0001103982-24-000104 | 10-Q | XBRL Viewer | Mondelez International INC

Restructuring Program

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Note 7. Restructuring Program

On May 6, 2014, our Board of Directors approved a $3.5 billion 2014-2018 restructuring program and up to $2.2 billion of capital expenditures. On August 31, 2016, our Board of Directors approved a $600 million reallocation between restructuring program cash costs and capital expenditures so the $5.7 billion program consisted of approximately $4.1 billion of restructuring program charges ($3.1 billion cash costs and $1.0 billion non-cash costs) and up to $1.6 billion of capital expenditures. On September 6, 2018, our Board of Directors approved an extension

of the restructuring program through 2022, an increase of $1.3 billion in the program charges and an increase of $700 million in capital expenditures. On October 21, 2021, our Board of Directors approved an extension of the restructuring program through 2023, and on July 25, 2023, our Board of Directors approved a further extension of the restructuring program through December 31, 2024. The total $7.7 billion program now consists of $5.4 billion of program charges ($4.1 billion of cash costs and $1.3 billion of non-cash costs) and total capital expenditures of $2.3 billion to be incurred over the life of the program. The current restructuring program, as increased and extended by these actions, is now called the Simplify to Grow Program.

The primary objective of the Simplify to Grow Program is to reduce our operating cost structure in both our supply chain and overhead costs. The program covers severance as well as asset disposals and other manufacturing and procurement-related one-time costs. Since inception, we have incurred total restructuring and implementation charges of $5.4 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 nine months ended September 30, 2024 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability balance, January 1, 2024	$	191	$	—	$	191
Charges (2)	28		12		40
Cash spent (3)	(35)		—		(35)
Non-cash settlements/adjustments (4)	—		(12)		(12)
Currency	1		—		1
Liability balance, September 30, 2024 (5)	$	185	$	—	$	185

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

(2)We recorded net reversals of previously recorded restructuring charges of $5 million in the three months ended September 30, 2024 and restructuring charges of $16 million in the three months ended September 30, 2023 and net restructuring charges of $40 million in the nine months ended September 30, 2024 and $48 million in the nine months ended September 30, 2023 within asset impairment and exit costs and benefit plan non-service income.

(3)We spent $12 million in the three months ended September 30, 2024 and $12 million in the three months ended September 30, 2023 and spent $35 million in the nine months ended September 30, 2024 and $47 million in the nine months ended September 30, 2023 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 $6 million in the three months ended September 30, 2024 and a charge of $8 million in the three months ended September 30, 2023 and a charge of $12 million in the nine months ended September 30, 2024 and $14 million in the nine months ended September 30, 2023.

(5)At September 30, 2024, $102 million of our net restructuring liability was recorded within other current liabilities and $83 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 additional 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 $17 million in the three months ended September 30, 2024 and $4 million in the three months ended September 30, 2023, and we recorded implementation costs of $40 million in the nine months ended September 30, 2024 and $13 million in the nine months ended September 30, 2023. We recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses.

Restructuring and Implementation Costs

During the three and nine months ended September 30, 2024 and September 30, 2023, and since inception of the Simplify to Grow Program, we recorded the following restructuring and implementation costs within segment operating income and earnings before income taxes:


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Three Months Ended September 30, 2024
Restructuring Costs	$	1	$	4	$	(11)	$	2	$	(1)	$	(5)
Implementation Costs	—		—		5		9		3		17
Total	$	1	$	4	$	(6)	$	11	$	2	$	12
For the Three Months Ended September 30, 2023
Restructuring Costs	$	(1)	$	5	$	—	$	11	$	1	$	16
Implementation Costs	1		(1)		1		1		2		4
Total	$	—	$	4	$	1	$	12	$	3	$	20
For the Nine Months Ended September 30, 2024
Restructuring Costs	$	4	$	5	$	31	$	1	$	(1)	$	40
Implementation Costs	—		—		10		21		9		40
Total	$	4	$	5	$	41	$	22	$	8	$	80
For the Nine Months Ended September 30, 2023
Restructuring Costs	$	(2)	$	7	$	27	$	16	$	—	$	48
Implementation Costs	—		(1)		3		4		7		13
Total	$	(2)	$	6	$	30	$	20	$	7	$	61
Total Project (Inception to Date)
Restructuring Costs	$	549	$	566	$	1,273	$	677	$	153	$	3,218
Implementation Costs	304		245		591		619		381		2,140
Total	$	853	$	811	$	1,864	$	1,296	$	534	$	5,358

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 16. Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.

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

• Latin America

• AMEA

• Europe

• North America

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

Our reconciliation of segment net revenues and earnings to consolidated financial statement totals were:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Net revenues:
Latin America	$	1,204	$	1,305	$	3,755	$	3,744
AMEA	1,851		1,791		5,388		5,339
Europe	3,323		3,086		9,565		9,319
North America	2,826		2,847		8,129		8,300
Net revenues	$	9,204	$	9,029	$	26,837	$	26,702
Earnings before income taxes:
Segment operating income:
Latin America	$	125	$	156	$	426	$	429
AMEA	335		302		1,036		869
Europe	605		494		1,746		1,450
North America	918		532		2,012		1,678
Unrealized (losses)/gains on hedging activities (mark-to-market impacts)	(710)		19		(157)		239
General corporate expenses	(78)		(86)		(212)		(242)
Amortization of intangible assets	(40)		(38)		(115)		(114)

Acquisition-related costs	(2)		—		(2)		—
Operating income	1,153		1,379		4,734		4,309
Benefit plan non-service income	25		19		76		60
Interest and other expense, net	(46)		(66)		(146)		(258)
(Loss)/gain on marketable securities	—		(1)		—		606
Earnings before income taxes	$	1,132	$	1,331	$	4,664	$	4,717

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

Net revenues by product category were:


	For the Three Months Ended September 30, 2024
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	312	$	661	$	1,162	$	2,470	$	4,605
Chocolate	299		752		1,640		92		2,783
Gum & Candy	374		240		145		264		1,023
Beverages	104		105		28		—		237
Cheese & Grocery	115		93		348		—		556
Total net revenues	$	1,204	$	1,851	$	3,323	$	2,826	$	9,204

	For the Three Months Ended September 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	313	$	642	$	1,120	$	2,409	$	4,484
Chocolate	347		701		1,428		83		2,559
Gum & Candy	408		233		199		355		1,195
Beverages	112		118		29		—		259
Cheese & Grocery	125		97		310		—		532
Total net revenues	$	1,305	$	1,791	$	3,086	$	2,847	$	9,029

	For the Nine Months Ended September 30, 2024
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	908	$	1,865	$	3,285	$	7,203	$	13,261
Chocolate	985		2,102		4,703		240		8,030
Gum & Candy	1,148		711		491		686		3,036
Beverages	348		418		90		—		856
Cheese & Grocery	366		292		996		—		1,654
Total net revenues	$	3,755	$	5,388	$	9,565	$	8,129	$	26,837

	For the Nine Months Ended September 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	898	$	1,881	$	3,311	$	7,105	$	13,195
Chocolate	1,031		2,011		4,339		223		7,604
Gum & Candy	1,124		674		652		972		3,422
Beverages	335		476		88		—		899
Cheese & Grocery	356		297		929		—		1,582
Total net revenues	$	3,744	$	5,339	$	9,319	$	8,300	$	26,702

- 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.

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+ Details

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Restructuring Reserve [Roll Forward]

Liability balance, beginning

$ 191

Charges

$ (5)

$ 16

^[1]

$ 48

Cash spent

^[2]

(35)

Non-cash settlements/adjustments

(6)

(8)

(12)

^[3]

(14)

Currency

Liability balance, ending

^[4]

185

Other current liabilities

Restructuring Reserve [Roll Forward]

Liability balance, ending

102

Other liabilities

Restructuring Reserve [Roll Forward]

Liability balance, ending

Severance and related costs

Restructuring Reserve [Roll Forward]

Liability balance, beginning

191

Charges

^[1]

Cash spent

(12)

$ (12)

(35)

^[2]

$ (47)

Non-cash settlements/adjustments

^[3]

Currency

Liability balance, ending

^[4]

185

Asset Write-downs and Other

Restructuring Reserve [Roll Forward]

Liability balance, beginning

^[5]

Charges

^[1],[5]

Cash spent

^[2],[5]

Non-cash settlements/adjustments

^[3],[5]

(12)

Currency

^[5]

Liability balance, ending

^[4],[5]

$ 0

[1]	We recorded net reversals of previously recorded restructuring charges of $5 million in the three months ended September 30, 2024 and restructuring charges of $16 million in the three months ended September 30, 2023 and net restructuring charges of $40 million in the nine months ended September 30, 2024 and $48 million in the nine months ended September 30, 2023 within asset impairment and exit costs and benefit plan non-service income.
[2]	We spent $12 million in the three months ended September 30, 2024 and $12 million in the three months ended September 30, 2023 and spent $35 million in the nine months ended September 30, 2024 and $47 million in the nine months ended September 30, 2023 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 $6 million in the three months ended September 30, 2024 and a charge of $8 million in the three months ended September 30, 2023 and a charge of $12 million in the nine months ended September 30, 2024 and $14 million in the nine months ended September 30, 2023.
[4]	At September 30, 2024, $102 million of our net restructuring liability was recorded within other current liabilities and $83 million was recorded within other long-term liabilities.
[5]	Includes gains as a result of assets sold which are included in the restructuring program.

Debt and Borrowing Arrangements - Fair Value of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 18,164	$ 17,506
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 19,804	$ 19,408

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

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

Balance at beginning of period

$ 27,718

$ 28,679

$ 28,366

$ 26,920

Total other comprehensive earnings/(losses)

(54)

(528)

(631)

(297)

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

(10)

(2)

Other comprehensive earnings/(losses) attributable to Mondelēz International

(64)

(522)

(633)

(285)

Balance at end of period

27,891

28,560

27,891

28,560

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

(11,515)

(10,710)

(10,946)

(10,947)

Total other comprehensive earnings/(losses)

(64)

(522)

(633)

(285)

Balance at end of period

(11,579)

(11,232)

(11,579)

(11,232)

Currency Translation Adjustments

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

Balance at beginning of period

(10,177)

(9,505)

(9,574)

(9,808)

Currency translation adjustments/impact

(18)

(582)

(608)

(270)

Tax (expense)/benefit

(3)

Total other comprehensive earnings/(losses)

(570)

(611)

(273)

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

(10)

(2)

Balance at end of period

(10,187)

(10,069)

(10,187)

(10,069)

Pension and Other Benefits Plans

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

Balance at beginning of period

(1,277)

(1,133)

(1,323)

(1,105)

Currency translation adjustments/impact

(66)

(39)

(5)

Total other comprehensive earnings/(losses)

(52)

(6)

Net actuarial gain/(loss) arising during period

(20)

(6)

(19)

Tax (expense)/benefit on net actuarial/derivative gain/(loss)

Tax expense/(benefit) on reclassifications

^[1]

(3)

(2)

(11)

(8)

Balance at end of period

(1,329)

(1,101)

(1,329)

(1,101)

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]

Settlement losses and other expenses

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

Losses/(gains) reclassified into net earnings

^[2]

Derivative Cash Flow Hedges

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

Balance at beginning of period

(61)

(72)

(49)

(34)

Currency translation adjustments/impact

(1)

Total other comprehensive earnings/(losses)

(2)

(14)

(28)

Net actuarial gain/(loss) arising during period

(58)

(32)

(10)

Tax (expense)/benefit on net actuarial/derivative gain/(loss)

Tax expense/(benefit) on reclassifications

^[1]

(2)

Balance at end of period

(63)

(62)

(63)

(62)

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]

$ 48

$ (43)

$ 5

$ (20)

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

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Earnings/ (Losses)	Treasury Stock	Non-controlling Interest
Balance at beginning of period at Dec. 31, 2022	$ 26,920	$ 0	$ 32,143	$ 31,481	$ (10,947)	$ (25,794)	$ 37
Comprehensive earnings/(losses):
Net earnings	4,018			4,009			9
Other comprehensive earnings/(losses), net of income taxes	(297)				(285)		(12)
Exercise of stock options and issuance of other stock awards	209		38	(5)		176
Common Stock repurchased	(662)					(662)
Cash dividends declared	(1,633)			(1,633)
Dividends paid on noncontrolling interest and other activities	5			14			(9)
Balance at end of period at Sep. 30, 2023	28,560	0	32,181	33,866	(11,232)	(26,280)	25
Balance at beginning of period at Dec. 31, 2022	26,920	0	32,143	31,481	(10,947)	(25,794)	37
Balance at end of period at Dec. 31, 2023	28,366	0	32,216	34,236	(10,946)	(27,174)	34
Balance at beginning of period at Jun. 30, 2023	28,679	0	32,148	33,458	(10,710)	(26,249)	32
Comprehensive earnings/(losses):
Net earnings	988			984			4
Other comprehensive earnings/(losses), net of income taxes	(528)				(522)		(6)
Exercise of stock options and issuance of other stock awards	63		33	4		26
Common Stock repurchased	(57)					(57)
Cash dividends declared	(580)			(580)
Dividends paid on noncontrolling interest and other activities	(5)						(5)
Balance at end of period at Sep. 30, 2023	28,560	0	32,181	33,866	(11,232)	(26,280)	25
Balance at beginning of period at Dec. 31, 2023	28,366	0	32,216	34,236	(10,946)	(27,174)	34
Comprehensive earnings/(losses):
Net earnings	2,875			2,866			9
Other comprehensive earnings/(losses), net of income taxes	(631)				(633)		2
Exercise of stock options and issuance of other stock awards	239		28	5		206
Common Stock repurchased	(1,174)					(1,174)
Cash dividends declared	(1,776)			(1,776)
Dividends paid on noncontrolling interest and other activities	(8)						(8)
Balance at end of period at Sep. 30, 2024	27,891	0	32,244	35,331	(11,579)	(28,142)	37
Balance at beginning of period at Jun. 30, 2024	27,718	0	32,200	35,108	(11,515)	(28,104)	29
Comprehensive earnings/(losses):
Net earnings	856			853			3
Other comprehensive earnings/(losses), net of income taxes	(54)				(64)		10
Exercise of stock options and issuance of other stock awards	115		44	2		69
Common Stock repurchased	(107)					(107)
Cash dividends declared	(632)			(632)
Dividends paid on noncontrolling interest and other activities	(5)						(5)
Balance at end of period at Sep. 30, 2024	$ 27,891	$ 0	$ 32,244	$ 35,331	$ (11,579)	$ (28,142)	$ 37

- Definition

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

+ References

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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

Reclassifications from Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Reclassifications from Accumulated Other Comprehensive Income

Note 13. Reclassifications from Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net (losses)/gains of $(71) million in the third quarter of 2024 and $35 million in the third quarter of 2023 and $(50) million in the first nine months of 2024 and $(6) million in the first nine months of 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(10,177)	$	(9,505)	$	(9,574)	$	(9,808)
Currency translation adjustments	(18)		(582)		(608)		(270)


Tax (expense)/benefit	18		12		(3)		(3)
Other comprehensive earnings/(losses)	—		(570)		(611)		(273)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	(10)		6		(2)		12
Balance at end of period	(10,187)		(10,069)		(10,187)		(10,069)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,277)	$	(1,133)	$	(1,323)	$	(1,105)
Net actuarial gain/(loss) arising during period	—		(20)		(6)		(19)
Tax (expense)/benefit on net actuarial gain/(loss)	—		3		1		3
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	14		7		40		20
Settlement losses and other expenses (1)	3		5		9		13

Tax expense/(benefit) on reclassifications (3)	(3)		(2)		(11)		(8)
Currency impact	(66)		39		(39)		(5)
Other comprehensive earnings/(losses)	(52)		32		(6)		4
Balance at end of period	(1,329)		(1,101)		(1,329)		(1,101)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(61)	$	(72)	$	(49)	$	(34)
Net derivative gains/(losses)	(58)		56		(32)		(10)
Tax (expense)/benefit on net derivative gain/(loss)	—		—		6		1
Losses/(gains) reclassified into net earnings:
Currency exchange contracts(2)	4		—		4		—
Interest rate contracts (2)	48		(43)		5		(20)
Tax expense/(benefit) on reclassifications (3)	5		(2)		3		1
Currency impact	(1)		(1)		—		—
Other comprehensive earnings/(losses)	(2)		10		(14)		(28)
Balance at end of period	(63)		(62)		(63)		(62)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(11,515)	$	(10,710)	$	(10,946)	$	(10,947)
Total other comprehensive earnings/(losses)	(54)		(528)		(631)		(297)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	(10)		6		(2)		12
Other comprehensive earnings/(losses) attributable to Mondelēz International	(64)		(522)		(633)		(285)
Balance at end of period	$	(11,579)	$	(11,232)	$	(11,579)	$	(11,232)

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

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

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

Restructuring Program - Restructuring and Implementation Costs by Segments (Details) - Simplify to Grow Program - USD ($) $ in Millions	3 Months Ended		9 Months Ended		125 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ (5)	$ 16	$ 40	$ 48	$ 3,218
Implementation Costs	17	4	40	13	2,140
Total	12	20	80	61	5,358
Operating Segments \| Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	1	(1)	4	(2)	549
Implementation Costs	0	1	0	0	304
Total	1	0	4	(2)	853
Operating Segments \| AMEA
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	4	5	5	7	566
Implementation Costs	0	(1)	0	(1)	245
Total	4	4	5	6	811
Operating Segments \| Europe
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	(11)	0	31	27	1,273
Implementation Costs	5	1	10	3	591
Total	(6)	1	41	30	1,864
Operating Segments \| North America
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	2	11	1	16	677
Implementation Costs	9	1	21	4	619
Total	11	12	22	20	1,296
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	(1)	1	(1)	0	153
Implementation Costs	3	2	9	7	381
Total	$ 2	$ 3	$ 8	$ 7	$ 534

Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024				As of December 31, 2023
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	1,441	5.2	%	$	346	5.5	%
Bank loans	43		14.7	%	74		17.2	%
Total short-term borrowings	$	1,484			$	420

Schedule of Uncommitted and Committed Credit Lines Available

Our uncommitted credit lines and committed credit lines available as of September 30, 2024 and December 31, 2023 include:


	As of September 30, 2024				As of December 31, 2023
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities (1)	$	893	$	43	$	906	$	74
Credit facilities:
February 19, 2025 (2)	1,500		—		1,500		—
February 23, 2027 (2)	4,500		—		4,500		—
Various (3)	—		—		277		277

(1)Prior year facility amount has been revised.

(2)We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At September 30, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.4 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

(3)On April 18, 2023, and subsequently amended on October 3, 2023 and April 4, 2024, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bore a variable rate based on SOFR plus applicable margin. On August 13, 2024, we repaid all amounts borrowed and terminated this credit facility.

Schedule of Debt Repayments

Debt Repayments

During the nine months ended September 30, 2024, we repaid the following notes (in millions):


Interest Rate	Maturity Date	Amount	USD Equivalent
2.125%	March 2024	$500	$500
2.250%	September 2024 (1)	$500	$500
0.000%	September 2024 (1) (2)	€300	$333
0.750%	September 2024 (1)	$500	$500
0.617%	September 2024	Fr.125	$148

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

(2)Repayment of €300 million exchangeable bonds. Refer to Note 6, Investments for additional detail on these exchangeable bonds.

Schedule of Debt Issuances

During the nine months ended September 30, 2024, we issued the following notes (in millions):


Issuance Date	Interest Rate	Maturity Date	Gross Proceeds (1)	Gross Proceeds USD Equivalent
February 2024	4.750%	February 2029	$550	$550
July 2024	4.625%	July 2031	C$650	$473
August 2024	4.750%	August 2034	$500	$500

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

Schedule of Fair Value of 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 long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Fair Value	$	18,164	$	17,506
Carrying Value	$	19,804	$	19,408

Schedule of Interest and Other Expense

Interest and other expense, net consisted of:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)				(in millions)
Interest expense, debt	$	129	$	134	$	381	$	432
Loss on debt extinguishment and related expenses	—		—		—		1
Other income, net	(83)		(68)		(235)		(175)
Interest and other expense, net	$	46	$	66	$	146	$	258

Financial Instruments - Non-U.S. Dollar Debt Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Euro notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (102)	$ 82	$ (23)	$ 32
Swiss franc notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	(18)	11	1	(5)
Canadian notes
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gains/(losses) related to hedges of net investments in international operations	$ (9)	$ 9	$ 2	$ 1

Financial Instruments - Derivative Instrument Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total derivatives	$ (94)	$ 38
Currency exchange contracts
Derivative [Line Items]
Total derivatives	113	61
Commodity contracts
Derivative [Line Items]
Total derivatives	20	135
Interest rate contracts
Derivative [Line Items]
Total derivatives	(2)	61
Net investment hedge contracts
Derivative [Line Items]
Total derivatives	(225)	(219)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivative [Line Items]
Total derivatives	(69)	28
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	(69)	28
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
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Total derivatives	(25)	10
Significant Other Observable Inputs (Level 2) \| Currency exchange contracts
Derivative [Line Items]
Total derivatives	113	61
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Derivative [Line Items]
Total derivatives	89	107
Significant Other Observable Inputs (Level 2) \| Interest rate contracts
Derivative [Line Items]
Total derivatives	(2)	61
Significant Other Observable Inputs (Level 2) \| Net investment hedge contracts
Derivative [Line Items]
Total derivatives	(225)	(219)
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

Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans

Note 10. Benefit Plans

Pension Plans

Components of Net Periodic Pension Cost

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


	U.S. Plans				Non-U.S. Plans
	For the Three Months Ended September 30,				For the Three Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Service cost	$	—	$	—	$	16	$	13
Interest cost	15		16		72		76
Expected return on plan assets	(23)		(24)		(108)		(101)
Amortization:
Net loss from experience differences	—		—		16		10
Prior service cost	1		—		—		—

Settlement losses and other expenses	3		5		—		—
Net periodic pension benefit	$	(4)	$	(3)	$	(4)	$	(2)

	U.S. Plans				Non-U.S. Plans
	For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Service cost	$	2	$	2	$	46	$	40
Interest cost	45		48		214		228
Expected return on plan assets	(69)		(73)		(324)		(303)
Amortization:
Net loss from experience differences	—		—		48		31
Prior service cost	1		1		—		—

Settlement losses and other expenses	9		13		—		—
Net periodic pension benefit	$	(12)	$	(9)	$	(16)	$	(4)

Employer Contributions

During the nine months ended September 30, 2024, we contributed $2 million to our U.S. pension plans and $61 million to our non-U.S. pension plans. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of September 30, 2024, we plan to make further contributions of approximately $2 million to our U.S. plans and $18 million to our non-U.S. plans for the remainder of 2024. 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.

As of October 2024, we intend to terminate the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), pending completion of applicable regulatory approvals. The MDLZ Global Plan is the pension plan for US salaried employees and the termination process is part of a pension buyout transaction which is expected to be completed in 2025. The participants have been notified of the Company’s intent to terminate the MDLZ Global Plan.

Multiemployer Pension Plans

On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Bakery and Confectionery Union and Industry International Pension Fund totaling $491 million requiring pro-rata monthly payments over 20 years beginning in the third quarter of 2019. In connection with the discounted long-term liability, we recorded accreted interest of $2 million for the three months ended September 30, 2024 and $3 million for the three months ended September 30, 2023 and $7 million for the nine months ended September 30, 2024 and $8 million for the

nine months ended September 30, 2023, within Interest and other expense, net in the condensed consolidated statement of earnings. As of September 30, 2024, the remaining discounted withdrawal liability was $316 million, with $16 million recorded in Other current liabilities and $300 million recorded in Long-term other liabilities in the condensed consolidated balance sheet.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement (benefit)/cost was $(3) million for the three months ended September 30, 2024 and $(8) million for the nine months ended September 30, 2024 and $(2) million for the three months ended September 30, 2023 and $(4) million for the nine months ended September 30, 2023. The net periodic postemployment cost was $5 million for the three months ended September 30, 2024 and $16 million for the nine months ended September 30, 2024 and $2 million for the three months ended September 30, 2023 and $3 million for the nine months ended September 30, 2023.

- 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
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-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
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
Basis of Presentation - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 manufacturingFacility
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 56	$ 56		$ 74
Cash, cash equivalents and restricted cash	1,573	1,573	$ 1,677	1,884	$ 1,948
Outstanding principal amount of receivables sold under factoring arrangement	737	737		262
Operating lease right-of-use assets obtained in exchange for lease obligations		244	86
Finance lease right-of-use assets in exchange for lease obligations		90	$ 101
Supplier chain financing, obligation	$ 3,200	$ 3,200		$ 2,400
Argentina
Summary of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues	1.60%	1.50%
Argentina \| Selling, general and administrative expenses
Summary of Significant Accounting Policies [Line Items]
Remeasurement losses due to inflationary accounting	$ 4	$ 14
Turkey
Summary of Significant Accounting Policies [Line Items]
Percentage of consolidated net revenues	0.60%	0.70%
Turkey \| Selling, general and administrative expenses
Summary of Significant Accounting Policies [Line Items]
Remeasurement losses due to inflationary accounting	$ 5	$ 12
Military Invasion of Ukraine
Summary of Significant Accounting Policies [Line Items]
Number of manufacturing facilities damaged \| manufacturingFacility						2

Financial Instruments - Notional Values of Hedging Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Euro notes \| Non-U.S. dollar debt designated as net investment hedges:
Derivative [Line Items]
Notional Amount	$ 3,547	$ 3,516
Swiss franc notes \| Non-U.S. dollar debt designated as net investment hedges:
Derivative [Line Items]
Notional Amount	237	386
Canadian dollar notes \| Non-U.S. dollar debt designated as net investment hedges:
Derivative [Line Items]
Notional Amount	924	453
Currency exchange contracts \| Intercompany loans and forecasted interest payments
Derivative [Line Items]
Notional Amount	7,712	2,860
Currency exchange contracts \| Forecasted transactions
Derivative [Line Items]
Notional Amount	9,213	5,550
Commodity contracts
Derivative [Line Items]
Notional Amount	15,467	16,631
Interest rate contracts
Derivative [Line Items]
Notional Amount	5,836	2,384
Net investment hedge derivative contracts
Derivative [Line Items]
Notional Amount	8,878	$ 7,456
Net investment hedge derivative contracts \| Non-U.S. dollar debt designated as net investment hedges:
Derivative [Line Items]
Notional Amount	$ 8,900

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Note 6. Investments

Marketable Securities

During the first quarter of 2023, our ownership in Keurig Dr Pepper Inc. (NASDAQ: "KDP") fell 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 had significant influence over KDP. Marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1).

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

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

On March 2, 2023, we sold 30 million shares of KDP, which reduced our ownership by 2.1 percentage points, from 5.3% to 3.2% of the total outstanding shares. We received proceeds of approximately $1.0 billion and prior to the change of accounting for our KDP investment, recorded a pre-tax gain on equity method transactions of $493 million ($368 million after-tax) during the first quarter of 2023.

Pre-tax (losses)/gains for marketable securities are summarized below:


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
	(in millions)
Gain on marketable securities sold during the period	$	—	$	593
Dividend income and other	(1)		13
Total (loss)/gain on marketable securities	$	(1)	$	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 marketable securities at the beginning of the period or the date of the change of accounting for our investment in KDP, if later.

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 September 30, 2024, we owned 17.6%, 50.0% and 49.0%, respectively, of these companies' outstanding shares. 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.

Our investments accounted for under the equity method of accounting totaled $2.6 billion as of September 30, 2024 and $3.2 billion as of December 31, 2023. We recorded equity earnings of $54 million and cash dividends of $33 million in the three months ended September 30, 2024, and equity earnings of $10 million and cash dividends of $34 million in the three months ended September 30, 2023. We recorded equity earnings of $133 million and cash dividends of $115 million in the nine months ended September 30, 2024 and equity earnings of $116 million and cash dividends of $136 million in the nine months ended September 30, 2023.

Based on the quoted closing prices as of September 30, 2024, the fair value of our publicly-traded investment in JDEP was $1.8 billion, and there was no other than temporary impairment identified during the three months ended September 30, 2024.

During the three months ended March 31, 2024, we determined there was an other-than-temporary impairment based on the period of time for which the quoted market price fair value had been less than the carrying value of the investment and the uncertainty surrounding JDEP's stock price recovering to the carrying value. As a result, the investment was written down to its estimated fair value based on the closing price of the underlying equity security of €19.46 per share on March 28, 2024, resulting in an impairment charge of €612 million ($665 million). This charge was included within (Loss)/gain on equity method investment transactions including impairments in the condensed consolidated statement of earnings. There was no other than temporary impairment identified in the three and nine months ended September 30, 2023.

JDEP Transactions

On March 30, 2023, we issued options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares. These options were exercisable at their maturities which were between July 3, 2023 and September 29, 2023, with strike prices ranging from €26.10 to €28.71 per share. During the three months ended September 30, 2023, options were exercised on 2.2 million shares, which reduced our ownership percentage by 0.4 percentage point, from 18.1% to 17.7% of the total outstanding shares. We received cash proceeds of €57 million ($62 million) and recorded a loss of €3 million ($4 million) for these shares during the three months ended September 30, 2023.

On April 3, 2023, we sold approximately 7.7 million shares of JDEP, which reduced our ownership by 1.6 percentage points, from 19.7% to 18.1% of the total outstanding shares. We received cash proceeds of €198 million ($217 million) and recorded a loss of €18 million ($19 million) on this sale during the during the second quarter of 2023.

In 2021, we issued €300 million exchangeable bonds, which were redeemable at maturity during September 2024 at their principal amount in cash or, at our option, through the delivery of an equivalent number of JDEP’s ordinary shares based on an initial exchange price of €35.40 and, as the case may be, an additional amount in cash. At maturity, we repaid the exchangeable bonds in cash. Refer to Note 8, Debt and Borrowing Arrangements for additional detail on this repayment.

On October 21, 2024, we announced the sale of our remaining 85.9 million shares in JDEP to JAB Holdings Company for approximately €2.2 billion ($2.4 billion), at a price of €25.10 per share. The sale transaction is expected to be completed in the fourth quarter of 2024.

Restructuring Program - Narrative (Details) - USD ($) $ in Millions					3 Months Ended		9 Months Ended		125 Months Ended
	Jul. 25, 2023	Sep. 06, 2018	Aug. 31, 2016	May 06, 2014	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
2014-2018 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost			$ 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]
Approved capital expenditures			1,600	$ 2,200
2014-2018 Restructuring Program \| Restructuring Program Charges
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost			4,100
2014-2018 Restructuring Program \| Cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost			3,100
2014-2018 Restructuring Program \| Non-cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost			$ 1,000
Simplify to Grow Program
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost	$ 7,700
Restructuring and implementation charges					$ 12	$ 20	$ 80	$ 61	$ 5,358
Implementation costs					$ 17	$ 4	$ 40	$ 13	$ 2,140
Simplify to Grow Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Approved capital expenditures	2,300
Increase in approved restructuring program costs		$ 1,300
Increase in approved capital expenditures		$ 700
Simplify to Grow Program \| Restructuring Program Charges
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost	5,400
Simplify to Grow Program \| Cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost	4,100
Simplify to Grow Program \| Non-cash Costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring program cost	$ 1,300

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Land and land improvements	$	392	$	384
Buildings and building improvements	3,530		3,452
Machinery and equipment	13,156		12,736
Construction in progress	1,048		1,118
	18,126		17,690
Accumulated depreciation	(8,430)		(7,996)
Property, plant and equipment, net	$	9,696	$	9,694

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2023.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments with readily determinable fair values for which we do not have the ability to exercise significant influence are measured at fair value.
Highly Inflationary Accounting	Highly Inflationary Accounting Within our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include demand deposits with banks 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.
Transfers of Financial Assets	Transfers of Financial Assets The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $737 million as of September 30, 2024 and $262 million as of December 31, 2023. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.
Supply Chain Financing	Supply Chain 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. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions.
New Accounting Pronouncements	New Accounting Pronouncements 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. 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.

- Definition

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

+ References + Details

Basis of Presentation

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2023.

Principles of Consolidation

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

War in Ukraine

In February 2022, Russia began a military invasion of Ukraine and we closed our operations and facilities in Ukraine. In March 2022, our two Ukrainian manufacturing facilities in Trostyanets and Vyshhorod were significantly damaged. In the second quarter of 2024, we fully resumed production at both facilities after completing targeted repairs. 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 continue to evaluate the uncertainty of the ongoing effects of the war in Ukraine and its impact on the global economic environment, and we cannot predict if it will have a significant impact in the future.

Highly Inflationary Accounting

Within our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies. Argentina and Türkiye represent 1.6% and 0.6% of our consolidated net revenues with remeasurement losses of $4 million and $5 million for the three months ended September 30, 2024, respectively, and 1.5% and 0.7% of our consolidated net revenues with remeasurement losses of $14 million and $12 million for the nine months ended September 30, 2024. 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 banks 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 $56 million as of September 30, 2024 and $74 million as of December 31, 2023. Total cash, cash equivalents and restricted cash was $1,573 million as of September 30, 2024 and $1,884 million as of December 31, 2023.

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, 2024	$	(66)	$	(50)	$	(15)
Net recovery for expected credit losses	17		8		(2)
Write-offs charged against the allowance	2		1		—

Currency and other	9		2		(4)
Balance at September 30, 2024	$	(38)	$	(39)	$	(21)

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $737 million as of September 30, 2024 and $262 million as of December 31, 2023. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions

We recorded $244 million in operating lease and $90 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2024 and $86 million in operating lease and $101 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2023.

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. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. We have been informed by the participating financial institutions that our outstanding accounts payable related to suppliers that participate in the SCF programs was $3.2 billion and $2.4 billion, respectively, as of September 30, 2024 and December 31, 2023.

New Accounting Pronouncements

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. 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.

Earnings per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net earnings	$ 856	$ 988	$ 2,875	$ 4,018
less: Noncontrolling interest earnings	(3)	(4)	(9)	(9)
Net earnings attributable to Mondelēz International	$ 853	$ 984	$ 2,866	$ 4,009
Weighted-average shares for basic EPS (in shares)	1,339	1,363	1,343	1,364
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares (in shares)	5	7	6	8
Weighted-average shares for diluted EPS (in shares)	1,344	1,370	1,349	1,372
Basic earnings per share attributable to Mondelēz International (in dollars per share)	$ 0.64	$ 0.72	$ 2.13	$ 2.94
Diluted earnings per share attributable to Mondelēz International (in dollars per share)	$ 0.63	$ 0.72	$ 2.12	$ 2.92

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Divestitures \| Developed Market Gum Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs recorded (reversed) related to divestiture	$ (2)	$ 14	$ 2	$ 66

Debt and Borrowing Arrangements - Interest and Other Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense, debt	$ 129	$ 134	$ 381	$ 432
Loss on debt extinguishment and related expenses	0	0	0	1
Other income, net	(83)	(68)	(235)	(175)
Interest and other expense, net	$ 46	$ 66	$ 146	$ 258

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

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


	As of September 30, 2024				As of December 31, 2023
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	81	$	81	$	120	$	57

Net investment hedge derivative contracts (1)	166		391		163		382
	$	247	$	472	$	283	$	439
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	210	$	97	$	195	$	134
Commodity contracts	2,093		2,073		1,119		984
Interest rate contracts	1		3		—		2

	$	2,304	$	2,173	$	1,314	$	1,120
Total fair value	$	2,551	$	2,645	$	1,597	$	1,559

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

Fair Value of Offsetting Assets

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheet as follows:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Other current assets	$	2,225	$	1,347
Other assets	326		250
Other current liabilities	2,242		1,209
Other liabilities	403		350

Fair Value of Offsetting Liabilities

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheet as follows:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Other current assets	$	2,225	$	1,347
Other assets	326		250
Other current liabilities	2,242		1,209
Other liabilities	403		350

Summary of Derivative Instrument Fair Value Measurement Inputs

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


	As of September 30, 2024
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	113	$	—	$	113	$	—
Commodity contracts	20		(69)		89		—
Interest rate contracts	(2)		—		(2)		—
Net investment hedge contracts	(225)		—		(225)		—

Total derivatives	$	(94)	$	(69)	$	(25)	$	—


	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	$	—

Schedule of Notional Values of Derivative Instruments

The notional values of our hedging instruments were:


	Notional Amount
	As of September 30, 2024		As of December 31, 2023
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	7,712	$	2,860
Forecasted transactions	9,213		5,550
Commodity contracts	15,467		16,631
Interest rate contracts	5,836		2,384
Net investment hedges:
Net investment hedge derivative contracts	8,878		7,456
Non-U.S. dollar debt designated as net investment hedges:
Euro notes	3,547		3,516
Swiss franc notes	237		386
Canadian dollar notes	924		453

Schedule of Net Investment Hedges

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
After-tax (loss)/gain on NIH contracts (1)	$	(250)	$	72	$	(65)	$	89

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Amounts excluded from the assessment of hedge effectiveness (1)	$	45	$	38	$	132	$	110

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

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Euro notes	$	(102)	$	82	$	(23)	$	32

Swiss franc notes	(18)		11		1		(5)
Canadian notes	(9)		9		2		1

Summary of Economic Hedges

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Location of Gain/(Loss) Recognized in Earnings
	2024		2023		2024		2023
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	(67)	$	—	$	1	$	47	Interest and other expense, net
Forecasted transactions	(13)		15		10		44		Cost of sales
Forecasted transactions	(1)		—		(3)		13		Interest and other expense, net
Forecasted transactions	1		(3)		2		(9)		Selling, general and administrative expenses
Commodity contracts	14		72		943		176		Cost of sales
Equity method investment contracts (1)	—		4		—		7		Gain on equity method investment transactions
Total	$	(66)	$	88	$	953	$	278

(1) Equity method investment contracts consisted of the bifurcated embedded derivative option that were a component of the September 20, 2021 €300 million exchangeable bonds issuance and expired on September 20, 2024. Refer to Note 6, Investments.

Schedule of Contingent Consideration

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Liability at beginning of period	$	661	$	567	$	680	$	642

Changes in fair value (1)	(350)		35		(315)		50
Payments	(93)		—		(147)		(90)

Liability at end of period	$	218	$	602	$	218	$	602

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


	As of September 30, 2024
	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)	$	218	$	—	$	—	$	218

Total contingent consideration	$	218	$	—	$	—	$	218


	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

(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 contingent consideration liabilities are recorded at fair value within long-term liabilities. The estimated fair value of the contingent consideration obligation is 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 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. During the three months ended September 30, 2024, the expected forecast for 2025 and 2026 has been updated to reflect recent trends in business performance and market outlook which resulted in a reduction in the fair value of the contingent consideration.

(2)The other contingent consideration liabilities were recorded at fair value, with $132 million classified as other current liabilities at December 31, 2023. Fair value adjustments were recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings through the second quarter of 2024. Payments on outstanding amounts as of December 31, 2023 were made in the second and third quarter of 2024, and the majority was classified within cash flows provided by operating activities in the consolidated statement of cash flows.

Basis of Presentation - Changes in Allowances for Credit Losses (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Allowance for Trade Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (66)
Net recovery for expected credit losses	17
Write-offs charged against the allowance	2
Currency and other	9
Ending balance	(38)
Allowance for Other Current Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(50)
Net recovery for expected credit losses	8
Write-offs charged against the allowance	1
Currency and other	2
Ending balance	(39)
Allowance for Long-Term Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(15)
Net recovery for expected credit losses	(2)
Write-offs charged against the allowance	0
Currency and other	(4)
Ending balance	$ (21)

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024	$	(66)	$	(50)	$	(15)
Net recovery for expected credit losses	17		8		(2)
Write-offs charged against the allowance	2		1		—

Currency and other	9		2		(4)
Balance at September 30, 2024	$	(38)	$	(39)	$	(21)

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

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 September 30, 2024		As of December 31, 2023
	(in millions)
Land and land improvements	$	392	$	384
Buildings and building improvements	3,530		3,452
Machinery and equipment	13,156		12,736
Construction in progress	1,048		1,118
	18,126		17,690
Accumulated depreciation	(8,430)		(7,996)
Property, plant and equipment, net	$	9,696	$	9,694

For the nine months ended September 30, 2024, capital expenditures of $982 million excluded $387 million of accrued capital expenditures remaining unpaid at September 30, 2024 and included payment for the $471 million of capital expenditures that were accrued and unpaid at December 31, 2023. For the nine months ended September 30, 2023, capital expenditures of $780 million excluded $321 million of accrued capital expenditures remaining unpaid at September 30, 2023 and included payment for the $324 million of capital expenditures that were accrued and unpaid at December 31, 2022.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

Changes in goodwill consisted of:


	Latin America		AMEA		Europe		North America		Total
	(in millions)
January 1, 2023	$	1,421	$	3,132	$	8,009	$	10,888	$	23,450
Currency	180		(67)		341		19		473
Acquisitions (1)	6		—		—		(33)		(27)


Balance at December 31, 2023	$	1,607	$	3,065	$	8,350	$	10,874	$	23,896
Currency	(199)		11		80		(15)		(123)



Balance at September 30, 2024	$	1,408	$	3,076	$	8,430	$	10,859	$	23,773

(1)Purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following:


	As of September 30, 2024						As of December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Definite-life intangible assets	$	3,303	$	(2,277)	$	1,026	$	3,322	$	(2,155)	$	1,167
Indefinite-life intangible assets (1) (2)	18,433		—		18,433		18,669		—		18,669
Total	$	21,736	$	(2,277)	$	19,459	$	21,991	$	(2,155)	$	19,836

(1)In the third quarter of 2023, we recorded $26 million of intangible asset impairment charges related to one chocolate brand in the North America segment for $20 million and one biscuit brand in the Europe segment for $6 million.

(2)In the third quarter of 2024, we recorded $153 million of intangible asset impairment charges related to two biscuit brands in the Europe segment for $143 million, one biscuit brand in the AMEA segment for $5 million and one candy and one biscuit brand in the Latin America segment for a total of $5 million.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following:


	As of September 30, 2024						As of December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Definite-life intangible assets	$	3,303	$	(2,277)	$	1,026	$	3,322	$	(2,155)	$	1,167
Indefinite-life intangible assets (1) (2)	18,433		—		18,433		18,669		—		18,669
Total	$	21,736	$	(2,277)	$	19,459	$	21,991	$	(2,155)	$	19,836

- Definition

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

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+ Details

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

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Goodwill [Roll Forward]

Beginning balance

$ 23,896

$ 23,450

Currency

(123)

473

Acquisitions

^[1]

(27)

Ending balance

23,773

23,896

Latin America

Goodwill [Roll Forward]

Beginning balance

1,607

1,421

Currency

(199)

180

Acquisitions

^[1]

Ending balance

1,408

1,607

AMEA

Goodwill [Roll Forward]

Beginning balance

3,065

3,132

Currency

(67)

Acquisitions

^[1]

Ending balance

3,076

3,065

Europe

Goodwill [Roll Forward]

Beginning balance

8,350

8,009

Currency

341

Acquisitions

^[1]

Ending balance

8,430

8,350

North America

Goodwill [Roll Forward]

Beginning balance

10,874

10,888

Currency

(15)

Acquisitions

^[1]

(33)

Ending balance

$ 10,859

$ 10,874

[1]	Purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Debt and Borrowing Arrangements - Debt Issuances (Details)
$ in Millions, $ in Millions

Aug. 31, 2024

USD ($)

Jul. 31, 2024

USD ($)

Jul. 31, 2024

CAD ($)

Feb. 29, 2024

USD ($)

Sep. 30, 2023

USD ($)

Debt Instrument [Line Items]

Debt issued

$ 0

Notes Payable | 4.750% Notes Due February 2029

Debt Instrument [Line Items]

Interest Rate

4.75%

Debt issued

^[1]

$ 550

Notes Payable | 4.625% Notes Due July 2031

Debt Instrument [Line Items]

Interest Rate

4.625%

Debt issued

$ 473

$ 650

^[1]

Notes Payable | 4.750% Notes Due August 2034

Debt Instrument [Line Items]

Interest Rate

4.75%

Debt issued

^[1]

$ 500

[1]	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.

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes As of the third quarter of 2024, our estimated annual effective tax rate, which excludes discrete tax impacts, was 27.3%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. Our 2024 third quarter effective tax rate was 28.8% and includes discrete tax impacts in connection with unrealized gains and losses on hedging activities. Excluding these impacts, our effective tax rate for the three months ended September 30, 2024 was 25.6%. The 25.6% reflects the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. Our effective tax rate for the nine months ended September 30, 2024 of 26.9% also includes discrete tax impacts in connection with unrealized gains and losses on hedging activities. Excluding these impacts, our effective tax rate for the nine months ended September 30, 2024 was 26.6%. The 26.6% reflects the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. As of the third quarter of 2023, our estimated annual effective tax rate, which excluded discrete tax impacts, was 25.9%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws partially offset by favorable impacts from the mix of pre-tax income as well as applicable tax rates in various non-U.S. jurisdictions. Our 2023 third quarter effective tax rate of 26.6% included a net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax benefits. Our effective tax rate for the nine months ended September 30, 2023 of 27.1% was higher due to a $127 million net tax expense incurred in connection with the KDP share sale during the first quarter (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes). Excluding this impact, our effective tax rate for the nine months ended September 30, 2023 was 24.4%. The 24.4% rate also included net tax expense related to gains and losses on KDP marketable securities as well as the associated pre-tax impacts.

- Definition

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Reference 14: 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

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 856	$ 988	$ 2,875	$ 4,018
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment	0	(570)	(611)	(273)
Pension and other benefit plans	(52)	32	(6)	4
Derivative cash flow hedges	(2)	10	(14)	(28)
Total other comprehensive earnings/(losses)	(54)	(528)	(631)	(297)
Comprehensive earnings/(losses)	802	460	2,244	3,721
less: Comprehensive earnings/(losses) attributable to noncontrolling interests	13	(2)	11	(3)
Comprehensive earnings/(losses) attributable to Mondelēz International	$ 789	$ 462	$ 2,233	$ 3,724

Investments - Narrative (Details) € / shares in Units, shares in Millions, $ in Millions					3 Months Ended								9 Months Ended
	Jul. 13, 2023 USD ($) shares	Jun. 08, 2023 USD ($) shares	Apr. 03, 2023 shares	Mar. 02, 2023 shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2024 EUR (€) € / shares shares	Sep. 30, 2024 USD ($) director	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 EUR (€) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) director	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Mar. 28, 2024 € / shares	Dec. 31, 2023 USD ($)	Sep. 29, 2023 € / shares	Jun. 07, 2023	Apr. 02, 2023	Mar. 30, 2023 shares	Mar. 01, 2023	Dec. 31, 2021 EUR (€) € / shares	Sep. 20, 2021 EUR (€)
Schedule of Investments [Line Items]
Gain (loss) on sale of equity method investment													$ (665)	€ (612,000,000)
Equity method investments							$ 2,576						2,576				$ 3,242
Equity earnings							54	$ 10					133		$ 116
Cash dividends received from equity method investments							33	34					$ 115		136
Other than temporary impairment							$ 0	0							0
Exchangeable bonds issued								0							$ 0
Euro-Denominated 0.000% Notes Due September 2024 \| Exchangeable Notes
Schedule of Investments [Line Items]
Share price (in EUR per share) \| € / shares																							€ 35.40
Exchangeable bonds issued \| €																							€ 300,000,000	€ 300,000,000
KDP
Schedule of Investments [Line Items]
Equity securities investment, significant influence over investee, threshold ownership percentage												5.00%
Number of shares sold (in shares) \| shares	23.0	23.0		30.0
Cash proceeds	$ 704	$ 708										$ 1,000
Equity investment, decrease in ownership percentage		1.60%		2.10%
Equity securities, measured at fair value, ownership percentage		1.60%		3.20%															3.20%			5.30%
Gain (loss) on sale of equity method investment												493
Gain on sale of equity method investment, after-tax												$ 368
JDEP
Schedule of Investments [Line Items]
Number of shares sold (in shares) \| shares			7.7
Cash proceeds								$ 62	€ 57,000,000	$ 217	€ 198,000,000
Equity investment, decrease in ownership percentage			1.60%					0.40%	0.40%
Equity securities, measured at fair value, ownership percentage			18.10%					17.70%		18.10%	18.10%				17.70%					19.70%
Gain (loss) on sale of equity method investment								$ (4)	€ (3,000,000)	$ (19)	€ (18,000,000)
Equity method investment, ownership percentage							17.60%						17.60%
Number of directors \| director							2						2
Fair value of equity method investment							$ 1,800						$ 1,800
Share price (in EUR per share) \| € / shares																€ 19.46
JDEP \| Forecast
Schedule of Investments [Line Items]
Number of shares sold (in shares) \| shares					85.9	85.9
Cash proceeds					$ 2,400	€ 2,200,000,000
Stock sale price (in euros per share) \| € / shares						€ 25.10
JDEP \| Equity method investment contracts
Schedule of Investments [Line Items]
Number of shares sold (in shares) \| shares								2.2	2.2
Equivalent shares for issued options (in shares) \| shares																					7.7
JDEP \| Minimum \| Equity method investment contracts
Schedule of Investments [Line Items]
Option strike price (in euros per share) \| € / shares																		€ 26.10
JDEP \| Maximum \| Equity method investment contracts
Schedule of Investments [Line Items]
Option strike price (in euros per share) \| € / shares																		€ 28.71
Dong Suh Foods Corporation
Schedule of Investments [Line Items]
Equity method investment, ownership percentage							50.00%						50.00%
Dong Suh Oil & Fats Co. Ltd.
Schedule of Investments [Line Items]
Equity method investment, ownership percentage							49.00%						49.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 1,517	$ 1,810
Trade receivables, less allowance ($38 and $66, respectively)	3,800	3,634
Other receivables, less allowance ($39 and $50, respectively)	891	878
Inventories, net	4,270	3,615
Other current assets	2,723	1,766
Total current assets	13,201	11,703
Property, plant and equipment, net	9,696	9,694
Operating lease right-of-use assets	774	683
Goodwill	23,773	23,896
Intangible assets, net	19,459	19,836
Prepaid pension assets	1,146	1,043
Deferred income taxes	372	408
Equity method investments	2,576	3,242
Other assets	1,194	886
TOTAL ASSETS	72,191	71,391
LIABILITIES
Short-term borrowings	1,484	420
Current portion of long-term debt	1,821	2,101
Accounts payable	9,110	8,321
Accrued marketing	2,721	2,683
Accrued employment costs	905	1,158
Other current liabilities	5,032	4,330
Total current liabilities	21,073	19,013
Long-term debt	16,499	16,887
Long-term operating lease liabilities	621	537
Deferred income taxes	3,423	3,292
Accrued pension costs	368	437
Accrued postretirement health care costs	125	124
Other liabilities	2,191	2,735
TOTAL LIABILITIES	44,300	43,025
Commitments and Contingencies (Note 12)
EQUITY
Common Stock, no par value (5,000,000,000 shares authorized, 1,996,537,778 shares issued)	0	0
Additional paid-in capital	32,244	32,216
Retained earnings	35,331	34,236
Accumulated other comprehensive losses	(11,579)	(10,946)
Treasury stock, at cost (659,362,849 and 648,055,073 shares, respectively)	(28,142)	(27,174)
Total Mondelēz International Shareholders’ Equity	27,854	28,332
Noncontrolling interest	37	34
TOTAL EQUITY	27,891	28,366
TOTAL LIABILITIES AND EQUITY	$ 72,191	$ 71,391

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Capital expenditures	$ 982	$ 780
Accrued capital expenditures unpaid	$ 387	$ 321	$ 471	$ 324

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Pre-tax (Losses)/Gains for Marketable Securities

Pre-tax (losses)/gains for marketable securities are summarized below:


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
	(in millions)
Gain on marketable securities sold during the period	$	—	$	593
Dividend income and other	(1)		13
Total (loss)/gain on marketable securities	$	(1)	$	606

Financial Instruments - Fair Value of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Asset Derivatives	$ 2,551	$ 1,597
Liability Derivatives	2,645	1,559
Other current assets
Derivative [Line Items]
Asset Derivatives	2,225	1,347
Other assets
Derivative [Line Items]
Asset Derivatives	326	250
Other current liabilities
Derivative [Line Items]
Liability Derivatives	2,242	1,209
Other liabilities
Derivative [Line Items]
Liability Derivatives	$ 403	$ 350

Stock Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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, 2024	18,678,120	$49.96	5 years	$	420	million
Annual grant to eligible employees	2,261,810	73.13
Additional options issued	31,780	66.11
Total options granted	2,293,590	73.03
Options exercised (1)	(3,966,626)	43.20		$	118	million
Options canceled	(330,110)	62.48
Balance at September 30, 2024	16,674,974	54.50	5 years	$	320	million

(1)Cash received from options exercised was $74 million in the three months and $170 million in the nine months ended September 30, 2024. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $8 million in the three months and $19 million in the nine months ended September 30, 2024.

Schedule of Performance Share Units and Other Stock-Based Awards Activity

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


	Number of Shares	Grant Date	Weighted-Average Fair Value Per Share (4)	Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2024	4,553,166		$62.53
Annual grant to eligible employees:		Feb 27, 2024
Performance share units	787,110		75.05
Deferred stock units	571,490		73.13
Additional shares granted (1)	1,062,871	Various	63.35
Total shares granted	2,421,471		69.46	$	168	million
Vested (2) (3)	(2,004,358)		58.72	$	118	million
Forfeited (2)	(306,770)		66.22
Balance at September 30, 2024	4,663,509		67.52

(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 was zero in the three months and $7 million in the nine months ended September 30, 2024.

(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.

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Contingent Consideration Liability Activity [Roll Forward]

Liability at beginning of period

$ 661

$ 567

$ 680

$ 642

Changes in fair value

^[1]

(350)

(315)

Payments

(93)

(147)

(90)

Liability at end of period

$ 218

$ 602

$ 218

$ 602

[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 contingent consideration liabilities are recorded at fair value within long-term liabilities. The estimated fair value of the contingent consideration obligation is 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 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. During the three months ended September 30, 2024, the expected forecast for 2025 and 2026 has been updated to reflect recent trends in business performance and market outlook which resulted in a reduction in the fair value of the contingent consideration.

Stock Plans - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 22, 2024	Jan. 01, 2023
Class of Stock [Line Items]
Authorized for issuance (in shares)						50.7
Available to be granted (in shares)	50.7		50.7
Common stock repurchased	$ 107,000,000	$ 57,000,000	$ 1,174,000,000	$ 662,000,000
Common Stock \| Share Repurchase Program Amended January 1, 2023
Class of Stock [Line Items]
Stock repurchase value							$ 6,000,000,000
Common stock repurchased					$ 1,600,000,000
Common stock repurchased (in shares)			17.0
Average cost of shares repurchased (in dollars per share)			$ 70.09
Aggregate cost of stock repurchases, net of tax			$ 1,200,000,000
Remaining share repurchase capacity	$ 3,200,000,000		$ 3,200,000,000

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) brand	Sep. 30, 2023 USD ($) brand	Sep. 30, 2024 USD ($) brand	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Line Items]
Amortization expense for intangible assets	$ 40	$ 38	$ 115	$ 114
2024 estimated annual amortization expense	130		130
2025 estimated annual amortization expense	130		130
2026 estimated annual amortization expense	130		130
2027 estimated annual amortization expense	90		90
2028 estimated annual amortization expense	90		$ 90
Goodwill impairment	$ 0
Europe
Goodwill and Intangible Assets Disclosure [Line Items]
Market-based weighted average cost of capital (percent)	6.80%
North America
Goodwill and Intangible Assets Disclosure [Line Items]
Market-based weighted average cost of capital (percent)	6.80%
Latin America
Goodwill and Intangible Assets Disclosure [Line Items]
Risk-rated discount rate (percent)	9.80%
AMEA
Goodwill and Intangible Assets Disclosure [Line Items]
Risk-rated discount rate (percent)	9.80%
Brands
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible asset impairment charges	$ 153	26
Number of brands with fair value in excess of book value of 10% or less \| brand	13		13
Book value of brands with fair value in excess of book value of 10% or less	$ 3,000		$ 3,000
Brands \| Europe \| Biscuits
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible asset impairment charges	$ 143	$ 6
Number of brands with intangible asset impairments \| brand	2	1
Brands \| Latin America \| Biscuits
Goodwill and Intangible Assets Disclosure [Line Items]
Number of brands with intangible asset impairments \| brand	1
Brands \| Latin America \| Candy
Goodwill and Intangible Assets Disclosure [Line Items]
Number of brands with intangible asset impairments \| brand	1
Brands \| AMEA \| Biscuits
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible asset impairment charges	$ 5
Number of brands with intangible asset impairments \| brand	1

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 24, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,337,194,254
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001103982
Current Fiscal Year End Date	--12-31
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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Legal Proceedings We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated 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 cooperated with the investigation. 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 adjusted our accrual to a liability of €340 million ($375 million). In the second quarter of 2024, we reached a negotiated resolution in this matter and adjusted our accrual from a liability of €340 million to €337.5 million ($376 million), on a pre-tax basis. Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024. We do not anticipate any modification of our business practices and agreements that would have a material impact on our 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 September 30, 2024 and December 31, 2023, we had no material third-party guarantees recorded on our condensed consolidated balance sheet. Tax Matters We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position.

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

Sep. 30, 2024

Dec. 31, 2023

Derivative [Line Items]

Total contingent consideration

$ 218

$ 680

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

218

680

Clif Bar

Derivative [Line Items]

Total contingent consideration

^[1]

218

548

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]

$ 218

548

Other

Derivative [Line Items]

Total contingent consideration

^[2]

132

Contingent consideration, current liabilities

132

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

[1]

[2]

The other contingent consideration liabilities were recorded at fair value, with $132 million classified as other current liabilities at December 31, 2023. Fair value adjustments were recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings through the second quarter of 2024. Payments on outstanding amounts as of December 31, 2023 were made in the second and third quarter of 2024, and the majority was classified within cash flows provided by operating activities in the consolidated statement of cash flows.

Debt and Borrowing Arrangements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt and Borrowing Arrangements

Note 8. Debt and Borrowing Arrangements

Short-Term Borrowings

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


	As of September 30, 2024				As of December 31, 2023
	Amount Outstanding		Weighted- Average Rate		Amount Outstanding		Weighted- Average Rate
	(in millions, except percentages)
Commercial paper	$	1,441	5.2	%	$	346	5.5	%
Bank loans	43		14.7	%	74		17.2	%
Total short-term borrowings	$	1,484			$	420

Our uncommitted credit lines and committed credit lines available as of September 30, 2024 and December 31, 2023 include:


	As of September 30, 2024				As of December 31, 2023
	Facility Amount		Borrowed Amount		Facility Amount		Borrowed Amount
	(in millions)
Uncommitted credit facilities (1)	$	893	$	43	$	906	$	74
Credit facilities:
February 19, 2025 (2)	1,500		—		1,500		—
February 23, 2027 (2)	4,500		—		4,500		—
Various (3)	—		—		277		277

(1)Prior year facility amount has been revised.

Debt Repayments

During the nine months ended September 30, 2024, we repaid the following notes (in millions):


Interest Rate	Maturity Date	Amount	USD Equivalent
2.125%	March 2024	$500	$500
2.250%	September 2024 (1)	$500	$500
0.000%	September 2024 (1) (2)	€300	$333
0.750%	September 2024 (1)	$500	$500
0.617%	September 2024	Fr.125	$148

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

(2)Repayment of €300 million exchangeable bonds. Refer to Note 6, Investments for additional detail on these exchangeable bonds.

During the nine months ended September 30, 2023, we did not complete any debt repayments.

Debt Issuances

During the nine months ended September 30, 2024, we issued the following notes (in millions):


Issuance Date	Interest Rate	Maturity Date	Gross Proceeds (1)	Gross Proceeds USD Equivalent
February 2024	4.750%	February 2029	$550	$550
July 2024	4.625%	July 2031	C$650	$473
August 2024	4.750%	August 2034	$500	$500

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

During the nine months ended September 30, 2023, we did not complete any debt issuances.

Fair Value of Our Debt


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Fair Value	$	18,164	$	17,506
Carrying Value	$	19,804	$	19,408

Interest and Other Expense, net

Interest and other expense, net consisted of:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)				(in millions)
Interest expense, debt	$	129	$	134	$	381	$	432
Loss on debt extinguishment and related expenses	—		—		—		1
Other income, net	(83)		(68)		(235)		(175)
Interest and other expense, net	$	46	$	66	$	146	$	258

Other income, net includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts and movement in foreign currency exchange rates on certain foreign currency denominated assets and liabilities and related economic hedges. Refer to Note 9, Financial Instruments.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

Note 15. Earnings per Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions, except per share data)
Net earnings	$	856	$	988	$	2,875	$	4,018
less: Noncontrolling interest earnings	(3)		(4)		(9)		(9)
Net earnings attributable to Mondelēz International	$	853	$	984	$	2,866	$	4,009
Weighted-average shares for basic EPS	1,339		1,363		1,343		1,364
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	5		7		6		8
Weighted-average shares for diluted EPS	1,344		1,370		1,349		1,372
Basic earnings per share attributable to Mondelēz International	$	0.64	$	0.72	$	2.13	$	2.94
Diluted earnings per share attributable to Mondelēz International	$	0.63	$	0.72	$	2.12	$	2.92

We exclude antidilutive Mondelēz International stock options and long-term incentive plan shares from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options and performance share units of 3.7 million for the three months ended September 30, 2024 and 2.5 million for the three months ended September 30, 2023 and 3.3 million for the nine months ended September 30, 2024 and 2.8 million for the nine months ended September 30, 2023.

Reclassifications from Accumulated Other Comprehensive Income - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Net gains (losses) reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax)	$ (71)	$ 35	$ (50)	$ (6)

- Definition

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

+ References + Details

Debt and Borrowing Arrangements - Short-Term Borrowings and Related Weighted-Average Interest Rates (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Amount Outstanding	$ 1,484	$ 420
Commercial paper
Short-term Debt [Line Items]
Amount Outstanding	$ 1,441	$ 346
Weighted- Average Rate	5.20%	5.50%
Bank loans
Short-term Debt [Line Items]
Amount Outstanding	$ 43	$ 74
Weighted- Average Rate	14.70%	17.20%

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	$ 5,836	$ 2,384
Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	8,878	$ 7,456
Cash flow hedges \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Expected transfer of losses (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months	$ 70
Hedged forecasted transaction period	4 years 3 months
Net investment hedges \| Net investment hedge contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, aggregate notional value	$ 8,900

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.470	$ 0.425	$ 1.320	$ 1.195

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Number of Shares

Beginning balance (in shares)

4,553,166

Shares granted (in shares)

2,421,471

Vested (in shares)

^[1],[2]

(2,004,358)

Forfeited (in shares)

^[1]

(306,770)

Ending balance (in shares)

4,663,509

Weighted-Average Fair Value Per Share

Beginning balance (in dollars per share)

^[3]

$ 62.53

Shares granted (in dollars per share)

^[3]

69.46

Vested (in dollars per share)

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

58.72

Forfeited (in dollars per share)

^[1],[3]

66.22

Ending balance (in dollars per share)

^[3]

$ 67.52

Weighted-Average Aggregate Fair Value

Weighted average grant date fair value of shares granted

^[2]

$ 168

Weighted average grant date fair value of shares vested

^[1],[2]

118

Actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested

$ 0

$ 7

Performance share units

Number of Shares

Shares granted (in shares)

787,110

Weighted-Average Fair Value Per Share

Shares granted (in dollars per share)

^[3]

$ 75.05

Deferred stock units

Number of Shares

Shares granted (in shares)

571,490

Weighted-Average Fair Value Per Share

Shares granted (in dollars per share)

^[3]

$ 73.13

Additional shares granted

Number of Shares

Shares granted (in shares)

^[4]

1,062,871

Weighted-Average Fair Value Per Share

Shares granted (in dollars per share)

^[3],[4]

$ 63.35

[1]	Includes PSUs, DSUs and other stock-based awards.
[2]	The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested was zero in the three months and $7 million in the nine months ended September 30, 2024.
[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.

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

3 Months Ended

Sep. 30, 2024

USD ($)

brand

Sep. 30, 2023

USD ($)

brand

Dec. 31, 2023

USD ($)

Definite-life intangible assets

Gross carrying amount

$ 3,303

$ 3,322

Accumulated amortization

(2,277)

(2,155)

Net carrying amount

1,026

1,167

Indefinite-life intangible assets

Gross carrying amount

^[1],[2]

18,433

18,669

Total

Gross carrying amount

21,736

21,991

Net carrying amount

19,459

$ 19,836

Brands

Total

Indefinite-lived intangible asset impairment charges

153

$ 26

Chocolate | North America | Brands

Total

Indefinite-lived intangible asset impairment charges

$ 20

Number of brands with intangible asset impairments | brand

Candy and Biscuits | Latin America | Brands

Total

Indefinite-lived intangible asset impairment charges

Biscuits | Europe | Brands

Total

Indefinite-lived intangible asset impairment charges

$ 143

$ 6

Number of brands with intangible asset impairments | brand

Biscuits | AMEA | Brands

Total

Indefinite-lived intangible asset impairment charges

$ 5

Number of brands with intangible asset impairments | brand

Biscuits | Latin America | Brands

Total

Number of brands with intangible asset impairments | brand

Candy | Latin America | Brands

Total

Number of brands with intangible asset impairments | brand

[1]	In the third quarter of 2023, we recorded $26 million of intangible asset impairment charges related to one chocolate brand in the North America segment for $20 million and one biscuit brand in the Europe segment for $6 million.
[2]	In the third quarter of 2024, we recorded $153 million of intangible asset impairment charges related to two biscuit brands in the Europe segment for $143 million, one biscuit brand in the AMEA segment for $5 million and one candy and one biscuit brand in the Latin America segment for a total of $5 million.

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

Sep. 30, 2024

Dec. 31, 2023

Uncommitted credit facilities

Debt Instrument [Line Items]

Facility Amount

^[1]

$ 893,000,000

$ 906,000,000

Borrowed Amount

^[1]

43,000,000

74,000,000

Credit Facility Expiring February 19, 2025

Debt Instrument [Line Items]

Facility Amount

^[2]

1,500,000,000

Borrowed Amount

^[2]

Credit Facility Expiring February 23, 2027

Debt Instrument [Line Items]

Facility Amount

^[2]

4,500,000,000

Borrowed Amount

^[2]

Senior Unsecured Revolving Credit Facility, Various Maturity Dates

Debt Instrument [Line Items]

Facility Amount

^[3]

277,000,000

Borrowed Amount

^[3]

$ 277,000,000

Senior Unsecured Revolving Credit Facility | Revolving Credit Agreement

Debt Instrument [Line Items]

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

39,400,000,000

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

[1]	Prior year facility amount has been revised.
[2]	We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At September 30, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.4 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.
[3]	On April 18, 2023, and subsequently amended on October 3, 2023 and April 4, 2024, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bore a variable rate based on SOFR plus applicable margin. On August 13, 2024, we repaid all amounts borrowed and terminated this credit facility.

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,141	$ 973
Finished product	3,286	2,790
Inventories, gross	4,427	3,763
Inventory reserves	(157)	(148)
Inventories, net	$ 4,270	$ 3,615

Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Pension Cost/(Benefit)

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


	U.S. Plans				Non-U.S. Plans
	For the Three Months Ended September 30,				For the Three Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Service cost	$	—	$	—	$	16	$	13
Interest cost	15		16		72		76
Expected return on plan assets	(23)		(24)		(108)		(101)
Amortization:
Net loss from experience differences	—		—		16		10
Prior service cost	1		—		—		—

Settlement losses and other expenses	3		5		—		—
Net periodic pension benefit	$	(4)	$	(3)	$	(4)	$	(2)

	U.S. Plans				Non-U.S. Plans
	For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Service cost	$	2	$	2	$	46	$	40
Interest cost	45		48		214		228
Expected return on plan assets	(69)		(73)		(324)		(303)
Amortization:
Net loss from experience differences	—		—		48		31
Prior service cost	1		1		—		—

Settlement losses and other expenses	9		13		—		—
Net periodic pension benefit	$	(12)	$	(9)	$	(16)	$	(4)

Restructuring Program (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Program Liability

The Simplify to Grow Program liability activity for the nine months ended September 30, 2024 was:


	Severance and related costs		Asset Write-downs and Other (1)		Total
	(in millions)
Liability balance, January 1, 2024	$	191	$	—	$	191
Charges (2)	28		12		40
Cash spent (3)	(35)		—		(35)
Non-cash settlements/adjustments (4)	—		(12)		(12)
Currency	1		—		1
Liability balance, September 30, 2024 (5)	$	185	$	—	$	185

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

(5)At September 30, 2024, $102 million of our net restructuring liability was recorded within other current liabilities and $83 million was recorded within other long-term liabilities.

Schedule of Restructuring and Implementation Costs by Segment


	Latin America		AMEA		Europe		North America		Corporate		Total
	(in millions)
For the Three Months Ended September 30, 2024
Restructuring Costs	$	1	$	4	$	(11)	$	2	$	(1)	$	(5)
Implementation Costs	—		—		5		9		3		17
Total	$	1	$	4	$	(6)	$	11	$	2	$	12
For the Three Months Ended September 30, 2023
Restructuring Costs	$	(1)	$	5	$	—	$	11	$	1	$	16
Implementation Costs	1		(1)		1		1		2		4
Total	$	—	$	4	$	1	$	12	$	3	$	20
For the Nine Months Ended September 30, 2024
Restructuring Costs	$	4	$	5	$	31	$	1	$	(1)	$	40
Implementation Costs	—		—		10		21		9		40
Total	$	4	$	5	$	41	$	22	$	8	$	80
For the Nine Months Ended September 30, 2023
Restructuring Costs	$	(2)	$	7	$	27	$	16	$	—	$	48
Implementation Costs	—		(1)		3		4		7		13
Total	$	(2)	$	6	$	30	$	20	$	7	$	61
Total Project (Inception to Date)
Restructuring Costs	$	549	$	566	$	1,273	$	677	$	153	$	3,218
Implementation Costs	304		245		591		619		381		2,140
Total	$	853	$	811	$	1,864	$	1,296	$	534	$	5,358

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 9,204	$ 9,029	$ 26,837	$ 26,702
Cost of sales	(6,205)	(5,535)	(16,291)	(16,408)
Gross profit	2,999	3,494	10,546	10,294
Selling, general and administrative expenses	(1,630)	(2,019)	(5,459)	(5,743)
Asset impairment and exit costs	(176)	(58)	(238)	(128)
Amortization of intangible assets	(40)	(38)	(115)	(114)
Operating income	1,153	1,379	4,734	4,309
Benefit plan non-service income	25	19	76	60
Interest and other expense, net	(46)	(66)	(146)	(258)
(Loss)/gain on marketable securities	0	(1)	0	606
Earnings before income taxes	1,132	1,331	4,664	4,717
Income tax provision	(326)	(354)	(1,253)	(1,280)
(Loss)/gain on equity method investment transactions including impairments	(4)	1	(669)	465
Equity method investment net earnings	54	10	133	116
Net earnings	856	988	2,875	4,018
less: Noncontrolling interest earnings	(3)	(4)	(9)	(9)
Net earnings attributable to Mondelēz International	$ 853	$ 984	$ 2,866	$ 4,009
Per share data:
Basic earnings per share attributable to Mondelēz International (in dollars per share)	$ 0.64	$ 0.72	$ 2.13	$ 2.94
Diluted earnings per share attributable to Mondelēz International (in dollars per share)	$ 0.63	$ 0.72	$ 2.12	$ 2.92

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Acquisition-related costs	$ 2	$ 0	$ 2	$ 0
Evirth
Business Acquisition [Line Items]
Acquisition-related costs	$ 2

Reclassifications from Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Currency Translation Adjustments:
Balance at beginning of period	$	(10,177)	$	(9,505)	$	(9,574)	$	(9,808)
Currency translation adjustments	(18)		(582)		(608)		(270)


Tax (expense)/benefit	18		12		(3)		(3)
Other comprehensive earnings/(losses)	—		(570)		(611)		(273)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	(10)		6		(2)		12
Balance at end of period	(10,187)		(10,069)		(10,187)		(10,069)
Pension and Other Benefit Plans:
Balance at beginning of period	$	(1,277)	$	(1,133)	$	(1,323)	$	(1,105)
Net actuarial gain/(loss) arising during period	—		(20)		(6)		(19)
Tax (expense)/benefit on net actuarial gain/(loss)	—		3		1		3
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)	14		7		40		20
Settlement losses and other expenses (1)	3		5		9		13

Tax expense/(benefit) on reclassifications (3)	(3)		(2)		(11)		(8)
Currency impact	(66)		39		(39)		(5)
Other comprehensive earnings/(losses)	(52)		32		(6)		4
Balance at end of period	(1,329)		(1,101)		(1,329)		(1,101)
Derivative Cash Flow Hedges:
Balance at beginning of period	$	(61)	$	(72)	$	(49)	$	(34)
Net derivative gains/(losses)	(58)		56		(32)		(10)
Tax (expense)/benefit on net derivative gain/(loss)	—		—		6		1
Losses/(gains) reclassified into net earnings:
Currency exchange contracts(2)	4		—		4		—
Interest rate contracts (2)	48		(43)		5		(20)
Tax expense/(benefit) on reclassifications (3)	5		(2)		3		1
Currency impact	(1)		(1)		—		—
Other comprehensive earnings/(losses)	(2)		10		(14)		(28)
Balance at end of period	(63)		(62)		(63)		(62)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period	$	(11,515)	$	(10,710)	$	(10,946)	$	(10,947)
Total other comprehensive earnings/(losses)	(54)		(528)		(631)		(297)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests	(10)		6		(2)		12
Other comprehensive earnings/(losses) attributable to Mondelēz International	(64)		(522)		(633)		(285)
Balance at end of period	$	(11,579)	$	(11,232)	$	(11,579)	$	(11,232)

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

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

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

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Estimated annual effective tax rate	27.30%	25.90%
Effective tax rate	28.80%	26.60%		26.90%	27.10%
Effective income tax rate, excluding tax impacts	25.60%			26.60%	24.40%
KDP
Income Tax Contingency [Line Items]
Tax expense related to sale of equity securities			$ 127

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivative Instruments, Gain (Loss) [Line Items]

After-tax (loss)/gain on NIH contracts

^[1]

$ (250)

$ 72

$ (65)

$ 89

Amounts excluded from the assessment of hedge effectiveness

^[2]

$ 45

$ 38

$ 132

$ 110

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

Property, Plant and Equipment - Summary (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 18,126	$ 17,690
Accumulated depreciation	(8,430)	(7,996)
Property, plant and equipment, net	9,696	9,694
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	392	384
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,530	3,452
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,156	12,736
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,048	$ 1,118

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Goodwill

Changes in goodwill consisted of:


	Latin America		AMEA		Europe		North America		Total
	(in millions)
January 1, 2023	$	1,421	$	3,132	$	8,009	$	10,888	$	23,450
Currency	180		(67)		341		19		473
Acquisitions (1)	6		—		—		(33)		(27)


Balance at December 31, 2023	$	1,607	$	3,065	$	8,350	$	10,874	$	23,896
Currency	(199)		11		80		(15)		(123)



Balance at September 30, 2024	$	1,408	$	3,076	$	8,430	$	10,859	$	23,773

(1)Purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

Intangible Assets

Intangible assets consisted of the following:


	As of September 30, 2024						As of December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Definite-life intangible assets	$	3,303	$	(2,277)	$	1,026	$	3,322	$	(2,155)	$	1,167
Indefinite-life intangible assets (1) (2)	18,433		—		18,433		18,669		—		18,669
Total	$	21,736	$	(2,277)	$	19,459	$	21,991	$	(2,155)	$	19,836

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

Amortization expense for intangible assets was $40 million for the three months and $115 million for the nine months ended September 30, 2024 and $38 million for the three months and $114 million for the nine months ended September 30, 2023. For the next five years, we currently estimate annual amortization expense of approximately $130 million in 2024-2026 and approximately $90 million in 2027 and 2028 (reflecting September 30, 2024 exchange rates).

Impairment Assessment:

We test our reporting units and brands for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. During the third quarter of 2024, we performed our annual impairment assessment test for goodwill and indefinite-life intangible assets as of July 1, 2024.

Our 2024 annual testing of goodwill resulted in no impairments as each reporting unit had fair value in excess of carrying value. As part of our goodwill quantitative assessment, we compare a reporting unit's estimated fair value to its carrying value. If the carrying value of the reporting unit exceeds the fair value, we would record an impairment for the difference. We estimate a reporting unit's fair value using a discounted cash flow method that incorporates discount rates, planned growth rates, and estimates of residual value. We used a market-based weighted average cost of capital of 6.8% for our Europe and North America reporting units and a risk-rated weighted average cost of capital of 9.8% for our Latin America and AMEA reporting units, to discount projected cash flows from those operations. Estimating the fair value of individual reporting units requires us to make assumptions and estimates

regarding our future plans, industry conditions and economic conditions based on available information. Given the uncertainty of the global macroeconomic environment, those estimates could be significantly different than future performance. While all reporting units passed our annual impairment testing, if planned business performance expectations are not met or specific valuation factors outside our control, such as discount rates, change significantly, then the estimated fair values of a reporting unit might decline and lead to a goodwill impairment in the future.

Our 2024 annual testing of indefinite-life intangible assets resulted in an impairment of $153 million related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment. The impairments were driven by changes in projections, resulting primarily from the impact of customer price negotiation disruptions and continued commodity cost pressures in the third quarter of 2024, which are expected to result in a slower recovery than previously expected. The impairment charges were calculated as the excess of the carrying value over the estimated fair value of the intangible assets on a global basis and were recorded within asset impairment and exit costs.

We use several accepted valuation methods, including Relief from Royalty, excess earnings and excess margin. The valuation methods utilize estimates of future sales, earnings growth rates, royalty rates and discount rates to determine the fair value of each intangible asset. We identified thirteen brands that each had a fair value in excess of book value of 10% or less. The aggregate book value of the thirteen brands was $3.0 billion as of September 30, 2024. We believe our current plans for each of these brands will allow them to not be impaired, but if plans to grow brand revenue and expand margin are not met or specific valuation factors outside of our control, such as discount rates, change then a brand or brands could become impaired in the future.

Segment Reporting - Net Revenues and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 9,204	$ 9,029	$ 26,837	$ 26,702
Operating income	1,153	1,379	4,734	4,309
Unrealized (losses)/gains on hedging activities (mark-to-market impacts)	(710)	19	(157)	239
General corporate expenses	(78)	(86)	(212)	(242)
Amortization of intangible assets	(40)	(38)	(115)	(114)
Acquisition-related costs	(2)	0	(2)	0
Benefit plan non-service income	25	19	76	60
Interest and other expense, net	(46)	(66)	(146)	(258)
(Loss)/gain on marketable securities	0	(1)	0	606
Earnings before income taxes	1,132	1,331	4,664	4,717
Latin America
Segment Reporting Information [Line Items]
Net revenues	1,204	1,305	3,755	3,744
Operating income	125	156	426	429
AMEA
Segment Reporting Information [Line Items]
Net revenues	1,851	1,791	5,388	5,339
Operating income	335	302	1,036	869
Europe
Segment Reporting Information [Line Items]
Net revenues	3,323	3,086	9,565	9,319
Operating income	605	494	1,746	1,450
North America
Segment Reporting Information [Line Items]
Net revenues	2,826	2,847	8,129	8,300
Operating income	$ 918	$ 532	$ 2,012	$ 1,678

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	4

Investments - Pre-tax (Losses)/Gains for Marketable Securities (Details) - KDP - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Schedule of Investments [Line Items]
Gain on marketable securities sold during the period	$ 0	$ 593
Dividend income and other	(1)	13
Total (loss)/gain on marketable securities	$ (1)	$ 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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+ Details

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

9 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2024

EUR (€)

Sep. 30, 2024

CHF (SFr)

Sep. 30, 2023

USD ($)

Debt Instrument [Line Items]

Debt repayments

$ 0

2.125% Notes Due March 2024 | Notes Payable

Debt Instrument [Line Items]

Interest Rate

2.125%

Debt repayments

$ 500

2.250% Notes Due September 2024 | Notes Payable

Debt Instrument [Line Items]

Interest Rate

^[1]

2.25%

Debt repayments

^[1]

$ 500

Euro-Denominated 0.000% Notes Due September 2024 | Notes Payable

Debt Instrument [Line Items]

Interest Rate

^[1],[2]

0.00%

Debt repayments

^[1],[2]

$ 333

€ 300

0.750% Notes Due September 2024 | Notes Payable

Debt Instrument [Line Items]

Interest Rate

^[1]

0.75%

Debt repayments

^[1]

$ 500

Swiss Franc-Denominated 0.617% Notes Due September 2024 | Notes Payable

Debt Instrument [Line Items]

Interest Rate

0.617%

Debt repayments

$ 148

SFr 125

[1]	Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.
[2]	Repayment of €300 million exchangeable bonds. Refer to Note 6, Investments for additional detail on these exchangeable bonds.

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions, except per share data)
Net earnings	$	856	$	988	$	2,875	$	4,018
less: Noncontrolling interest earnings	(3)		(4)		(9)		(9)
Net earnings attributable to Mondelēz International	$	853	$	984	$	2,866	$	4,009
Weighted-average shares for basic EPS	1,339		1,363		1,343		1,364
Plus incremental shares from assumed conversions of stock options and long-term incentive plan shares	5		7		6		8
Weighted-average shares for diluted EPS	1,344		1,370		1,349		1,372
Basic earnings per share attributable to Mondelēz International	$	0.64	$	0.72	$	2.13	$	2.94
Diluted earnings per share attributable to Mondelēz International	$	0.63	$	0.72	$	2.12	$	2.92

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Net Revenues and Earnings

Our reconciliation of segment net revenues and earnings to consolidated financial statement totals were:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Net revenues:
Latin America	$	1,204	$	1,305	$	3,755	$	3,744
AMEA	1,851		1,791		5,388		5,339
Europe	3,323		3,086		9,565		9,319
North America	2,826		2,847		8,129		8,300
Net revenues	$	9,204	$	9,029	$	26,837	$	26,702
Earnings before income taxes:
Segment operating income:
Latin America	$	125	$	156	$	426	$	429
AMEA	335		302		1,036		869
Europe	605		494		1,746		1,450
North America	918		532		2,012		1,678
Unrealized (losses)/gains on hedging activities (mark-to-market impacts)	(710)		19		(157)		239
General corporate expenses	(78)		(86)		(212)		(242)
Amortization of intangible assets	(40)		(38)		(115)		(114)

Acquisition-related costs	(2)		—		(2)		—
Operating income	1,153		1,379		4,734		4,309
Benefit plan non-service income	25		19		76		60
Interest and other expense, net	(46)		(66)		(146)		(258)
(Loss)/gain on marketable securities	—		(1)		—		606
Earnings before income taxes	$	1,132	$	1,331	$	4,664	$	4,717

Schedule of Net Revenues by Product Category

Net revenues by product category were:


	For the Three Months Ended September 30, 2024
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	312	$	661	$	1,162	$	2,470	$	4,605
Chocolate	299		752		1,640		92		2,783
Gum & Candy	374		240		145		264		1,023
Beverages	104		105		28		—		237
Cheese & Grocery	115		93		348		—		556
Total net revenues	$	1,204	$	1,851	$	3,323	$	2,826	$	9,204

	For the Three Months Ended September 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits & Baked Snacks	$	313	$	642	$	1,120	$	2,409	$	4,484
Chocolate	347		701		1,428		83		2,559
Gum & Candy	408		233		199		355		1,195
Beverages	112		118		29		—		259
Cheese & Grocery	125		97		310		—		532
Total net revenues	$	1,305	$	1,791	$	3,086	$	2,847	$	9,029

	For the Nine Months Ended September 30, 2024
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	908	$	1,865	$	3,285	$	7,203	$	13,261
Chocolate	985		2,102		4,703		240		8,030
Gum & Candy	1,148		711		491		686		3,036
Beverages	348		418		90		—		856
Cheese & Grocery	366		292		996		—		1,654
Total net revenues	$	3,755	$	5,388	$	9,565	$	8,129	$	26,837

	For the Nine Months Ended September 30, 2023
	Latin America		AMEA		Europe		North America		Total
	(in millions)
Biscuits	$	898	$	1,881	$	3,311	$	7,105	$	13,195
Chocolate	1,031		2,011		4,339		223		7,604
Gum & Candy	1,124		674		652		972		3,422
Beverages	335		476		88		—		899
Cheese & Grocery	356		297		929		—		1,582
Total net revenues	$	3,744	$	5,339	$	9,319	$	8,300	$	26,702

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings	$ 2,875	$ 4,018
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	971	902
Stock-based compensation expense	112	109
Deferred income tax provision	167	9
Asset impairments and accelerated depreciation	210	95
Loss/(gain) on equity method investment transactions including impairments	669	(465)
Equity method investment net earnings	(140)	(116)
Distributions from equity method investments	115	136
Unrealized loss/(gain) on derivative contracts	104	(259)
Gain on marketable securities	0	(593)
Contingent consideration adjustments	(311)	54
Other non-cash items, net	93	4
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	(270)	(687)
Inventories, net	(710)	(484)
Accounts payable	951	18
Other current assets	(287)	(108)
Other current liabilities	(992)	637
Change in pension and postretirement assets and liabilities, net	(106)	(120)
Net cash provided by operating activities	3,451	3,150
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures	(982)	(780)
Acquisitions, net of cash received	0	19
Proceeds from divestitures including equity method and marketable security investments	4	2,727
Proceeds from derivative settlements	191	165
Payments for derivative settlements	(150)	(27)
Contributions to investments	(249)	(338)
Proceeds from sale of property, plant and equipment and other	16	20
Net cash (used in)/provided by investing activities	(1,170)	1,786
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days	0	67
Repayments of commercial paper, maturities greater than 90 days	0	(67)
Net issuances/(repayments) of short-term borrowings	1,065	(1,070)
Long-term debt proceeds	1,671	189
Long-term debt repayments	(2,517)	(2,087)
Repurchases of Common Stock	(1,187)	(659)
Dividends paid	(1,722)	(1,581)
Other	132	134
Net cash used in financing activities	(2,558)	(5,074)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(34)	(133)
Cash, cash equivalents and restricted cash:
Decrease	(311)	(271)
Balance at beginning of period	1,884	1,948
Balance at end of period	$ 1,573	$ 1,677

Benefit Plans - Components of Net Periodic Pension Cost/(Benefit) (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 2	$ 2
Interest cost	15	16	45	48
Expected return on plan assets	(23)	(24)	(69)	(73)
Amortization:
Net loss from experience differences	0	0	0	0
Prior service cost	1	0	1	1
Settlement losses and other expenses	3	5	9	13
Net periodic pension benefit	(4)	(3)	(12)	(9)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	16	13	46	40
Interest cost	72	76	214	228
Expected return on plan assets	(108)	(101)	(324)	(303)
Amortization:
Net loss from experience differences	16	10	48	31
Prior service cost	0	0	0	0
Settlement losses and other expenses	0	0	0	0
Net periodic pension benefit	$ (4)	$ (2)	$ (16)	$ (4)

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

Sep. 30, 2024

Dec. 31, 2023

Derivatives, Fair Value [Line Items]

Asset Derivatives

$ 2,551

$ 1,597

Liability Derivatives

2,645

1,559

Derivatives designated as accounting hedges

Derivatives, Fair Value [Line Items]

Asset Derivatives

247

283

Liability Derivatives

472

439

Derivatives designated as accounting hedges | Interest rate contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

120

Liability Derivatives

Derivatives designated as accounting hedges | Net investment hedge derivative contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

^[1]

166

163

Liability Derivatives

^[1]

391

382

Derivatives not designated as accounting hedges

Derivatives, Fair Value [Line Items]

Asset Derivatives

2,304

1,314

Liability Derivatives

2,173

1,120

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

210

195

Liability Derivatives

134

Derivatives not designated as accounting hedges | Commodity contracts

Derivatives, Fair Value [Line Items]

Asset Derivatives

2,093

1,119

Liability Derivatives

$ 2,073

$ 984

[1]

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

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Shares Subject to Option

Beginning balance (in shares)

18,678,120

Options granted (in shares)

2,293,590

Options exercised (in shares)

^[1]

(3,966,626)

Options canceled (in shares)

(330,110)

Ending balance (in shares)

16,674,974

18,678,120

Weighted- Average Exercise or Grant Price Per Share

Beginning balance (in dollars per share)

$ 49.96

Options granted (in dollars per share)

73.03

Options exercised (in dollars per share)

^[1]

43.20

Options canceled (in dollars per share)

62.48

Ending balance (in dollars per share)

$ 54.50

$ 49.96

Average Remaining Contractual Term

Average remaining contractual term

5 years

Aggregate Intrinsic Value

Aggregate intrinsic value

$ 320

$ 420

Aggregate intrinsic value options exercised

^[1]

118

Cash received from options exercised

170

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

$ 8

$ 19

Annual grant to eligible employees

Shares Subject to Option

Options granted (in shares)

2,261,810

Weighted- Average Exercise or Grant Price Per Share

Options granted (in dollars per share)

$ 73.13

Additional options issued

Shares Subject to Option

Options granted (in shares)

31,780

Weighted- Average Exercise or Grant Price Per Share

Options granted (in dollars per share)

$ 66.11

[1]

Cash received from options exercised was $74 million in the three months and $170 million in the nine months ended September 30, 2024. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $8 million in the three months and $19 million in the nine months ended September 30, 2024.

Financial Instruments - Economic Hedges (Details)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2021

EUR (€)

Sep. 20, 2021

EUR (€)

Derivative Instruments, Gain (Loss) [Line Items]

Exchangeable bonds issued

$ 0

Euro-Denominated 0.000% Notes Due September 2024 | Exchangeable Notes

Derivative Instruments, Gain (Loss) [Line Items]

Exchangeable bonds issued | €

€ 300,000,000

Derivatives Not Designated as Hedging Instruments

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

$ (66)

$ 953

278

Derivatives Not Designated as Hedging Instruments | Currency exchange contracts | Intercompany loans and forecasted interest payments

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

(67)

Derivatives Not Designated as Hedging Instruments | Currency exchange contracts | Forecasted transactions | Cost of sales

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

(13)

Derivatives Not Designated as Hedging Instruments | Currency exchange contracts | Forecasted transactions | Interest and other expense, net

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

(1)

(3)

Derivatives Not Designated as Hedging Instruments | Currency exchange contracts | Forecasted transactions | Selling, general and administrative expenses

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

(3)

(9)

Derivatives Not Designated as Hedging Instruments | Commodity contracts

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

943

176

Derivatives Not Designated as Hedging Instruments | Equity method investment contracts

Derivative Instruments, Gain (Loss) [Line Items]

Pre-tax gains/(losses) recognized in net earnings

^[1]

$ 0

$ 4

$ 0

$ 7

[1]	Equity method investment contracts consisted of the bifurcated embedded derivative option that were a component of the September 20, 2021 €300 million exchangeable bonds issuance and expired on September 20, 2024. Refer to Note 6, Investments.

Segment Reporting - Net Revenues by Product Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 9,204	$ 9,029	$ 26,837	$ 26,702
Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Total net revenues	4,605	4,484	13,261	13,195
Chocolate
Segment Reporting Information [Line Items]
Total net revenues	2,783	2,559	8,030	7,604
Gum & Candy
Segment Reporting Information [Line Items]
Total net revenues	1,023	1,195	3,036	3,422
Beverages
Segment Reporting Information [Line Items]
Total net revenues	237	259	856	899
Cheese & Grocery
Segment Reporting Information [Line Items]
Total net revenues	556	532	1,654	1,582
Latin America
Segment Reporting Information [Line Items]
Total net revenues	1,204	1,305	3,755	3,744
Latin America \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Total net revenues	312	313	908	898
Latin America \| Chocolate
Segment Reporting Information [Line Items]
Total net revenues	299	347	985	1,031
Latin America \| Gum & Candy
Segment Reporting Information [Line Items]
Total net revenues	374	408	1,148	1,124
Latin America \| Beverages
Segment Reporting Information [Line Items]
Total net revenues	104	112	348	335
Latin America \| Cheese & Grocery
Segment Reporting Information [Line Items]
Total net revenues	115	125	366	356
AMEA
Segment Reporting Information [Line Items]
Total net revenues	1,851	1,791	5,388	5,339
AMEA \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Total net revenues	661	642	1,865	1,881
AMEA \| Chocolate
Segment Reporting Information [Line Items]
Total net revenues	752	701	2,102	2,011
AMEA \| Gum & Candy
Segment Reporting Information [Line Items]
Total net revenues	240	233	711	674
AMEA \| Beverages
Segment Reporting Information [Line Items]
Total net revenues	105	118	418	476
AMEA \| Cheese & Grocery
Segment Reporting Information [Line Items]
Total net revenues	93	97	292	297
Europe
Segment Reporting Information [Line Items]
Total net revenues	3,323	3,086	9,565	9,319
Europe \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Total net revenues	1,162	1,120	3,285	3,311
Europe \| Chocolate
Segment Reporting Information [Line Items]
Total net revenues	1,640	1,428	4,703	4,339
Europe \| Gum & Candy
Segment Reporting Information [Line Items]
Total net revenues	145	199	491	652
Europe \| Beverages
Segment Reporting Information [Line Items]
Total net revenues	28	29	90	88
Europe \| Cheese & Grocery
Segment Reporting Information [Line Items]
Total net revenues	348	310	996	929
North America
Segment Reporting Information [Line Items]
Total net revenues	2,826	2,847	8,129	8,300
North America \| Biscuits & Baked Snacks
Segment Reporting Information [Line Items]
Total net revenues	2,470	2,409	7,203	7,105
North America \| Chocolate
Segment Reporting Information [Line Items]
Total net revenues	92	83	240	223
North America \| Gum & Candy
Segment Reporting Information [Line Items]
Total net revenues	264	355	686	972
North America \| Beverages
Segment Reporting Information [Line Items]
Total net revenues	0	0	0	0
North America \| Cheese & Grocery
Segment Reporting Information [Line Items]
Total net revenues	$ 0	$ 0	$ 0	$ 0

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Options and Performance Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options excluded from the calculation of diluted EPS (in shares)	3.7	2.5	3.3	2.8

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 853	$ 984	$ 2,866	$ 4,009

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Benefit Plans - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Jul. 11, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
U.S. Plans \| North America
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, withdrawal liability	$ 491	$ 316		$ 316
Multiemployer plan, withdrawal obligation term	20 years
Multiemployer plan, accreted interest on the long-term liability		2	$ 3	7	$ 8
Other current liabilities \| U.S. Plans \| North America
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, withdrawal liability		16		16
Long-term other liabilities \| U.S. Plans \| North America
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, withdrawal liability		300		300
Pension Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions				2
Estimated future employer contributions over the remainder of 2024		2		2
Net periodic pension (benefit)/cost		(4)	(3)	(12)	(9)
Pension Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions				61
Estimated future employer contributions over the remainder of 2024		18		18
Net periodic pension (benefit)/cost		(4)	(2)	(16)	(4)
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension (benefit)/cost		(3)	(2)	(8)	(4)
Postemployment Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension (benefit)/cost		$ 5	$ 2	$ 16	$ 3

Commitments and Contingencies (Details) € in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Investigation By European Commission
Loss Contingencies [Line Items]
Loss contingency, accrual, current	$ 376	€ 337.5	$ 375	€ 340.0	$ 321	€ 300.0

- 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

Stock Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Plans

Note 11. Stock Plans

On May 22, 2024, our shareholders approved the 2024 Performance Incentive Plan (the “2024 PIP”), which replaces our Amended and Restated 2005 Performance Incentive Plan (the “2005 Plan”). Under the 2024 PIP, we are now authorized to issue a maximum of 50.7 million shares of our Common Stock. As of May 22, 2024, we may not make any grants under the 2005 Plan. As of September 30, 2024, there were 50.7 million shares available to be granted under the 2024 PIP.

Stock Options

Stock option activity is reflected below:


	Shares Subject to Option	Weighted- Average Exercise or Grant Price Per Share	Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance at January 1, 2024	18,678,120	$49.96	5 years	$	420	million
Annual grant to eligible employees	2,261,810	73.13
Additional options issued	31,780	66.11
Total options granted	2,293,590	73.03
Options exercised (1)	(3,966,626)	43.20		$	118	million
Options canceled	(330,110)	62.48
Balance at September 30, 2024	16,674,974	54.50	5 years	$	320	million

Performance Share Units and Other Stock-Based Awards

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


	Number of Shares	Grant Date	Weighted-Average Fair Value Per Share (4)	Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2024	4,553,166		$62.53
Annual grant to eligible employees:		Feb 27, 2024
Performance share units	787,110		75.05
Deferred stock units	571,490		73.13
Additional shares granted (1)	1,062,871	Various	63.35
Total shares granted	2,421,471		69.46	$	168	million
Vested (2) (3)	(2,004,358)		58.72	$	118	million
Forfeited (2)	(306,770)		66.22
Balance at September 30, 2024	4,663,509		67.52

(1)Includes PSUs and DSUs.

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

Share Repurchase Program

Effective January 1, 2023, our Board of Directors approved a program authorizing the repurchase of $6.0 billion of our Common Stock through December 31, 2025. During the year ended December 31, 2023, we repurchased approximately $1.6 billion of Common Stock pursuant to this authorization. Repurchases under the program are determined by management and are wholly discretionary.

During the nine months ended September 30, 2024, we repurchased approximately 17 million shares of Common Stock at an average cost of $70.09 per share, or an aggregate cost of approximately $1.2 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of September 30, 2024, we have approximately $3.2 billion in remaining share repurchase capacity.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Raw materials	$	1,141	$	973
Finished product	3,286		2,790
	4,427		3,763
Inventory reserves	(157)		(148)
Inventories, net	$	4,270	$	3,615

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 38	$ 66
Other receivables, allowances	$ 39	$ 50
Common stock, shares authorized (in shares)	5,000,000,000	5,000,000,000
Common stock, shares issued (in shares)	1,996,537,778	1,996,537,778
Treasury stock, at cost (in shares)	659,362,849	648,055,073

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Note 2. Acquisitions and Divestitures Acquisitions On September 20, 2024, we announced that we signed an agreement to acquire a majority stake of Evirth (Shanghai) Industrial Co., Ltd ("Evirth"), a leading manufacturer of cakes and pastries in China. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the fourth quarter of 2024. We recorded acquisition-related costs of $2 million in the three months ended September 30, 2024. Divestitures 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 sold on October 23, 2023 after obtaining regulatory approval. We reversed $2 million of previously recorded divestiture-related costs no longer required in the three months ended September 30, 2024 and recorded divestiture-related costs of $14 million in the three months ended September 30, 2023 and recorded net divestiture-related costs of $2 million in the nine months ended September 30, 2024 and $66 million in the nine months ended September 30, 2023. This disposition was not considered a strategic shift that would have a major effect on our operations or financial results; therefore, the results of the disposed business were not classified as discontinued operations.

Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 9. Financial Instruments

Fair Value of Derivative Instruments

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


	As of September 30, 2024				As of December 31, 2023
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
	(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts	$	81	$	81	$	120	$	57

Net investment hedge derivative contracts (1)	166		391		163		382
	$	247	$	472	$	283	$	439
Derivatives not designated as accounting hedges:
Currency exchange contracts	$	210	$	97	$	195	$	134
Commodity contracts	2,093		2,073		1,119		984
Interest rate contracts	1		3		—		2

	$	2,304	$	2,173	$	1,314	$	1,120
Total fair value	$	2,551	$	2,645	$	1,597	$	1,559

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheet as follows:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Other current assets	$	2,225	$	1,347
Other assets	326		250
Other current liabilities	2,242		1,209
Other liabilities	403		350

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


	As of September 30, 2024
	Total Fair Value of Net Asset/(Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Currency exchange contracts	$	113	$	—	$	113	$	—
Commodity contracts	20		(69)		89		—
Interest rate contracts	(2)		—		(2)		—
Net investment hedge contracts	(225)		—		(225)		—

Total derivatives	$	(94)	$	(69)	$	(25)	$	—


	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	$	—

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 calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Our OTC derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

Derivative Volume

The notional values of our hedging instruments were:


	Notional Amount
	As of September 30, 2024		As of December 31, 2023
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	7,712	$	2,860
Forecasted transactions	9,213		5,550
Commodity contracts	15,467		16,631
Interest rate contracts	5,836		2,384
Net investment hedges:
Net investment hedge derivative contracts	8,878		7,456
Non-U.S. dollar debt designated as net investment hedges:
Euro notes	3,547		3,516
Swiss franc notes	237		386
Canadian dollar notes	924		453

Cash Flow Hedges

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses). Refer to Note 13, Reclassifications from Accumulated Other Comprehensive Income for additional information on current period activity. Based on current market conditions, we would expect to transfer losses of $70 million (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months.

Cash Flow Hedge Coverage

As of September 30, 2024, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 4 years, 3 months.

Hedges of Net Investments in International Operations

Net investment hedge ("NIH") derivative contracts

We enter into cross-currency interest rate swaps, forwards and options to hedge certain investments in our non-U.S. operations against movements in exchange rates. The aggregate notional value as of September 30, 2024 was $8.9 billion.

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
After-tax (loss)/gain on NIH contracts (1)	$	(250)	$	72	$	(65)	$	89


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Amounts excluded from the assessment of hedge effectiveness (1)	$	45	$	38	$	132	$	110

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

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

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Euro notes	$	(102)	$	82	$	(23)	$	32

Swiss franc notes	(18)		11		1		(5)
Canadian notes	(9)		9		2		1

Economic Hedges

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Location of Gain/(Loss) Recognized in Earnings
	2024		2023		2024		2023
	(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments	$	(67)	$	—	$	1	$	47	Interest and other expense, net
Forecasted transactions	(13)		15		10		44		Cost of sales
Forecasted transactions	(1)		—		(3)		13		Interest and other expense, net
Forecasted transactions	1		(3)		2		(9)		Selling, general and administrative expenses
Commodity contracts	14		72		943		176		Cost of sales
Equity method investment contracts (1)	—		4		—		7		Gain on equity method investment transactions
Total	$	(66)	$	88	$	953	$	278

Fair Value of Contingent Consideration

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Liability at beginning of period	$	661	$	567	$	680	$	642

Changes in fair value (1)	(350)		35		(315)		50
Payments	(93)		—		(147)		(90)

Liability at end of period	$	218	$	602	$	218	$	602

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


	As of September 30, 2024
	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)	$	218	$	—	$	—	$	218

Total contingent consideration	$	218	$	—	$	—	$	218


	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

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Note 3. Inventories

Inventories consisted of the following:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Raw materials	$	1,141	$	973
Finished product	3,286		2,790
	4,427		3,763
Inventory reserves	(157)		(148)
Inventories, net	$	4,270	$	3,615