifications

(27)

Tax expense/(benefit) on reclassifications

^[1]

(3)

(6)

(12)

Amortization of experience losses and prior service costs

(1,133)

(1,119)

(1,133)

(1,119)

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

Settlement losses and other expenses

^[2]

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

Derivative Cash Flow Hedges

^[2]

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

(44)

(96)

(34)

(148)

Net actuarial gain/(loss) arising during period

(28)

(38)

(38)

(66)

124

Tax (expense)/benefit before reclassifications

Tax expense/(benefit) on reclassifications

^[1]

(23)

Derivative Cash Flow Hedges | Interest rate contracts

(72)

(88)

(72)

(88)

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

Derivative Cash Flow Hedges | Currency exchange contracts

^[3]

(99)

(53)

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

Accumulated other comprehensive income attributable to Mondelēz International

^[3]

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

(10,814)

(10,425)

(10,947)

(10,624)

104

(213)

237

(14)

Schedule of Amounts Reclassified from Accumulated Other Comprehensive Earnings/(Losses)

$ (10,710)

$ (10,638)

$ (10,710)

$ (10,638)

[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.

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Clif Bar (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 01, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 23,670		$ 23,450	$ 21,978
Net Cash Paid		$ (19)	$ 1,402
Clif Bar
Business Acquisition [Line Items]
Cash	$ 99
Receivables	76
Inventory	123
Other current assets	9
Property, plant and equipment	186
Operating leases right of use assets	22
Deferred tax assets	96
Definite-life intangible assets	200
Goodwill	999
Other assets	11
Assets acquired	3,271
Current liabilities	159
Contingent consideration	440
Other liabilities	15
Total purchase price	2,657
Less: cash received	(99)
Net Cash Paid	2,558
Clif Bar \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets	$ 1,450

Reclassifications from Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(9,659)	$	(9,043)	$	(9,808)	$	(9,097)
Currency translation adjustments	139		(339)		312		(333)


Tax (expense)/benefit	7		(60)		(15)		(16)
Other comprehensive earnings/(losses)	146		(399)		297		(349)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	8		11		6		15
Balance at end of period	(9,505)		(9,431)		(9,505)		(9,431)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,111)	$	(1,286)	$	(1,105)	$	(1,379)
Net actuarial gain/(loss) arising during period	(1)		108		1		152
Tax (expense)/benefit on net actuarial gain/(loss)	—		(27)		—		(27)
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	5		16		13		36
Settlement losses and other expenses (1)	3		4		8		7

Tax expense/(benefit) on reclassifications (3)	(3)		(6)		(6)		(12)
Currency impact	(26)		72		(44)		104
Other comprehensive earnings/(losses)	(22)		167		(28)		260
Balance at end of period	(1,133)		(1,119)		(1,133)		(1,119)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(44)	$	(96)	$	(34)	$	(148)
Net derivative gains/(losses)	(38)		98		(66)		124
Tax (expense)/benefit on net derivative gain/(loss)	4		1		1		—
Losses/(gains) reclassified into net earnings:
Currency exchange contracts(2)	—		3		—		5
Interest rate contracts (2)	5		(99)		23		(53)
Tax expense/(benefit) on reclassifications (3)	1		—		3		(23)
Currency impact	—		5		1		7
Other comprehensive earnings/(losses)	(28)		8		(38)		60
Balance at end of period	(72)		(88)		(72)		(88)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,814)	$	(10,425)	$	(10,947)	$	(10,624)
Total other comprehensive earnings/(losses)	96		(224)		231		(29)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	8		11		6		15
Other comprehensive earnings/(losses) attributable to Mondelēz International	104		(213)		237		(14)
Balance at end of period	$	(10,710)	$	(10,638)	$	(10,710)	$	(10,638)

(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.

Basis of Presentation - Changes in Allowances for Credit Losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Allowance for Trade Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1, 2023	$ (45)
Current period provision/(recovery) for expected credit losses	(22)
Write-offs charged against the allowance	3
Currency	0
Balance at June 30, 2023	(64)
Allowance for Other Current Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1, 2023	(59)
Current period provision/(recovery) for expected credit losses	6
Write-offs charged against the allowance	0
Currency	(1)
Balance at June 30, 2023	(54)
Allowance for Long-Term Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1, 2023	(14)
Current period provision/(recovery) for expected credit losses	0
Write-offs charged against the allowance	0
Currency	(1)
Balance at June 30, 2023	$ (15)

Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

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

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


	As of June 30, 2023				As of December 31, 2022
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	2,080	5.4	%	$	2,209	4.7	%
Bank loans	98		10.2	%	90		9.1	%
Total short-term borrowings	$	2,178			$	2,299

Schedule of Uncommitted and Committed Credit Lines Available

Our uncommitted credit lines and committed credit lines available as of June 30, 2023 and December 31, 2022 include:


	As of June 30, 2023				As of December 31, 2022
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,311	$	98	$	1,335	$	90
Credit facilities:
February 22, 2023 (1)	—		—		2,500		—
March 11, 2023 (1)	—		—		2,000		—
December 29, 2023 (1)	2,000		—		—		—
February 21, 2024 (1)	1,500		—		—		—
July 29, 2025 (1) (3)	—		—		2,000		2,000
October 18, 2025 (2)	189		189		—		—
February 23, 2027 (1)	4,500		—		4,500		—

Schedule of Fair Value of Debt


	As of June 30, 2023		As of December 31, 2022
	(in millions)
Fair Value	$	18,703	$	20,217
Carrying Value	$	21,226	$	22,933

Schedule of Interest and Other Expense

Interest and other expense, net consisted of:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions)
Interest expense, debt	$	145	$	89	$	298	$	180
Loss on debt extinguishment and related expenses	1		—		1		129
Other (income)/expense, net	(49)		9		(107)		(43)
Interest and other expense, net	$	97	$	98	$	192	$	266

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 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 $744 million as of June 30, 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

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Contingency [Line Items]
Estimated annual effective tax rate	24.60%		24.40%
Effective tax rate	23.10%		23.40%	27.30%	22.60%
Income tax expense (benefit) from hedging activities	$ 29
Net benefit (expense) from other adjustment	4
Effective income tax rate reconciliation, excluding effect of sale of equity securities				23.60%
Income tax expense (benefit) from gain (loss) on marketable securities	(50)	$ 201
Discrete net tax benefits			$ 2		$ 64
KDP
Income Tax Contingency [Line Items]
Tax expense (benefit) related to sale of equity securities	$ (50)	$ 127
Income tax expense (benefit) from gain (loss) on marketable securities				$ 151

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Balance at January 1, 2023 (in shares)

4,451,674

Balance at June 30, 2023 (in shares)

2,184,613

Vested (in shares)

^[1],[2]

(1,626,765)

Forfeited (in shares)

^[1]

(144,096)

4,865,426

Weighted-average grant date fair value per share

Balance at January 1, 2023 (in dollars per share)

^[3]

$ 60.12

Vested (in dollars per share)

^[3]

66.74

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

62.75

Forfeited (in dollars per share)

^[1],[3]

61.28

Balance at June 30, 2023 (in dollars per share)

^[3]

$ 62.18

Weighted-Average Aggregate Fair Value

Weighted average grant date fair value of shares granted

^[2]

$ 146

Weighted average grant date fair value of shares vested

^[1],[2]

102

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

$ 0

$ 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

^[3]

$ 68.59

Deferred stock units

Weighted-average grant date fair value per share

578,570

Additional shares granted

^[3]

$ 65.36

Weighted-average grant date fair value per share

^[4]

710,633