0001103982-24-000019 | 10-K | XBRL Viewer | Mondelez International INC

Our snack product categories include biscuits & baked snacks, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits & baked snacks and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Earnings per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
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)	2.9	3.0	3.1

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Definite-life intangible assets

Gross carrying amount

^[1]

$ 3,322

$ 3,354

Accumulated amortization

^[1]

(2,155)

(2,057)

Net carrying amount

^[1]

1,167

1,297

Indefinite-life intangible assets

Gross carrying amount

^[1],[2]

18,669

18,413

Total

Gross carrying amount

21,991

21,767

Net carrying amount

19,836

$ 19,710

Indefinite-lived intangible asset impairment charges

$ 26

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Restructuring, Settlement and Impairment Provisions

AMEA | Biscuit | Brands

Total

Indefinite-lived intangible asset impairment charges

$ 101

Disposal Group, Held-for-Sale, Not Discontinued Operations | Developed Market Gum

Total

Intangible assets reclassified as held for sale

$ 671

[1]	During the fourth quarter of 2022, we agreed to sell our gum business in North America and Europe. As a result, we reclassified $671 million of intangible assets to held for sale as of December 31, 2022. On October 1, 2023, we completed the sale of our gum business including these intangibles. Refer to Note 2, Acquisitions and Divestitures for more information.
[2]	We recorded intangible asset impairments of $26 million in 2023 and $101 million in 2022 within asset impairment and exit costs.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net earnings attributable to Mondelēz International	$ 4,959	$ 2,717	$ 4,300

- Definition

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

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+ Details

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Note 2. Acquisitions and Divestitures

Acquisitions

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

We have completed the valuation of assets acquired and liabilities assumed and have recorded a purchase price allocation of:


	(in millions)
Cash	$	22
Receivables	86
Inventory	70
Other current assets	3
Property, plant and equipment	139
Operating leases right-of-use assets	23
Definite-life intangible assets	218
Indefinite-life intangible assets	339
Goodwill	721
Other assets	3
Assets acquired	1,624
Current liabilities	182
Deferred tax liability	75
Operating lease liabilities	23
Other liabilities	14
Total purchase price	1,330
less: cash received	(22)
Net Cash Paid	$	1,308

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

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

We incurred acquisition integration costs of $50 million in 2023. We incurred acquisition integration costs of $11 million and an inventory step-up charge of $5 million in 2022. In 2022, we recorded several items within acquisition-related costs that resulted in income of $64 million as realized gains related to hedging contracts associated with acquisition funds more than offset other acquisition transaction costs.

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 have completed the valuation of assets acquired and liabilities assumed and have recorded a 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	107
Definite-life intangible assets	200
Indefinite-life intangible assets	1,450
Goodwill	988
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 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. 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 estimated to be $1.4 billion and is being amortized.

We incurred acquisition integration costs and contingent consideration adjustments of $164 million in 2023 and $30 million in 2022. These costs include an increase to the contingent consideration liability due to changes to underlying assumptions. Refer to Note 10, Financial Instruments for additional information. We also incurred

acquisition-related costs of $296 million and an inventory step-up charge of $20 million in 2022. The acquisition-related costs are primarily related to the buyout of the non-vested ESOP shares.

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 completed the valuation of assets acquired and liabilities assumed and have recorded a purchase price allocation of:


	(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 name, 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 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 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 $17 million in 2023. We incurred acquisition integration costs of $90 million in 2022 and $17 million in 2021. We incurred acquisition-related costs of $22 million in 2022 and $6 million in 2021.

Other Acquisitions

On April 1, 2021, we acquired Gourmet Food, a leading Australian food company in the premium biscuit and cracker category, for closing cash consideration of approximately $450 million Australian dollars ($343 million), net of cash received. We have recorded a purchase price allocation of $41 million to indefinite-lived intangible assets, $80 million to definite-lived intangible assets, $164 million to goodwill, $19 million to property, plant and equipment, $18 million to inventory, $25 million to accounts receivable, $12 million to other assets, $5 million to operating right-of-use assets, $3 million to other current assets, $19 million to current liabilities and $5 million to long-term operating lease liabilities. In 2022, through the one-year anniversary of the acquisition, Gourmet Food added incremental net revenues of $14 million, and operating income of $1 million. We incurred acquisition integration costs of $3 million in 2023. We incurred acquisition integration costs of $1 million in 2022. We incurred acquisition-related costs of $7 million in 2021.

On March 25, 2021, we acquired a majority interest in Lion/Gemstone Topco Ltd (“Grenade”), a performance nutrition leader in the United Kingdom, for closing cash consideration of £188 million ($261 million), net of cash received. The acquisition of Grenade expands our position into the premium nutrition market. We have recorded a purchase price allocation of $82 million to indefinite-lived intangible assets, $28 million to definite-lived intangible assets, $181 million to goodwill, $1 million to property, plant and equipment, $11 million to inventory, $18 million to accounts receivable, $25 million to current liabilities, $20 million to deferred tax liabilities and $15 million to long-term other liabilities. In 2022, through the one-year anniversary of the acquisition, Grenade added incremental net revenues of $21 million, and operating income of $2 million. We incurred acquisition-related costs of $2 million in 2021.

On January 4, 2021, we acquired the remaining 93% of equity of Hu Master Holdings (“Hu”), a category leader in premium chocolate in the United States, which provides a strategic complement to our snacking portfolio in North America through growth opportunities in chocolate and other offerings in the well-being category. The initial cash consideration paid was $229 million, net of cash received, and we may be required to pay additional contingent consideration. The estimated fair value of the contingent consideration obligation at the acquisition date was $132 million and was determined using a Monte Carlo simulation based on forecasted future results. During 2021, based on latest estimates, we recorded a $70 million reduction to the liability as recent economic and market conditions related to COVID-19 and supply chain challenges in the U.S. impacted the pace of growth. During 2022, we recorded an additional $7 million reduction to the liability due to further changes to forecasted future results. During 2023, we recorded an additional $8 million reduction to the liability due to the final settlement and payment of the contingent consideration. Refer to Note 10, Financial Instruments for additional information. As a result of acquiring the remaining equity interest, we consolidated the operations prospectively from the date of acquisition and recorded a pre-tax gain of $9 million ($7 million after-tax) related to stepping up our previously-held $8 million (7%) investment to fair value. We have recorded a purchase price allocation of $123 million to indefinite-lived intangible assets, $51 million to definite-lived intangible assets, $202 million to goodwill, $1 million to property, plant and equipment, $2 million to inventory, $4 million to accounts receivable, $5 million to current liabilities and $132 million to long-term other liabilities. We incurred acquisition-related costs of $9 million in 2021.

Divestitures

Developed Market Gum

On October 1, 2023, we completed the sale of our developed market gum business in the United States, Canada and Europe to Perfetti Van Melle Group, excluding the Portugal business which we retained pending regulatory approval. After obtaining the regulatory approval, we completed the sale of the Portugal business to Perfetti Van Melle Group on October 23, 2023. We received cash proceeds of $1.4 billion. We recorded a pre-tax gain of $108 million on the sale. We recorded divestiture-related costs of $83 million for the year ended December 31, 2023 and $15 million for the year ended December 31, 2022.

This disposal group met the held for sale criteria as of December 31, 2022 and was included as part of the North America and Europe operating segments.

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


	As of December 31, 2022

Assets held for sale
Inventories, net	$	79
Current assets held for sale (1)	79
Property, plant and equipment, net	159
Goodwill	292
Intangible assets, net	671
Noncurrent assets held for sale (2)	1,122
Total assets held for sale	$	1,201

Liabilities held for sale
Accrued employment costs	$	4
Current liabilities held for sale (3)	4
Deferred income taxes	15
Noncurrent liabilities held for sale (4)	15
Total liabilities held for sale	$	19

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

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

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

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

MaxFoods

On November 1, 2021, we completed the sale of MaxFoods Pty Ltd, an Australian packaged seafood business that we had acquired as part of our acquisition of Gourmet Food Holdings Pty Ltd (“Gourmet Food”). The sales price was $57 million Australian dollars ($41 million), net of cash divested with the business, and we recorded an immaterial loss on the transaction. The packaged seafood business added incremental net revenues of $35 million in 2021 and operating income of $5 million during 2021.

Neither of these dispositions were considered a strategic shift that will have a major effect on our operations or financial results; therefore, the results of each disposed business were not classified as discontinued operations.

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) taxReturn	Jan. 01, 2023 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017 USD ($)
Income Tax Contingency [Line Items]
Effective tax rate	26.10%	26.80%	27.20%
Effective tax rate excluding effect of sale of equity securities	24.00%		23.00%
Discrete net tax benefit	$ 40	$ 96	$ 2
Net benefit from release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements	51	72	47
Benefit for expected tax deduction on legal matter	24	0
Net tax expense from tax law changes and legislation	63	$ 17
Effective tax rate, excluding impact from ESOP		22.60%
Net benefit from acquisition		$ 51
Tax benefit from amended tax returns			$ 44
Number of amended tax returns \| taxReturn			2
Valuation allowance	1,359	1,257		$ 1,257
Valuation allowance increase (decrease)	102
Valuation allowance, additions	165
Valuation allowance, reductions	63
Loss carryforwards	701
Loss carryforwards, expire at various dates between 2024 and 2043	29
Loss carryforwards, indefinitely	672
Unremitted earnings indefinitely reinvested	4,600
Undistributed earnings of foreign subsidiaries subject to U.S. tax	1,300
Deferred tax liabilities not recognized to unremitted earnings indefinitely reinvested	95
Unrecognized tax benefits	442	$ 424	$ 446	424	$ 442
Impact on tax provision from unrecognized tax benefits	348			352
Reasonably possible increase in unrecognized tax benefits within the next 12 months due to unfavorable audit developments	45
Reasonably possible decrease in unrecognized tax benefits within the next 12 months due to audit settlements and statutes of limitations expiration	85
Accrued interest and penalties	173			$ 162
Interest and penalties expense included in provision for income taxes	11
Transition tax liability	570					$ 1,300
Foreign Tax Authority \| U.K.
Income Tax Contingency [Line Items]
Net tax expense from tax law changes and legislation			100
KDP
Income Tax Contingency [Line Items]
Net tax expense incurred in connection with sale of equity	125		$ 187
Net tax expense related to pre-tax gains and losses on marketable securities	$ 150

Leases - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 223	$ 213	$ 228
Finance lease cost:
Amortization of ROU assets	130	95	89
Interest on lease liabilities	15	8	7
Short-term lease cost	12	11	29
Variable lease cost	766	602	506
Sublease income	(4)	(4)	(6)
Total lease cost	$ 1,142	$ 925	$ 853

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Jan. 30, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-16483
Entity Registrant Name	Mondelēz International, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	52-2284372
Entity Address, Address Line One	905 West Fulton Market
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	847
Local Phone Number	943-4000
Entity Information [Line Items]
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 99.2
Entity Common Stock, Shares Outstanding		1,346,477,411
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with its annual meeting of shareholders expected to be held on May 22, 2024 are incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001103982
Class A Common Stock, no par value
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, no par value
Trading Symbol	MDLZ
Security Exchange Name	NASDAQ
1.625% Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2027
Trading Symbol	MDLZ27
Security Exchange Name	NASDAQ
0.250% Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2028
Trading Symbol	MDLZ28
Security Exchange Name	NASDAQ
0.750% Notes due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2033
Trading Symbol	MDLZ33
Security Exchange Name	NASDAQ
2.375% Notes due 2035
Entity Information [Line Items]
Title of 12(b) Security	2.375% Notes due 2035
Trading Symbol	MDLZ35
Security Exchange Name	NASDAQ
4.500% Notes due 2035
Entity Information [Line Items]
Title of 12(b) Security	4.500% Notes due 2035
Trading Symbol	MDLZ35A
Security Exchange Name	NASDAQ
1.375% Notes due 2041
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2041
Trading Symbol	MDLZ41
Security Exchange Name	NASDAQ
3.875% Notes due 2045
Entity Information [Line Items]
Title of 12(b) Security	3.875% Notes due 2045
Trading Symbol	MDLZ45
Security Exchange Name	NASDAQ

Financial Instruments - Economic Hedges (Details) - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ 306	$ 276	$ 523
Currency exchange contracts \| Intercompany loans and forecasted interest payments
Derivative Instruments, Gain (Loss) [Line Items]
Total	2	(14)	57
Currency exchange contracts \| Forecasted transactions \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total	17	117	80
Currency exchange contracts \| Forecasted transactions \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Total	18	17	(1)
Currency exchange contracts \| Forecasted transactions \| Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total	0	(1)	0
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total	262	157	385
Equity method investment contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ 7	$ 0	$ 2

Stock Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted-Average Black-Scholes Fair Value Assumptions

Our weighted-average Black-Scholes Model fair value assumptions were:


	Risk-Free Interest Rate	Expected Life	Expected Volatility	Expected Dividend Yield	Fair Value at Grant Date
2023	4.18%	5 years	20.97%	2.32%	$13.57
2022	1.87%	5 years	22.05%	2.13%	$11.24
2021	0.57%	5 years	23.45%	2.20%	$9.08

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, 2021	27,751,894	$	39.51		$	527	million
Annual grant to eligible employees	2,412,710	56.13
Additional options issued	160,640	58.17
Total options granted	2,573,350	56.26
Options exercised (1)	(6,249,330)	33.68			$	169	million
Options cancelled	(572,155)	49.65
Balance at December 31, 2021	23,503,759	42.65			$	556	million
Annual grant to eligible employees	2,180,540	64.65
Additional options issued	63,490	64.39
Total options granted	2,244,030	64.64
Options exercised (1)	(4,780,086)	35.96			$	142	million
Options cancelled	(477,453)	55.89
Balance at December 31, 2022	20,490,250	46.31			$	417	million
Annual grant to eligible employees	2,452,110	65.36
Additional options issued	24,210	68.93
Total options granted	2,476,320	65.39
Options exercised (1)	(3,894,213)	39.59			$	123	million
Options cancelled	(394,237)	59.41
Balance at December 31, 2023	18,678,120	49.96		5 years	$	420	million
Exercisable at December 31, 2023	14,500,549	45.98		4 years	$	384	million

(1)Cash received from options exercised was $152 million in 2023, $158 million in 2022 and $206 million in 2021. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $21 million in 2023, $22 million in 2022 and $24 million in 2021.

Schedule of Performance Share Units, Deferred Stock Units, and Other Stock-Based Awards

Our PSU, DSU and other stock-based award 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, 2021	4,896,990		$	53.80
Annual grant to eligible employees:		Feb 18, 2021
Performance share units	903,250		59.35
Deferred stock units	550,090		56.13
Additional shares granted (1)	1,163,644	Various	53.76
Total shares granted	2,616,984		56.19		$	147	million
Vested (2) (3)	(2,459,427)		49.59		$	122	million
Forfeited (2)	(386,501)		57.52
Balance at December 31, 2021	4,668,046		57.04
Annual grant to eligible employees:		Feb 24, 2022
Performance share units	806,590		61.87
Deferred stock units	505,090		64.65
Additional shares granted (1)	836,117	Various	59.37
Total shares granted	2,147,797		61.55		$	132	million
Vested (2) (3)	(1,925,556)		54.13		$	104	million
Forfeited (2)	(438,613)		60.68
Balance at December 31, 2022	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)	765,128	Various	65.99
Total shares granted	2,239,108		66.86		$	150	million
Vested (2) (3)	(1,772,439)		61.92		$	110	million
Forfeited (2)	(365,177)		62.66
Balance at December 31, 2023	4,553,166		62.53

(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 $3 million in 2023, $5 million in 2022 and $6 million in 2021.

(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.

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Option to extend leases (in years)	6 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	16 years

Earnings per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net earnings	$ 4,968	$ 2,726	$ 4,314
less: Noncontrolling interest earnings	(9)	(9)	(14)
Net earnings attributable to Mondelēz International	$ 4,959	$ 2,717	$ 4,300
Weighted-average shares for basic EPS (in shares)	1,363	1,378	1,403
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares (in shares)	7	7	10
Weighted-average shares for diluted EPS (in shares)	1,370	1,385	1,413
Basic earnings per share attributable to Mondelēz International (in dollars per share)	$ 3.64	$ 1.97	$ 3.06
Diluted earnings per share attributable to Mondelēz International (in dollars per share)	$ 3.62	$ 1.96	$ 3.04

- Definition

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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+ Details

Financial Instruments - Derivative Instrument Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total derivatives	$ 38	$ 161
Currency exchange contracts
Derivative [Line Items]
Total derivatives	61	82
Commodity contracts
Derivative [Line Items]
Total derivatives	135	(47)
Interest rate contracts
Derivative [Line Items]
Total derivatives	61	105
Net investment hedge contracts
Derivative [Line Items]
Total derivatives	(219)	24
Equity method investment contracts
Derivative [Line Items]
Total derivatives		(3)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivative [Line Items]
Total derivatives	28	(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	28	(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 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
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Total derivatives	10	196
Significant Other Observable Inputs (Level 2) \| Currency exchange contracts
Derivative [Line Items]
Total derivatives	61	82
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Derivative [Line Items]
Total derivatives	107	(12)
Significant Other Observable Inputs (Level 2) \| Interest rate contracts
Derivative [Line Items]
Total derivatives	61	105
Significant Other Observable Inputs (Level 2) \| Net investment hedge contracts
Derivative [Line Items]
Total derivatives	(219)	24
Significant Other Observable Inputs (Level 2) \| Equity method investment contracts
Derivative [Line Items]
Total derivatives		(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 contracts
Derivative [Line Items]
Total derivatives	$ 0	0
Significant Unobservable Inputs (Level 3) \| Equity method investment contracts
Derivative [Line Items]
Total derivatives		$ 0

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) brand	Dec. 31, 2022 USD ($) brand	Dec. 31, 2021 USD ($) brand
Goodwill and Intangible Assets Disclosure [Line Items]
Amortization expense for intangible assets	$ 151	$ 132	$ 134
Estimated amortization expense for intangible assets next year	125
Estimated amortization expense for intangible assets in year two	125
Estimated amortization expense for intangible assets in year three	125
Estimated amortization expense for intangible assets in year four	90
Estimated amortization expense for intangible assets in year five	90
Goodwill impairments	0	0	0
Indefinite-lived intangible asset impairment charges	$ 26
Brands
Goodwill and Intangible Assets Disclosure [Line Items]
Number of trademarks with fair value in excess of book value, 10% or less \| brand	13
Book value of trademarks with fair value in excess of book value, 10% or less	$ 3,700
Brands \| Biscuit \| AMEA
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible asset impairment charges		$ 101
Number of impaired brands \| brand		2
Brands \| Biscuit \| North America
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible asset impairment charges			$ 32
Number of impaired brands \| brand			1
Brands \| Series of Individually Immaterial Business Acquisitions
Goodwill and Intangible Assets Disclosure [Line Items]
Number of trademarks with fair value in excess of book value, 10% or less \| brand	5
Book value of trademarks with fair value in excess of book value, 10% or less	$ 1,800

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Projected Benefit Obligations, Plan Assets and Funded Status

The projected benefit obligations, plan assets and funded status of our pension plans were:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
	(in millions)
Projected benefit obligation at January 1	$	1,193	$	1,729	$	6,878	$	10,821
Service cost	3		5		54		88
Interest cost	64		51		303		172
Benefits paid	(45)		(39)		(424)		(461)
Settlements paid	(63)		(71)		—		—
Actuarial losses/(gains)	54		(482)		235		(2,844)
Divestitures/acquisitions	—		—		(6)		18
Currency	—		—		337		(957)
Other	—		—		27		41
Projected benefit obligation at December 31	1,206		1,193		7,404		6,878
Fair value of plan assets at January 1	1,265		1,826		7,389		11,021
Actual return on plan assets	114		(455)		423		(2,388)
Contributions	6		4		162		211
Benefits paid	(45)		(39)		(424)		(461)
Settlements paid	(63)		(71)		—		—
Divestitures	—		—		(4)		—
Currency	—		—		362		(992)
Other	—		—		(1)		(2)
Fair value of plan assets at December 31	1,277		1,265		7,907		7,389
Net pension assets at December 31	$	71	$	72	$	503	$	511

Our postretirement health care plans are funded in the U.S. The changes in and the amount of the accrued benefit obligation were:


	As of December 31,
	2023		2022
	(in millions)
Accrued benefit obligation at January 1	$	233	$	317
Service cost	1		2
Interest cost	12		9
Benefits paid	(16)		(15)
Plan amendments	(22)		—
Currency	2		(5)
Actuarial losses/(gains)	(5)		(75)
Accrued benefit obligation at December 31	205		233
Fair value of plan assets at January 1	—		—
Employer Contributions	76		—
Benefit Payments	(12)		—
Actual Return on Assets	6		—
Fair value of plan assets at December 31	$	70	$	—

Schedule of Net Pension Plan Asset (Liability)

The combined U.S. and non-U.S. pension plans resulted in a net pension asset of $574 million at December 31, 2023 and a net pension asset of $583 million at December 31, 2022. We recognized these amounts in our consolidated balance sheets as follows:


	As of December 31,
	2023		2022
	(in millions)
Prepaid pension assets	$	1,043	$	1,016
Other current liabilities	(32)		(30)
Accrued pension costs	(437)		(403)
	$	574	$	583

Schedule of Underfunded Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets

Certain of our U.S. and non-U.S. plans are underfunded with accumulated benefit obligations in excess of plan assets. For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were:


	U.S. Plans				Non-U.S. Plans
	As of December 31,				As of December 31,
	2023		2022		2023		2022
	(in millions)
Projected benefit obligation	$	25	$	31	$	646	$	531
Accumulated benefit obligation	25		31		594		492
Fair value of plan assets	2		2		201		135

Schedule of Weighted-Average Assumptions

We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:


	U.S. Plans				Non-U.S. Plans
	As of December 31,				As of December 31,
	2023		2022		2023		2022
Discount rate	5.22	%	5.55	%	4.03	%	4.51	%
Expected rate of return on plan assets	6.25	%	6.25	%	5.54	%	5.41	%
Rate of compensation increase	4.00	%	4.00	%	3.22	%	3.22	%

We used the following weighted-average assumptions to determine our net periodic pension cost:


	U.S. Plans						Non-U.S. Plans
	For the Years Ended December 31,						For the Years Ended December 31,
	2023		2022		2021		2023		2022		2021
Discount rate	5.55	%	3.01	%	2.73	%	4.51	%	1.74	%	1.33	%
Expected rate of return on plan assets	6.25	%	4.50	%	4.50	%	5.41	%	3.44	%	3.90	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	3.22	%	2.84	%	3.16	%

We used the following weighted-average assumptions to determine our postretirement benefit obligations:


	U.S. Plans				Non-U.S. Plans
	As of December 31,				As of December 31,
	2023		2022		2023		2022
Discount rate	5.20	%	5.53	%	5.72	%	6.07	%
Expected rate of return on plan assets	7.25	%	n/a		n/a		n/a
Health care cost trend rate assumed for next year	6.75	%	7.00	%	5.07	%	5.98	%
Ultimate trend rate	5.00	%	5.00	%	4.63	%	4.70	%
Year that the rate reaches the ultimate trend rate	2031		2031		2040		2040

We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:


	U.S. Plans			Non-U.S. Plans
	For the Years Ended December 31,			For the Years Ended December 31,
	2023	2022	2021	2023	2022	2021
Discount rate	5.53%	2.96%	2.68%	6.07%	3.81%	3.35%
Health care cost trend rate	7.00%	5.50%	5.75%	5.98%	5.72%	5.66%

Schedule of Components of Net Periodic Pension Cost

Net periodic pension cost consisted of the following:


	U.S. Plans						Non-U.S. Plans
	For the Years Ended December 31,						For the Years Ended December 31,
	2023		2022		2021		2023		2022		2021
	(in millions)
Service cost	$	3	$	5	$	6	$	54	$	88	$	137
Interest cost	64		51		42		303		172		130
Expected return on plan assets	(99)		(79)		(72)		(403)		(353)		(419)
Amortization:
Net loss	—		6		17		42		57		130
Prior service cost/(benefit)	1		1		1		(1)		(2)		(6)
Curtailment expense/(credit) (1)	—		—		—		—		8		(17)
Settlement losses and other expenses	17		14		19		1		2		3
Net periodic pension (benefit)/cost	$	(14)	$	(2)	$	13	$	(4)	$	(28)	$	(42)

(1)During the third quarter of 2021, we terminated our Defined Benefit Pension Scheme in Nigeria. During the second quarter of 2021, we made a decision to freeze our Defined Benefit Pension Scheme in the United Kingdom. As a result, we recognized curtailment credits of ($17 million) in 2021 recorded within benefit plan non-service income. In connection with the United Kingdom plan freeze, we also incurred incentive payment charges and other expenses of $48 million in 2021 included in operating income.

Schedule of Fair Value of Pension Plan Assets

The fair value of pension plan assets was determined using the following fair value measurements:


	As of December 31, 2023
Asset Category	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
U.S. equity securities	$	3	$	3	$	—	$	—

Pooled funds - equity securities	935		863		72		—
Total equity securities	938		866		72		—
Government bonds	2,485		59		2,426		—
Pooled funds - fixed-income securities	839		718		121		—
Corporate bonds and other fixed-income securities	2,366		203		699		1,464
Total fixed-income securities	5,690		980		3,246		1,464
Real estate	249		182		—		67
Private equity	4		—		—		4
Cash and other	122		103		18		1

Total assets in the fair value hierarchy	$	7,003	$	2,131	$	3,336	$	1,536
Investments measured at net asset value	2,084
Total investments at fair value	$	9,087


	As of December 31, 2022
Asset Category	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
U.S. equity securities	$	3	$	3	$	—	$	—
Non-U.S. equity securities	1		1		—		—
Pooled funds - equity securities	960		906		54		—
Total equity securities	964		910		54		—
Government bonds	2,495		48		2,447		—
Pooled funds - fixed-income securities	560		453		107		—
Corporate bonds and other fixed-income securities	2,296		144		612		1,540
Total fixed-income securities	5,351		645		3,166		1,540
Real estate	221		152		—		69
Private equity	4		—		—		4
Cash and other	106		100		5		1

Total assets in the fair value hierarchy	$	6,646	$	1,807	$	3,225	$	1,614
Investments measured at net asset value	1,892
Total investments at fair value	$	8,538

The percentage of fair value of pension plan assets was:


	U.S. Plans		Non-U.S. Plans
	As of December 31,		As of December 31,
Asset Category	2023	2022	2023	2022
Equity securities	15%	15%	16%	16%
Fixed-income securities	85%	85%	63%	63%
Real estate	—	—	4%	3%

Buy-in annuity policies	—	—	16%	17%
Cash	—	—	1%	1%
Total	100%	100%	100%	100%

Schedule of Changes in Level 3 Plan Assets

Changes in our Level 3 plan assets, which are recorded in other comprehensive earnings/(losses), included:


Asset Category	January 1, 2023 Balance		Net Realized and Unrealized Gains/ (Losses)		Net Purchases, Issuances and Settlements		Net Transfers Into/(Out of) Level 3		Currency Impact		December 31, 2023 Balance
	(in millions)


Corporate bond and other fixed-income securities	$	1,540	$	60	$	(227)	$	—	$	98	$	1,471
Real estate	70		(2)		—		—		(6)		62
Private equity and other	4		—		—		—		(1)		3
Total Level 3 investments	$	1,614	$	58	$	(227)	$	—	$	91	$	1,536

Asset Category	January 1, 2022 Balance		Net Realized and Unrealized Gains/ (Losses)		Net Purchases, Issuances and Settlements		Net Transfers Into/(Out of) Level 3		Currency Impact		December 31, 2022 Balance
	(in millions)


Corporate bond and other fixed-income securities	$	2,387	$	(450)	$	(148)	$	—	$	(249)	$	1,540
Real estate	74		3		(1)		—		(6)		70
Private equity and other	5		—		—		—		(1)		4
Total Level 3 investments	$	2,466	$	(447)	$	(149)	$	—	$	(256)	$	1,614

Schedule of Estimated Future Benefit Payments

The estimated future benefit payments from our pension plans at December 31, 2023 were (in millions):


	2024	2025	2026	2027	2028	2029-2033
U.S. Plans	$152	$91	$91	$90	$90	$432
Non-U.S. Plans	429	420	434	441	445	2,283

Our estimated future benefit payments for our postretirement health care plans at December 31, 2023 were (in millions):


	2024	2025	2026	2027	2028	2029-2033
U.S. Plans	$11	$10	$10	$9	$9	$36
Non-U.S. Plans	4	5	5	5	5	27

Schedule of Changes in Accrued Benefit Obligation of Postemployment Plans

Our postemployment plans are not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2023 and 2022 were:


	As of December 31,
	2023		2022
	(in millions)
Accrued benefit obligation at January 1	$	47	$	56
Service cost	4		4
Interest cost	3		2
Benefits paid	(25)		(14)
Actuarial losses/(gains)	63		(1)
Accrued benefit obligation at December 31	$	92	$	47

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings/(losses) from continuing operations before income taxes:
United States	$ 1,500	$ 463	$ 519
Outside United States	4,380	2,765	3,850
Earnings before income taxes	5,880	3,228	4,369
United States federal:
Current	667	187	297
Deferred	(167)	(17)	(31)
Federal income taxes	500	170	266
State and local:
Current	123	78	89
Deferred	(50)	2	9
State and local taxes	73	80	98
Total United States	573	250	364
Outside United States:
Current	784	642	599
Deferred	180	(27)	227
Total outside United States	964	615	826
Total provision for income taxes	$ 1,537	$ 865	$ 1,190

Benefit Plans - Weighted-Average Assumptions to Determine Net Periodic Postretirement Health Care Cost (Details) - Postretirement Health Care Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.53%	2.96%	2.68%
Health care cost trend rate	7.00%	5.50%	5.75%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	6.07%	3.81%	3.35%
Health care cost trend rate	5.98%	5.72%	5.66%

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	4

Investments - Pre-tax Gains and Losses for Marketable Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Gain on marketable securities sold during the period	$ 593	$ 0	$ 0
Total gain on marketable securities	606	$ 0	$ 0
KDP
Schedule of Investments [Line Items]
Gain on marketable securities sold during the period	593
Dividend income and other	13
Total gain on marketable securities	$ 606

- Definition

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.

+ References

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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

+ Details

Reclassifications from Accumulated Other Comprehensive Income - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Net losses/(gains) reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax)	$ 84	$ 21	$ (44)

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of December 31,
	2023		2022
	(in millions)
Land and land improvements	$	384	$	378
Buildings and building improvements	3,452		3,250
Machinery and equipment	12,736		11,724
Construction in progress	1,118		879
	17,690		16,231
Accumulated depreciation	(7,996)		(7,211)
Property, plant and equipment, net	$	9,694	$	9,020

Capital expenditures as presented on the statement of cash flow were approximately $1.1 billion, $0.9 billion and $1.0 billion for the years ending December 31, 2023, 2022 and 2021, respectively, and excluded $471 million, $324 million and $249 million, respectively, for accrued capital expenditures not yet paid.

In connection with our restructuring program, we recorded non-cash property, plant and equipment write-downs (including accelerated depreciation and asset impairments) and losses/(gains) on disposal within asset impairment and exit costs on the consolidated statements of earnings and within the segment results as follows (refer to Note 8, Restructuring Program):


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Latin America	$	—	$	(3)	$	1
AMEA	(1)		3		(15)
Europe	2		4		7
North America	16		(1)		65
Corporate	—		—		—
Total	$	17	$	3	$	58

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

12 Months Ended

May 03, 2023

Apr. 03, 2023

Mar. 03, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Oct. 05, 2023

Apr. 25, 2023

Jul. 29, 2022

Mar. 31, 2022

Debt Instrument [Line Items]

Borrowed Amount

$ 420,000,000

$ 2,299,000,000

Repayments of term loans

2,432,000,000

3,032,000,000

$ 6,247,000,000

Line of Credit | Credit Facility Expiry, July 29, 2025

Debt Instrument [Line Items]

Facility Amount

^[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

Repayments of term loans

$ 700,000,000

$ 300,000,000

$ 1,000,000,000

Line of Credit | Credit Facility Expiry, February 23, 2027

Debt Instrument [Line Items]

Facility Amount

^[2]

4,500,000,000

Borrowed Amount

^[2]

Line of Credit | Credit Facility Expiry, Various

Debt Instrument [Line Items]

Facility Amount

^[3]

277,000,000

Borrowed Amount

277,000,000

^[3]

$ 90,000,000.00

Line of Credit | Credit Facility Expiry, July 26, 2025

Debt Instrument [Line Items]

Borrowed Amount

20,000,000.00

$ 200,000,000

Line of Credit | Credit Facility Expiry, August 26, 2028

Debt Instrument [Line Items]

Borrowed Amount

$ 70,000,000.00

Line of Credit | Senior Unsecured Revolving Credit Facility | Revolving Credit Agreement

Debt Instrument [Line Items]

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

39,300,000,000

Line of Credit | Senior Unsecured Revolving Credit Facility | Revolving Credit Agreement | Minimum

Debt Instrument [Line Items]

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

25,000,000,000

Line of Credit

Debt Instrument [Line Items]

Borrowed Amount

74,000,000

90,000,000

Line of Credit | Uncommitted credit facilities

Debt Instrument [Line Items]

Facility Amount

1,389,000,000

1,335,000,000

Borrowed Amount

74,000,000

90,000,000

Line of Credit | Credit Facility Expiry, February 22, 2023

Debt Instrument [Line Items]

Facility Amount

^[2]

2,500,000,000

Borrowed Amount

^[2]

Line of Credit | Credit Facility Expiry, March 11, 2023

Debt Instrument [Line Items]

Facility Amount

^[2]

2,000,000,000

Borrowed Amount

^[2]

Line of Credit | Credit Facility Expiry, February 21, 2024

Debt Instrument [Line Items]

Facility Amount

^[2]

1,500,000,000

Borrowed Amount

^[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 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 a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At December 31, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.3 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, and subsequently amended on October 3, 2023, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bear a variable rate based on SOFR plus applicable margin. On April 25, 2023, we drew down $0.2 billion due July 26, 2025. On October 5, 2023, we drew down an additional $0.09 billion of which $0.02 billion is due on July 26, 2025 and $0.07 billion is due on August 26, 2028.

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Note 7. Investments

Marketable Securities

During the first quarter of 2023, our ownership in Keurig Dr Pepper Inc. (Nasdaq: "KDP") fell to below 5% of the outstanding shares, resulting 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 retained significant influence. Marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1).

Subsequently in 2023, we sold the remainder of our shares of KDP and exited our investment in the company. In total during 2023, we sold approximately 76 million shares and received proceeds of $2.4 billion. Prior to the change of accounting for our KDP investment, we recorded a pre-tax gain on equity method transactions of $493 million ($368 million after-tax) during 2023.

In 2021, we sold approximately 43 million shares of KDP, which reduced our ownership interest by 3.0 percentage points to 5.3% of the total outstanding shares. We received $1.5 billion of proceeds and recorded a pre-tax gain on equity method transactions of $768 million (or $581 million after-tax) during 2021.

Pre-tax gains for marketable securities are summarized below:


	Year Ended December 31, 2023
	(in millions)
Gain on marketable securities sold during the period	$	593
Dividend income and other	13
Total gain on marketable securities	$	606

In the table above, 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 date of the change of accounting for our investment in KDP.

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 December 31, 2023, we owned 17.7%, 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 December 31, 2023 and $4.9 billion as of December 31, 2022. The investment balance as of December 31, 2022 is inclusive of our prior investment in KDP. We recorded equity earnings and cash dividends of $160 million and $137 million in 2023, equity earnings and cash dividends of $385 million and $184 million in 2022 and equity earnings and cash dividends of $393 million and $172 million in 2021.

Based on the quoted closing price as of December 31, 2023, the fair value of our publicly-traded investment in JDEP was $2.3 billion, and there was no other than temporary impairment identified.

JDEP Transactions

In 2023, we sold approximately 9.9 million shares of JDEP, which reduced our ownership interest by 2.0 percentage points, from 19.7% to 17.7%. We received cash proceeds of €255 million ($279 million) and recorded a loss of €21 million ($23 million). 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.

In 2022, we sold approximately 18.6 million of our JDEP shares back to JDEP, which reduced our ownership interest by approximately 3.0 percentage points. We received cash proceeds of €500 million ($529 million) and recorded a loss of €8 million ($8 million) on this sale during 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 JDE Peet’s ordinary shares based on an initial exchange price of €35.40 and, as the case may be, an additional amount in cash. If all bonds were redeemed in exchange for JDEP's shares, this would represent approximately 8.5 million shares or approximately 10% of our equity interest in JDEP as of December 31, 2023. Refer to Note 10, Financial Instruments, for further details on this transaction.

Summary Financial Information for Equity Method Investments

Summarized financial information related to our equity method investments is reflected below.


	As of December 31,
	2023		2022
	(in millions)
Current assets	$	4,084	$	8,740
Noncurrent assets	23,962		71,375
Total assets	28,046		80,115
Current liabilities	4,963		12,711
Noncurrent liabilities	7,512		26,671
Total liabilities	12,475		39,382
Equity attributable to shareowners of investees	15,496		40,596
Equity attributable to noncontrolling interests	75		137
Total net equity of investees	$	15,571	$	40,733
Mondelēz International ownership interests	18-50%		5-50%
Equity method investments (1)	$	3,242	$	4,879


	For the Years Ended December 31,
	2023 (2)		2022		2021
	(in millions)
Net revenues	$	14,487	$	23,518	$	22,149
Gross profit	5,650		10,738		10,804
Income from continuing operations	926		2,984		2,614
Net income	926		2,984		2,614
Net income attributable to investees	$	938	$	2,990	$	2,618
Mondelēz International ownership interests	5-50%		5-50%		8-50%


Equity method investment net earnings	$	160	$	385	$	393

(1)Includes a basis difference of approximately $373 million as of December 31, 2023 and $419 million as of December 31, 2022 between the U.S. GAAP accounting basis for our equity method investments and the U.S. GAAP accounting basis of our investees’ equity.

(2)The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

Description of Business

Mondelēz International, Inc. was incorporated in 2000 in the Commonwealth of Virginia. Mondelēz International, Inc., through its subsidiaries (collectively “Mondelēz International,” “we,” “us” and “our”), sells food and beverage products to consumers in over 150 countries.

Principles of Consolidation

The consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors’ interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments over which we do not have significant influence or control are not material and as there is no readily determinable fair value for the equity interests, these investments are carried at cost with changes in the investment recognized to the extent cash is received.

Use of Estimates

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require us to make estimates and assumptions that affect a number of amounts in our consolidated financial statements. Significant estimates include, valuation assumptions of goodwill and intangible assets, useful lives of long-lived assets, restructuring program liabilities, contingent consideration, marketing program accruals, insurance and self-insurance reserves, pension and benefit plan assumptions and income taxes. We base our estimates on historical experience, expectations of future impacts and other assumptions that we believe are reasonable. Given the uncertainty of the global economic environment, our estimates could be significantly different than future performance. If actual amounts differ from estimates, we include the updates in our consolidated results of operations in the period the actual amounts become known.

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 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 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.

Currency Translation and Highly Inflationary Accounting

We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings.

Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country, from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings. At this time, within our consolidated entities, Argentina and Türkiye are accounted for as highly inflationary economies. Argentina and Türkiye represent 1.6% and 0.7% of our consolidated net revenues, with remeasurement losses of $79 million and $19 million in 2023, respectively. Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include demand deposits with financial institutions and all highly liquid investments with original maturities of three months or less. Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions. Restricted cash is recorded within other current assets and was $74 million as of December 31, 2023 and $25 million as of December 31, 2022. Total cash, cash equivalents and restricted cash was $1,884 million as of December 31, 2023 and $1,948 million as of December 31, 2022.

Allowances for Credit Losses

Allowances for credit losses are recorded against our receivables. They are developed at a country and region level based on historical collection experiences, current economic condition of specific customers and the forecasted economic condition of countries using various factors such as bond default rates and consumption indexes. We write off receivables once it is determined that the receivables are no longer collectible and as allowed by local laws.

Changes in allowances for credit losses consisted of:


	Allowance for Trade Receivables		Allowance for Other Current Receivables		Allowance for Long-Term Receivables
	(in millions)
Balance at January 1, 2022	$	(37)	$	(49)	$	(10)
Current period provision for expected credit losses	(13)		(14)		(3)
Write-offs charged against the allowance	2		3		—

Currency	3		1		(1)
Balance at December 31, 2022	$	(45)	$	(59)	$	(14)
Current period (provision)/benefit for expected credit losses	(24)		4		1
Write-offs charged against the allowance	8		1		—
Recoveries of amounts previously written off	(1)		—		(1)
Currency	(4)		4		(1)
Balance at December 31, 2023	$	(66)	$	(50)	$	(15)

Transfers of Financial Assets

We account for transfers of financial assets, such as uncommitted revolving non-recourse accounts receivable factoring arrangements, when we have surrendered control over the related assets. We use receivable factoring arrangements periodically when circumstances are favorable to manage liquidity. We have nonrecourse factoring arrangements in which we sell eligible trade receivables primarily to financial institutions in exchange for cash. We may continue to collect the receivables sold, acting solely as a collecting agent on behalf of the financial institutions. The outstanding principal amount of receivables under these arrangements amounted to $262 million as of December 31, 2023, $516 million as of December 31, 2022 and $761 million as of December 31, 2021. The incremental costs of factoring receivables under these arrangements were not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the consolidated statements of cash flows.

Inventories

We record our inventory using the average cost method and record inventory reserves for excess and obsolete inventory.

Long-Lived Assets

Property, plant and equipment are stated at historical cost and depreciated by the straight-line method over the estimated useful lives of the assets with the expense recorded in cost of sales or selling, general and administrative expenses depending on the nature of the long-lived assets. Machinery and equipment are depreciated over periods ranging from 3 to 20 years and buildings and building improvements over periods up to 40 years.

We review long-lived assets, including definite-life intangible assets, for realizability on an ongoing basis. Changes in depreciation, generally accelerated depreciation, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. We amortize definite-life intangible assets over their estimated useful lives and evaluate them for impairment as we do other long-lived assets. We review for impairment

when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, we perform undiscounted operating cash flow analyses for asset groups at the lowest level for which cash flows are separately identifiable to determine if an impairment exists. Any impairment loss is calculated as the excess of the asset’s carrying value over its estimated fair value. Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal.

Leases

We determine whether a contract is or contains a lease at contract inception. For short-term operating leases with terms of 12 months or less, we do not recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets are recognized at commencement date at the value of the lease liability, adjusted for any prepayments, lease incentives received and initial direct costs incurred. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The non-recurring fair value measurement is classified as Level 3 as no fair value inputs are observable. As the implicit interest rate in the lease is not readily determinable, we use our country-specific incremental borrowing rate to discount the lease liabilities.

Our leases may include options to extend or terminate the lease, which are included in the lease term when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Many of our leases contain non-lease components (e.g., product costs, common-area or other maintenance costs) that relate to the lease components of the agreement. We account for lease and non-lease components as a single lease component.

Amortization of ROU lease assets is calculated over the lease term with the expense recorded in cost of sales or selling, general and administrative expenses depending on the nature of the leased item. Interest expense is recorded over the lease term and is recorded in interest expense (based on a front-loaded interest expense pattern) for finance leases and is recorded in cost of sales or selling, general and administrative expenses for operating leases. Variable lease payments, which are primarily comprised of product costs, insurance and tax payments based on usage or output, are recognized when the expense is incurred. Finance lease ROU assets are presented in property, plant and equipment and the related finance lease liabilities are presented in the current portion of long-term debt and long-term debt.

Software Costs

We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are included in property, plant and equipment and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years.

Goodwill and Indefinite-Life Intangible Assets

We test goodwill and indefinite-life intangible assets for impairment on an annual basis on July 1. We assess goodwill impairment risk throughout the year by performing a qualitative review of entity-specific, industry, market and general economic factors affecting our goodwill reporting units. Annually, we may perform qualitative testing, or depending on factors such as prior year test results, current year developments, current risk evaluations and other practical considerations, we may elect to do quantitative testing instead. In our quantitative testing, we compare a reporting unit’s estimated fair value with its carrying value. We estimate a reporting unit’s fair value using a discounted cash flow method that incorporates planned growth rates, market-based discount rates and estimates of residual value. If the carrying value of a reporting unit’s net assets exceeds its fair value, we would recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value.

Annually, we assess indefinite-life intangible assets for impairment by performing a qualitative review and assessing events and circumstances that could affect the fair value or carrying value of these intangible assets. If significant potential impairment risk exists for a specific asset, we quantitatively test it for impairment by comparing its estimated fair value with its carrying value. During our annual testing, we use several accepted valuation methods, including relief from royalty, excess earnings and excess margin, that utilize estimates of future sales, earnings growth rates, royalty rates and discount rates in determining a brand’s global fair value. If the carrying value of the asset exceeds its fair value, we consider the asset impaired and reduce its carrying value to the estimated fair value.

Held for Sale

Assets and liabilities to be disposed of by sale ("disposal groups") are reclassified into assets and liabilities held for sale on our consolidated balance sheets. The reclassification occurs when all the held for sale criteria have been met, including when management having the requisite authority have committed to a plan to sell the assets within one year. Disposal groups are measured at the lower of carrying value or fair value less costs to sell and are not depreciated or amortized. The fair value of a disposal group, less any costs to sell, is assessed each reporting period it remains classified as held for sale and any remeasurement to the lower of carrying value or fair value less costs to sell is reported as an adjustment to the carrying value.

Business Combinations

The assets acquired and liabilities assumed upon the acquisition or consolidation of a business are recorded at fair value, with the residual of the purchase price allocated to goodwill. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to assets acquired and liabilities assumed with the corresponding offset to goodwill. The results of operations of an acquired business are included in our operating results from the date of acquisition.

Further, certain of our acquisitions may include earn-out provisions or other forms of contingent consideration. As of the acquisition date, we record contingent consideration, as applicable, at the estimated fair value of expected future payments associated with the earn-out. Any changes to the recorded fair value of contingent consideration will be recognized as expenses or earnings in the period in which they occur.

Legal costs, due diligence costs, business valuation costs and all other business acquisition costs are expensed when incurred.

Equity Method Investments

Equity method investments consist of our investments in entities in which we maintain an equity ownership interest and apply the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our equity method investees are not consolidated into our financial statements; rather, our proportionate share of the earnings of each investee is reflected as equity method investment net earnings. The carrying values of our equity method investments are also impacted by our proportionate share of items impacting the investee's accumulated other comprehensive income or losses and other items, such as our share of investee dividends.

Insurance and Self-Insurance

We use a combination of insurance and self-insurance for a number of risks, including workers’ compensation, general liability, automobile liability, product liability and our obligation for employee healthcare benefits. We estimate the liabilities associated with these risks on an undiscounted basis by evaluating and making judgments about historical claims experience and other actuarial assumptions and the estimated impact on future results.

Revenue Recognition

We recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery or shipment of the products. We account for product shipping, handling and insurance as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of sales. Any taxes collected on behalf of government authorities are excluded from net revenues.

Revenues are recorded net of trade and sales incentives and estimated product returns. Known or expected pricing or revenue adjustments, such as trade discounts, rebates or returns, are estimated at the time of sale. We base these estimates of expected amounts principally on historical utilization and redemption rates. Estimates that affect revenue, such as trade incentives and product returns, are monitored and adjusted each period until the incentives or product returns are realized.

Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs and we capitalize product fulfillment costs. Deferred revenues are not material and primarily include customer advance payments typically collected a few days before product delivery, at which time deferred revenues are reclassified and recorded as net revenues. We generally do not receive non-cash consideration for the sale of goods nor do we grant payment financing terms greater than one year.

Marketing, Advertising and Research and Development

We promote our products with marketing and advertising programs. These programs include, but are not limited to, cooperative advertising, in-store displays and consumer marketing promotions. For interim reporting purposes, advertising, consumer promotion and marketing research expenses are charged to operations as a percentage of volume, based on estimated sales volume and estimated program spending. We do not defer costs on our year-end consolidated balance sheets and all marketing and advertising costs are recorded as an expense in the year incurred. Advertising expense was $2,057 million in 2023, $1,670 million in 2022 and $1,564 million in 2021. We expense product research and development costs as incurred. Research and development expense was $380 million in 2023, $346 million in 2022 and $347 million in 2021. We record marketing and advertising as well as research and development expenses within selling, general and administrative expenses.

Stock-based Compensation

We maintain a share-based compensation plan, which authorizes the granting of various equity-based incentives, including stock options (including stock appreciation rights), deferred stock units (DSUs) and performance share units (PSUs). Stock compensation expense is amortized to expense over the vesting period, generally three years.

Stock options are granted with an exercise price equal to the closing market price of our Common Stock on the grant date. Substantially all of the options become exercisable in three annual installments beginning a year from the grant date and generally expire 10 years from the grant date. We use the Black-Scholes Model to measure the fair value of stock options granted to employees. The expected life of the options represents the period of time the options are expected to be outstanding and is based on historical trends. Expected stock price volatility is based on the implied and historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s most recent annual dividend rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected life.

DSUs are typically granted to selected management employees on an annual basis and vest over three years. Dividend equivalents are paid during the vesting period. The fair value of our DSUs and other stock-based awards is measured at the market price of our Common Stock on the grant date.

PSUs vest based on varying performance, market and service conditions. Dividend equivalents accumulated over the vesting period are paid after vesting. The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based component and the market price of our Common Stock on the grant date for performance-based components. The final award may equal 0-200 percent of the target grant, based on the achievement of the performance and market-based components.

Forfeitures are estimated on the grant date for all of our stock-based compensation awards.

Employee Benefit Plans

We provide a range of benefits to our current and retired employees including pension benefits, defined contribution plan benefits, postretirement health care benefits and postemployment primarily severance-related benefits depending upon local statutory requirements, employee tenure and service requirements as well as other factors. The cost for these plans is recognized in earnings primarily over the working life of the covered employee.

Financial Instruments

We use financial instruments to manage our currency exchange rate, commodity price and interest rate risks. We monitor and manage these exposures as part of our overall risk management program, which focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results. A principal objective of our risk management strategies is to reduce significant, unanticipated earnings fluctuations that may arise from volatility in currency exchange rates, commodity prices and interest rates.

When we use derivatives, we are exposed to credit and market risks. We reduce our credit risk by entering into transactions with counterparties with high quality, investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. We also maintain a policy of requiring that all significant, non-exchange traded derivative contracts with a duration of one year or longer are governed by an International Swaps and Derivatives Association master agreement. We manage derivative market risk by limiting the types of derivative instruments, derivative strategies we use and the degree of market risk that we plan to hedge through the use of derivative instruments.

We record derivative financial instruments on a gross basis in our consolidated balance sheets. The fair value of our instruments are recorded within other current assets, other assets, other current liabilities and other liabilities in our consolidated balance sheets.

Mark-to-market gains or losses related to our economic hedges are separately presented in the consolidated statements of cash flows within operating activities. Cash flows related to the settlement of derivative instruments designated as hedges of net investments in non-U.S. operations are classified in the consolidated statements of cash flows within investing activities. Cash flows related to derivative instruments that are designated or settled economic hedges are classified in the same line item as the cash flows of the related hedged item. Cash flows related to the settlement of all other free-standing derivative instruments are classified within investing activities.

Commodity derivatives. We are exposed to price risk related to forecasted purchases of certain commodities that we primarily use as raw materials. We enter into commodity forward, futures and option contracts. Commodity forward contracts generally are not subject to the accounting requirements for derivative instruments and hedging activities under the normal purchases exception. We sell commodity futures to hedge future purchase commitments. We occasionally use related futures to cross-hedge a commodity exposure. We are not a party to leveraged derivatives and do not use financial instruments for speculative purposes. Any mark-to-market gains or losses are recorded in earnings (see Note 10, Financial Instruments, for additional information).

Currency exchange derivatives. We enter into currency exchange forward contracts, futures, options and swaps to mitigate our exposure to changes in exchange rates from third-party and intercompany current and forecasted transactions. Any mark-to-market gains or losses are recorded in earnings (see Note 10, Financial Instruments, for additional information).

Interest rate cash flow hedges. We manage interest rate volatility by modifying the pricing or maturity characteristics of certain liabilities so that the net impact on expense is not, on a material basis, adversely affected by movements in interest rates. We use derivative instruments, including interest rate swaps that have indices related to the pricing of specific liabilities as part of our interest rate risk management strategy. We use cross-currency interest rate swaps to hedge interest payments on newly issued debt denominated in a different currency than the functional currency of the borrowing entity. Substantially all of these derivative instruments are highly effective and qualify for hedge accounting treatment. Changes in the fair value of derivatives that are designated as a cash flow hedge, to the extent the hedge is effective, are recorded in accumulated other comprehensive earnings/(losses), net of deferred taxes, and reclassified to earnings when the hedged item affects earnings (see Note 10, Financial Instruments, for additional information).

Hedges of net investments in non-U.S. operations. We have numerous investments outside the United States. The net assets of these subsidiaries are exposed to changes and volatility in currency exchange rates. We use local currency denominated debt to hedge our non-U.S. net investments against adverse movements in exchange rates. We may designate non-U.S. dollar-denominated borrowings in the U.S. as a net investment hedge of a portion of our overall non-U.S. operations. The gains and losses on our net investment in these designated non-U.S. operations are economically offset by losses and gains designated dollar-denominated borrowings. The revaluation of designated borrowings, net of deferred taxes, is recorded within currency translation adjustment in accumulated other comprehensive earnings/(losses) (see Note 10, Financial Instruments, for additional information).

We use derivatives instruments to hedge certain investments in our non-U.S. operations against movements in exchange rates. These instruments may include cross-currency interest rate swaps, forwards and options. The after-tax gain/(loss) on these net investment hedge contracts, net of deferred taxes, is recorded within cumulative translation adjustment in accumulated other comprehensive earnings/(losses) (see Note 10, Financial Instruments, for additional information).

Income Taxes

Our provision for income taxes includes amounts payable or refundable for the current year, the effects of deferred taxes and impacts from uncertain tax positions. We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of our assets and liabilities, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those differences are expected to reverse.

The realization of certain deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a

valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, we consider any carryback potential, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), future taxable income and tax planning strategies.

We recognize tax benefits in our financial statements from uncertain tax positions only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. The amount we recognize is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon resolution. Future changes related to the expected resolution of uncertain tax positions could affect tax expense in the period when the change occurs.

We monitor for changes in tax laws and reflect the impacts of tax law changes in the period of enactment. When there is refinement to tax law changes in subsequent periods, we account for the new guidance in the period when it becomes known.

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 sheets. We have confirmed with participating financial institutions that as of December 31, 2023, and December 31, 2022, $2.4 billion and $2.4 billion, respectively, of our accounts payable to suppliers that participate in the SCF programs are outstanding.

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.

In November 2023, the FASB issued an ASU which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023 and early adoption is permitted. We are currently assessing the impact on our consolidated financial statements and related segment disclosures.

In December 2023, the FASB issued an ASU which enhances the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. We are currently assessing the impact on our consolidated financial statements and related disclosures.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. 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 in the United States District Court for the Northern District of Illinois 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, 2022 and ordered the parties to brief Kraft’s motions to decertify the class and for summary judgment, which has been completed. 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. As previously disclosed, we have been cooperating with the investigation in an effort to reach a negotiated resolution in this matter. In the fourth quarter of 2022, we had accrued (in accordance with U.S. GAAP), on a pre-tax basis, a liability of €300 million ($321 million) within other current liabilities in the consolidated balance sheet and selling, general and administrative expenses in the consolidated statement of earnings as an estimate of the possible cost to resolve this matter. During the fourth quarter of 2023, we determined that we are likely to achieve a resolution with the European Commission that is expected to result in a liability of approximately €340 million ($375 million) in total. We have adjusted our accrual, on a pre-tax basis, accordingly. In the event we achieve resolution as currently expected, we are likely to make payment in 2024. We do not anticipate any modification of our business practices and agreements that would have a material impact on its ongoing business operations within the European Union. 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 December 31, 2023 and December 31, 2022, we had no material third-party guarantees recorded on our consolidated balance sheets. 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.

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative assets	$ 1,597	$ 790
Fair value of derivative liabilities	1,559	629
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	2,384	4,147
Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	7,456	7,319
Cash Flow Hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Expected transfer of gains (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months	$ 21
Hedged forecasted transaction period	2 years 8 months
Net Investment Hedging \| Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	$ 7,500
Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative assets	1,347	377
Other Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative assets	250	413
Other Current Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative liabilities	1,209	421
Other Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative liabilities	$ 350	$ 208

Commitments and Contingencies (Details) € in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Investigation by European Commission
Other Commitments [Line Items]
Accrued litigation liability	$ 375	€ 340	$ 321	€ 300

Income Taxes - Effective Income Tax Rate Reconciliation (Details)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Tax Disclosure [Abstract]

U.S. federal statutory rate

21.00%

Increase/(decrease) resulting from:

State and local income taxes, net of federal tax benefit

(0.10%)

1.60%

1.10%

Foreign rate differences

2.00%

(1.60%)

Changes in judgment on realizability of deferred tax assets

(0.10%)

(1.10%)

0.10%

Reversal of other tax accruals no longer required

(0.20%)

(1.40%)

(0.50%)

Tax accrual on investment in KDP (including tax impact of share sales)

2.80%

0.50%

4.70%

Excess tax benefits from equity compensation

(0.40%)

(0.80%)

(0.70%)

Tax legislation

1.40%

0.50%

2.30%

Business sales

(0.50%)

0.10%

0.00%

Foreign tax provisions under TCJA (GILTI, FDII and BEAT)

^[1]

0.60%

0.10%

0.80%

Tax impacts from the European Commission legal matter

(0.40%)

2.10%

0.00%

Non-deductible expenses and other, including buyout of Clif Bar ESOP

0.00%

2.20%

0.00%

Effective tax rate

26.10%

26.80%

27.20%

[1]

The Tax Cuts and Jobs Act of 2017 (“TCJA”) established the Global Intangible Low-Tax Income (“GILTI”) provision, which taxes U.S. allocated expenses and certain income from foreign operations; the Foreign-Derived Intangible Income (“FDII”) provision, which allows a deduction against certain types of U.S. taxable income resulting in a lower effective U.S. tax rate on such income; and the Base Erosion Anti-abuse Tax (“BEAT”), which is a minimum tax based on cross-border service payments by U.S. entities.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Number of Shares

Beginning balance (in shares)

4,451,674

4,668,046

4,896,990

Granted (in shares)

2,239,108

2,147,797

2,616,984

Vested (in shares)

^[1],[2]

(1,772,439)

(1,925,556)

(2,459,427)

Forfeited (in shares)

^[2]

(365,177)

(438,613)

(386,501)

Ending balance (in shares)

4,553,166

4,451,674

4,668,046

Weighted-Average Fair Value Per Share

Beginning balance (in dollars per share)

^[3]

$ 60.12

$ 57.04

$ 53.80

Granted (in dollars per share)

^[3]

66.86

61.55

56.19

Vested (in dollars per share)

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

61.92

54.13

49.59

Forfeited (in dollars per share)

^[2],[3]

62.66

60.68

57.52

Ending balance (in dollars per share)

^[3]

$ 62.53

$ 60.12

$ 57.04

Weighted-Average Aggregate Fair Value

Total shares granted

^[1]

$ 150

$ 132

$ 147

Vested

^[1],[2]

110

104

122

Actual tax benefit realized for the tax deductions from the shares vested

$ 3

$ 5

$ 6

Performance share units

Number of Shares

Granted (in shares)

895,410

806,590

903,250

Weighted-Average Fair Value Per Share

Granted (in dollars per share)

^[3]

$ 68.59

$ 61.87

$ 59.35

Deferred stock units

Number of Shares

Granted (in shares)

578,570

505,090

550,090

Weighted-Average Fair Value Per Share

Granted (in dollars per share)

^[3]

$ 65.36

$ 64.65

$ 56.13

Additional shares granted

Number of Shares

Granted (in shares)

^[4]

765,128

836,117

1,163,644

Weighted-Average Fair Value Per Share

Granted (in dollars per share)

^[3],[4]

$ 65.99

$ 59.37

$ 53.76

[1]	The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $3 million in 2023, $5 million in 2022 and $6 million in 2021.
[2]	Includes PSUs, DSUs and other stock-based awards.
[3]	The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.
[4]	Includes PSUs and DSUs.

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 973	$ 1,031
Finished product	2,790	2,501
Inventories, gross	3,763	3,532
Inventory reserves	(148)	(151)
Inventories, net	$ 3,615	$ 3,381

Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2023				2022
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions)				(in millions)
Commercial paper	$	346	5.5	%	$	2,209	4.7	%
Bank loans	74		17.2	%	90		9.1	%
Total short-term borrowings	$	420			$	2,299

Schedule of Uncommitted and Committed Credit Lines Available

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


	As of December 31,
	2023				2022
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,389	$	74	$	1,335	$	90
Credit facility expiry:
February 22, 2023 (1)	—		—		2,500		—
March 11, 2023 (1)	—		—		2,000		—
February 21, 2024 (1)	1,500		—		—		—
July 29, 2025 (1) (2)	—		—		2,000		2,000
February 23, 2027 (1)	4,500		—		4,500		—
Various (3)	277		277		—		—

(1)We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At December 31, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.3 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

(2)On March 31, 2022, we entered into a supplemental term loan credit facility that can be utilized for general corporate purposes, including acquisitions. Under this agreement, we may draw up to a total of $2.0 billion in term loans from the facility. Amounts borrowed and repaid under the facility may not be reborrowed. On July 29, 2022, we drew down $2.0 billion in term loans 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.

(3)On April 18, 2023, and subsequently amended on October 3, 2023, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bear a variable rate based on SOFR plus applicable margin. On April 25, 2023, we drew down $0.2 billion due July 26, 2025. On October 5, 2023, we drew down an additional $0.09 billion of which $0.02 billion is due on July 26, 2025 and $0.07 billion is due on August 26, 2028.

Schedule of Long-Term Debt

Our long-term debt consisted of (interest rates are as of December 31, 2023):


	As of December 31,
	2023 (1)		2022
	(in millions)
U.S. dollar notes and term loans, 0.750% to 7.000% (weighted-average effective rate 3.018%), due through 2050	$	9,562	$	11,275
Euro notes, 0.000% to 2.375% (weighted-average effective rate 0.709%), due through 2041	7,916		7,666
Pound sterling notes, 3.875% to 4.500% (weighted-average effective rate 4.151%), due through 2045	333		316
Swiss franc notes, 0.615% to 1.125% (weighted-average effective rate 0.911%), due through 2025	386		638
Canadian dollar notes, 3.250% (effective rate 3.377%), due through 2025	452		442
Finance leases and other	339		297
Total	18,988		20,634
less: current portion of long-term debt	(2,101)		(383)
Long-term debt	$	16,887	$	20,251

(1) Amounts are shown net of unamortized premiums, discounts and bank fees of $(129) million and imputed interest on finance leases of $(33) million.

Schedule of Aggregate Maturities of Debt and Finance Leases

Over the next five years, aggregate principal maturities, including finance leases, of our term loans and long-term debt are (in millions):


2024	2025	2026	2027	2028	Thereafter	Total
$2,116	$2,252	$1,190	$1,610	$1,371	$10,611	$19,150

Schedule of Tender Offers and Debt Redemptions

During 2022, we completed a tender offer in cash and redeemed $987 million of long-term U.S. dollar-denominated notes for the following amounts (in millions):


Interest Rate	Tender Date	Maturity Date	Amount Repurchased
3.625%	March 2022	February 2026	$130
4.125%	March 2022	May 2028	$211
2.750%	March 2022	April 2030	$500
6.500%	March 2022	November 2031	$17
7.000%	March 2022	August 2037	$10
6.875%	March 2022	February 2038	$21
6.875%	March 2022	January 2039	$8
6.500%	March 2022	February 2040	$36
4.625%	March 2022	May 2048	$54

During 2022, we completed an early redemption of U.S. dollar denominated notes for the following amounts (in millions):

Interest Rate

Redemption Date

Maturity Date

Amount Redeemed

USD Equivalent

0.625%

March 2022

July 2022

$1,000

Schedule of Debt Repayments

During 2023, we repaid the following notes (in millions):

Interest Rate

Maturity Date

Amount

USD Equivalent

1.125%

December 2023

Fr.265

$306

During 2022, we repaid the following notes (in millions):


Interest Rate	Maturity Date	Amount	USD Equivalent
2.125%	September 2022 (1)	$500	$500
0.650%	July 2022	Fr.150	$156
Various	Various (2)	€381	$431

(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

(2)On January 3, 2022, we closed on our acquisition of Chipita and assumed and entirely paid down €0.4 billion ($0.4 billion) of Chipita's debt during the twelve months ended December 31, 2022.

Schedule of Debt Issuances

During 2022, we issued the following notes (in millions):


Issuance Date	Interest Rate	Maturity Date	Gross Proceeds (1)	Gross Proceeds USD Equivalent
September 2022 (2)	4.250%	September 2025	$500	$500
March 2022	2.125%	March 2024	$500	$500
March 2022	2.625%	March 2027	$750	$750
March 2022	3.000%	March 2032	$750	$750

(1)Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

(2)Notes issued by Mondelez International Holdings Netherlands B.V. (“MIHN”), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

Schedule of Fair Value of Debt

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 December 31,
	2023		2022
	(in millions)
Fair Value	$	17,506	$	20,217
Carrying Value	$	19,408	$	22,933

Schedule of Interest and Other Expense, Net

Interest and other expense, net within our results of continuing operations consisted of:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Interest expense, debt	$	550	$	428	$	365
Loss on debt extinguishment and related expenses	1		129		137
Other income, net	(241)		(134)		(55)
Interest and other expense, net	$	310	$	423	$	447

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Goodwill [Roll Forward]

Beginning balance

$ 23,450

$ 21,978

Currency

473

(757)

Acquisitions

^[1]

(27)

^[2]

2,529

Ending balance

23,896

23,450

Latin America

Goodwill [Roll Forward]

Beginning balance

1,421

674

Currency

180

Acquisitions

^[1]

^[2]

714

Ending balance

1,607

1,421

AMEA

Goodwill [Roll Forward]

Beginning balance

3,132

3,365

Currency

(67)

(233)

Acquisitions

^[1]

^[2]

Ending balance

3,065

3,132

Europe

Goodwill [Roll Forward]

Beginning balance

8,009

7,830

Currency

341

(550)

Acquisitions

^[1]

^[2]

795

Ending balance

8,350

8,009

North America

Goodwill [Roll Forward]

Beginning balance

10,888

10,109

Currency

(15)

Acquisitions

^[1]

(33)

^[2]

1,020

Ending balance

$ 10,874

10,888

Disposal Group, Held-for-Sale, Not Discontinued Operations

Goodwill [Roll Forward]

Held for Sale and Divestitures

^[3]

(292)

Disposal Group, Held-for-Sale, Not Discontinued Operations | Developed Market Gum

Goodwill [Roll Forward]

Goodwill

292

Disposal Group, Held-for-Sale, Not Discontinued Operations | Latin America

Goodwill [Roll Forward]

Held for Sale and Divestitures

^[3]

Disposal Group, Held-for-Sale, Not Discontinued Operations | AMEA

Goodwill [Roll Forward]

Held for Sale and Divestitures

^[3]

Disposal Group, Held-for-Sale, Not Discontinued Operations | Europe

Goodwill [Roll Forward]

Held for Sale and Divestitures

^[3]

(66)

Disposal Group, Held-for-Sale, Not Discontinued Operations | North America

Goodwill [Roll Forward]

Held for Sale and Divestitures

^[3]

(226)

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Goodwill [Roll Forward]

Held for Sale and Divestitures

(8)

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Latin America

Goodwill [Roll Forward]

Held for Sale and Divestitures

(8)

Disposal Group, Disposed of by Sale, Not Discontinued Operations | AMEA

Goodwill [Roll Forward]

Held for Sale and Divestitures

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Europe

Goodwill [Roll Forward]

Held for Sale and Divestitures

Disposal Group, Disposed of by Sale, Not Discontinued Operations | North America

Goodwill [Roll Forward]

Held for Sale and Divestitures

$ 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.
[3]	During the fourth quarter of 2022, we agreed to sell our gum business in North America and Europe. As a result, we reclassified $292 million of goodwill to held for sale as of December 31, 2022. On October 1, 2023, we completed the sale of our gum business including the related goodwill. Refer to Note 2, Acquisitions and Divestitures for more information.

Segment Reporting - Net Revenues by Geographic Area (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Total net revenues

$ 36,016

$ 31,496

$ 28,720

^[1]

United States

Segment Reporting Information [Line Items]

Total net revenues

9,581

8,315

7,146

Other

Segment Reporting Information [Line Items]

Total net revenues

$ 26,435

$ 23,181

$ 21,574

[1]

- Definition

+ References

+ Details

Consolidated Balance Sheets, as of December 31 - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

ASSETS

Cash and cash equivalents

$ 1,810

$ 1,923

Trade receivables (net of allowances of $66 at December 31, 2023 and $45 at December 31, 2022)

3,634

3,088

Other receivables (net of allowances of $50 at December 31, 2023 and $59 at December 31, 2022)

878

819

Inventories, net

3,615

3,381

Other current assets

1,766

880

Total current assets

11,703

10,091

Property, plant and equipment, net

9,694

9,020

Operating lease right-of-use assets

683

660

Goodwill

23,896

23,450

Intangible assets, net

19,836

19,710

Prepaid pension assets

1,043

1,016

Deferred income taxes

408

473

Equity method investments

^[1]

3,242

4,879

Other assets

886

1,862

TOTAL ASSETS

71,391

71,161

LIABILITIES

Short-term borrowings

420

2,299

Current portion of long-term debt

2,101

^[2]

383

Accounts payable

8,321

7,562

Accrued marketing

2,683

2,370

Accrued employment costs

1,158

949

Other current liabilities

4,330

3,168

Total current liabilities

19,013

16,731

Long-term debt

16,887

^[2]

20,251

Long-term operating lease liabilities

537

514

Deferred income taxes

3,292

3,437

Accrued pension costs

437

403

Accrued postretirement health care costs

124

217

Other liabilities

2,735

2,688

TOTAL LIABILITIES

43,025

44,241

Commitments and Contingencies (Note 14)

EQUITY

Common Stock, no par value (5,000,000,000 shares authorized and 1,996,537,778 shares issued at December 31, 2023 and December 31, 2022)

Additional paid-in capital

32,216

32,143

Retained earnings

34,236

31,481

Accumulated other comprehensive losses

(10,946)

(10,947)

Treasury stock, at cost (648,055,073 shares at December 31, 2023 and 630,646,687 shares at December 31, 2022)

(27,174)

(25,794)

Total Mondelēz International Shareholders’ Equity

28,332

26,883

Noncontrolling interest

TOTAL EQUITY

28,366

26,920

TOTAL LIABILITIES AND EQUITY

$ 71,391

$ 71,161

[1]	Includes a basis difference of approximately $373 million as of December 31, 2023 and $419 million as of December 31, 2022 between the U.S. GAAP accounting basis for our equity method investments and the U.S. GAAP accounting basis of our investees’ equity.
[2]	Amounts are shown net of unamortized premiums, discounts and bank fees of $(129) million and imputed interest on finance leases of $(33) million.

Benefit Plans - Net Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Prepaid pension assets	$ 1,043	$ 1,016
Accrued pension costs	(437)	(403)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Prepaid pension assets	1,043	1,016
Other current liabilities	(32)	(30)
Accrued pension costs	(437)	(403)
Net pension liability	574	583
Pension Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	25	31
Accumulated benefit obligation	25	31
Fair value of plan assets	2	2
Pension Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	646	531
Accumulated benefit obligation	594	492
Fair value of plan assets	$ 201	$ 135

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Balance at beginning of period

$ 26,920

$ 28,323

$ 27,654

Total other comprehensive earnings/(losses)

(4)

(337)

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

Other comprehensive earnings/(losses) attributable to Mondelēz International

(323)

Balance at end of period

28,366

26,920

28,323

Currency Translation Adjustments

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

Balance at beginning of period

(9,808)

(9,097)

(8,655)

Currency translation adjustments/impact

177

(659)

(481)

Tax (expense)/benefit

(66)

Total other comprehensive earnings/(losses)

229

(725)

(458)

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

Balance at end of period

(9,574)

(9,808)

(9,097)

Pension and Other Benefits Plans

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

Balance at beginning of period

(1,105)

(1,379)

(1,874)

Currency translation adjustments/impact

(60)

102

Total other comprehensive earnings/(losses)

(218)

274

495

Net gains/(losses) arising during period

(229)

149

398

Tax (expense)/benefit on gains/(losses)

(37)

(80)

Tax (benefit) on reclassifications

^[1]

(11)

(21)

(34)

Balance at end of period

(1,323)

(1,105)

(1,379)

Amortization of experience losses and prior service costs

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

Losses/(gains) reclassified into net earnings

^[2]

140

Settlement losses and other expenses

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

Losses/(gains) reclassified into net earnings

^[2]

Curtailment credit

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

Losses/(gains) reclassified into net earnings

^[2]

(17)

Derivative Cash Flow Hedges

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

Balance at beginning of period

(34)

(148)

(161)

Currency translation adjustments/impact

(2)

Total other comprehensive earnings/(losses)

(15)

114

Net gains/(losses) arising during period

(61)

160

163

Tax (expense)/benefit on gains/(losses)

(4)

(13)

Tax (benefit) on reclassifications

^[1]

(17)

(3)

Balance at end of period

(49)

(34)

(148)

Derivative Cash Flow Hedges | Currency exchange contracts

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

Losses/(gains) reclassified into net earnings

^[3]

Derivative Cash Flow Hedges | Interest rate contracts

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

Losses/(gains) reclassified into net earnings

^[3]

(30)

(152)

Accumulated other comprehensive income attributable to Mondelēz International

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

Balance at beginning of period

(10,947)

(10,624)

(10,690)

Total other comprehensive earnings/(losses)

(323)

Balance at end of period

$ (10,946)

$ (10,947)

$ (10,624)

[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 11, Benefit Plans.
[3]	These reclassified losses are recorded within interest and other expense, net.

Benefit Plans - Weighted-Average Assumptions to Determine Postretirement Benefit Obligations (Details) - Postretirement Benefit Plans	Dec. 31, 2023	Dec. 31, 2022
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.20%	5.53%
Expected rate of return on plan assets	7.25%
Health care cost trend rate assumed for next year	6.75%	7.00%
Ultimate trend rate	5.00%	5.00%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.72%	6.07%
Health care cost trend rate assumed for next year	5.07%	5.98%
Ultimate trend rate	4.63%	4.70%

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

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

We have completed the valuation of assets acquired and liabilities assumed and have recorded a purchase price allocation of:


	(in millions)
Cash	$	22
Receivables	86
Inventory	70
Other current assets	3
Property, plant and equipment	139
Operating leases right-of-use assets	23
Definite-life intangible assets	218
Indefinite-life intangible assets	339
Goodwill	721
Other assets	3
Assets acquired	1,624
Current liabilities	182
Deferred tax liability	75
Operating lease liabilities	23
Other liabilities	14
Total purchase price	1,330
less: cash received	(22)
Net Cash Paid	$	1,308

We have completed the valuation of assets acquired and liabilities assumed and have recorded a 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	107
Definite-life intangible assets	200
Indefinite-life intangible assets	1,450
Goodwill	988
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 completed the valuation of assets acquired and liabilities assumed and have recorded a purchase price allocation of:


	(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 were comprised of the following:


	As of December 31, 2022

Assets held for sale
Inventories, net	$	79
Current assets held for sale (1)	79
Property, plant and equipment, net	159
Goodwill	292
Intangible assets, net	671
Noncurrent assets held for sale (2)	1,122
Total assets held for sale	$	1,201

Liabilities held for sale
Accrued employment costs	$	4
Current liabilities held for sale (3)	4
Deferred income taxes	15
Noncurrent liabilities held for sale (4)	15
Total liabilities held for sale	$	19

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

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

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

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

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

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


	As of December 31,
	2023				2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	120	$	57	$	132	$	35
Net investment hedge derivative contracts (1)	163		382		265		241
	$	283	$	439	$	397	$	276
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	195	$	134	$	185	$	103
Commodity contracts	1,119		984		200		247
Interest rate contracts	—		2		8		—
Equity method investment contracts (2)	—		—		—		3
	$	1,314	$	1,120	$	393	$	353
Total fair value	$	1,597	$	1,559	$	790	$	629

(1)Net investment hedge contracts consist of cross-currency interest rate swaps and forward contracts. 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 9, 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 the bifurcated embedded derivative option that was a component of the September 20, 2021 €300 million exchangeable bonds issuance. Refer to Note 9, Debt and Borrowing Arrangements.

Summary of Derivative Instrument Fair Value Measurement Inputs

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


	As of December 31, 2023
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	61	$	—	$	61	$	—
Commodity contracts	135		28		107		—
Interest rate contracts	61		—		61		—
Net investment hedge contracts	(219)		—		(219)		—

Total derivatives	$	38	$	28	$	10	$	—


	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 gross notional values of our derivative instruments were:


	Notional Amount
	As of December 31,
	2023		2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,860	$	2,085
Forecasted transactions	5,550		5,470
Commodity contracts (1)	16,631		7,777
Interest rate contracts	2,384		4,147
Net investment hedges:
Net investment hedge derivative contracts	7,456		7,319
Non-U.S. dollar debt designated as net investment hedges:
Euro notes	3,516		3,410
Swiss franc notes	386		638
Canadian dollar notes	453		443

(1) Prior year notional has been revised.

Schedule of Net Investment Hedges

As of December 31, 2023, the aggregate notional value of these NIH derivative contracts was $7.5 billion and their impact on other comprehensive earnings and net earnings during the years presented below were as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
After-tax gain/(loss) on NIH contracts (1)	$	(185)	$	396	$	63

(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 consolidated statement of cash flows.


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Amounts excluded from the assessment of hedge effectiveness (1)	$	148	$	116	$	75

(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 in the form of euro, British pound sterling, Swiss franc and Canadian dollar-denominated debt were recorded within the cumulative translation adjustment section of other comprehensive income and were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Euro notes	$	(81)	$	162	$	211
British pound sterling notes	—		45		3
Swiss franc notes	(41)		13		29
Canadian notes	(8)		25		(3)

Summary of Economic Hedges

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


	For the Years Ended December 31,						Recognized in Earnings
	2023		2022		2021
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2	$	(14)	$	57	Interest and other expense, net
Forecasted transactions	17		117		80		Cost of sales
Forecasted transactions	18		17		(1)		Interest and other expense, net
Forecasted transactions	—		(1)		—		Selling, general and administrative expenses
Commodity contracts	262		157		385		Cost of sales
Equity method investment contracts	7		—		2		Gain on equity method investment contracts
Total	$	306	$	276	$	523

Schedule of Contingent Consideration

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


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Liability at the beginning of the period	$	642	$	159	$	55
Contingent consideration arising from acquisitions	—		440		145
Changes in fair value	128		44		(41)
Payments	(90)		—		—
Currency	—		(1)		—
Liability at the end of the period	$	680	$	642	$	159

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


	As of December 31, 2023
	Total Fair Value of Liability		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Clif Bar (1)	$	548	$	—	$	—	$	548
Other (2)	132		—		—		132
Total contingent consideration	$	680	$	—	$	—	$	680


	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 with $548 million and $452 million classified as long-term liabilities at December 31, 2023 and December 31, 2022, respectively. 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 $132 million and $102 million classified as other current liabilities at December 31, 2023 and December 31, 2022, respectively, and $88 million classified as long-term liabilities at December 31, 2022. The estimated fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management's latest estimate of forecasted future results. Other key assumptions included discount rate and volatility. Fair value adjustments are recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.

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

Dec. 31, 2023

Dec. 31, 2022

Aug. 01, 2022

Derivative [Line Items]

Total contingent consideration

$ 680

$ 642

Contingent consideration, current liabilities

132

102

Contingent consideration, long term liabilities

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

Derivative [Line Items]

Total contingent consideration

Significant Other Observable Inputs (Level 2)

Derivative [Line Items]

Total contingent consideration

Significant Unobservable Inputs (Level 3)

Derivative [Line Items]

Total contingent consideration

680

642

Clif Bar

Derivative [Line Items]

Total contingent consideration

^[1]

548

452

Contingent consideration, long term liabilities

$ 440

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

Derivative [Line Items]

Total contingent consideration

^[1]

Clif Bar | Significant Other Observable Inputs (Level 2)

Derivative [Line Items]

Total contingent consideration

^[1]

Clif Bar | Significant Unobservable Inputs (Level 3)

Derivative [Line Items]

Total contingent consideration

^[1]

548

452

Other

Derivative [Line Items]

Total contingent consideration

^[2]

132

190

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

Derivative [Line Items]

Total contingent consideration

^[2]

Other | Significant Other Observable Inputs (Level 2)

Derivative [Line Items]

Total contingent consideration

^[2]

Other | Significant Unobservable Inputs (Level 3)

Derivative [Line Items]

Total contingent consideration

^[2]

$ 132

$ 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 with $548 million and $452 million classified as long-term liabilities at December 31, 2023 and December 31, 2022, respectively. 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 $132 million and $102 million classified as other current liabilities at December 31, 2023 and December 31, 2022, respectively, and $88 million classified as long-term liabilities at December 31, 2022. The estimated fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management's latest estimate of forecasted future results. Other key assumptions included discount rate and volatility. Fair value adjustments are recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.

Debt and Borrowing Arrangements - Tender Offers (Details) - Loans Payable - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount Repurchased	$ 0	$ 987
3.625% Notes Due February 2026
Debt Instrument [Line Items]
Interest Rate		3.625%
Amount Repurchased		$ 130
4.125% Notes Due May 2028
Debt Instrument [Line Items]
Interest Rate		4.125%
Amount Repurchased		$ 211
2.750% Notes Due April 2030
Debt Instrument [Line Items]
Interest Rate		2.75%
Amount Repurchased		$ 500
6.500% Notes Due November 2031
Debt Instrument [Line Items]
Interest Rate		6.50%
Amount Repurchased		$ 17
7.000% Notes Due August 2037
Debt Instrument [Line Items]
Interest Rate		7.00%
Amount Repurchased		$ 10
6.875% Notes Due February 2038
Debt Instrument [Line Items]
Interest Rate		6.875%
Amount Repurchased		$ 21
6.875% Notes Due January 2039
Debt Instrument [Line Items]
Interest Rate		6.875%
Amount Repurchased		$ 8
6.500% Notes Due February 2040
Debt Instrument [Line Items]
Interest Rate		6.50%
Amount Repurchased		$ 36
4.625% Notes Due May 2048
Debt Instrument [Line Items]
Interest Rate		4.625%
Amount Repurchased		$ 54

Capital Stock - Common Stock (Details) - shares	12 Months Ended
Capital Stock - Common Stock (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares Issued
Beginning balance (in shares)	1,996,537,778
Ending balance (in shares)	1,996,537,778	1,996,537,778
Treasury Shares
Beginning balance (in shares)	(630,646,687)
Ending balance (in shares)	(648,055,073)	(630,646,687)
Common Stock
Shares Issued
Beginning balance (in shares)	1,996,537,778	1,996,537,778	1,996,537,778
Exercise of stock options and issuance of other stock awards (in shares)	0	0	0
Ending balance (in shares)	1,996,537,778	1,996,537,778	1,996,537,778
Treasury Shares
Beginning balance (in shares)	(630,646,687)	(604,907,239)	(577,363,557)
Shares repurchased (in shares)	(22,564,627)	(31,556,510)	(35,384,366)
Exercise of stock options and issuance of other stock awards (in shares)	5,156,241	5,817,062	7,840,684
Ending balance (in shares)	(648,055,073)	(630,646,687)	(604,907,239)
Shares Outstanding
Beginning balance (in shares)	1,365,891,091	1,391,630,539	1,419,174,221
Shares repurchased (in shares)	(22,564,627)	(31,556,510)	(35,384,366)
Exercise of stock options and issuance of other stock awards (in shares)	5,156,241	5,817,062	7,840,684
Ending balance (in shares)	1,348,482,705	1,365,891,091	1,391,630,539

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) facility	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) country installment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of countries in which products are sold (over) \| country			150
Restricted cash within other current assets		$ 25	$ 74	$ 25
Total cash, cash equivalents and restricted cash		1,948	1,884	1,948	$ 3,553	$ 3,650
Outstanding principal amount of receivables sold under factoring arrangements		$ 516	262	516	761
Advertising expense			2,057	1,670	1,564
Research and development expense			$ 380	$ 346	$ 347
Award vesting period			3 years
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]		Accounts payable	Accounts payable	Accounts payable
Supplier chain financing, obligation		$ 2,400	$ 2,400	$ 2,400
Stock options
Summary Of Significant Accounting Policies [Line Items]
Number of annual installments of stock options \| installment			3
Stock options expiration term			10 years
Deferred stock units
Summary Of Significant Accounting Policies [Line Items]
Award vesting period			3 years
War in 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
Accounts receivable credit loss reversal and inventory recoveries		$ 22
Minimum
Summary Of Significant Accounting Policies [Line Items]
Supplier finance program, payment timing, period			30 days
Minimum \| Performance share units
Summary Of Significant Accounting Policies [Line Items]
Percentage of vested performance shares			0.00%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Supplier finance program, payment timing, period			180 days
Maximum \| Performance share units
Summary Of Significant Accounting Policies [Line Items]
Percentage of vested performance shares			200.00%
Machinery and equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life of long-lived assets			3 years
Machinery and equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life of long-lived assets			20 years
Buildings and building improvements \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life of long-lived assets			40 years
Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life of long-lived assets			7 years
Argentina
Summary Of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues			1.60%
Türkiye
Summary Of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues			0.70%
Selling, general and administrative expenses \| Argentina
Summary Of Significant Accounting Policies [Line Items]
Remeasurement losses due to inflationary accounting			$ 79
Selling, general and administrative expenses \| Türkiye
Summary Of Significant Accounting Policies [Line Items]
Remeasurement losses due to inflationary accounting			$ 19

Income Taxes - Change in Unrecognized Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
January 1	$ 424	$ 446	$ 442
Increases from positions taken during prior periods	33	16	31
Decreases from positions taken during prior periods	(35)	(9)	(21)
Increases from positions taken during the current period	55	48	47
Decreases relating to settlements with taxing authorities	(11)	(54)	(13)
Reductions resulting from the lapse of the applicable statute of limitations	(29)	(22)	(26)
Currency/other	5	(1)	(14)
December 31	$ 442	$ 424	$ 446

Benefit Plans - Future Benefit Payments for Postretirement Health Care Plans (Details) - Postretirement Health Care Plan $ in Millions	Dec. 31, 2023 USD ($)
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2024	$ 11
2025	10
2026	10
2027	9
2028	9
2029-2033	36
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2024	4
2025	5
2026	5
2027	5
2028	5
2029-2033	$ 27

Debt and Borrowing Arrangements - Short-Term Borrowings and Related Weighted-Average Interest Rates (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Amount Outstanding	$ 420	$ 2,299
Commercial paper
Short-term Debt [Line Items]
Amount Outstanding	$ 346	$ 2,209
Weighted- Average Rate	5.50%	4.70%
Bank loans
Short-term Debt [Line Items]
Amount Outstanding	$ 74	$ 90
Weighted- Average Rate	17.20%	9.10%

Segment Reporting - Net Revenues by Product Category (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

^[1]

Segment Reporting Information [Line Items]

Total net revenues

$ 36,016

$ 31,496

$ 28,720

Biscuits & Baked Snacks

Segment Reporting Information [Line Items]

Total net revenues

17,629

15,608

13,552

Chocolate

Segment Reporting Information [Line Items]

Total net revenues

10,619

9,486

9,271

Gum & Candy

Segment Reporting Information [Line Items]

Total net revenues

4,426

3,412

2,872

Beverages

Segment Reporting Information [Line Items]

Total net revenues

1,185

1,100

1,035

Cheese & Grocery

Segment Reporting Information [Line Items]

Total net revenues

2,157

1,890

1,990

Latin America

Segment Reporting Information [Line Items]

Total net revenues

5,006

3,629

2,797

Latin America | Biscuits & Baked Snacks

Segment Reporting Information [Line Items]

Total net revenues

1,193

1,013

799

Latin America | Chocolate

Segment Reporting Information [Line Items]

Total net revenues

1,357

1,003

758

Latin America | Gum & Candy

Segment Reporting Information [Line Items]

Total net revenues

1,509

840

567

Latin America | Beverages

Segment Reporting Information [Line Items]

Total net revenues

457

409

359

Latin America | Cheese & Grocery

Segment Reporting Information [Line Items]

Total net revenues

490

364

314

AMEA

Segment Reporting Information [Line Items]

Total net revenues

7,075

6,767

6,465

AMEA | Biscuits & Baked Snacks

Segment Reporting Information [Line Items]

Total net revenues

2,488

2,515

2,254

AMEA | Chocolate

Segment Reporting Information [Line Items]

Total net revenues

2,690

2,520

2,395

AMEA | Gum & Candy

Segment Reporting Information [Line Items]

Total net revenues

893

780

816

AMEA | Beverages

Segment Reporting Information [Line Items]

Total net revenues

593

572

550

AMEA | Cheese & Grocery

Segment Reporting Information [Line Items]

Total net revenues

411

380

450

Europe

Segment Reporting Information [Line Items]

Total net revenues

12,857

11,420

11,156

Europe | Biscuits & Baked Snacks

Segment Reporting Information [Line Items]

Total net revenues

4,429

3,818

3,354

Europe | Chocolate

Segment Reporting Information [Line Items]

Total net revenues

6,225

5,646

5,836

Europe | Gum & Candy

Segment Reporting Information [Line Items]

Total net revenues

812

691

614

Europe | Beverages

Segment Reporting Information [Line Items]

Total net revenues

135

119

126

Europe | Cheese & Grocery

Segment Reporting Information [Line Items]

Total net revenues

1,256

1,146

1,226

North America

Segment Reporting Information [Line Items]

Total net revenues

11,078

9,680

8,302

North America | Biscuits & Baked Snacks

Segment Reporting Information [Line Items]

Total net revenues

9,519

8,262

7,145

North America | Chocolate

Segment Reporting Information [Line Items]

Total net revenues

347

317

282

North America | Gum & Candy

Segment Reporting Information [Line Items]

Total net revenues

1,212

1,101

875

North America | Beverages

Segment Reporting Information [Line Items]

Total net revenues

North America | Cheese & Grocery

Segment Reporting Information [Line Items]

Total net revenues

$ 0

[1]

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retained Earnings
Cash dividends declared per share (in dollars per share)	$ 1.620	$ 1.470	$ 1.330

Acquisitions and Divestitures - Schedule of Assets and Liabilities Held-for-Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - Developed Market Gum
$ in Millions

Dec. 31, 2022

USD ($)

Assets held for sale

Inventories, net

$ 79

Current assets held for sale

^[1]

Property, plant and equipment, net

159

Goodwill

292

Intangible assets, net

671

Noncurrent assets held for sale

1,122

^[2]

Total assets held for sale

1,201

Liabilities held for sale

Accrued employment costs

Current liabilities held for sale

^[3]

Deferred income taxes

Noncurrent liabilities held for sale

^[4]

Total liabilities held for sale

$ 19

[1]	Reported in Other current assets on the consolidated balance sheets.
[2]	Reported in Other assets on the consolidated balance sheets.
[3]	Reported in Other current liabilities on the consolidated balance sheets.
[4]	Reported in Other liabilities on the consolidated balance sheets.

Segment Reporting - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 12,306	$ 12,558	$ 10,651
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	2,226	2,740	1,851
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	1,012	932	1,125
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	1,331	1,170	927
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 7,737	$ 7,716	$ 6,748

Debt and Borrowing Arrangements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt and Borrowing Arrangements

Note 9. Debt and Borrowing Arrangements

Short-Term Borrowings

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


	As of December 31,
	2023				2022
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions)				(in millions)
Commercial paper	$	346	5.5	%	$	2,209	4.7	%
Bank loans	74		17.2	%	90		9.1	%
Total short-term borrowings	$	420			$	2,299

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


	As of December 31,
	2023				2022
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities	$	1,389	$	74	$	1,335	$	90
Credit facility expiry:
February 22, 2023 (1)	—		—		2,500		—
March 11, 2023 (1)	—		—		2,000		—
February 21, 2024 (1)	1,500		—		—		—
July 29, 2025 (1) (2)	—		—		2,000		2,000
February 23, 2027 (1)	4,500		—		4,500		—
Various (3)	277		277		—		—

Long-Term Debt

Our long-term debt consisted of (interest rates are as of December 31, 2023):


	As of December 31,
	2023 (1)		2022
	(in millions)
U.S. dollar notes and term loans, 0.750% to 7.000% (weighted-average effective rate 3.018%), due through 2050	$	9,562	$	11,275
Euro notes, 0.000% to 2.375% (weighted-average effective rate 0.709%), due through 2041	7,916		7,666
Pound sterling notes, 3.875% to 4.500% (weighted-average effective rate 4.151%), due through 2045	333		316
Swiss franc notes, 0.615% to 1.125% (weighted-average effective rate 0.911%), due through 2025	386		638
Canadian dollar notes, 3.250% (effective rate 3.377%), due through 2025	452		442
Finance leases and other	339		297
Total	18,988		20,634
less: current portion of long-term debt	(2,101)		(383)
Long-term debt	$	16,887	$	20,251

(1) Amounts are shown net of unamortized premiums, discounts and bank fees of $(129) million and imputed interest on finance leases of $(33) million.

Over the next five years, aggregate principal maturities, including finance leases, of our term loans and long-term debt are (in millions):


2024	2025	2026	2027	2028	Thereafter	Total
$2,116	$2,252	$1,190	$1,610	$1,371	$10,611	$19,150

Tender Offers

During 2023, we did not complete any tender offers.

During 2022, we completed a tender offer in cash and redeemed $987 million of long-term U.S. dollar-denominated notes for the following amounts (in millions):


Interest Rate	Tender Date	Maturity Date	Amount Repurchased
3.625%	March 2022	February 2026	$130
4.125%	March 2022	May 2028	$211
2.750%	March 2022	April 2030	$500
6.500%	March 2022	November 2031	$17
7.000%	March 2022	August 2037	$10
6.875%	March 2022	February 2038	$21
6.875%	March 2022	January 2039	$8
6.500%	March 2022	February 2040	$36
4.625%	March 2022	May 2048	$54

We recorded a $129 million loss on debt extinguishment and related expenses within interest and other expense, net, consisting of $38 million paid in excess of carrying value of the debt and from recognizing unamortized discounts and deferred financing costs in earnings and $91 million from recognizing unamortized forward starting swap losses in earnings at the time of the debt extinguishment. The cash payments related to the debt extinguishment were classified as cash outflows from financing activities in the consolidated statement of cash flows.

Debt Redemptions

During 2023, we did not complete any debt redemptions.

During 2022, we completed an early redemption of U.S. dollar denominated notes for the following amounts (in millions):

Interest Rate

Redemption Date

Maturity Date

Amount Redeemed

USD Equivalent

0.625%

March 2022

July 2022

$1,000

Debt Repayments

During 2023, we repaid the following notes (in millions):

Interest Rate

Maturity Date

Amount

USD Equivalent

1.125%

December 2023

Fr.265

$306

During 2022, we repaid the following notes (in millions):


Interest Rate	Maturity Date	Amount	USD Equivalent
2.125%	September 2022 (1)	$500	$500
0.650%	July 2022	Fr.150	$156
Various	Various (2)	€381	$431

(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

(2)On January 3, 2022, we closed on our acquisition of Chipita and assumed and entirely paid down €0.4 billion ($0.4 billion) of Chipita's debt during the twelve months ended December 31, 2022.

Debt Issuances

During 2023, we did not complete any debt issuances.

During 2022, we issued the following notes (in millions):


Issuance Date	Interest Rate	Maturity Date	Gross Proceeds (1)	Gross Proceeds USD Equivalent
September 2022 (2)	4.250%	September 2025	$500	$500
March 2022	2.125%	March 2024	$500	$500
March 2022	2.625%	March 2027	$750	$750
March 2022	3.000%	March 2032	$750	$750

(1)Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

(2)Notes issued by Mondelez International Holdings Netherlands B.V. (“MIHN”), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

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 December 31,
	2023		2022
	(in millions)
Fair Value	$	17,506	$	20,217
Carrying Value	$	19,408	$	22,933

Interest and Other Expense, net

Interest and other expense, net within our results of continuing operations consisted of:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Interest expense, debt	$	550	$	428	$	365
Loss on debt extinguishment and related expenses	1		129		137
Other income, net	(241)		(134)		(55)
Interest and other expense, net	$	310	$	423	$	447

- Definition

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.

+ References

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

+ Details

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 4,968	$ 2,726	$ 4,314
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment	229	(725)	(458)
Pension and other benefit plans	(218)	274	495
Derivative cash flow hedges	(15)	114	13
Total other comprehensive earnings/(losses)	(4)	(337)	50
Comprehensive earnings	4,964	2,389	4,364
less: Comprehensive earnings/(losses) attributable to noncontrolling interests	4	(5)	(2)
Comprehensive earnings attributable to Mondelēz International	$ 4,960	$ 2,394	$ 4,366

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Costs and Supplemental Cash Flow Information

The components of lease costs were as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Operating lease cost	$	223	$	213	$	228

Finance lease cost:
Amortization of ROU assets	130		95		89
Interest on lease liabilities	15		8		7

Short-term lease cost	12		11		29
Variable lease cost	766		602		506

Sublease income	(4)		(4)		(6)

Total lease cost	$	1,142	$	925	$	853

Supplemental cash flow information related to leases was as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(222)	$	(212)	$	(229)
Operating cash flows from finance leases	(15)		(8)		(8)
Financing cash flows from finance leases	(125)		(95)		(88)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	197	$	220	$	186
Finance leases	163		148		76

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2023			2022
	(in millions)
Operating Leases
Operating lease ROU assets, net of amortization	$	683		$	660

Other current liabilities	$	165		$	166
Long-term operating lease liabilities	537			514
Total operating lease liabilities	$	702		$	680

Finance Leases
Finance leases, net of amortization (within property, plant and equipment)	$	325		$	287

Current portion of long-term debt	$	122		$	95
Long-term debt	214			198
Total finance lease liabilities	$	336		$	293

Weighted Average Remaining Lease Term
Operating leases	6.4 years			7.0 years
Finance leases	3.6 years			4.1 years

Weighted Average Discount Rate
Operating leases	5.1		%	4.2		%
Finance leases	5.0		%	4.0		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows:


	As of December 31, 2023
	Operating Leases		Finance Leases
	(in millions)
Year Ending December 31:
2024	$	195	$	135
2025	150		103
2026	106		64
2027	86		32
2028	75		13
Thereafter	223		22
Total future undiscounted lease payments	$	835	$	369
less: imputed interest	(133)		(33)
Total reported lease liability	$	702	$	336

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows:


	As of December 31, 2023
	Operating Leases		Finance Leases
	(in millions)
Year Ending December 31:
2024	$	195	$	135
2025	150		103
2026	106		64
2027	86		32
2028	75		13
Thereafter	223		22
Total future undiscounted lease payments	$	835	$	369
less: imputed interest	(133)		(33)
Total reported lease liability	$	702	$	336

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 5. Leases

We have operating and finance leases for manufacturing and distribution facilities, vehicles, equipment and office space. Our leases have remaining lease terms of 1 to 16 years, some of which include options to extend the leases for up to 6 years.

The components of lease costs were as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Operating lease cost	$	223	$	213	$	228

Finance lease cost:
Amortization of ROU assets	130		95		89
Interest on lease liabilities	15		8		7

Short-term lease cost	12		11		29
Variable lease cost	766		602		506

Sublease income	(4)		(4)		(6)

Total lease cost	$	1,142	$	925	$	853

Supplemental cash flow information related to leases was as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(222)	$	(212)	$	(229)
Operating cash flows from finance leases	(15)		(8)		(8)
Financing cash flows from finance leases	(125)		(95)		(88)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	197	$	220	$	186
Finance leases	163		148		76

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2023			2022
	(in millions)
Operating Leases
Operating lease ROU assets, net of amortization	$	683		$	660

Other current liabilities	$	165		$	166
Long-term operating lease liabilities	537			514
Total operating lease liabilities	$	702		$	680

Finance Leases
Finance leases, net of amortization (within property, plant and equipment)	$	325		$	287

Current portion of long-term debt	$	122		$	95
Long-term debt	214			198
Total finance lease liabilities	$	336		$	293

Weighted Average Remaining Lease Term
Operating leases	6.4 years			7.0 years
Finance leases	3.6 years			4.1 years

Weighted Average Discount Rate
Operating leases	5.1		%	4.2		%
Finance leases	5.0		%	4.0		%

Maturities of lease liabilities were as follows:


	As of December 31, 2023
	Operating Leases		Finance Leases
	(in millions)
Year Ending December 31:
2024	$	195	$	135
2025	150		103
2026	106		64
2027	86		32
2028	75		13
Thereafter	223		22
Total future undiscounted lease payments	$	835	$	369
less: imputed interest	(133)		(33)
Total reported lease liability	$	702	$	336

Leases

Note 5. Leases

The components of lease costs were as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Operating lease cost	$	223	$	213	$	228

Finance lease cost:
Amortization of ROU assets	130		95		89
Interest on lease liabilities	15		8		7

Short-term lease cost	12		11		29
Variable lease cost	766		602		506

Sublease income	(4)		(4)		(6)

Total lease cost	$	1,142	$	925	$	853

Supplemental cash flow information related to leases was as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(222)	$	(212)	$	(229)
Operating cash flows from finance leases	(15)		(8)		(8)
Financing cash flows from finance leases	(125)		(95)		(88)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	197	$	220	$	186
Finance leases	163		148		76

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2023			2022
	(in millions)
Operating Leases
Operating lease ROU assets, net of amortization	$	683		$	660

Other current liabilities	$	165		$	166
Long-term operating lease liabilities	537			514
Total operating lease liabilities	$	702		$	680

Finance Leases
Finance leases, net of amortization (within property, plant and equipment)	$	325		$	287

Current portion of long-term debt	$	122		$	95
Long-term debt	214			198
Total finance lease liabilities	$	336		$	293

Weighted Average Remaining Lease Term
Operating leases	6.4 years			7.0 years
Finance leases	3.6 years			4.1 years

Weighted Average Discount Rate
Operating leases	5.1		%	4.2		%
Finance leases	5.0		%	4.0		%

Maturities of lease liabilities were as follows:


	As of December 31, 2023
	Operating Leases		Finance Leases
	(in millions)
Year Ending December 31:
2024	$	195	$	135
2025	150		103
2026	106		64
2027	86		32
2028	75		13
Thereafter	223		22
Total future undiscounted lease payments	$	835	$	369
less: imputed interest	(133)		(33)
Total reported lease liability	$	702	$	336

Restructuring Program

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Program

Note 8. 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 costs ($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 related implementation charges of $5.3 billion related to the Simplify to Grow Program. We expect to incur the remainder of the program charges by year-end 2024.

Restructuring Costs

The Simplify to Grow Program liability activity for the years ended December 31, 2023 and 2022 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability Balance, January 1, 2022	$	211	$	—	$	211
Charges (2)	31		5		36
Cash spent (3)	(69)		—		(69)
Non-cash settlements/adjustments (4)	(3)		(5)		(8)
Currency	(6)		—		(6)
Liability Balance, December 31, 2022	$	164	$	—	$	164
Charges (2)	89		17		106
Cash spent (3)	(67)		—		(67)
Non-cash settlements/adjustments (4)	—		(17)		(17)
Currency	5		—		5
Liability balance, December 31, 2023 (5)	$	191	$	—	$	191

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

(2)We recorded restructuring charges of $106 million in 2023, $36 million in 2022 and $154 million in 2021 within asset impairment and exit costs and benefit plan non-service income.

(3)We spent $67 million in 2023 and $69 million in 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 $17 million in 2023 and $8 million in 2022.

(5)At December 31, 2023, $102 million of our net restructuring liability was recorded within other current liabilities and $89 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 $25 million in

2023, $87 million in 2022 and $167 million in 2021. We recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses.

Restructuring and Implementation Costs in Operating Income

During 2023, 2022 and 2021, 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 Year Ended December 31, 2023
Restructuring Costs	$	(3)	$	7	$	79	$	19	$	4	$	106
Implementation Costs	1		—		12		8		4		25
Total	$	(2)	$	7	$	91	$	27	$	8	$	131
For the Year Ended December 31, 2022
Restructuring Costs	$	(6)	$	13	$	16	$	12	$	1	$	36
Implementation Costs	7		6		25		37		12		87
Total	$	1	$	19	$	41	$	49	$	13	$	123
For the Year Ended December 31, 2021
Restructuring Costs	$	7	$	(17)	$	4	$	153	$	7	$	154
Implementation Costs	9		10		33		97		18		167
Total	$	16	$	(7)	$	37	$	250	$	25	$	321
Total Project (Inception to Date)
Restructuring Costs	$	545	$	561	$	1,242	$	676	$	154	$	3,178
Implementation Costs	304		245		581		598		372		2,100
Total	$	849	$	806	$	1,823	$	1,274	$	526	$	5,278

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business	Description of Business Mondelēz International, Inc. was incorporated in 2000 in the Commonwealth of Virginia. Mondelēz International, Inc., through its subsidiaries (collectively “Mondelēz International,” “we,” “us” and “our”), sells food and beverage products to consumers in over 150 countries.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors’ interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments over which we do not have significant influence or control are not material and as there is no readily determinable fair value for the equity interests, these investments are carried at cost with changes in the investment recognized to the extent cash is received.
Use of Estimates	Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require us to make estimates and assumptions that affect a number of amounts in our consolidated financial statements. Significant estimates include, valuation assumptions of goodwill and intangible assets, useful lives of long-lived assets, restructuring program liabilities, contingent consideration, marketing program accruals, insurance and self-insurance reserves, pension and benefit plan assumptions and income taxes. We base our estimates on historical experience, expectations of future impacts and other assumptions that we believe are reasonable. Given the uncertainty of the global economic environment, our estimates could be significantly different than future performance. If actual amounts differ from estimates, we include the updates in our consolidated results of operations in the period the actual amounts become known.
Currency Translation and Highly Inflationary Accounting	Currency Translation and Highly Inflationary Accounting We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings. Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country, from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings. At this time, within our consolidated entities, Argentina and Türkiye are accounted for as highly inflationary economies.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include demand deposits with financial institutions and all highly liquid investments with original maturities of three months or less. Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions.
Allowance for Credit Losses	Allowances for Credit Losses Allowances for credit losses are recorded against our receivables. They are developed at a country and region level based on historical collection experiences, current economic condition of specific customers and the forecasted economic condition of countries using various factors such as bond default rates and consumption indexes. We write off receivables once it is determined that the receivables are no longer collectible and as allowed by local laws.
Transfers of Financial Assets	Transfers of Financial Assets We account for transfers of financial assets, such as uncommitted revolving non-recourse accounts receivable factoring arrangements, when we have surrendered control over the related assets. We use receivable factoring arrangements periodically when circumstances are favorable to manage liquidity. We have nonrecourse factoring arrangements in which we sell eligible trade receivables primarily to financial institutions in exchange for cash. We may continue to collect the receivables sold, acting solely as a collecting agent on behalf of the financial institutions.
Inventories	Inventories We record our inventory using the average cost method and record inventory reserves for excess and obsolete inventory.
Long-Lived Assets	Long-Lived Assets Property, plant and equipment are stated at historical cost and depreciated by the straight-line method over the estimated useful lives of the assets with the expense recorded in cost of sales or selling, general and administrative expenses depending on the nature of the long-lived assets. Machinery and equipment are depreciated over periods ranging from 3 to 20 years and buildings and building improvements over periods up to 40 years. We review long-lived assets, including definite-life intangible assets, for realizability on an ongoing basis. Changes in depreciation, generally accelerated depreciation, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. We amortize definite-life intangible assets over their estimated useful lives and evaluate them for impairment as we do other long-lived assets. We review for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, we perform undiscounted operating cash flow analyses for asset groups at the lowest level for which cash flows are separately identifiable to determine if an impairment exists. Any impairment loss is calculated as the excess of the asset’s carrying value over its estimated fair value. Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal.
Leases	Leases We determine whether a contract is or contains a lease at contract inception. For short-term operating leases with terms of 12 months or less, we do not recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets are recognized at commencement date at the value of the lease liability, adjusted for any prepayments, lease incentives received and initial direct costs incurred. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The non-recurring fair value measurement is classified as Level 3 as no fair value inputs are observable. As the implicit interest rate in the lease is not readily determinable, we use our country-specific incremental borrowing rate to discount the lease liabilities. Our leases may include options to extend or terminate the lease, which are included in the lease term when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Many of our leases contain non-lease components (e.g., product costs, common-area or other maintenance costs) that relate to the lease components of the agreement. We account for lease and non-lease components as a single lease component. Amortization of ROU lease assets is calculated over the lease term with the expense recorded in cost of sales or selling, general and administrative expenses depending on the nature of the leased item. Interest expense is recorded over the lease term and is recorded in interest expense (based on a front-loaded interest expense pattern) for finance leases and is recorded in cost of sales or selling, general and administrative expenses for operating leases. Variable lease payments, which are primarily comprised of product costs, insurance and tax payments based on usage or output, are recognized when the expense is incurred. Finance lease ROU assets are presented in property, plant and equipment and the related finance lease liabilities are presented in the current portion of long-term debt and long-term debt.
Software Costs	Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are included in property, plant and equipment and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years.
Goodwill and Indefinite-Life Intangible Assets	Goodwill and Indefinite-Life Intangible Assets We test goodwill and indefinite-life intangible assets for impairment on an annual basis on July 1. We assess goodwill impairment risk throughout the year by performing a qualitative review of entity-specific, industry, market and general economic factors affecting our goodwill reporting units. Annually, we may perform qualitative testing, or depending on factors such as prior year test results, current year developments, current risk evaluations and other practical considerations, we may elect to do quantitative testing instead. In our quantitative testing, we compare a reporting unit’s estimated fair value with its carrying value. We estimate a reporting unit’s fair value using a discounted cash flow method that incorporates planned growth rates, market-based discount rates and estimates of residual value. If the carrying value of a reporting unit’s net assets exceeds its fair value, we would recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value. Annually, we assess indefinite-life intangible assets for impairment by performing a qualitative review and assessing events and circumstances that could affect the fair value or carrying value of these intangible assets. If significant potential impairment risk exists for a specific asset, we quantitatively test it for impairment by comparing its estimated fair value with its carrying value. During our annual testing, we use several accepted valuation methods, including relief from royalty, excess earnings and excess margin, that utilize estimates of future sales, earnings growth rates, royalty rates and discount rates in determining a brand’s global fair value. If the carrying value of the asset exceeds its fair value, we consider the asset impaired and reduce its carrying value to the estimated fair value.
Held for Sale	Held for Sale Assets and liabilities to be disposed of by sale ("disposal groups") are reclassified into assets and liabilities held for sale on our consolidated balance sheets. The reclassification occurs when all the held for sale criteria have been met, including when management having the requisite authority have committed to a plan to sell the assets within one year. Disposal groups are measured at the lower of carrying value or fair value less costs to sell and are not depreciated or amortized. The fair value of a disposal group, less any costs to sell, is assessed each reporting period it remains classified as held for sale and any remeasurement to the lower of carrying value or fair value less costs to sell is reported as an adjustment to the carrying value.
Business Combinations	Business Combinations The assets acquired and liabilities assumed upon the acquisition or consolidation of a business are recorded at fair value, with the residual of the purchase price allocated to goodwill. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to assets acquired and liabilities assumed with the corresponding offset to goodwill. The results of operations of an acquired business are included in our operating results from the date of acquisition. Further, certain of our acquisitions may include earn-out provisions or other forms of contingent consideration. As of the acquisition date, we record contingent consideration, as applicable, at the estimated fair value of expected future payments associated with the earn-out. Any changes to the recorded fair value of contingent consideration will be recognized as expenses or earnings in the period in which they occur. Legal costs, due diligence costs, business valuation costs and all other business acquisition costs are expensed when incurred.
Equity Method Investments	Equity Method Investments Equity method investments consist of our investments in entities in which we maintain an equity ownership interest and apply the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our equity method investees are not consolidated into our financial statements; rather, our proportionate share of the earnings of each investee is reflected as equity method investment net earnings. The carrying values of our equity method investments are also impacted by our proportionate share of items impacting the investee's accumulated other comprehensive income or losses and other items, such as our share of investee dividends.
Insurance and Self-Insurance	Insurance and Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including workers’ compensation, general liability, automobile liability, product liability and our obligation for employee healthcare benefits. We estimate the liabilities associated with these risks on an undiscounted basis by evaluating and making judgments about historical claims experience and other actuarial assumptions and the estimated impact on future results.
Revenue Recognition	Revenue Recognition We recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery or shipment of the products. We account for product shipping, handling and insurance as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of sales. Any taxes collected on behalf of government authorities are excluded from net revenues. Revenues are recorded net of trade and sales incentives and estimated product returns. Known or expected pricing or revenue adjustments, such as trade discounts, rebates or returns, are estimated at the time of sale. We base these estimates of expected amounts principally on historical utilization and redemption rates. Estimates that affect revenue, such as trade incentives and product returns, are monitored and adjusted each period until the incentives or product returns are realized. Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs and we capitalize product fulfillment costs. Deferred revenues are not material and primarily include customer advance payments typically collected a few days before product delivery, at which time deferred revenues are reclassified and recorded as net revenues. We generally do not receive non-cash consideration for the sale of goods nor do we grant payment financing terms greater than one year.
Marketing, Advertising and Research and Development	Marketing, Advertising and Research and Development We promote our products with marketing and advertising programs. These programs include, but are not limited to, cooperative advertising, in-store displays and consumer marketing promotions. For interim reporting purposes, advertising, consumer promotion and marketing research expenses are charged to operations as a percentage of volume, based on estimated sales volume and estimated program spending. We do not defer costs on our year-end consolidated balance sheets and all marketing and advertising costs are recorded as an expense in the year incurred.
Stock-based Compensation	Stock-based Compensation We maintain a share-based compensation plan, which authorizes the granting of various equity-based incentives, including stock options (including stock appreciation rights), deferred stock units (DSUs) and performance share units (PSUs). Stock compensation expense is amortized to expense over the vesting period, generally three years. Stock options are granted with an exercise price equal to the closing market price of our Common Stock on the grant date. Substantially all of the options become exercisable in three annual installments beginning a year from the grant date and generally expire 10 years from the grant date. We use the Black-Scholes Model to measure the fair value of stock options granted to employees. The expected life of the options represents the period of time the options are expected to be outstanding and is based on historical trends. Expected stock price volatility is based on the implied and historical volatility of the Company’s stock. The expected dividend yield is based on the Company’s most recent annual dividend rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected life. DSUs are typically granted to selected management employees on an annual basis and vest over three years. Dividend equivalents are paid during the vesting period. The fair value of our DSUs and other stock-based awards is measured at the market price of our Common Stock on the grant date. PSUs vest based on varying performance, market and service conditions. Dividend equivalents accumulated over the vesting period are paid after vesting. The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based component and the market price of our Common Stock on the grant date for performance-based components. The final award may equal 0-200 percent of the target grant, based on the achievement of the performance and market-based components. Forfeitures are estimated on the grant date for all of our stock-based compensation awards.
Employee Benefit Plans	Employee Benefit Plans We provide a range of benefits to our current and retired employees including pension benefits, defined contribution plan benefits, postretirement health care benefits and postemployment primarily severance-related benefits depending upon local statutory requirements, employee tenure and service requirements as well as other factors. The cost for these plans is recognized in earnings primarily over the working life of the covered employee.
Financial Instruments	Financial Instruments We use financial instruments to manage our currency exchange rate, commodity price and interest rate risks. We monitor and manage these exposures as part of our overall risk management program, which focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results. A principal objective of our risk management strategies is to reduce significant, unanticipated earnings fluctuations that may arise from volatility in currency exchange rates, commodity prices and interest rates. When we use derivatives, we are exposed to credit and market risks. We reduce our credit risk by entering into transactions with counterparties with high quality, investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. We also maintain a policy of requiring that all significant, non-exchange traded derivative contracts with a duration of one year or longer are governed by an International Swaps and Derivatives Association master agreement. We manage derivative market risk by limiting the types of derivative instruments, derivative strategies we use and the degree of market risk that we plan to hedge through the use of derivative instruments. We record derivative financial instruments on a gross basis in our consolidated balance sheets. The fair value of our instruments are recorded within other current assets, other assets, other current liabilities and other liabilities in our consolidated balance sheets. Mark-to-market gains or losses related to our economic hedges are separately presented in the consolidated statements of cash flows within operating activities. Cash flows related to the settlement of derivative instruments designated as hedges of net investments in non-U.S. operations are classified in the consolidated statements of cash flows within investing activities. Cash flows related to derivative instruments that are designated or settled economic hedges are classified in the same line item as the cash flows of the related hedged item. Cash flows related to the settlement of all other free-standing derivative instruments are classified within investing activities. Commodity derivatives. We are exposed to price risk related to forecasted purchases of certain commodities that we primarily use as raw materials. We enter into commodity forward, futures and option contracts. Commodity forward contracts generally are not subject to the accounting requirements for derivative instruments and hedging activities under the normal purchases exception. We sell commodity futures to hedge future purchase commitments. We occasionally use related futures to cross-hedge a commodity exposure. We are not a party to leveraged derivatives and do not use financial instruments for speculative purposes. Any mark-to-market gains or losses are recorded in earnings (see Note 10, Financial Instruments, for additional information). Currency exchange derivatives. We enter into currency exchange forward contracts, futures, options and swaps to mitigate our exposure to changes in exchange rates from third-party and intercompany current and forecasted transactions. Any mark-to-market gains or losses are recorded in earnings (see Note 10, Financial Instruments, for additional information). Interest rate cash flow hedges. We manage interest rate volatility by modifying the pricing or maturity characteristics of certain liabilities so that the net impact on expense is not, on a material basis, adversely affected by movements in interest rates. We use derivative instruments, including interest rate swaps that have indices related to the pricing of specific liabilities as part of our interest rate risk management strategy. We use cross-currency interest rate swaps to hedge interest payments on newly issued debt denominated in a different currency than the functional currency of the borrowing entity. Substantially all of these derivative instruments are highly effective and qualify for hedge accounting treatment. Changes in the fair value of derivatives that are designated as a cash flow hedge, to the extent the hedge is effective, are recorded in accumulated other comprehensive earnings/(losses), net of deferred taxes, and reclassified to earnings when the hedged item affects earnings (see Note 10, Financial Instruments, for additional information). Hedges of net investments in non-U.S. operations. We have numerous investments outside the United States. The net assets of these subsidiaries are exposed to changes and volatility in currency exchange rates. We use local currency denominated debt to hedge our non-U.S. net investments against adverse movements in exchange rates. We may designate non-U.S. dollar-denominated borrowings in the U.S. as a net investment hedge of a portion of our overall non-U.S. operations. The gains and losses on our net investment in these designated non-U.S. operations are economically offset by losses and gains designated dollar-denominated borrowings. The revaluation of designated borrowings, net of deferred taxes, is recorded within currency translation adjustment in accumulated other comprehensive earnings/(losses) (see Note 10, Financial Instruments, for additional information). We use derivatives instruments to hedge certain investments in our non-U.S. operations against movements in exchange rates. These instruments may include cross-currency interest rate swaps, forwards and options. The after-tax gain/(loss) on these net investment hedge contracts, net of deferred taxes, is recorded within cumulative translation adjustment in accumulated other comprehensive earnings/(losses) (see Note 10, Financial Instruments, for additional information).
Income Taxes	Income Taxes Our provision for income taxes includes amounts payable or refundable for the current year, the effects of deferred taxes and impacts from uncertain tax positions. We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of our assets and liabilities, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those differences are expected to reverse. The realization of certain deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, we consider any carryback potential, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), future taxable income and tax planning strategies. We recognize tax benefits in our financial statements from uncertain tax positions only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. The amount we recognize is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon resolution. Future changes related to the expected resolution of uncertain tax positions could affect tax expense in the period when the change occurs. We monitor for changes in tax laws and reflect the impacts of tax law changes in the period of enactment. When there is refinement to tax law changes in subsequent periods, we account for the new guidance in the period when it becomes known.
Supply Chain Financing	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 sheets.
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. In November 2023, the FASB issued an ASU which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023 and early adoption is permitted. We are currently assessing the impact on our consolidated financial statements and related segment disclosures. In December 2023, the FASB issued an ASU which enhances the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. We are currently assessing the impact on our consolidated financial statements and related disclosures.
Segment Reporting	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 intangible assets, gains and losses on divestitures and acquisitions 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.

Debt and Borrowing Arrangements - Debt Repayments (Details)
€ in Millions, SFr in Millions, $ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2023

CHF (SFr)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

Dec. 31, 2022

CHF (SFr)

Dec. 31, 2021

USD ($)

Debt Instrument [Line Items]

Repayments of long-term debt

$ 2,432

$ 3,032

$ 6,247

1.125% Notes Due December 2023 | Loans Payable

Debt Instrument [Line Items]

Interest Rate

1.125%

Repayments of long-term debt

$ 306

SFr 265

2.125% Notes Due September 2022 | Loans Payable

Debt Instrument [Line Items]

Interest Rate

^[1]

2.125%

Repayments of long-term debt

^[1]

$ 500

0.650% Notes Due July 2022 | Loans Payable

Debt Instrument [Line Items]

Interest Rate

0.65%

Repayments of long-term debt

$ 156

SFr 150

Various | Loans Payable

Debt Instrument [Line Items]

Repayments of long-term debt

^[2]

431

€ 381

Various | Loans Payable | Chipita

Debt Instrument [Line Items]

Repayments of long-term debt

$ 400

€ 400

[1]	Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.
[2]	On January 3, 2022, we closed on our acquisition of Chipita and assumed and entirely paid down €0.4 billion ($0.4 billion) of Chipita's debt during the twelve months ended December 31, 2022.

- Definition

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.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

Earnings/(losses) from continuing operations before income taxes and the provision for income taxes consisted of:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Earnings/(losses) from continuing operations before income taxes:
United States	$	1,500	$	463	$	519
Outside United States	4,380		2,765		3,850
	$	5,880	$	3,228	$	4,369
Provision for income taxes:
United States federal:
Current	$	667	$	187	$	297
Deferred	(167)		(17)		(31)
	500		170		266
State and local:
Current	123		78		89
Deferred	(50)		2		9
	73		80		98
Total United States	573		250		364

Outside United States:
Current	784		642		599
Deferred	180		(27)		227
Total outside United States	964		615		826

Total provision for income taxes	$	1,537	$	865	$	1,190

The effective income tax rate on pre-tax earnings differed from the U.S. federal statutory rate as follows:


	For the Years Ended December 31,
	2023	2022	2021
U.S. federal statutory rate	21.0%	21.0%	21.0%
Increase/(decrease) resulting from:
State and local income taxes, net of federal tax benefit	(0.1)%	1.6%	1.1%
Foreign rate differences	2.0%	2.0%	(1.6)%
Changes in judgment on realizability of deferred tax assets	(0.1)%	(1.1)%	0.1%
Reversal of other tax accruals no longer required	(0.2)%	(1.4)%	(0.5)%
Tax accrual on investment in KDP (including tax impact of share sales)	2.8%	0.5%	4.7%
Excess tax benefits from equity compensation	(0.4)%	(0.8)%	(0.7)%
Tax legislation	1.4%	0.5%	2.3%
Business sales	(0.5)%	0.1%	—%

Foreign tax provisions under TCJA (GILTI, FDII and BEAT) (1)	0.6%	0.1%	0.8%
Tax impacts from the European Commission legal matter	(0.4)%	2.1%	—%
Non-deductible expenses and other, including buyout of Clif Bar ESOP	—%	2.2%	—%
Effective tax rate	26.1%	26.8%	27.2%

(1)The Tax Cuts and Jobs Act of 2017 (“TCJA”) established the Global Intangible Low-Tax Income (“GILTI”) provision, which taxes U.S. allocated expenses and certain income from foreign operations; the Foreign-Derived Intangible Income (“FDII”) provision, which allows a deduction against certain types of U.S. taxable income resulting in a lower effective U.S. tax rate on such income; and the Base Erosion Anti-abuse Tax (“BEAT”), which is a minimum tax based on cross-border service payments by U.S. entities.

Our 2023 effective tax rate of 26.1% was higher due to a $125 million net tax expense incurred in connection with the KDP share sale during the first quarter of 2023 (the earnings were reported separately on our statement of earnings and thus not included in earnings before income taxes). Excluding these impacts, our effective tax rate was 24.0%, which reflects unfavorable foreign provisions under U.S. tax laws as well as both favorable and unfavorable impacts from the mix of pre-tax income in various non-U.S. jurisdictions. The 24.0% included a $150 million net tax expense related to pre-tax gains and losses on KDP marketable securities. It also included a favorable discrete net tax benefit of $40 million, driven primarily by a $51 million net benefit from the release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions and a $24 million benefit for the expected tax deduction on the European Commission legal matter, partially offset by a $63 million expense from updating our Swiss tax reform position in Switzerland as it relates to the 2024 tax year.

Our 2022 effective tax rate of 26.8% was higher due to the buyout of the Clif Bar ESOP that was recorded to earnings before income taxes and the European Commission legal matter, for which there is no associated income tax benefits. Excluding these impacts, our effective tax rate was 22.6%, which reflects unfavorable provisions from the U.S. tax code and the establishment of a valuation allowance related to a deferred tax asset arising from the 2022 Ukraine loss, largely offset by favorable impacts from the mix of pre-tax income in various non-U.S. jurisdictions. The 22.6% includes a favorable discrete net tax benefit of $96 million, driven by a $72 million net benefit from the release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions and a $51 million net benefit from the Chipita acquisition, partially offset by $17 million expense from tax law changes in various jurisdictions.

Our 2021 effective tax rate of 27.2% was higher due to the $187 million net tax expense incurred in connection with the KDP share sales during the second and third quarters. Excluding this impact, our effective tax rate was 23.0%, which reflects unfavorable provisions from the 2017 U.S. tax reform and taxes on earnings from equity method investments (these earnings are reported separately on our consolidated statements of earnings and not within earnings before income taxes), largely offset by favorable impacts from the mix of pre-tax income in various non-U.S. jurisdictions. The 23.0% includes a discrete net tax benefits of $2 million, primarily driven by a $47 million net benefit from the release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions and a $44 million benefit from two U.S. tax returns amended to reflect new guidance from the U.S. Treasury Department, offset by $100 million net tax expense from the increase of our deferred tax liabilities resulting from enacted tax legislation (mainly in the United Kingdom).

Tax effects of temporary differences that gave rise to deferred income tax assets and liabilities consisted of:


	As of December 31,
	2023		2022
	(in millions)
Deferred income tax assets:
Accrued postretirement and postemployment benefits	$	45	$	83
Other employee benefits	155		156
Accrued expenses	632		649
Loss carryforwards	701		664
Tax credit carryforwards	803		786
Other	589		481
Total deferred income tax assets	2,925		2,819
Valuation allowance	(1,359)		(1,257)
Net deferred income tax assets	$	1,566	$	1,562
Deferred income tax liabilities:
Intangible assets, including impact from Swiss tax reform	$	(3,094)	$	(3,279)
Property, plant and equipment	(770)		(708)
Accrued pension costs	(62)		(57)
Other	(524)		(482)
Total deferred income tax liabilities	(4,450)		(4,526)
Net deferred income tax liabilities	$	(2,884)	$	(2,964)

Our significant valuation allowances are in the U.S. and Switzerland. The U.S. valuation allowance relates to excess foreign tax credits generated by the deemed repatriation under U.S. tax reform while the Swiss valuation allowance brings the allowed step-up of intangible assets recorded under Swiss tax reform to the amount more likely than not to be realized. Our total valuation allowance was $1,257 million as of January 1, 2023 and $1,359 million as of December 31, 2023. The $102 million net change consisted of $165 million additions less $63 million reductions.

At December 31, 2023, the Company has tax-effected loss carryforwards of $701 million, of which $29 million will expire at various dates between 2024 and 2043 and the remaining $672 million can be carried forward indefinitely.

As of December 31, 2023, the company is indefinitely reinvested in unremitted earnings of approximately $4.6 billion, of which approximately $1.3 billion has already been subject to U.S. tax but would incur approximately $95 million of local costs if repatriated, which has not been recognized in our financial statements. It is not practicable to quantify the total U.S. tax impact from all our indefinitely reinvested earnings. Future tax law changes or changes in the needs of our non-U.S. subsidiaries could require us to recognize deferred tax liabilities on a portion, or all, of our accumulated earnings that are currently indefinitely reinvested.

The changes in our unrecognized tax benefits were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
January 1	$	424	$	446	$	442
Increases from positions taken during prior periods	33		16		31
Decreases from positions taken during prior periods	(35)		(9)		(21)
Increases from positions taken during the current period	55		48		47
Decreases relating to settlements with taxing authorities	(11)		(54)		(13)
Reductions resulting from the lapse of the applicable statute of limitations	(29)		(22)		(26)
Currency/other	5		(1)		(14)
December 31	$	442	$	424	$	446

As of January 1, 2023, our unrecognized tax benefits were $424 million. If we had recognized all of these benefits, the net impact on our income tax provision would have been $352 million. Our unrecognized tax benefits were $442 million at December 31, 2023, and if we had recognized all of these benefits, the net impact on our income tax provision would have been $348 million. Within the next 12 months, our unrecognized tax benefits could increase by approximately $45 million due to unfavorable audit developments or decrease by approximately $85 million due to audit settlements and the expiration of statutes of limitations in various jurisdictions. We include accrued interest and penalties related to uncertain tax positions in our tax provision. We had accrued interest and penalties of $162 million as of January 1, 2023 and $173 million as of December 31, 2023. Our 2023 provision for income taxes included $11 million expense for interest and penalties.

In connection with the 2017 enacted U.S. tax reform, we recorded a $1.3 billion transition tax liability that is payable in installments through 2026. As of December 31, 2023, the remaining liability was approximately $570 million.

Our income tax filings are regularly examined by federal, state and non-U.S. tax authorities. U.S. federal, state and non-U.S. jurisdictions have statutes of limitations generally ranging from three to five years; however, these statutes are often extended by mutual agreement with the tax authorities. The earliest year still open to examination by U.S. federal and state tax authorities is 2016 and years still open to examination by non-U.S. tax authorities in major jurisdictions include (earliest open tax year in parentheses): India (2005), Switzerland (2018), China (2013), the United Kingdom (2015) and Greece (2017).

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Segment Reporting - Operating Income by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating income	$ 5,502	$ 3,534	$ 4,653
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	189	(326)	279
General corporate expenses	(356)	(245)	(253)
Amortization of intangible assets	(151)	(132)	(134)
Net gain on divestitures and acquisitions	108	0	8
Acquisition-related costs	0	(330)	(25)
Benefit plan non-service income	82	117	163
Interest and other expense, net	(310)	(423)	(447)
Gain on marketable securities	606	0	0
Earnings before income taxes	5,880	3,228	4,369
Latin America
Segment Reporting Information [Line Items]
Operating income	529	388	261
AMEA
Segment Reporting Information [Line Items]
Operating income	1,113	929	1,054
Europe
Segment Reporting Information [Line Items]
Operating income	1,978	1,481	2,092
North America
Segment Reporting Information [Line Items]
Operating income	$ 2,092	$ 1,769	$ 1,371

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Derivative [Line Items]

After-tax gain/(loss) on NIH contracts

^[1]

$ (185)

$ 396

$ 63

Amounts excluded from the assessment of hedge effectiveness

^[2]

$ 148

$ 116

$ 75

[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 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.

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Clif Bar (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 23,896	$ 23,450	$ 21,978
Contingent consideration		88	88
Net Cash Paid		$ (19)	$ 5,286	$ 833
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	107
Definite-life intangible assets	200
Goodwill	988
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

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Common Stock

Shares of Common Stock issued, in treasury and outstanding, were:


	Shares Issued	Treasury Shares	Shares Outstanding
Balance at January 1, 2021	1,996,537,778	(577,363,557)	1,419,174,221
Shares repurchased	—	(35,384,366)	(35,384,366)
Exercise of stock options and issuance of other stock awards	—	7,840,684	7,840,684
Balance at December 31, 2021	1,996,537,778	(604,907,239)	1,391,630,539
Shares repurchased	—	(31,556,510)	(31,556,510)
Exercise of stock options and issuance of other stock awards	—	5,817,062	5,817,062
Balance at December 31, 2022	1,996,537,778	(630,646,687)	1,365,891,091
Shares repurchased	—	(22,564,627)	(22,564,627)
Exercise of stock options and issuance of other stock awards	—	5,156,241	5,156,241
Balance at December 31, 2023	1,996,537,778	(648,055,073)	1,348,482,705

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Pre-tax Gains and Losses for Marketable Securities

Pre-tax gains for marketable securities are summarized below:


	Year Ended December 31, 2023
	(in millions)
Gain on marketable securities sold during the period	$	593
Dividend income and other	13
Total gain on marketable securities	$	606

Schedule of Summarized Financial Information of Equity Method Investments

Summarized financial information related to our equity method investments is reflected below.


	As of December 31,
	2023		2022
	(in millions)
Current assets	$	4,084	$	8,740
Noncurrent assets	23,962		71,375
Total assets	28,046		80,115
Current liabilities	4,963		12,711
Noncurrent liabilities	7,512		26,671
Total liabilities	12,475		39,382
Equity attributable to shareowners of investees	15,496		40,596
Equity attributable to noncontrolling interests	75		137
Total net equity of investees	$	15,571	$	40,733
Mondelēz International ownership interests	18-50%		5-50%
Equity method investments (1)	$	3,242	$	4,879


	For the Years Ended December 31,
	2023 (2)		2022		2021
	(in millions)
Net revenues	$	14,487	$	23,518	$	22,149
Gross profit	5,650		10,738		10,804
Income from continuing operations	926		2,984		2,614
Net income	926		2,984		2,614
Net income attributable to investees	$	938	$	2,990	$	2,618
Mondelēz International ownership interests	5-50%		5-50%		8-50%


Equity method investment net earnings	$	160	$	385	$	393

(2)The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.

Benefit Plans - Weighted-Average Assumptions to Determine Benefit Obligations (Details) - Pension Plans	Dec. 31, 2023	Dec. 31, 2022
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.22%	5.55%
Expected rate of return on plan assets	6.25%	6.25%
Rate of compensation increase	4.00%	4.00%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.03%	4.51%
Expected rate of return on plan assets	5.54%	5.41%
Rate of compensation increase	3.22%	3.22%

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Ricolino (Details) $ in Millions, $ in Billions			12 Months Ended
	Nov. 01, 2022 USD ($)	Nov. 01, 2022 MXN ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 23,896	$ 23,450	$ 21,978
Net Cash Paid			$ (19)	$ 5,286	$ 833
Ricolino
Business Acquisition [Line Items]
Cash	$ 22
Receivables	86
Inventory	70
Other current assets	3
Property, plant and equipment	139
Operating leases right-of-use assets	23
Definite-life intangible assets	218
Goodwill	721
Other assets	3
Assets acquired	1,624
Current liabilities	182
Deferred tax liability	75
Operating lease liabilities	23
Other liabilities	14
Total purchase price	1,330
less: cash received	(22)
Net Cash Paid	1,308	$ 26
Ricolino \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets	$ 339

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

Note 17. Earnings per Share

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


	For the Years Ended December 31,
	2023		2022		2021
	(in millions, except per share data)
Net earnings	$	4,968	$	2,726	$	4,314
less: Noncontrolling interest earnings	(9)		(9)		(14)
Net earnings attributable to Mondelēz International	$	4,959	$	2,717	$	4,300
Weighted-average shares for basic EPS	1,363		1,378		1,403
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	7		7		10
Weighted-average shares for diluted EPS	1,370		1,385		1,413
Basic earnings per share attributable to Mondelēz International	$	3.64	$	1.97	$	3.06
Diluted earnings per share attributable to Mondelēz International	$	3.62	$	1.96	$	3.04

We exclude antidilutive Mondelēz International stock options and long-term incentive plan shares from our calculation of weighted-average shares for diluted EPS, which are 2.9 million for the year ended December 31, 2023, 3.0 million for the year ended December 31, 2022 and 3.1 million for the year ended December 31, 2021.

Debt and Borrowing Arrangements - Debt Issuances (Details) - Loans Payable - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Gross Proceeds

$ 0

4.250% Notes Due 2025

Debt Instrument [Line Items]

Interest Rate

^[1]

4.25%

Gross Proceeds

^[1],[2]

$ 500

2.125% Notes Due 2024

Debt Instrument [Line Items]

Interest Rate

2.125%

Gross Proceeds

^[2]

$ 500

2.625% Notes Due 2027

Debt Instrument [Line Items]

Interest Rate

2.625%

Gross Proceeds

^[2]

$ 750

3.000% Notes Due 2032

Debt Instrument [Line Items]

Interest Rate

3.00%

Gross Proceeds

^[2]

$ 750

[1]	Notes issued by Mondelez International Holdings Netherlands B.V. (“MIHN”), a wholly owned Dutch subsidiary of Mondelēz International, Inc.
[2]	Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

- Definition

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.

+ References

+ Details

Summary of Significant Accounting Policies - Changes in Allowances for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for Trade Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (45)	$ (37)
Current period (provision)/benefit for expected credit losses	(24)	(13)
Write-offs charged against the allowance	8	2
Recoveries of amounts previously written off	(1)
Currency	(4)	3
Ending balance	(66)	(45)
Allowance for Other Current Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(59)	(49)
Current period (provision)/benefit for expected credit losses	4	(14)
Write-offs charged against the allowance	1	3
Recoveries of amounts previously written off	0
Currency	4	1
Ending balance	(50)	(59)
Allowance for Long-Term Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(14)	(10)
Current period (provision)/benefit for expected credit losses	1	(3)
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	(1)
Currency	(1)	(1)
Ending balance	$ (15)	$ (14)

Debt and Borrowing Arrangements - Debt Redemptions (Details) - Loans Payable $ in Millions	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount Redeemed	$ 0
0.625% Notes Due July 2022
Debt Instrument [Line Items]
Interest Rate	0.625%
Amount Redeemed	$ 1,000

- Definition

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.

+ References

+ Details

Stock Plans - Weighted-Average Black-Scholes Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Risk-Free Interest Rate	4.18%	1.87%	0.57%
Expected Life	5 years	5 years	5 years
Expected Volatility	20.97%	22.05%	23.45%
Expected Dividend Yield	2.32%	2.13%	2.20%
Fair Value at Grant Date (in dollars per share)	$ 13.57	$ 11.24	$ 9.08

Benefit Plans - Percentage of Fair Value of Pension Plan Assets (Details) - Pension Plans	Dec. 31, 2023	Dec. 31, 2022
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	100.00%	100.00%
U.S. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	15.00%	15.00%
U.S. Plans \| Fixed-income securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	85.00%	85.00%
U.S. Plans \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	0.00%	0.00%
U.S. Plans \| Buy-in annuity policies
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	0.00%	0.00%
U.S. Plans \| Cash and other
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	0.00%	0.00%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	100.00%	100.00%
Non-U.S. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	16.00%	16.00%
Non-U.S. Plans \| Fixed-income securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	63.00%	63.00%
Non-U.S. Plans \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	4.00%	3.00%
Non-U.S. Plans \| Buy-in annuity policies
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	16.00%	17.00%
Non-U.S. Plans \| Cash and other
Defined Benefit Plan Disclosure [Line Items]
Percentage of fair value of pension plan assets	1.00%	1.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 195
2025	150
2026	106
2027	86
2028	75
Thereafter	223
Total future undiscounted lease payments	835
less: imputed interest	(133)
Total operating lease liabilities	702	$ 680
Finance Leases
2024	135
2025	103
2026	64
2027	32
2028	13
Thereafter	22
Total future undiscounted lease payments	369
less: imputed interest	(33)
Total finance lease liabilities	$ 336	$ 293

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

Dec. 31, 2023

Dec. 31, 2022

Euro notes | Net Investment Hedging

Derivative [Line Items]

Notional Amount

$ 3,516

$ 3,410

Swiss franc notes | Net Investment Hedging

Derivative [Line Items]

Notional Amount

386

638

Canadian dollar notes | Net Investment Hedging

Derivative [Line Items]

Notional Amount

453

443

Currency exchange contracts | Intercompany loans and forecasted interest payments

Derivative [Line Items]

Notional Amount

2,860

2,085

Currency exchange contracts | Forecasted transactions

Derivative [Line Items]

Notional Amount

5,550

5,470

Commodity contracts

Derivative [Line Items]

Notional Amount

^[1]

16,631

7,777

Interest rate contracts

Derivative [Line Items]

Notional Amount

2,384

4,147

Net investment hedge contracts

Derivative [Line Items]

Notional Amount

7,456

$ 7,319

Net investment hedge contracts | Net Investment Hedging

Derivative [Line Items]

Notional Amount

$ 7,500

[1]	Prior year notional has been revised.

Financial Instruments - Fair Value of Derivative Instruments (Details)
$ in Millions

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

EUR (€)

Sep. 20, 2021

EUR (€)

Derivatives, Fair Value [Line Items]

Asset Derivatives

$ 1,597

$ 790

Liability Derivatives

1,559

629

0.000% Notes Due September 2024 | Exchangeable Notes

Derivatives, Fair Value [Line Items]

Exchangeable bonds issued | €

€ 300,000,000

Derivatives designated as accounting hedges

Derivatives, Fair Value [Line Items]

Asset Derivatives

283

397

Liability Derivatives

439

276

Derivatives designated as accounting hedges | Interest rate contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

120

132

Liability Derivatives

Derivatives designated as accounting hedges | Net investment hedge derivative contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

^[1]

163

265

Liability Derivatives

^[1]

382

241

Derivatives not designated as accounting hedges

Derivatives, Fair Value [Line Items]

Asset Derivatives

1,314

393

Liability Derivatives

1,120

353

Derivatives not designated as accounting hedges | Interest rate contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

Liability Derivatives

Derivatives not designated as accounting hedges | Currency exchange contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

195

185

Liability Derivatives

134

103

Derivatives not designated as accounting hedges | Commodity contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

1,119

200

Liability Derivatives

984

247

Derivatives not designated as accounting hedges | Equity method investment contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

^[2]

Liability Derivatives

^[2]

$ 0

$ 3

[1]

Net investment hedge contracts consist of cross-currency interest rate swaps and forward contracts. 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 9, 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 the bifurcated embedded derivative option that was a component of the September 20, 2021 €300 million exchangeable bonds issuance. Refer to Note 9, Debt and Borrowing Arrangements

Financial Instruments - Non-U.S. Dollar Debt Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Euro notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (81)	$ 162	$ 211
British pound sterling notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	0	45	3
Swiss franc notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	(41)	13	29
Canadian notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (8)	$ 25	$ (3)

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following:


	As of December 31,
	2023		2022
	(in millions)
Raw materials	$	973	$	1,031
Finished product	2,790		2,501
	3,763		3,532
Inventory reserves	(148)		(151)
Inventories, net	$	3,615	$	3,381

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Note 18. 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 intangible assets, gains and losses on divestitures and acquisitions 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, reflecting our current segment structure for all periods presented, were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Net revenues:
Latin America	$	5,006	$	3,629	$	2,797
AMEA	7,075		6,767		6,465
Europe	12,857		11,420		11,156
North America	11,078		9,680		8,302
Net revenues	$	36,016	$	31,496	$	28,720





Earnings before income taxes:
Operating income:
Latin America	$	529	$	388	$	261
AMEA	1,113		929		1,054
Europe	1,978		1,481		2,092
North America	2,092		1,769		1,371
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	189		(326)		279
General corporate expenses	(356)		(245)		(253)
Amortization of intangible assets	(151)		(132)		(134)
Net gain on divestitures and acquisitions	108		—		8
Acquisition-related costs	—		(330)		(25)
Operating income	5,502		3,534		4,653
Benefit plan non-service income	82		117		163
Interest and other expense, net	(310)		(423)		(447)
Gain on marketable securities	606		—		—
Earnings before income taxes	$	5,880	$	3,228	$	4,369

Items impacting our segment operating results are discussed in Note 1, Summary of Significant Accounting Policies, Note 2, Acquisitions and Divestitures, Note 4, Property, Plant and Equipment, Note 6, Goodwill and Intangible Assets, Note 8, Restructuring Program, and Note 14, Commitments and Contingencies. Also see Note 9, Debt and Borrowing Arrangements, and Note 10, Financial Instruments, for more information on our interest and other expense, net for each period.

Total assets, depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Total assets:
Latin America (1)	$	7,360	$	6,164	$	4,106
AMEA (1)	9,965		9,882		10,386
Europe (1)	22,990		22,713		20,927
North America (1)	25,557		26,603		23,321
Equity method investments	3,242		4,879		5,289
Unallocated assets and adjustments (2)	2,277		920		3,063
Total assets	$	71,391	$	71,161	$	67,092

(1)Segment assets do not reflect outstanding intercompany asset balances that have been eliminated at a segment level.

(2)Unallocated assets consist primarily of cash and cash equivalents, deferred income taxes, centrally held property, plant and equipment, prepaid pension assets and derivative financial instrument balances. Final adjustments for jurisdictional netting of deferred tax assets and liabilities is done at a consolidated level.


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Depreciation expense (1):
Latin America	$	161	$	117	$	105
AMEA	164		169		173
Europe	255		256		257
North America	161		148		148
Total depreciation expense	$	741	$	690	$	683

(1)Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statement of cash flows for total depreciation and amortization expenses.


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Capital expenditures:
Latin America	$	171	$	113	$	165
AMEA	259		229		208
Europe	415		355		409
North America	267		209		183
Total capital expenditures	$	1,112	$	906	$	965

Geographic data for net revenues (recognized in the countries where products are sold from) and long-lived assets, excluding deferred taxes, goodwill, intangible assets and equity method investments, were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Net revenues:
United States	$	9,581	$	8,315	$	7,146
Other	26,435		23,181		21,574
Total net revenues	$	36,016	$	31,496	$	28,720


	As of December 31,
	2023		2022		2021
	(in millions)
Long-lived assets:
United States	$	2,226	$	2,740	$	1,851
United Kingdom	1,012		932		1,125
Mexico	1,331		1,170		927
Other	7,737		7,716		6,748
Total long-lived assets	$	12,306	$	12,558	$	10,651

Net revenues by product category, reflecting our current segment structure for all periods presented, were:


	For the Year Ended December 31, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	1,193	$	2,488	$	4,429	$	9,519	$	17,629
Chocolate	1,357		2,690		6,225		347		10,619
Gum & Candy	1,509		893		812		1,212		4,426
Beverages	457		593		135		—		1,185
Cheese & Grocery	490		411		1,256		—		2,157
Total net revenues	$	5,006	$	7,075	$	12,857	$	11,078	$	36,016


	For the Year Ended December 31, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	1,013	$	2,515	$	3,818	$	8,262	$	15,608
Chocolate	1,003		2,520		5,646		317		9,486
Gum & Candy	840		780		691		1,101		3,412
Beverages	409		572		119		—		1,100
Cheese & Grocery	364		380		1,146		—		1,890
Total net revenues	$	3,629	$	6,767	$	11,420	$	9,680	$	31,496


	For the Year Ended December 31, 2021 (1)
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	799	$	2,254	$	3,354	$	7,145	$	13,552
Chocolate	758		2,395		5,836		282		9,271
Gum & Candy	567		816		614		875		2,872
Beverages	359		550		126		—		1,035
Cheese & Grocery	314		450		1,226		—		1,990
Total net revenues	$	2,797	$	6,465	$	11,156	$	8,302	$	28,720

(1)Our snack product categories include biscuits & baked snacks, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits & baked snacks and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.

- Definition

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.

+ References

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

+ Details

Capital Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Capital Stock

Note 13. Capital Stock

Our amended and restated articles of incorporation authorize 5.0 billion shares of Common Stock and 500 million shares of preferred stock. There were no preferred shares issued and outstanding at December 31, 2023, 2022 and 2021. Shares of Common Stock issued, in treasury and outstanding, were:


	Shares Issued	Treasury Shares	Shares Outstanding
Balance at January 1, 2021	1,996,537,778	(577,363,557)	1,419,174,221
Shares repurchased	—	(35,384,366)	(35,384,366)
Exercise of stock options and issuance of other stock awards	—	7,840,684	7,840,684
Balance at December 31, 2021	1,996,537,778	(604,907,239)	1,391,630,539
Shares repurchased	—	(31,556,510)	(31,556,510)
Exercise of stock options and issuance of other stock awards	—	5,817,062	5,817,062
Balance at December 31, 2022	1,996,537,778	(630,646,687)	1,365,891,091
Shares repurchased	—	(22,564,627)	(22,564,627)
Exercise of stock options and issuance of other stock awards	—	5,156,241	5,156,241
Balance at December 31, 2023	1,996,537,778	(648,055,073)	1,348,482,705

Stock plan awards to employees and non-employee directors are issued from treasury shares. At December 31, 2023, 64.7 million shares of Common Stock held in treasury were reserved for stock options and other stock awards.

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 year ended December 31, 2023, we repurchased approximately 22.6 million shares of Common Stock at an average cost of $69.49 per share, or an aggregate cost of approximately $1.6 billion, all of which was paid during the period except for approximately $20.9 million settled in January 2024. All share repurchases were funded through available cash and commercial paper issuances. As of December 31, 2023, we have approximately $4.4 billion in remaining share repurchase capacity.

Benefit Plans - Weighted-Average Assumptions to Determine Net Periodic Pension Cost (Details) - Pension Plans	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.55%	3.01%	2.73%
Expected rate of return on plan assets	6.25%	4.50%	4.50%
Rate of compensation increase	4.00%	4.00%	4.00%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.51%	1.74%	1.33%
Expected rate of return on plan assets	5.41%	3.44%	3.90%
Rate of compensation increase	3.22%	2.84%	3.16%

Debt and Borrowing Arrangements - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 17,506	$ 20,217
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 19,408	$ 22,933

Benefit Plans - Projected Benefit Obligations, Plan Assets and Funded Status of Pension Plans (Details) - Pension Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	$ 8,538
Ending balance	9,087	$ 8,538
U.S. Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	1,193	1,729
Service cost	3	5	$ 6
Interest cost	64	51	42
Benefits paid	(45)	(39)
Settlements paid	(63)	(71)
Actuarial losses/(gains)	54	(482)
Divestitures/acquisitions	0	0
Currency	0	0
Other	0	0
Ending balance	1,206	1,193	1,729
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	1,265	1,826
Actual return on plan assets	114	(455)
Contributions	6	4
Benefits paid	(45)	(39)
Settlements paid	(63)	(71)
Divestitures	0	0
Currency	0	0
Other	0	0
Ending balance	1,277	1,265	1,826
Net pension assets at December 31	71	72
Non-U.S. Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	6,878	10,821
Service cost	54	88	137
Interest cost	303	172	130
Benefits paid	(424)	(461)
Settlements paid	0	0
Actuarial losses/(gains)	235	(2,844)
Divestitures/acquisitions	(6)	18
Currency	337	(957)
Other	27	41
Ending balance	7,404	6,878	10,821
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	7,389	11,021
Actual return on plan assets	423	(2,388)
Contributions	162	211
Benefits paid	(424)	(461)
Settlements paid	0	0
Divestitures	(4)	0
Currency	362	(992)
Other	(1)	(2)
Ending balance	7,907	7,389	$ 11,021
Net pension assets at December 31	$ 503	$ 511

Debt and Borrowing Arrangements - Interest and Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense, debt	$ 550	$ 428	$ 365
Loss on debt extinguishment and related expenses	1	129	137
Other income, net	(241)	(134)	(55)
Interest and other expense, net	$ 310	$ 423	$ 447

Reclassifications from Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Reclassifications from Accumulated Other Comprehensive Income

Note 15. Reclassifications from Accumulated Other Comprehensive Income

The following table summarizes the changes in the 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 $84 million in 2023, $21 million in 2022 and $(44) million in 2021.


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(9,808)	$	(9,097)	$	(8,655)
Currency translation adjustments	177		(659)		(481)
Reclassification to earnings related to:
Tax (expense)/benefit	52		(66)		23
Other comprehensive earnings/(losses)	229		(725)		(458)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	5		14		16
Balance at end of period	(9,574)		(9,808)		(9,097)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,105)	$	(1,379)	$	(1,874)
Net actuarial gain/(loss) arising during period	(229)		149		398
Tax (expense)/benefit on net actuarial gain/(loss)	39		(37)		(80)
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	25		57		140
Settlement losses and other expenses (1)	18		16		22
Curtailment credit (1)	—		8		(17)
Tax (benefit) on reclassifications (3)	(11)		(21)		(34)
Currency impact	(60)		102		66
Other comprehensive earnings/(losses)	(218)		274		495
Balance at end of period	(1,323)		(1,105)		(1,379)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(34)	$	(148)	$	(161)
Net derivative gains/(losses)	(61)		160		163
Tax (expense)/benefit on net derivative gain/(loss)	(4)		(13)		—
Losses/(gains) reclassified into net earnings:
Currency exchange contracts (2)	—		8		—
Interest rate contracts (2)	48		(30)		(152)
Tax (benefit) on reclassifications (3)	4		(17)		(3)
Currency impact	(2)		6		5
Other comprehensive earnings/(losses)	(15)		114		13
Balance at end of period	(49)		(34)		(148)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,947)	$	(10,624)	$	(10,690)
Total other comprehensive earnings/(losses)	(4)		(337)		50
less: other comprehensive (earnings)/loss attributable to noncontrolling interests	5		14		16
Other comprehensive earnings/(losses) attributable to Mondelēz International	1		(323)		66
Balance at end of period	$	(10,946)	$	(10,947)	$	(10,624)

(1)These reclassified losses are included in net periodic benefit costs disclosed in Note 11, Benefit Plans.

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

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

Consolidated Balance Sheets, as of December 31 (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 66	$ 45
Other receivables, allowances	$ 50	$ 59
Common stock, authorized (in shares)	5,000,000,000	5,000,000,000
Common stock, issued (in shares)	1,996,537,778	1,996,537,778
Treasury stock, at cost (in shares)	648,055,073	630,646,687

Investments - Summarized Financial Information of Equity Method Investments (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Equity Method Investment, Balance Sheet [Abstract]

Current assets

$ 11,703

$ 10,091

TOTAL ASSETS

71,391

71,161

$ 67,092

Current liabilities

19,013

16,731

TOTAL LIABILITIES

43,025

44,241

Equity attributable to shareowners of investees

28,332

26,883

Equity attributable to noncontrolling interests

TOTAL EQUITY

28,366

26,920

28,323

$ 27,654

Equity method investments

^[1]

3,242

4,879

Equity Method Investment, Income Statement [Abstract]

Net revenues

36,016

31,496

28,720

^[2]

Gross profit

13,764

11,312

11,254

Income from continuing operations

5,502

3,534

4,653

Net income

4,968

2,726

4,314

Net income attributable to investees

4,959

2,717

4,300

Equity method investment net earnings

160

^[3]

385

$ 393

Adjustment Due to Change in Accounting Basis

Equity Method Investment, Income Statement [Abstract]

Difference between U.S. GAAP accounting basis for equity method investments and the investees' equity

$ 373

$ 419

Minimum | Equity Method Investments, Including JDE Peet's, Dong Suh Foods Corporation, and Dong Suh Oil & Fats Co. Ltd.

Equity Method Investment, Balance Sheet [Abstract]

Mondelēz International ownership interests

18.00%

Equity Method Investment, Income Statement [Abstract]

Mondelēz International ownership interests

18.00%

Minimum | Equity Method Investments, Including Keurig Dr Pepper Inc., JDE Peet's, Dong Suh Foods Corporation, and Dong Suh Oil & Fats Co. Ltd.

Equity Method Investment, Balance Sheet [Abstract]

Mondelēz International ownership interests

5.00%

^[3]

5.00%

8.00%

Equity Method Investment, Income Statement [Abstract]

Mondelēz International ownership interests

5.00%

^[3]

5.00%

8.00%

Maximum | Equity Method Investments, Including JDE Peet's, Dong Suh Foods Corporation, and Dong Suh Oil & Fats Co. Ltd.

Equity Method Investment, Balance Sheet [Abstract]

Mondelēz International ownership interests

50.00%

Equity Method Investment, Income Statement [Abstract]

Mondelēz International ownership interests

50.00%

Maximum | Equity Method Investments, Including Keurig Dr Pepper Inc., JDE Peet's, Dong Suh Foods Corporation, and Dong Suh Oil & Fats Co. Ltd.

Equity Method Investment, Balance Sheet [Abstract]

Mondelēz International ownership interests

50.00%

^[3]

50.00%

Equity Method Investment, Income Statement [Abstract]

Mondelēz International ownership interests

50.00%

^[3]

50.00%

Equity Method Investment, Nonconsolidated Investee or Group of Investees

Equity Method Investment, Balance Sheet [Abstract]

Current assets

$ 4,084

$ 8,740

Noncurrent assets

23,962

71,375

TOTAL ASSETS

28,046

80,115

Current liabilities

4,963

12,711

Noncurrent liabilities

7,512

26,671

TOTAL LIABILITIES

12,475

39,382

Equity attributable to shareowners of investees

15,496

40,596

Equity attributable to noncontrolling interests

137

TOTAL EQUITY

15,571

40,733

Equity Method Investment, Income Statement [Abstract]

Net revenues

14,487

^[3]

23,518

$ 22,149

Gross profit

5,650

^[3]

10,738

10,804

Income from continuing operations

926

^[3]

2,984

2,614

Net income

926

^[3]

2,984

2,614

Net income attributable to investees

$ 938

^[3]

$ 2,990

$ 2,618

[1]	Includes a basis difference of approximately $373 million as of December 31, 2023 and $419 million as of December 31, 2022 between the U.S. GAAP accounting basis for our equity method investments and the U.S. GAAP accounting basis of our investees’ equity.
[2]	Our snack product categories include biscuits & baked snacks, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits & baked snacks and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.
[3]	The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.

Consolidated Statements of Earnings - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Net revenues

$ 36,016

$ 31,496

$ 28,720

^[1]

Cost of sales

(22,252)

(20,184)

(17,466)

Gross profit

13,764

11,312

11,254

Selling, general and administrative expenses

(8,002)

(7,384)

(6,263)

Asset impairment and exit costs

(217)

(262)

(212)

Net gain on divestitures and acquisitions

108

Amortization of intangible assets

(151)

(132)

(134)

Operating income

5,502

3,534

4,653

Benefit plan non-service income

117

163

Interest and other expense, net

(310)

(423)

(447)

Gain on marketable securities

606

Earnings before income taxes

5,880

3,228

4,369

Income tax provision

(1,537)

(865)

(1,190)

Gain/(loss) on equity method investment transactions

465

(22)

742

Equity method investment net earnings

160

^[2]

385

393

Net earnings

4,968

2,726

4,314

less: Noncontrolling interest earnings

(9)

(14)

Net earnings attributable to Mondelēz International

$ 4,959

$ 2,717

$ 4,300

Per share data:

Basic earnings per share attributable to Mondelēz International (in dollars per share)

$ 3.64

$ 1.97

$ 3.06

Diluted earnings per share attributable to Mondelēz International (in dollars per share)

$ 3.62

$ 1.96

$ 3.04

[1]	Our snack product categories include biscuits & baked snacks, chocolate and gum & candy. During the first quarter of 2022, we realigned some of our products between our biscuits & baked snacks and chocolate categories; as such, we reclassified the product category net revenues on a basis consistent with the 2022 presentation.
[2]	The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.

Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 10. Financial Instruments

Fair Value of Derivative Instruments

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


	As of December 31,
	2023				2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	120	$	57	$	132	$	35
Net investment hedge derivative contracts (1)	163		382		265		241
	$	283	$	439	$	397	$	276
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	195	$	134	$	185	$	103
Commodity contracts	1,119		984		200		247
Interest rate contracts	—		2		8		—
Equity method investment contracts (2)	—		—		—		3
	$	1,314	$	1,120	$	393	$	353
Total fair value	$	1,597	$	1,559	$	790	$	629

Derivatives designated as accounting hedges above include cash flow and net investment hedge derivative contracts. Our currency exchange, commodity derivative and equity method investment contracts are economic hedges that are not designated as accounting hedges. We record derivative assets and liabilities on a gross basis on our consolidated balance sheets. We record the fair value of our derivative assets in the amount of $1,347 million and $377 million within other current assets and $250 million and $413 million within other assets as of December 31, 2023 and 2022, respectively. We record the fair value of our derivative liabilities in the amount of $1,209 million and $421 million within other current liabilities and $350 million and $208 million within other liabilities, as of December 31, 2023 and 2022, respectively.

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


	As of December 31, 2023
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	61	$	—	$	61	$	—
Commodity contracts	135		28		107		—
Interest rate contracts	61		—		61		—
Net investment hedge contracts	(219)		—		(219)		—

Total derivatives	$	38	$	28	$	10	$	—


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

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

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

Derivative Volume

The gross notional values of our derivative instruments were:


	Notional Amount
	As of December 31,
	2023		2022
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2,860	$	2,085
Forecasted transactions	5,550		5,470
Commodity contracts (1)	16,631		7,777
Interest rate contracts	2,384		4,147
Net investment hedges:
Net investment hedge derivative contracts	7,456		7,319
Non-U.S. dollar debt designated as net investment hedges:
Euro notes	3,516		3,410
Swiss franc notes	386		638
Canadian dollar notes	453		443

(1) Prior year notional has been revised.

Cash Flow Hedges

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses). Refer to Note 15, Reclassifications from Accumulated Other Comprehensive Income for further information on current period activity.

Based on current market conditions, we would expect to transfer gains of $21 million (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months.

Cash Flow Hedge Coverage

As of December 31, 2023, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 2 years, 8 months.

Hedges of Net Investments in International Operations

Net investment hedge (“NIH”) derivative contracts

We enter into cross-currency interest rate swaps and forwards to hedge certain investments in our non-U.S. operations against movements in exchange rates. As of December 31, 2023, the aggregate notional value of these NIH derivative contracts was $7.5 billion and their impact on other comprehensive earnings and net earnings during the years presented below were as follows:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
After-tax gain/(loss) on NIH contracts (1)	$	(185)	$	396	$	63


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Amounts excluded from the assessment of hedge effectiveness (1)	$	148	$	116	$	75

(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


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Euro notes	$	(81)	$	162	$	211
British pound sterling notes	—		45		3
Swiss franc notes	(41)		13		29
Canadian notes	(8)		25		(3)

Economic Hedges

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


	For the Years Ended December 31,						Recognized in Earnings
	2023		2022		2021
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	2	$	(14)	$	57	Interest and other expense, net
Forecasted transactions	17		117		80		Cost of sales
Forecasted transactions	18		17		(1)		Interest and other expense, net
Forecasted transactions	—		(1)		—		Selling, general and administrative expenses
Commodity contracts	262		157		385		Cost of sales
Equity method investment contracts	7		—		2		Gain on equity method investment contracts
Total	$	306	$	276	$	523

Fair Value of Contingent Consideration

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


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Liability at the beginning of the period	$	642	$	159	$	55
Contingent consideration arising from acquisitions	—		440		145
Changes in fair value	128		44		(41)
Payments	(90)		—		—
Currency	—		(1)		—
Liability at the end of the period	$	680	$	642	$	159

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


	As of December 31, 2023
	Total Fair Value of Liability		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Clif Bar (1)	$	548	$	—	$	—	$	548
Other (2)	132		—		—		132
Total contingent consideration	$	680	$	—	$	—	$	680


	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

Benefit Plans - Changes in Accumulated Postemployment Benefit Obligations (Details) - Postemployment Benefit Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	$ 47	$ 56
Service cost	4	4
Interest cost	3	2
Benefits paid	(25)	(14)
Actuarial losses/(gains)	63	(1)
Ending balance	$ 92	$ 47

Income Taxes - Deferred Tax Assets and Liabilities Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Deferred income tax assets:
Accrued postretirement and postemployment benefits	$ 45		$ 83
Other employee benefits	155		156
Accrued expenses	632		649
Loss carryforwards	701		664
Tax credit carryforwards	803		786
Other	589		481
Total deferred income tax assets	2,925		2,819
Valuation allowance	(1,359)	$ (1,257)	(1,257)
Net deferred income tax assets	1,566		1,562
Deferred income tax liabilities:
Intangible assets, including impact from Swiss tax reform	(3,094)		(3,279)
Property, plant and equipment	(770)		(708)
Accrued pension costs	(62)		(57)
Other	(524)		(482)
Total deferred income tax liabilities	(4,450)		(4,526)
Net deferred income tax liabilities	$ (2,884)		$ (2,964)

Financial Instruments - Summary of Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contingent Consideration Liability Activity [Roll Forward]
Liability at the beginning of the period	$ 642	$ 159	$ 55
Contingent consideration arising from acquisitions	0	440	145
Changes in fair value	128	44	(41)
Payments	(90)	0	0
Currency	0	(1)	0
Liability at the end of the period	$ 680	$ 642	$ 159

Benefit Plans - Postretirement Benefit Plan Obligation (Details) - Postretirement Benefit Plans - U.S. Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	$ 233	$ 317
Service cost	1	2
Interest cost	12	9
Benefits paid	(16)	(15)
Plan amendments	(22)	0
Currency	2	(5)
Actuarial losses/(gains)	(5)	(75)
Ending balance	205	233
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	0	0
Employer Contributions	76	0
Benefit Payments	(12)	0
Actual Return on Assets	6	0
Ending balance	$ 70	$ 0

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 6. 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 (2)	—		—		(66)		(226)		(292)
Divestitures	(8)		—		—		—		(8)
Balance at December 31, 2022	$	1,421	$	3,132	$	8,009	$	10,888	$	23,450
Currency	180		(67)		341		19		473
Acquisitions (1) (3)	6		—		—		(33)		(27)
Balance at December 31, 2023	$	1,607	$	3,065	$	8,350	$	10,874	$	23,896

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

(2)During the fourth quarter of 2022, we agreed to sell our gum business in North America and Europe. As a result, we reclassified $292 million of goodwill to held for sale as of December 31, 2022. On October 1, 2023, we completed the sale of our gum business including the related goodwill. Refer to Note 2, Acquisitions and Divestitures for more information.

(3)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 December 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-life intangible assets (1)	$	3,322	$	(2,155)	$	1,167	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1) (2)	18,669		—		18,669		18,413		—		18,413
Total	$	21,991	$	(2,155)	$	19,836	$	21,767	$	(2,057)	$	19,710

(1)During the fourth quarter of 2022, we agreed to sell our gum business in North America and Europe. As a result, we reclassified $671 million of intangible assets to held for sale as of December 31, 2022. On October 1, 2023, we completed the sale of our gum business including these intangibles. Refer to Note 2, Acquisitions and Divestitures for more information.

(2)We recorded intangible asset impairments of $26 million in 2023 and $101 million in 2022 within asset impairment and exit costs.

Definite-life intangible assets consist primarily of trademarks, customer-related intangibles, process technology, licenses and non-compete agreements. 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.

Amortization expense for intangible assets was $151 million in 2023, $132 million in 2022 and $134 million in 2021. For the next five years, we estimate annual amortization expense of approximately $125 million in 2024-2026, approximately $90 million in 2027 and in 2028 (reflecting December 31, 2023 exchange rates).

In 2023, 2022 and 2021, there were no goodwill impairments and each of our reporting units had sufficient fair value in excess of its carrying value. While all reporting units passed our annual impairment testing, if planned business performance expectations are not met or specific valuation factors outside of our control, such as discount rates, change significantly, then the estimated fair values of a reporting unit or reporting units might decline and lead to a goodwill impairment in the future.

In 2023, we recorded $26 million of intangible asset impairment charges related to a chocolate brand in North America and a biscuit brand in Europe. We identified thirteen brands, as part of our annual test, that each had a fair value in excess of book value of 10% or less. The aggregate value of the thirteen brands was $3.7 billion as of December 31, 2023, of which $1.8 billion is related to five recently acquired brands. We believe our current plans for each of these brands will allow them to not be impaired, but if the plans to grow brand earnings and expand margin

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.

In 2022, we recorded $101 million of intangible asset impairment charges related to two biscuit brands in AMEA. In 2021, we recorded a $32 million of intangible asset impairment charge related to one biscuit brand in North America.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	238

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Restructuring Reserve [Roll Forward]

Beginning balance

$ 164

$ 211

Charges

106

^[1]

$ 154

Cash spent

^[2]

(67)

(69)

Non-cash settlements/adjustments

^[3]

(17)

(8)

Currency

(6)

Ending balance

191

^[4]

164

211

Other current liabilities

Restructuring Reserve [Roll Forward]

Ending balance

102

Other long-term liabilities

Restructuring Reserve [Roll Forward]

Ending balance

Severance and related costs

Restructuring Reserve [Roll Forward]

Beginning balance

164

211

Charges

^[1]

Cash spent

^[2]

(67)

(69)

Non-cash settlements/adjustments

^[3]

(3)

Currency

(6)

Ending balance

191

^[4]

164

211

Asset Write-downs and Other

Restructuring Reserve [Roll Forward]

Beginning balance

^[5]

Charges

^[1],[5]

Cash spent

^[2],[5]

Non-cash settlements/adjustments

^[3],[5]

(17)

(5)

Currency

^[5]

Ending balance

^[5]

$ 0

^[4]

$ 0

[1]	We recorded restructuring charges of $106 million in 2023, $36 million in 2022 and $154 million in 2021 within asset impairment and exit costs and benefit plan non-service income.
[2]	We spent $67 million in 2023 and $69 million in 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 $17 million in 2023 and $8 million in 2022.
[4]	At December 31, 2023, $102 million of our net restructuring liability was recorded within other current liabilities and $89 million was recorded within other long-term liabilities.
[5]	Includes gains as a result of assets sold which are included in the restructuring program.

Acquisitions and Divestitures - Narrative (Details) £ in Millions, $ in Millions, $ in Millions, € in Billions, $ in Billions														12 Months Ended
	Oct. 23, 2023 USD ($)	Nov. 01, 2022 USD ($)	Nov. 01, 2022 MXN ($)	Aug. 01, 2022 USD ($)	Jan. 03, 2022 USD ($)	Jan. 03, 2022 EUR (€)	Nov. 01, 2021 USD ($)	Nov. 01, 2021 AUD ($)	Apr. 01, 2021 USD ($)	Apr. 01, 2021 AUD ($)	Mar. 25, 2021 USD ($)	Mar. 25, 2021 GBP (£)	Jan. 04, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Cash consideration, net of cash received														$ (19)	$ 5,286	$ 833
Acquisition-related costs														0	330	25
Contingent consideration obligation														88	88
Goodwill														23,896	23,450	21,978
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Net gain on divestitures and acquisitions
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Developed Market Gum
Business Acquisition [Line Items]
Cash proceeds received from divestiture	$ 1,400
Pre-tax gain on divestiture	$ 108
Divestiture-related costs														83	15
Ricolino
Business Acquisition [Line Items]
Percentage of interests acquired		100.00%
Cash consideration, net of cash received		$ 1,308	$ 26
Goodwill expected to be deductible for income tax purposes		0
Acquisition integration costs														50	11
Inventory step-up charge															5
Acquisition-related costs															64
Definite-lived intangible assets		218
Goodwill		721
Property, plant and equipment		139
Inventory		70
Accounts receivable		86
Other assets		3
Operating right-of-use assets		23
Other current assets		3
Current liabilities		182
Operating lease liabilities		23
Deferred tax liabilities		75
Long-term other liabilities		14
Ricolino \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets		$ 339
Clif Bar
Business Acquisition [Line Items]
Percentage of interests acquired				100.00%
Cash consideration, net of cash received				$ 2,558
Goodwill expected to be deductible for income tax purposes				1,400
Acquisition integration costs														164	30
Inventory step-up charge															20
Acquisition-related costs															296
Total cash payment for acquisition				2,900
Payment of employee stock ownership plan expense				300
Contingent consideration obligation				440
Definite-lived intangible assets				200
Goodwill				988
Property, plant and equipment				186
Inventory				123
Accounts receivable				76
Other assets				11
Operating right-of-use assets				22
Other current assets				9
Current liabilities				159
Long-term other liabilities				15
Clif Bar \| Minimum
Business Acquisition [Line Items]
Contingent consideration arrangement, additional consideration to be paid, minimum				0
Clif Bar \| Maximum
Business Acquisition [Line Items]
Contingent consideration arrangement, additional consideration to be paid, maximum				2,400
Clif Bar \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets				$ 1,450
Chipita
Business Acquisition [Line Items]
Percentage of interests acquired					100.00%
Cash consideration, net of cash received					$ 1,402	€ 1.2
Goodwill expected to be deductible for income tax purposes					0
Acquisition integration costs														17	90	17
Acquisition-related costs															22	6
Debt assumed					436	0.4
Total purchase price					1,800	€ 1.7
Definite-lived intangible assets					48
Goodwill					795
Property, plant and equipment					379
Inventory					60
Accounts receivable					102
Other assets					77
Other current assets					3
Current liabilities					133
Deferred tax liabilities					158
Long-term other liabilities					21
Chipita \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets					$ 686
Gourmet Food
Business Acquisition [Line Items]
Cash consideration, net of cash received									$ 343	$ 450
Identifiable intangible assets									41
Acquisition-related costs														3	1	7
Definite-lived intangible assets									80
Goodwill									164
Property, plant and equipment									19
Inventory									18
Accounts receivable									25
Other assets									12
Operating right-of-use assets									5
Other current assets									3
Current liabilities									19
Operating lease liabilities									$ 5
Incremental net revenues from acquisition															14
Incremental operating income from acquisition															1
Gourmet Food \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MaxFoods
Business Acquisition [Line Items]
Incremental net revenues from acquisition																35
Incremental operating income from acquisition																5
Sales price net of cash divested							$ 41	$ 57
Grenade
Business Acquisition [Line Items]
Cash consideration, net of cash received											$ 261	£ 188
Identifiable intangible assets											82
Acquisition-related costs																2
Definite-lived intangible assets											28
Goodwill											181
Property, plant and equipment											1
Inventory											11
Accounts receivable											18
Current liabilities											25
Incremental net revenues from acquisition															21
Incremental operating income from acquisition															2
Deferred tax liabilities											20
Long-term other liabilities											$ 15
Hu
Business Acquisition [Line Items]
Percentage of interests acquired													93.00%
Cash consideration, net of cash received													$ 229
Identifiable intangible assets													123
Acquisition-related costs																9
Contingent consideration obligation													132
Definite-lived intangible assets													51
Goodwill													202
Property, plant and equipment													1
Inventory													2
Accounts receivable													4
Current liabilities													5
Long-term other liabilities													132
Reduction to contingent consideration liability														$ 8	$ 7	$ 70
Pre-tax gain after acquisition of remaining equity interest													9
After-tax gain after acquisition of remaining equity interest													7
Fair value of investment before acquisition													$ 8
Percentage of investment before acquisition													7.00%

Property, Plant and Equipment - Schedule of Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 17,690	$ 16,231
Accumulated depreciation	(7,996)	(7,211)
Property, plant and equipment, net	9,694	9,020
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	384	378
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,452	3,250
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,736	11,724
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,118	$ 879

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Shares Subject to Option

Beginning balance (in shares)

20,490,250

23,503,759

27,751,894

Options granted (in shares)

2,476,320

2,244,030

2,573,350

Options exercised (in shares)

^[1]

(3,894,213)

(4,780,086)

(6,249,330)

Options cancelled (in shares)

(394,237)

(477,453)

(572,155)

Ending balance (in shares)

18,678,120

20,490,250

23,503,759

Exercisable at end of period (in shares)

14,500,549

Weighted- Average Exercise or Grant Price Per Share

Beginning balance (in dollars per share)

$ 46.31

$ 42.65

$ 39.51

Options granted (in dollars per share)

65.39

64.64

56.26

Options exercised (in dollars per share)

^[1]

39.59

35.96

33.68

Options cancelled (in dollars per share)

59.41

55.89

49.65

Ending balance (in dollars per share)

49.96

$ 46.31

$ 42.65

Exercisable at end of period (in dollars per share)

$ 45.98

Average Remaining Contractual Term

Average remaining contractual term

5 years

Exercisable at end of period

4 years

Aggregate Intrinsic Value

Options exercised

^[1]

$ 123

$ 142

$ 169

Aggregate intrinsic value

420

417

556

$ 527

Exercisable at end of the period

384

Cash received from options exercised

152

158

206

Actual tax benefit realized for the tax deductions from the option exercises

$ 21

$ 22

$ 24

Annual grant to eligible employees

Shares Subject to Option

Options granted (in shares)

2,452,110

2,180,540

2,412,710

Weighted- Average Exercise or Grant Price Per Share

Options granted (in dollars per share)

$ 65.36

$ 64.65

$ 56.13

Additional options issued

Shares Subject to Option

Options granted (in shares)

24,210

63,490

160,640

Weighted- Average Exercise or Grant Price Per Share

Options granted (in dollars per share)

$ 68.93

$ 64.39

$ 58.17

[1]

Cash received from options exercised was $152 million in 2023, $158 million in 2022 and $206 million in 2021. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $21 million in 2023, $22 million in 2022 and $24 million in 2021.

Debt and Borrowing Arrangements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on debt extinguishment and related expenses	$ 1	$ 129	$ 137
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest and other expense, net
Loss due to payment in excess of carrying value of debt and from recognition of unamortized discounts and deferred financing costs	1	$ 38	$ 110
Loss due to recognition of unamortized forward starting swap losses		91
Loans Payable
Debt Instrument [Line Items]
Tender offer, amount redeemed	0	987
Debt redemptions		$ 0
Debt issued	$ 0

- Definition

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.

+ References

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

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


	For the Years Ended December 31,
	2023		2022		2021
	(in millions, except per share data)
Net earnings	$	4,968	$	2,726	$	4,314
less: Noncontrolling interest earnings	(9)		(9)		(14)
Net earnings attributable to Mondelēz International	$	4,959	$	2,717	$	4,300
Weighted-average shares for basic EPS	1,363		1,378		1,403
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	7		7		10
Weighted-average shares for diluted EPS	1,370		1,385		1,413
Basic earnings per share attributable to Mondelēz International	$	3.64	$	1.97	$	3.06
Diluted earnings per share attributable to Mondelēz International	$	3.62	$	1.96	$	3.04

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 3. Inventories

Inventories consisted of the following:


	As of December 31,
	2023		2022
	(in millions)
Raw materials	$	973	$	1,031
Finished product	2,790		2,501
	3,763		3,532
Inventory reserves	(148)		(151)
Inventories, net	$	3,615	$	3,381

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES

Net earnings

$ 4,968

$ 2,726

$ 4,314

Adjustments to reconcile net earnings to operating cash flows:

Depreciation and amortization

1,215

1,107

1,113

Stock-based compensation expense

146

120

121

Deferred income tax (benefit)/provision

(37)

(42)

205

Asset impairments and accelerated depreciation

128

233

128

Loss on early extinguishment of debt

110

Net gain on divestitures and acquisitions

(108)

(8)

(Gain)/loss on equity method investment transactions

(465)

(742)

Equity method investment net earnings

(160)

^[1]

(385)

(393)

Distributions from equity method investments

137

184

172

Unrealized (gain)/loss on derivative contracts

(171)

338

(267)

Gain on marketable securities

(593)

Other non-cash items, net

140

Change in assets and liabilities, net of acquisitions and divestitures:

Receivables, net

(628)

(719)

(197)

Inventories, net

(193)

(635)

(170)

Accounts payable

264

715

702

Other current assets

(120)

(286)

(169)

Other current liabilities

376

630

(502)

Change in pension and postretirement assets and liabilities, net

(186)

(226)

(313)

Net cash provided by operating activities

4,714

3,908

4,141

CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES

Capital expenditures

(1,112)

(906)

(965)

Acquisitions, net of cash received

(5,286)

(833)

Proceeds from divestitures including equity method and marketable security investments

4,099

601

1,539

Proceeds from derivative settlements

177

768

105

Payments for derivative settlements

(81)

(86)

(56)

Contributions to investments

(309)

(24)

(30)

Proceeds from sale of property, plant and equipment and other

214

Net cash provided by/(used in) by investing activities

2,812

(4,888)

(26)

CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES

Issuances of commercial paper, maturities greater than 90 days

Repayments of commercial paper, maturities greater than 90 days

(67)

Net (repayments)/issuances of short-term borrowings

(1,869)

1,914

194

Long-term debt proceeds

277

4,490

5,921

Long-term debt repayments

(2,432)

(3,032)

(6,247)

Repurchases of Common Stock

(1,547)

(2,017)

(2,110)

Dividends paid

(2,160)

(1,985)

(1,826)

Other

173

174

(1)

Net cash used in financing activities

(7,558)

(456)

(4,069)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(32)

(169)

(143)

Cash, cash equivalents and restricted cash:

(Decrease)/increase

(64)

(1,605)

(97)

Balance at beginning of period

1,948

3,553

3,650

Balance at end of period

1,884

1,948

3,553

Cash paid:

Interest

568

551

426

Income taxes

$ 1,607

$ 1,103

$ 1,556

[1]	The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.

Debt and Borrowing Arrangements - Aggregate Maturities of Debt and Finance Leases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 2,116
2025	2,252
2026	1,190
2027	1,610
2028	1,371
Thereafter	10,611
Total	$ 19,150

Stock Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Plans

Note 12. Stock Plans

Under our Amended and Restated 2005 Performance Incentive Plan (the “2005 Plan”), we are authorized through May 21, 2024 to issue a maximum of 243.7 million shares of our Class A common stock (“Common Stock”) to employees and non-employee directors. As of December 31, 2023, there were 41.5 million shares available to be granted under the 2005 Plan.

Stock Options

We recorded compensation expense related to stock options held by our employees of $25 million in 2023, $20 million in 2022 and $23 million in 2021 in our results from continuing operations. The deferred tax benefit recorded related to this compensation expense was $4 million in 2023, $3 million in 2022 and $4 million in 2021. The unamortized compensation expense related to our employee stock options was $26 million at December 31, 2023 and is expected to be recognized over a weighted-average period of 1.7 years.

Our weighted-average Black-Scholes Model fair value assumptions were:


	Risk-Free Interest Rate	Expected Life	Expected Volatility	Expected Dividend Yield	Fair Value at Grant Date
2023	4.18%	5 years	20.97%	2.32%	$13.57
2022	1.87%	5 years	22.05%	2.13%	$11.24
2021	0.57%	5 years	23.45%	2.20%	$9.08

The risk-free interest rate represents the constant maturity U.S. government treasuries rate with a remaining term equal to the expected life of the options. The expected life is the period over which our employees are expected to hold their options. Volatility reflects historical movements in our stock price for a period commensurate with the expected life of the options. The dividend yield reflects the dividend yield in place at the time of the historical grants.

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, 2021	27,751,894	$	39.51		$	527	million
Annual grant to eligible employees	2,412,710	56.13
Additional options issued	160,640	58.17
Total options granted	2,573,350	56.26
Options exercised (1)	(6,249,330)	33.68			$	169	million
Options cancelled	(572,155)	49.65
Balance at December 31, 2021	23,503,759	42.65			$	556	million
Annual grant to eligible employees	2,180,540	64.65
Additional options issued	63,490	64.39
Total options granted	2,244,030	64.64
Options exercised (1)	(4,780,086)	35.96			$	142	million
Options cancelled	(477,453)	55.89
Balance at December 31, 2022	20,490,250	46.31			$	417	million
Annual grant to eligible employees	2,452,110	65.36
Additional options issued	24,210	68.93
Total options granted	2,476,320	65.39
Options exercised (1)	(3,894,213)	39.59			$	123	million
Options cancelled	(394,237)	59.41
Balance at December 31, 2023	18,678,120	49.96		5 years	$	420	million
Exercisable at December 31, 2023	14,500,549	45.98		4 years	$	384	million

Deferred Stock Units, Performance Share Units and Other Stock-Based Awards

We recorded compensation expense related to DSUs, PSUs and other stock-based awards of $121 million in 2023, $100 million in 2022 and $98 million in 2021 in our results from continuing operations. The deferred tax benefit recorded related to this compensation expense was $18 million in 2023, $17 million in 2022 and $16 million in 2021. The unamortized compensation expense related to our DSUs, PSUs and other stock-based awards was $146 million at December 31, 2023 and is expected to be recognized over a weighted-average period of 1.7 years.

Our PSU, DSU and other stock-based award 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, 2021	4,896,990		$	53.80
Annual grant to eligible employees:		Feb 18, 2021
Performance share units	903,250		59.35
Deferred stock units	550,090		56.13
Additional shares granted (1)	1,163,644	Various	53.76
Total shares granted	2,616,984		56.19		$	147	million
Vested (2) (3)	(2,459,427)		49.59		$	122	million
Forfeited (2)	(386,501)		57.52
Balance at December 31, 2021	4,668,046		57.04
Annual grant to eligible employees:		Feb 24, 2022
Performance share units	806,590		61.87
Deferred stock units	505,090		64.65
Additional shares granted (1)	836,117	Various	59.37
Total shares granted	2,147,797		61.55		$	132	million
Vested (2) (3)	(1,925,556)		54.13		$	104	million
Forfeited (2)	(438,613)		60.68
Balance at December 31, 2022	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)	765,128	Various	65.99
Total shares granted	2,239,108		66.86		$	150	million
Vested (2) (3)	(1,772,439)		61.92		$	110	million
Forfeited (2)	(365,177)		62.66
Balance at December 31, 2023	4,553,166		62.53

(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 $3 million in 2023, $5 million in 2022 and $6 million in 2021.

Reclassifications from Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(9,808)	$	(9,097)	$	(8,655)
Currency translation adjustments	177		(659)		(481)
Reclassification to earnings related to:
Tax (expense)/benefit	52		(66)		23
Other comprehensive earnings/(losses)	229		(725)		(458)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	5		14		16
Balance at end of period	(9,574)		(9,808)		(9,097)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,105)	$	(1,379)	$	(1,874)
Net actuarial gain/(loss) arising during period	(229)		149		398
Tax (expense)/benefit on net actuarial gain/(loss)	39		(37)		(80)
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	25		57		140
Settlement losses and other expenses (1)	18		16		22
Curtailment credit (1)	—		8		(17)
Tax (benefit) on reclassifications (3)	(11)		(21)		(34)
Currency impact	(60)		102		66
Other comprehensive earnings/(losses)	(218)		274		495
Balance at end of period	(1,323)		(1,105)		(1,379)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(34)	$	(148)	$	(161)
Net derivative gains/(losses)	(61)		160		163
Tax (expense)/benefit on net derivative gain/(loss)	(4)		(13)		—
Losses/(gains) reclassified into net earnings:
Currency exchange contracts (2)	—		8		—
Interest rate contracts (2)	48		(30)		(152)
Tax (benefit) on reclassifications (3)	4		(17)		(3)
Currency impact	(2)		6		5
Other comprehensive earnings/(losses)	(15)		114		13
Balance at end of period	(49)		(34)		(148)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(10,947)	$	(10,624)	$	(10,690)
Total other comprehensive earnings/(losses)	(4)		(337)		50
less: other comprehensive (earnings)/loss attributable to noncontrolling interests	5		14		16
Other comprehensive earnings/(losses) attributable to Mondelēz International	1		(323)		66
Balance at end of period	$	(10,946)	$	(10,947)	$	(10,624)

(1)These reclassified losses are included in net periodic benefit costs disclosed in Note 11, Benefit Plans.

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

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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Net Revenues by Segment

Our segment net revenues and earnings, reflecting our current segment structure for all periods presented, were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Net revenues:
Latin America	$	5,006	$	3,629	$	2,797
AMEA	7,075		6,767		6,465
Europe	12,857		11,420		11,156
North America	11,078		9,680		8,302
Net revenues	$	36,016	$	31,496	$	28,720

Schedule of Earnings Before Income Taxes by Segment





Earnings before income taxes:
Operating income:
Latin America	$	529	$	388	$	261
AMEA	1,113		929		1,054
Europe	1,978		1,481		2,092
North America	2,092		1,769		1,371
Unrealized gains/(losses) on hedging activities (mark-to-market impacts)	189		(326)		279
General corporate expenses	(356)		(245)		(253)
Amortization of intangible assets	(151)		(132)		(134)
Net gain on divestitures and acquisitions	108		—		8
Acquisition-related costs	—		(330)		(25)
Operating income	5,502		3,534		4,653
Benefit plan non-service income	82		117		163
Interest and other expense, net	(310)		(423)		(447)
Gain on marketable securities	606		—		—
Earnings before income taxes	$	5,880	$	3,228	$	4,369

Schedule of Total Assets, Depreciation Expense and Capital Expenditure by Segment

Total assets, depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Total assets:
Latin America (1)	$	7,360	$	6,164	$	4,106
AMEA (1)	9,965		9,882		10,386
Europe (1)	22,990		22,713		20,927
North America (1)	25,557		26,603		23,321
Equity method investments	3,242		4,879		5,289
Unallocated assets and adjustments (2)	2,277		920		3,063
Total assets	$	71,391	$	71,161	$	67,092

(1)Segment assets do not reflect outstanding intercompany asset balances that have been eliminated at a segment level.


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Depreciation expense (1):
Latin America	$	161	$	117	$	105
AMEA	164		169		173
Europe	255		256		257
North America	161		148		148
Total depreciation expense	$	741	$	690	$	683


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Capital expenditures:
Latin America	$	171	$	113	$	165
AMEA	259		229		208
Europe	415		355		409
North America	267		209		183
Total capital expenditures	$	1,112	$	906	$	965

Schedule of Net Revenues by Geographic Area


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Net revenues:
United States	$	9,581	$	8,315	$	7,146
Other	26,435		23,181		21,574
Total net revenues	$	36,016	$	31,496	$	28,720

Schedule of Long-lived Assets by Geographic Area


	As of December 31,
	2023		2022		2021
	(in millions)
Long-lived assets:
United States	$	2,226	$	2,740	$	1,851
United Kingdom	1,012		932		1,125
Mexico	1,331		1,170		927
Other	7,737		7,716		6,748
Total long-lived assets	$	12,306	$	12,558	$	10,651

Schedule of Net Revenues by Product Category

Net revenues by product category, reflecting our current segment structure for all periods presented, were:


	For the Year Ended December 31, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	1,193	$	2,488	$	4,429	$	9,519	$	17,629
Chocolate	1,357		2,690		6,225		347		10,619
Gum & Candy	1,509		893		812		1,212		4,426
Beverages	457		593		135		—		1,185
Cheese & Grocery	490		411		1,256		—		2,157
Total net revenues	$	5,006	$	7,075	$	12,857	$	11,078	$	36,016


	For the Year Ended December 31, 2022
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	1,013	$	2,515	$	3,818	$	8,262	$	15,608
Chocolate	1,003		2,520		5,646		317		9,486
Gum & Candy	840		780		691		1,101		3,412
Beverages	409		572		119		—		1,100
Cheese & Grocery	364		380		1,146		—		1,890
Total net revenues	$	3,629	$	6,767	$	11,420	$	9,680	$	31,496


	For the Year Ended December 31, 2021 (1)
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	799	$	2,254	$	3,354	$	7,145	$	13,552
Chocolate	758		2,395		5,836		282		9,271
Gum & Candy	567		816		614		875		2,872
Beverages	359		550		126		—		1,035
Cheese & Grocery	314		450		1,226		—		1,990
Total net revenues	$	2,797	$	6,465	$	11,156	$	8,302	$	28,720

Restructuring Program - Restructuring and Implementation Costs (Details) - Simplify to Grow Program - USD ($) $ in Millions	12 Months Ended			116 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 106	$ 36	$ 154	$ 3,178
Implementation Costs	25	87	167	2,100
Total	131	123	321	5,278
Operating Segments \| Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	(3)	(6)	7	545
Implementation Costs	1	7	9	304
Total	(2)	1	16	849
Operating Segments \| AMEA
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	7	13	(17)	561
Implementation Costs	0	6	10	245
Total	7	19	(7)	806
Operating Segments \| Europe
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	79	16	4	1,242
Implementation Costs	12	25	33	581
Total	91	41	37	1,823
Operating Segments \| North America
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	19	12	153	676
Implementation Costs	8	37	97	598
Total	27	49	250	1,274
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	4	1	7	154
Implementation Costs	4	12	18	372
Total	$ 8	$ 13	$ 25	$ 526

Benefit Plans - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Jul. 11, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Plan assets related to certain insurance contracts		$ 97	$ 117
Expense for defined contribution plans		$ 66	66	$ 73
Fixed-income securities \| U.S. and International Investment Grade Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage		95.00%
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Period for recognition of net periodic benefit costs		4 years
U.S. Plans \| North America \| Bakery and Confectionery Union and Industry International Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Undiscounted withdrawal liability	$ 491	$ 328
Withdrawal liability payment term	20 years
Accreted interest		10	11	11
U.S. Plans \| North America \| Bakery and Confectionery Union and Industry International Pension Fund \| Other current liabilities
Defined Benefit Plan Disclosure [Line Items]
Undiscounted withdrawal liability		15
U.S. Plans \| North America \| Bakery and Confectionery Union and Industry International Pension Fund \| Other long-term liabilities
Defined Benefit Plan Disclosure [Line Items]
Undiscounted withdrawal liability		313
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net pension asset		574	583
Pension Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation		1,200	1,200
Employer contributions		6
Estimated future employer contributions during in 2024		4
Net periodic postretirement (benefit)/cost		$ (14)	$ (2)	13
Weighted-average discount rate		5.22%	5.55%
Rate of compensation cost increases		4.00%	4.00%
Pension Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation		$ 7,300	$ 6,800
Employer contributions		141
Employee contributions		21
Estimated future employer contributions during in 2024		128
Net periodic postretirement (benefit)/cost		$ (4)	$ (28)	(42)
Weighted-average discount rate		4.03%	4.51%
Rate of compensation cost increases		3.22%	3.22%
Pension Plans \| Non-U.S. Plans \| Fixed-income securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage		53.00%
Pension Plans \| Non-U.S. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage		14.00%
Pension Plans \| Non-U.S. Plans \| Buy-in annuity policies
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage		29.00%
Pension Plans \| Non-U.S. Plans \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage		4.00%
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Current portion of accrued postretirement benefit obligation		$ 11	$ 16
Postretirement Benefit Plans \| Multiemployer Medical Plans
Defined Benefit Plan Disclosure [Line Items]
Multiemployer medical plan contributions		18	17	19
Postretirement Benefit Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		$ 76	$ 0
Weighted-average discount rate		5.20%	5.53%
Postretirement Benefit Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate		5.72%	6.07%
Postemployment Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic postretirement (benefit)/cost		$ 4	$ 0	5
Weighted-average discount rate		8.10%	6.30%
Weighted-average ultimate annual turnover rate		0.80%	0.40%
Rate of compensation cost increases		4.00%	4.00%
Net gain for post-employment benefit plans expected to be amortized from AOCI into net periodic postemployment costs during 2024		$ 4
Postretirement Health Care Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic postretirement (benefit)/cost		$ (5)	$ 12	$ 14

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, 2020	$ 27,654	$ 0	$ 32,070	$ 28,402	$ (10,690)	$ (22,204)	$ 76
Comprehensive earnings/(losses):
Net earnings	4,314			4,300			14
Other comprehensive earnings/ (losses), net of income taxes	50				66		(16)
Exercise of stock options and issuance of other stock awards	283		27	(34)		290
Common Stock repurchased	(2,096)					(2,096)
Cash dividends declared	(1,867)			(1,867)
Dividends paid on noncontrolling interest and other activities	(15)			5			(20)
Balance at end of period at Dec. 31, 2021	28,323	0	32,097	30,806	(10,624)	(24,010)	54
Comprehensive earnings/(losses):
Net earnings	2,726			2,717			9
Other comprehensive earnings/ (losses), net of income taxes	(337)				(323)		(14)
Exercise of stock options and issuance of other stock awards	242		46	(20)		216
Common Stock repurchased	(2,000)					(2,000)
Cash dividends declared	(2,025)			(2,025)
Dividends paid on noncontrolling interest and other activities	(9)			3			(12)
Balance at end of period at Dec. 31, 2022	26,920	0	32,143	31,481	(10,947)	(25,794)	37
Comprehensive earnings/(losses):
Net earnings	4,968			4,959			9
Other comprehensive earnings/ (losses), net of income taxes	(4)				1		(5)
Exercise of stock options and issuance of other stock awards	266		73	(6)		199
Common Stock repurchased	(1,579)					(1,579)
Cash dividends declared	(2,209)			(2,209)
Dividends paid on noncontrolling interest and other activities	4			11			(7)
Balance at end of period at Dec. 31, 2023	$ 28,366	$ 0	$ 32,216	$ 34,236	$ (10,946)	$ (27,174)	$ 34

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

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

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+ Details

Benefit Plans - Changes in Level 3 Plan Assets (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	$ 1,614	$ 2,466
Net Realized and Unrealized Gains/ (Losses)	58	(447)
Net Purchases, Issuances and Settlements	(227)	(149)
Net Transfers Into/(Out of) Level 3	0	0
Currency Impact	91	(256)
Ending balance	1,536	1,614
Corporate bonds and other fixed-income securities
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	1,540	2,387
Net Realized and Unrealized Gains/ (Losses)	60	(450)
Net Purchases, Issuances and Settlements	(227)	(148)
Net Transfers Into/(Out of) Level 3	0	0
Currency Impact	98	(249)
Ending balance	1,471	1,540
Real estate
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	70	74
Net Realized and Unrealized Gains/ (Losses)	(2)	3
Net Purchases, Issuances and Settlements	0	(1)
Net Transfers Into/(Out of) Level 3	0	0
Currency Impact	(6)	(6)
Ending balance	62	70
Private equity and other
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	4	5
Net Realized and Unrealized Gains/ (Losses)	0	0
Net Purchases, Issuances and Settlements	0	0
Net Transfers Into/(Out of) Level 3	0	0
Currency Impact	(1)	(1)
Ending balance	$ 3	$ 4

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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, 2022	$	(37)	$	(49)	$	(10)
Current period provision for expected credit losses	(13)		(14)		(3)
Write-offs charged against the allowance	2		3		—

Currency	3		1		(1)
Balance at December 31, 2022	$	(45)	$	(59)	$	(14)
Current period (provision)/benefit for expected credit losses	(24)		4		1
Write-offs charged against the allowance	8		1		—
Recoveries of amounts previously written off	(1)		—		(1)
Currency	(4)		4		(1)
Balance at December 31, 2023	$	(66)	$	(50)	$	(15)

Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended			120 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Jan. 01, 2023	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, authorized (in shares)		5,000,000,000	5,000,000,000		5,000,000,000
Preferred stock, authorized (in shares)		500,000,000
Preferred stock, issued (in shares)		0	0	0	0
Preferred stock, outstanding (in shares)		0	0	0	0
Common stock reserved for stock option and other stock awards (in shares)		64,700,000
Amount of shares repurchased		$ 1,579.0	$ 2,000.0	$ 2,096.0
Payments settled		1,547.0	$ 2,017.0	$ 2,110.0
Common Stock
Class of Stock [Line Items]
Amount of shares repurchased		$ 1,600.0
Number of shares repurchased (in shares)		22,564,627	31,556,510	35,384,366
Average cost of shares repurchased (in dollars per share)		$ 69.49
Remaining share repurchase capacity		$ 4,400.0
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Payments settled	$ 20.9
Common Stock \| Share Repurchase Program Amended 2020
Class of Stock [Line Items]
Stock repurchase value							$ 23,700.0
Common Stock \| Prior to January 1, 2023
Class of Stock [Line Items]
Amount of shares repurchased					$ 22,000.0
Common Stock \| Share Repurchase Program Amended January 2023
Class of Stock [Line Items]
Stock repurchase value						$ 6,000.0

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (222)	$ (212)	$ (229)
Operating cash flows from finance leases	(15)	(8)	(8)
Financing cash flows from finance leases	(125)	(95)	(88)
ROU assets obtained in exchange for lease obligations:
Operating leases	197	220	186
Finance leases	$ 163	$ 148	$ 76

Benefit Plans - Estimated Future Benefit Payments for Pension Plans (Details) - Pension Plans $ in Millions	Dec. 31, 2023 USD ($)
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2024	$ 152
2025	91
2026	91
2027	90
2028	90
2029-2033	432
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2024	429
2025	420
2026	434
2027	441
2028	445
2029-2033	$ 2,283

Property, Plant and Equipment - Schedule of Changes Related to Property in Connection with Restructuring Program (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	$ 128	$ 233	$ 128
Simplify to Grow Program
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	17	3	58
Simplify to Grow Program \| Corporate
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	0	0	0
Simplify to Grow Program \| Latin America
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	0	(3)	1
Simplify to Grow Program \| AMEA
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	(1)	3	(15)
Simplify to Grow Program \| Europe
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	2	4	7
Simplify to Grow Program \| North America
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Total	$ 16	$ (1)	$ 65

Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Benefit Plans

Note 11. Benefit Plans

Pension Plans

Obligations and Funded Status

The projected benefit obligations, plan assets and funded status of our pension plans were:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
	(in millions)
Projected benefit obligation at January 1	$	1,193	$	1,729	$	6,878	$	10,821
Service cost	3		5		54		88
Interest cost	64		51		303		172
Benefits paid	(45)		(39)		(424)		(461)
Settlements paid	(63)		(71)		—		—
Actuarial losses/(gains)	54		(482)		235		(2,844)
Divestitures/acquisitions	—		—		(6)		18
Currency	—		—		337		(957)
Other	—		—		27		41
Projected benefit obligation at December 31	1,206		1,193		7,404		6,878
Fair value of plan assets at January 1	1,265		1,826		7,389		11,021
Actual return on plan assets	114		(455)		423		(2,388)
Contributions	6		4		162		211
Benefits paid	(45)		(39)		(424)		(461)
Settlements paid	(63)		(71)		—		—
Divestitures	—		—		(4)		—
Currency	—		—		362		(992)
Other	—		—		(1)		(2)
Fair value of plan assets at December 31	1,277		1,265		7,907		7,389
Net pension assets at December 31	$	71	$	72	$	503	$	511

The accumulated benefit obligation, which represents benefits earned to the measurement date, for U.S. pension plans was $1.2 billion at December 31, 2023 and 2022. The accumulated benefit obligation for non-U.S. pension plans was $7.3 billion at December 31, 2023 and $6.8 billion at December 31, 2022.

The actuarial (gain)/loss for all pension plans in 2023 and 2022 was primarily related to a change in the discount rate used to measure the benefit obligations of those plans.


	As of December 31,
	2023		2022
	(in millions)
Prepaid pension assets	$	1,043	$	1,016
Other current liabilities	(32)		(30)
Accrued pension costs	(437)		(403)
	$	574	$	583


	U.S. Plans				Non-U.S. Plans
	As of December 31,				As of December 31,
	2023		2022		2023		2022
	(in millions)
Projected benefit obligation	$	25	$	31	$	646	$	531
Accumulated benefit obligation	25		31		594		492
Fair value of plan assets	2		2		201		135

We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:


	U.S. Plans				Non-U.S. Plans
	As of December 31,				As of December 31,
	2023		2022		2023		2022
Discount rate	5.22	%	5.55	%	4.03	%	4.51	%
Expected rate of return on plan assets	6.25	%	6.25	%	5.54	%	5.41	%
Rate of compensation increase	4.00	%	4.00	%	3.22	%	3.22	%

Year-end discount rates for our U.S., Canadian, Eurozone and U.K. plans were developed from a model portfolio of high quality, fixed-income debt instruments with durations that match the expected future cash flows of the benefit obligations. Year-end discount rates for our remaining non-U.S. plans were developed from local bond indices that match local benefit obligations as closely as possible. Changes in our discount rates were primarily the result of changes in bond yields year-over-year. We determine our expected rate of return on plan assets from the plan assets’ historical long-term investment performance, current asset allocation and estimates of future long-term returns by asset class.

For the periods presented, we measure service and interest costs by applying the specific spot rates along a yield curve used to measure plan obligations to the plans’ liability cash flows. We believe this approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve.

Components of Net Periodic Pension Cost

Net periodic pension cost consisted of the following:


	U.S. Plans						Non-U.S. Plans
	For the Years Ended December 31,						For the Years Ended December 31,
	2023		2022		2021		2023		2022		2021
	(in millions)
Service cost	$	3	$	5	$	6	$	54	$	88	$	137
Interest cost	64		51		42		303		172		130
Expected return on plan assets	(99)		(79)		(72)		(403)		(353)		(419)
Amortization:
Net loss	—		6		17		42		57		130
Prior service cost/(benefit)	1		1		1		(1)		(2)		(6)
Curtailment expense/(credit) (1)	—		—		—		—		8		(17)
Settlement losses and other expenses	17		14		19		1		2		3
Net periodic pension (benefit)/cost	$	(14)	$	(2)	$	13	$	(4)	$	(28)	$	(42)

For the U.S. plans, we determine the expected return on plan assets component of net periodic (benefit)/cost using a calculated market return value that recognizes the cost over a four-year period. For our non-U.S. plans, we utilize a similar approach with varying cost recognition periods for some plans, and with others, we determine the expected return on plan assets based on asset fair values as of the measurement date.

We used the following weighted-average assumptions to determine our net periodic pension cost:


	U.S. Plans						Non-U.S. Plans
	For the Years Ended December 31,						For the Years Ended December 31,
	2023		2022		2021		2023		2022		2021
Discount rate	5.55	%	3.01	%	2.73	%	4.51	%	1.74	%	1.33	%
Expected rate of return on plan assets	6.25	%	4.50	%	4.50	%	5.41	%	3.44	%	3.90	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	3.22	%	2.84	%	3.16	%

Plan Assets

The fair value of pension plan assets was determined using the following fair value measurements:


	As of December 31, 2023
Asset Category	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
U.S. equity securities	$	3	$	3	$	—	$	—

Pooled funds - equity securities	935		863		72		—
Total equity securities	938		866		72		—
Government bonds	2,485		59		2,426		—
Pooled funds - fixed-income securities	839		718		121		—
Corporate bonds and other fixed-income securities	2,366		203		699		1,464
Total fixed-income securities	5,690		980		3,246		1,464
Real estate	249		182		—		67
Private equity	4		—		—		4
Cash and other	122		103		18		1

Total assets in the fair value hierarchy	$	7,003	$	2,131	$	3,336	$	1,536
Investments measured at net asset value	2,084
Total investments at fair value	$	9,087


	As of December 31, 2022
Asset Category	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
U.S. equity securities	$	3	$	3	$	—	$	—
Non-U.S. equity securities	1		1		—		—
Pooled funds - equity securities	960		906		54		—
Total equity securities	964		910		54		—
Government bonds	2,495		48		2,447		—
Pooled funds - fixed-income securities	560		453		107		—
Corporate bonds and other fixed-income securities	2,296		144		612		1,540
Total fixed-income securities	5,351		645		3,166		1,540
Real estate	221		152		—		69
Private equity	4		—		—		4
Cash and other	106		100		5		1

Total assets in the fair value hierarchy	$	6,646	$	1,807	$	3,225	$	1,614
Investments measured at net asset value	1,892
Total investments at fair value	$	8,538

We excluded plan assets of $97 million at December 31, 2023 and $117 million at December 31, 2022 from the above tables related to certain insurance contracts as they are reported at contract value, in accordance with authoritative guidance.

Fair value measurements

•Level 1 – includes primarily U.S and non-U.S. equity securities and government bonds valued using quoted prices in active markets.

•Level 2 – includes primarily pooled funds, including assets in real estate pooled funds, valued using net asset values of participation units held in common collective trusts, as reported by the managers of the trusts and as supported by the unit prices of actual purchase and sale transactions. Level 2 plan assets also include corporate bonds and other fixed-income securities, valued using independent observable market inputs, such as matrix pricing, yield curves and indices.

•Level 3 – includes investments valued using unobservable inputs that reflect the plans’ assumptions that market participants would use in pricing the assets, based on the best information available.

•Fair value estimates for pooled funds are calculated by the investment advisor when reliable quotations or pricing services are not readily available for certain underlying securities. The estimated value is based on either cost or last sale price for most of the securities valued in this fashion.

•Fair value estimates for private equity investments are calculated by the general partners using the market approach to estimate the fair value of private investments. The market approach utilizes prices and other relevant information generated by market transactions, type of security, degree of liquidity, restrictions on the disposition, latest round of financing data, company financial statements, relevant valuation multiples and discounted cash flow analyses.

•Fair value estimates for private debt placements are calculated using standardized valuation methods, including but not limited to income-based techniques such as discounted cash flow projections or market-based techniques utilizing public and private transaction multiples as comparables.

•Fair value estimates for real estate investments are calculated by investment managers using the present value of future cash flows expected to be received from the investments, based on valuation methodologies such as appraisals, local market conditions, and current and projected operating performance.

•Fair value estimates for fixed-income securities that are buy-in annuity policies are calculated on a replacement policy value basis by discounting the projected cash flows of the plan members using a discount rate based on risk-free rates and adjustments for estimated levels of insurer pricing.

•Net asset value – primarily includes equity funds, fixed income funds, real estate funds, hedge funds and private equity investments for which net asset values are normally used.

Changes in our Level 3 plan assets, which are recorded in other comprehensive earnings/(losses), included:


Asset Category	January 1, 2023 Balance		Net Realized and Unrealized Gains/ (Losses)		Net Purchases, Issuances and Settlements		Net Transfers Into/(Out of) Level 3		Currency Impact		December 31, 2023 Balance
	(in millions)


Corporate bond and other fixed-income securities	$	1,540	$	60	$	(227)	$	—	$	98	$	1,471
Real estate	70		(2)		—		—		(6)		62
Private equity and other	4		—		—		—		(1)		3
Total Level 3 investments	$	1,614	$	58	$	(227)	$	—	$	91	$	1,536

Asset Category	January 1, 2022 Balance		Net Realized and Unrealized Gains/ (Losses)		Net Purchases, Issuances and Settlements		Net Transfers Into/(Out of) Level 3		Currency Impact		December 31, 2022 Balance
	(in millions)


Corporate bond and other fixed-income securities	$	2,387	$	(450)	$	(148)	$	—	$	(249)	$	1,540
Real estate	74		3		(1)		—		(6)		70
Private equity and other	5		—		—		—		(1)		4
Total Level 3 investments	$	2,466	$	(447)	$	(149)	$	—	$	(256)	$	1,614

The decrease in Level 3 pension plan investments during 2023 was related to net purchases, issuances and settlements of corporate bonds and other fixed income securities, partially offset by currency impact and net realized and unrealized gains. The decrease in Level 3 pension plan investments during 2022 was related to rising bond yields, benefits paid and currency impact.

The percentage of fair value of pension plan assets was:


	U.S. Plans		Non-U.S. Plans
	As of December 31,		As of December 31,
Asset Category	2023	2022	2023	2022
Equity securities	15%	15%	16%	16%
Fixed-income securities	85%	85%	63%	63%
Real estate	—	—	4%	3%

Buy-in annuity policies	—	—	16%	17%
Cash	—	—	1%	1%
Total	100%	100%	100%	100%

For our U.S. plans, our investment strategy is to reduce our funded status risk in part through appropriate asset allocation within our plan assets. We attempt to maintain our target asset allocation by rebalancing between asset classes as we make monthly benefit payments. The strategy involves using indexed U.S. equity and international equity securities and actively managed U.S. investment grade fixed-income securities (which constitute 95% or more of fixed-income securities) with smaller allocations to high yield fixed-income securities.

For our non-U.S. plans, the investment strategy is subject to local regulations and the asset/liability profiles of the plans in each individual country. In aggregate, the asset allocation targets of our non-U.S. plans are broadly characterized as a mix of approximately 14% equity securities, 53% fixed-income securities, 29% buy-in annuity policies and 4% real estate.

Employer Contributions

In 2023, we contributed $6 million to our U.S. pension plans and $141 million to our non-U.S. pension plans. In addition, employees contributed $21 million to our non-U.S. 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. In 2024, we estimate that our pension contributions will be $4 million to our U.S. plans and $128 million to our non-U.S. plans based on current tax laws. 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.

Future Benefit Payments

The estimated future benefit payments from our pension plans at December 31, 2023 were (in millions):


	2024	2025	2026	2027	2028	2029-2033
U.S. Plans	$152	$91	$91	$90	$90	$432
Non-U.S. Plans	429	420	434	441	445	2,283

Multiemployer Pension Plans

In accordance with obligations we have under collective bargaining agreements, we made contributions to multiemployer pension plans for continuing participation and these amounts were not material. Our contributions are based on our contribution rates under our collective bargaining agreements, the number of our eligible employees and fund surcharges.

On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Bakery and Confectionery Union and Industry International Pension Fund totaling $491 million requiring pro-rata monthly payments over 20 years. We began making monthly payments during the third quarter of 2019. Within interest and other expense, net, we recorded accreted interest of $10 million in 2023, and $11 million in 2022 and 2021. As of December 31, 2023, the remaining discounted withdrawal liability was $328 million, with $15 million recorded in other current liabilities and $313 million recorded in long-term other liabilities.

Other Costs

We sponsor and contribute to employee defined contribution plans. These plans cover eligible salaried, non-union and union employees. Our contributions and costs are determined by the matching of employee contributions, as defined by the plans. Amounts charged to expense in continuing operations for defined contribution plans totaled $66 million in 2023 and 2022 and $73 million in 2021.

Postretirement Benefit Plans

Obligations

Our postretirement health care plans are funded in the U.S. The changes in and the amount of the accrued benefit obligation were:


	As of December 31,
	2023		2022
	(in millions)
Accrued benefit obligation at January 1	$	233	$	317
Service cost	1		2
Interest cost	12		9
Benefits paid	(16)		(15)
Plan amendments	(22)		—
Currency	2		(5)
Actuarial losses/(gains)	(5)		(75)
Accrued benefit obligation at December 31	205		233
Fair value of plan assets at January 1	—		—
Employer Contributions	76		—
Benefit Payments	(12)		—
Actual Return on Assets	6		—
Fair value of plan assets at December 31	$	70	$	—

The current portion of our accrued postretirement benefit obligation of $11 million at December 31, 2023 and $16 million at December 31, 2022 was included in other current liabilities.

The actuarial (gain) for all postretirement plans in 2023 and 2022 was driven by gains related to assumption changes partially offset by losses related to a change in the discount rate used to measure the benefit obligations of those plans.

We used the following weighted-average assumptions to determine our postretirement benefit obligations:


	U.S. Plans				Non-U.S. Plans
	As of December 31,				As of December 31,
	2023		2022		2023		2022
Discount rate	5.20	%	5.53	%	5.72	%	6.07	%
Expected rate of return on plan assets	7.25	%	n/a		n/a		n/a
Health care cost trend rate assumed for next year	6.75	%	7.00	%	5.07	%	5.98	%
Ultimate trend rate	5.00	%	5.00	%	4.63	%	4.70	%
Year that the rate reaches the ultimate trend rate	2031		2031		2040		2040

Year-end discount rates for our U.S., Canadian and U.K. plans were developed from a model portfolio of high quality, fixed-income debt instruments with durations that match the expected future cash flows of the benefit obligations. Year-end discount rates for our remaining non-U.S. plans were developed from local bond indices that match local benefit obligations as closely as possible. Changes in our discount rates were primarily the result of changes in bond yields year-over-year. Our expected health care cost trend rate is based on historical costs.

For the periods presented, we measure service and interest costs for other postretirement benefits by applying the specific spot rates along a yield curve used to measure plan obligations to the plans’ liability cash flows. We believe this approach provides a good measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve.

Components of Net Periodic Postretirement Health Care Costs

The net periodic postretirement (benefit)/cost was $(5) million, $12 million and $14 million for the years ended December 31, 2023, 2022 and 2021, respectively.

We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:


	U.S. Plans			Non-U.S. Plans
	For the Years Ended December 31,			For the Years Ended December 31,
	2023	2022	2021	2023	2022	2021
Discount rate	5.53%	2.96%	2.68%	6.07%	3.81%	3.35%
Health care cost trend rate	7.00%	5.50%	5.75%	5.98%	5.72%	5.66%

Future Benefit Payments

Our estimated future benefit payments for our postretirement health care plans at December 31, 2023 were (in millions):


	2024	2025	2026	2027	2028	2029-2033
U.S. Plans	$11	$10	$10	$9	$9	$36
Non-U.S. Plans	4	5	5	5	5	27

Other Costs

We made contributions to multiemployer medical plans totaling $18 million in 2023, $17 million in 2022 and $19 million in 2021. These plans provide medical benefits to active employees and retirees under certain collective bargaining agreements.

Postemployment Benefit Plans

Obligations

Our postemployment plans are not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2023 and 2022 were:


	As of December 31,
	2023		2022
	(in millions)
Accrued benefit obligation at January 1	$	47	$	56
Service cost	4		4
Interest cost	3		2
Benefits paid	(25)		(14)
Actuarial losses/(gains)	63		(1)
Accrued benefit obligation at December 31	$	92	$	47

The accrued benefit obligation was determined using a weighted-average discount rate of 8.1% in 2023 and 6.3% in 2022, an assumed weighted-average ultimate annual turnover rate of 0.8% in 2023 and 0.4% in 2022, assumed compensation cost increases of 4.0% in 2023 and 4.0% in 2022 and assumed benefits as defined in the respective plans.

Postemployment costs arising from actions that offer employees benefits in excess of those specified in the respective plans are charged to expense when incurred.

Components of Net Periodic Postemployment Costs

The net periodic postemployment cost was $4 million, zero and $5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, the estimated net gain for the postemployment benefit plans that we expect to amortize from accumulated other comprehensive earnings/(losses) into net periodic postemployment costs during 2024 is approximately $4 million.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-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

+ Details

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Capital expenditures	$ 1,112	$ 906	$ 965
Accrued capital expenditures not yet paid	$ 471	$ 324	$ 249

Restructuring Program (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Program Liability

The Simplify to Grow Program liability activity for the years ended December 31, 2023 and 2022 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability Balance, January 1, 2022	$	211	$	—	$	211
Charges (2)	31		5		36
Cash spent (3)	(69)		—		(69)
Non-cash settlements/adjustments (4)	(3)		(5)		(8)
Currency	(6)		—		(6)
Liability Balance, December 31, 2022	$	164	$	—	$	164
Charges (2)	89		17		106
Cash spent (3)	(67)		—		(67)
Non-cash settlements/adjustments (4)	—		(17)		(17)
Currency	5		—		5
Liability balance, December 31, 2023 (5)	$	191	$	—	$	191

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

(2)We recorded restructuring charges of $106 million in 2023, $36 million in 2022 and $154 million in 2021 within asset impairment and exit costs and benefit plan non-service income.

(3)We spent $67 million in 2023 and $69 million in 2022 in cash severance and related costs.

(5)At December 31, 2023, $102 million of our net restructuring liability was recorded within other current liabilities and $89 million was recorded within other long-term liabilities.

Schedule of Restructuring and Implementation Costs


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Latin America	$	—	$	(3)	$	1
AMEA	(1)		3		(15)
Europe	2		4		7
North America	16		(1)		65
Corporate	—		—		—
Total	$	17	$	3	$	58


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Year Ended December 31, 2023
Restructuring Costs	$	(3)	$	7	$	79	$	19	$	4	$	106
Implementation Costs	1		—		12		8		4		25
Total	$	(2)	$	7	$	91	$	27	$	8	$	131
For the Year Ended December 31, 2022
Restructuring Costs	$	(6)	$	13	$	16	$	12	$	1	$	36
Implementation Costs	7		6		25		37		12		87
Total	$	1	$	19	$	41	$	49	$	13	$	123
For the Year Ended December 31, 2021
Restructuring Costs	$	7	$	(17)	$	4	$	153	$	7	$	154
Implementation Costs	9		10		33		97		18		167
Total	$	16	$	(7)	$	37	$	250	$	25	$	321
Total Project (Inception to Date)
Restructuring Costs	$	545	$	561	$	1,242	$	676	$	154	$	3,178
Implementation Costs	304		245		581		598		372		2,100
Total	$	849	$	806	$	1,823	$	1,274	$	526	$	5,278

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Operating lease ROU assets, net of amortization	$ 683	$ 660
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 165	$ 166
Long-term operating lease liabilities	537	514
Total operating lease liabilities	$ 702	$ 680
Finance Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Finance leases, net of amortization (within property, plant and equipment)	$ 325	$ 287
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Current portion of long-term debt	$ 122	$ 95
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Long-term debt	$ 214	$ 198
Total finance lease liabilities	$ 336	$ 293
Weighted Average Remaining Lease Term
Operating leases	6 years 4 months 24 days	7 years
Finance leases	3 years 7 months 6 days	4 years 1 month 6 days
Weighted Average Discount Rate
Operating leases	5.10%	4.20%
Finance leases	5.00%	4.00%

Investments - Narrative (Details)
€ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

director

Dec. 31, 2023

EUR (€)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

Dec. 31, 2021

USD ($)

Mar. 31, 2023

Dec. 31, 2021

EUR (€)

€ / shares

Sep. 20, 2021

EUR (€)

Schedule of Investments [Line Items]

Equity method investments

^[1]

$ 3,242

$ 4,879

Equity earnings from equity method investments

160

^[2]

385

$ 393

Cash dividends received from equity method investments

$ 137

$ 184

$ 172

0.000% Notes Due September 2024 | Exchangeable Notes

Schedule of Investments [Line Items]

Debt issued | €

€ 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

0.10

KDP

Schedule of Investments [Line Items]

Equity securities investment, significant influence over investee, threshold ownership percentage

5.00%

Number of shares of equity method investment sold (in shares) | shares

76.0

43.0

Proceeds from sale of marketable securities

$ 2,400

Gain (loss) on sale of equity method investment

493

$ 768

Gain (loss) on sale of equity method investment, net of tax

$ 368

$ 581

Equity investment, decrease in ownership percentage

3.00%

Ownership interest percentage

5.30%

Cash proceeds

$ 1,500

JDEP

Schedule of Investments [Line Items]

Number of shares of equity method investment sold (in shares) | shares

9.9

18.6

Gain (loss) on sale of equity method investment

$ (23)

€ (21,000,000)

$ (8)

€ (8,000,000)

Equity investment, decrease in ownership percentage

2.00%

3.00%

Ownership interest percentage

17.70%

19.70%

Cash proceeds

$ 279

€ 255,000,000

$ 529

€ 500,000,000

Quoted market price of ownership interest in equity method investment

$ 2,300

Number of director positions | director

Dong Suh Foods Corporation

Schedule of Investments [Line Items]

Ownership interest percentage

50.00%

Dong Suh Oil & Fats Co. Ltd.

Schedule of Investments [Line Items]

Ownership interest percentage

49.00%

[1]	Includes a basis difference of approximately $373 million as of December 31, 2023 and $419 million as of December 31, 2022 between the U.S. GAAP accounting basis for our equity method investments and the U.S. GAAP accounting basis of our investees’ equity.
[2]	The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in 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 (2)	—		—		(66)		(226)		(292)
Divestitures	(8)		—		—		—		(8)
Balance at December 31, 2022	$	1,421	$	3,132	$	8,009	$	10,888	$	23,450
Currency	180		(67)		341		19		473
Acquisitions (1) (3)	6		—		—		(33)		(27)
Balance at December 31, 2023	$	1,607	$	3,065	$	8,350	$	10,874	$	23,896

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

(3)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 December 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-life intangible assets (1)	$	3,322	$	(2,155)	$	1,167	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1) (2)	18,669		—		18,669		18,413		—		18,413
Total	$	21,991	$	(2,155)	$	19,836	$	21,767	$	(2,057)	$	19,710

(2)We recorded intangible asset impairments of $26 million in 2023 and $101 million in 2022 within asset impairment and exit costs.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in millions):


	As of December 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-life intangible assets (1)	$	3,322	$	(2,155)	$	1,167	$	3,354	$	(2,057)	$	1,297
Indefinite-life intangible assets (1) (2)	18,669		—		18,669		18,413		—		18,413
Total	$	21,991	$	(2,155)	$	19,836	$	21,767	$	(2,057)	$	19,710

(2)We recorded intangible asset impairments of $26 million in 2023 and $101 million in 2022 within asset impairment and exit costs.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Benefit Plans - Components of Net Periodic Pension Cost (Details) - Pension Plans - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Amortization:

Curtailment expense/(credit)

$ (17)

U.S. Plans

Defined Benefit Plan Disclosure [Line Items]

Service cost

$ 3

$ 5

$ 6

Interest cost

Expected return on plan assets

(99)

(79)

(72)

Amortization:

Net loss

Prior service cost/(benefit)

Curtailment expense/(credit)

^[1]

Settlement losses and other expenses

Net periodic pension (benefit)/cost

(14)

(2)

Non-U.S. Plans

Defined Benefit Plan Disclosure [Line Items]

Service cost

137

Interest cost

303

172

130

Expected return on plan assets

(403)

(353)

(419)

Amortization:

Net loss

130

Prior service cost/(benefit)

(1)

(2)

(6)

Curtailment expense/(credit)

^[1]

(17)

Settlement losses and other expenses

Net periodic pension (benefit)/cost

$ (4)

$ (28)

(42)

U.K.

Amortization:

Incentive payment charges and other expenses related to frozen benefit plan

$ 48

[1]

During the third quarter of 2021, we terminated our Defined Benefit Pension Scheme in Nigeria. During the second quarter of 2021, we made a decision to freeze our Defined Benefit Pension Scheme in the United Kingdom. As a result, we recognized curtailment credits of ($17 million) in 2021 recorded within benefit plan non-service income. In connection with the United Kingdom plan freeze, we also incurred incentive payment charges and other expenses of $48 million in 2021 included in operating income.

Restructuring Program - Narrative (Details) - USD ($) $ in Millions					12 Months Ended			116 Months Ended
	Oct. 21, 2021	Sep. 06, 2018	Aug. 31, 2016	May 06, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
2014-2018 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs			$ 5,700	$ 3,500
Reallocation of previously approved capital expenditures to be spent on restructuring program cash costs			600
2014-2018 Restructuring Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Capital expenditures, authorized amount			1,600	$ 2,200
2014-2018 Restructuring Program \| Restructuring Program Charges
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs			4,100
2014-2018 Restructuring Program \| Cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs			3,100
2014-2018 Restructuring Program \| Non-cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs			$ 1,000
Simplify to Grow Program
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs	$ 7,700
Restructuring and related implementation charges					$ 131	$ 123	$ 321	$ 5,278
Implementation costs					$ 25	$ 87	$ 167	$ 2,100
Simplify to Grow Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Capital expenditures, authorized amount	2,300
Increase in restructuring program costs		$ 1,300
Increase in capital expenditures		$ 700
Simplify to Grow Program \| Restructuring Program Charges
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs	5,400
Simplify to Grow Program \| Cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs	4,100
Simplify to Grow Program \| Non-cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program costs	$ 1,300

Debt and Borrowing Arrangements - Long-Term Debt (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Finance leases and other

$ 339

^[1]

$ 297

Total

18,988

^[1]

20,634

less: current portion of long-term debt

(2,101)

^[1]

(383)

Long-term debt

16,887

^[1]

20,251

Unamortized premiums, discounts and bank fees

(129)

Imputed interest on finance leases

(33)

U.S. dollar notes

Debt Instrument [Line Items]

Notes payable

$ 9,562

^[1]

11,275

U.S. dollar notes | Minimum

Debt Instrument [Line Items]

Effective interest rate

0.75%

U.S. dollar notes | Maximum

Debt Instrument [Line Items]

Effective interest rate

7.00%

U.S. dollar notes | Weighted Average

Debt Instrument [Line Items]

Effective interest rate

3.018%

Euro notes

Debt Instrument [Line Items]

Notes payable

$ 7,916

^[1]

7,666

Euro notes | Minimum

Debt Instrument [Line Items]

Effective interest rate

0.00%

Euro notes | Maximum

Debt Instrument [Line Items]

Effective interest rate

2.375%

Euro notes | Weighted Average

Debt Instrument [Line Items]

Effective interest rate

0.709%

Pound sterling notes

Debt Instrument [Line Items]

Notes payable

$ 333

^[1]

316

Pound sterling notes | Minimum

Debt Instrument [Line Items]

Effective interest rate

3.875%

Pound sterling notes | Maximum

Debt Instrument [Line Items]

Effective interest rate

4.50%

Pound sterling notes | Weighted Average

Debt Instrument [Line Items]

Effective interest rate

4.151%

Swiss franc notes

Debt Instrument [Line Items]

Notes payable

$ 386

^[1]

638

Swiss franc notes | Minimum

Debt Instrument [Line Items]

Effective interest rate

0.615%

Swiss franc notes | Maximum

Debt Instrument [Line Items]

Effective interest rate

1.125%

Swiss franc notes | Weighted Average

Debt Instrument [Line Items]

Effective interest rate

0.911%

Canadian dollar notes

Debt Instrument [Line Items]

Notes payable

$ 452

^[1]

$ 442

Canadian dollar notes | Minimum

Debt Instrument [Line Items]

Effective interest rate

3.25%

Canadian dollar notes | Maximum

Debt Instrument [Line Items]

Effective interest rate

3.377%

[1]	Amounts are shown net of unamortized premiums, discounts and bank fees of $(129) million and imputed interest on finance leases of $(33) million.

Segment Reporting - Total Assets, Depreciation Expense and Capital Expenditure by Segment (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Total assets

$ 71,391

$ 71,161

$ 67,092

Total depreciation expense

^[1]

741

690

683

Total capital expenditures

1,112

906

965

Equity method investments

Segment Reporting Information [Line Items]

Total assets

3,242

4,879

5,289

Latin America

Segment Reporting Information [Line Items]

Total assets

^[2]

7,360

6,164

4,106

Total depreciation expense

^[1]

161

117

105

Total capital expenditures

171

113

165

AMEA

Segment Reporting Information [Line Items]

Total assets

^[2]

9,965

9,882

10,386

Total depreciation expense

^[1]

164

169

173

Total capital expenditures

259

229

208

Europe

Segment Reporting Information [Line Items]

Total assets

^[2]

22,990

22,713

20,927

Total depreciation expense

^[1]

255

256

257

Total capital expenditures

415

355

409

North America

Segment Reporting Information [Line Items]

Total assets

^[2]

25,557

26,603

23,321

Total depreciation expense

^[1]

161

148

Total capital expenditures

267

209

183

Unallocated assets and adjustments

Segment Reporting Information [Line Items]

Total assets

^[3]

$ 2,277

$ 920

$ 3,063

[1]	Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statement of cash flows for total depreciation and amortization expenses.
[2]	Segment assets do not reflect outstanding intercompany asset balances that have been eliminated at a segment level.
[3]	Unallocated assets consist primarily of cash and cash equivalents, deferred income taxes, centrally held property, plant and equipment, prepaid pension assets and derivative financial instrument balances. Final adjustments for jurisdictional netting of deferred tax assets and liabilities is done at a consolidated level.

Stock Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 25	$ 20	$ 23
Deferred tax benefit related to compensation expense	4	3	4
Unamortized compensation expense related to stock options	$ 26
Unamortized compensation expense weighted-average recognition period	1 year 8 months 12 days
Deferred units, performance share units and other stock-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 121	100	98
Deferred tax benefit related to compensation expense	$ 18	$ 17	$ 16
Unamortized compensation expense weighted-average recognition period	1 year 8 months 12 days
Unamortized compensation expense related to DSUs, PSUs and other stock-based awards	$ 146
2005 Plan \| Class A Common Stock, no par value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under stock option plan (in shares)	243.7
Shares available to be granted (in shares)	41.5

Acquisitions and Divestitures - Purchase Price Allocation of Net Tangible and Intangible Assets Acquired and Liabilities Assumed - Chipita (Details) $ in Millions, € in Billions			12 Months Ended
	Jan. 03, 2022 USD ($)	Jan. 03, 2022 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 23,896	$ 23,450	$ 21,978
Net Cash Paid			$ (19)	$ 5,286	$ 833
Chipita
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	€ 1.2
Chipita \| Trade Names
Business Acquisition [Line Items]
Indefinite-life intangible assets	$ 686

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of December 31,
	2023		2022
	(in millions)
Land and land improvements	$	384	$	378
Buildings and building improvements	3,452		3,250
Machinery and equipment	12,736		11,724
Construction in progress	1,118		879
	17,690		16,231
Accumulated depreciation	(7,996)		(7,211)
Property, plant and equipment, net	$	9,694	$	9,020

Schedule of Changes Related to Property in Connection with Restructuring Program


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Latin America	$	—	$	(3)	$	1
AMEA	(1)		3		(15)
Europe	2		4		7
North America	16		(1)		65
Corporate	—		—		—
Total	$	17	$	3	$	58


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Year Ended December 31, 2023
Restructuring Costs	$	(3)	$	7	$	79	$	19	$	4	$	106
Implementation Costs	1		—		12		8		4		25
Total	$	(2)	$	7	$	91	$	27	$	8	$	131
For the Year Ended December 31, 2022
Restructuring Costs	$	(6)	$	13	$	16	$	12	$	1	$	36
Implementation Costs	7		6		25		37		12		87
Total	$	1	$	19	$	41	$	49	$	13	$	123
For the Year Ended December 31, 2021
Restructuring Costs	$	7	$	(17)	$	4	$	153	$	7	$	154
Implementation Costs	9		10		33		97		18		167
Total	$	16	$	(7)	$	37	$	250	$	25	$	321
Total Project (Inception to Date)
Restructuring Costs	$	545	$	561	$	1,242	$	676	$	154	$	3,178
Implementation Costs	304		245		581		598		372		2,100
Total	$	849	$	806	$	1,823	$	1,274	$	526	$	5,278

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Earnings/(losses) from continuing operations before income taxes and the provision for income taxes consisted of:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
Earnings/(losses) from continuing operations before income taxes:
United States	$	1,500	$	463	$	519
Outside United States	4,380		2,765		3,850
	$	5,880	$	3,228	$	4,369
Provision for income taxes:
United States federal:
Current	$	667	$	187	$	297
Deferred	(167)		(17)		(31)
	500		170		266
State and local:
Current	123		78		89
Deferred	(50)		2		9
	73		80		98
Total United States	573		250		364

Outside United States:
Current	784		642		599
Deferred	180		(27)		227
Total outside United States	964		615		826

Total provision for income taxes	$	1,537	$	865	$	1,190

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate on pre-tax earnings differed from the U.S. federal statutory rate as follows:


	For the Years Ended December 31,
	2023	2022	2021
U.S. federal statutory rate	21.0%	21.0%	21.0%
Increase/(decrease) resulting from:
State and local income taxes, net of federal tax benefit	(0.1)%	1.6%	1.1%
Foreign rate differences	2.0%	2.0%	(1.6)%
Changes in judgment on realizability of deferred tax assets	(0.1)%	(1.1)%	0.1%
Reversal of other tax accruals no longer required	(0.2)%	(1.4)%	(0.5)%
Tax accrual on investment in KDP (including tax impact of share sales)	2.8%	0.5%	4.7%
Excess tax benefits from equity compensation	(0.4)%	(0.8)%	(0.7)%
Tax legislation	1.4%	0.5%	2.3%
Business sales	(0.5)%	0.1%	—%

Foreign tax provisions under TCJA (GILTI, FDII and BEAT) (1)	0.6%	0.1%	0.8%
Tax impacts from the European Commission legal matter	(0.4)%	2.1%	—%
Non-deductible expenses and other, including buyout of Clif Bar ESOP	—%	2.2%	—%
Effective tax rate	26.1%	26.8%	27.2%

Schedule of Deferred Tax Assets and Liabilities Temporary Differences

Tax effects of temporary differences that gave rise to deferred income tax assets and liabilities consisted of:


	As of December 31,
	2023		2022
	(in millions)
Deferred income tax assets:
Accrued postretirement and postemployment benefits	$	45	$	83
Other employee benefits	155		156
Accrued expenses	632		649
Loss carryforwards	701		664
Tax credit carryforwards	803		786
Other	589		481
Total deferred income tax assets	2,925		2,819
Valuation allowance	(1,359)		(1,257)
Net deferred income tax assets	$	1,566	$	1,562
Deferred income tax liabilities:
Intangible assets, including impact from Swiss tax reform	$	(3,094)	$	(3,279)
Property, plant and equipment	(770)		(708)
Accrued pension costs	(62)		(57)
Other	(524)		(482)
Total deferred income tax liabilities	(4,450)		(4,526)
Net deferred income tax liabilities	$	(2,884)	$	(2,964)

Schedule of Changes in Unrecognized Tax Benefit

The changes in our unrecognized tax benefits were:


	For the Years Ended December 31,
	2023		2022		2021
	(in millions)
January 1	$	424	$	446	$	442
Increases from positions taken during prior periods	33		16		31
Decreases from positions taken during prior periods	(35)		(9)		(21)
Increases from positions taken during the current period	55		48		47
Decreases relating to settlements with taxing authorities	(11)		(54)		(13)
Reductions resulting from the lapse of the applicable statute of limitations	(29)		(22)		(26)
Currency/other	5		(1)		(14)
December 31	$	442	$	424	$	446