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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission file number 1-16483
mdlzlogoa07.jpg
Mondelēz International, Inc.
(Exact name of registrant as specified in its charter)
Virginia52-2284372
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
905 West Fulton Market, Suite 200
Chicago,
Illinois60607
(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code) (847) 943-4000

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Class A Common Stock, no par valueMDLZThe Nasdaq Global Select Market
1.625% Notes due 2027MDLZ27The Nasdaq Stock Market LLC
0.250% Notes due 2028MDLZ28The Nasdaq Stock Market LLC
0.750% Notes due 2033MDLZ33The Nasdaq Stock Market LLC
2.375% Notes due 2035MDLZ35The Nasdaq Stock Market LLC
4.500% Notes due 2035MDLZ35AThe Nasdaq Stock Market LLC
1.375% Notes due 2041MDLZ41The Nasdaq Stock Market LLC
3.875% Notes due 2045MDLZ45The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
 Accelerated filer  
Non-accelerated filer Smaller reporting company 
 Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  x

At October 27, 2023, there were 1,360,895,585 shares of the registrant’s Class A Common Stock outstanding.


Mondelēz International, Inc.
Table of Contents
 
  Page No.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
                    Signature

In this report, for all periods presented, “we,” “us,” “our,” “the Company” and “Mondelēz International” refer to Mondelēz International, Inc. and subsidiaries. References to “Common Stock” refer to our Class A Common Stock.



PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars, except per share data)
(Unaudited)
 For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 2023202220232022
Net revenues$9,029 $7,763 $26,702 $22,801 
Cost of sales5,535 5,150 16,408 14,564 
Gross profit3,494 2,613 10,294 8,237 
Selling, general and administrative expenses2,019 1,884 5,743 5,253 
Asset impairment and exit costs58 18 128 188 
Amortization of intangible assets38 32 114 96 
Operating income1,379 679 4,309 2,700 
Benefit plan non-service income(19)(30)(60)(93)
Interest and other expense, net66 71 258 337 
Loss/(gain) on marketable securities1  (606) 
Earnings before income taxes1,331 638 4,717 2,456 
Income tax provision(354)(184)(1,280)(595)
Gain/(loss) on equity method investment transactions
1 (6)465 (19)
Equity method investment net earnings10 85 116 300 
Net earnings988 533 4,018 2,142 
less: Noncontrolling interest earnings(4)(1)(9)(8)
Net earnings attributable to
   Mondelēz International
$984 $532 $4,009 $2,134 
Per share data:
Basic earnings per share attributable to
   Mondelēz International
$0.72 $0.39 $2.94 $1.55 
Diluted earnings per share attributable to
   Mondelēz International
$0.72 $0.39 $2.92 $1.54 

See accompanying notes to the condensed consolidated financial statements.
1


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of U.S. dollars)
(Unaudited)
 For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 2023202220232022
Net earnings$988 $533 $4,018 $2,142 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment(570)(667)(273)(1,016)
Pension and other benefit plans32 57 4 317 
Derivative cash flow hedges10 5 (28)65 
Total other comprehensive earnings/(losses)(528)(605)(297)(634)
Comprehensive earnings/(losses)460 (72)3,721 1,508 
less: Comprehensive earnings/(losses)
   attributable to noncontrolling interests
(2)(11)(3)(19)
Comprehensive earnings/(losses) attributable to
   Mondelēz International
$462 $(61)$3,724 $1,527 

See accompanying notes to the condensed consolidated financial statements.
2


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars, except share data)
(Unaudited)
September 30,
2023
December 31, 2022
ASSETS
Cash and cash equivalents$1,610 $1,923 
Trade receivables (net of allowances of $63 at September 30, 2023
   and $45 at December 31, 2022)
3,498 3,088 
Other receivables (net of allowances of $52 at September 30, 2023
   and $59 at December 31, 2022)
793 819 
Inventories, net3,808 3,381 
Other current assets1,806 880 
Total current assets11,515 10,091 
Property, plant and equipment, net9,142 9,020 
Operating lease right-of-use assets
608 660 
Goodwill23,307 23,450 
Intangible assets, net19,475 19,710 
Prepaid pension assets1,106 1,016 
Deferred income taxes483 473 
Equity method investments3,051 4,879 
Other assets2,173 1,862 
TOTAL ASSETS$70,860 $71,161 
LIABILITIES
Short-term borrowings$1,221 $2,299 
Current portion of long-term debt2,354 383 
Accounts payable7,658 7,562 
Accrued marketing2,704 2,370 
Accrued employment costs1,043 949 
Other current liabilities3,956 3,168 
Total current liabilities18,936 16,731 
Long-term debt16,411 20,251 
Long-term operating lease liabilities466 514 
Deferred income taxes3,444 3,437 
Accrued pension costs352 403 
Accrued postretirement health care costs212 217 
Other liabilities2,479 2,688 
TOTAL LIABILITIES42,300 44,241 
Commitments and Contingencies (Note 12)
EQUITY
Common Stock, no par value (5,000,000,000 shares authorized and
   1,996,537,778 shares issued at September 30, 2023 and December 31, 2022)
  
Additional paid-in capital32,181 32,143 
Retained earnings33,866 31,481 
Accumulated other comprehensive losses(11,232)(10,947)
Treasury stock, at cost (635,672,022 shares at September 30, 2023 and
   630,646,687 shares at December 31, 2022)
(26,280)(25,794)
Total Mondelēz International Shareholders’ Equity28,535 26,883 
Noncontrolling interest25 37 
TOTAL EQUITY28,560 26,920 
TOTAL LIABILITIES AND EQUITY$70,860 $71,161 
See accompanying notes to the condensed consolidated financial statements.
3


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 Mondelēz International Shareholders’ Equity  
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Earnings/
(Losses)
Treasury
Stock
Non-controlling
Interest
Total
Equity
Three Months Ended September 30, 2023
Balances at July 1, 2023$ $32,148 $33,458 $(10,710)$(26,249)$32 $28,679 
Comprehensive earnings/(losses):
Net earnings— — 984 — — 4 988 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (522)— (6)(528)
Exercise of stock options and issuance of
   other stock awards
— 33 4 — 26 — 63 
Common Stock repurchased— — (57)— (57)
Cash dividends declared ($0.425 per share)
— — (580)— — — (580)
Dividends paid on noncontrolling interest
   and other activities
— — — — — (5)(5)
Balances at September 30, 2023$ $32,181 $33,866 $(11,232)$(26,280)$25 $28,560 
Nine Months Ended September 30, 2023
Balances at January 1, 2023$ $32,143 $31,481 $(10,947)$(25,794)$37 $26,920 
Comprehensive earnings/(losses):
Net earnings— — 4,009 — — 9 4,018 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (285)— (12)(297)
Exercise of stock options and issuance of
   other stock awards
— 38 (5)— 176 — 209 
Common Stock repurchased— — — — (662)— (662)
Cash dividends declared ($1.195 per share)
— — (1,633)— — — (1,633)
Dividends paid on noncontrolling interest
   and other activities
— — 14 — — (9)5 
Balances at September 30, 2023$ $32,181 $33,866 $(11,232)$(26,280)$25 $28,560 
Three Months Ended September 30, 2022
Balances at July 1, 2022$ $32,086 $31,431 $(10,638)$(25,368)$42 $27,553 
Comprehensive earnings/(losses):
Net earnings— — 532 — — 1 533 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (593)— (12)(605)
Exercise of stock options and issuance of
   other stock awards
— 30 (2)— 25 — 53 
Common Stock repurchased— — — — (338)— (338)
Cash dividends declared ($0.385 per share)
— — (524)— — — (524)
Dividends paid on noncontrolling interest
   and other activities
— — — — — (2)(2)
Balances at September 30, 2022$ $32,116 $31,437 $(11,231)$(25,681)$29 $26,670 
Nine Months Ended September 30, 2022
Balances at January 1, 2022$ $32,097 $30,806 $(10,624)$(24,010)$54 $28,323 
Comprehensive earnings/(losses):
Net earnings— — 2,134 — — 8 2,142 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (607)— (27)(634)
Exercise of stock options and issuance of
   other stock awards
— 19 (13)— 172 — 178 
Common Stock repurchased— — — — (1,843)— (1,843)
Cash dividends declared ($1.085 per share)
— — (1,493)— — — (1,493)
Dividends paid on noncontrolling interest
   and other activities
— — 3 — — (6)(3)
Balances at September 30, 2022$ $32,116 $31,437 $(11,231)$(25,681)$29 $26,670 

See accompanying notes to the condensed consolidated financial statements.
4


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited)
For the Nine Months Ended
September 30,
 20232022
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$4,018 $2,142 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization902 819 
Stock-based compensation expense109 88 
Deferred income tax provision
9 41 
Asset impairments and accelerated depreciation95 178 
Loss on early extinguishment of debt1 38 
(Gain)/loss on equity method investment transactions(465)19 
Equity method investment net earnings(116)(300)
Distributions from equity method investments136 169 
Unrealized (gain)/loss on derivative contracts(259)220 
Gain on marketable securities
(593) 
Other non-cash items, net53 32 
Change in assets and liabilities,
   net of acquisitions and divestitures:
Receivables, net(687)(625)
Inventories, net(484)(745)
Accounts payable18 332 
Other current assets(108)(143)
Other current liabilities641 413 
Change in pension and postretirement assets and liabilities, net(120)(162)
Net cash provided by operating activities3,150 2,516 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(780)(621)
Acquisitions, net of cash received19 (3,978)
Proceeds from divestitures including equity method and marketable security investments2,727 604 
(Payments)/proceeds from investments and derivative settlements(180)585 
Net cash provided by/(used in) investing activities1,786 (3,410)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days67  
Repayments of commercial paper, maturities greater than 90 days(67) 
Net (repayments)/issuances of short-term borrowings(1,070)1,370 
Long-term debt proceeds189 4,490 
Long-term debt repayments(2,087)(3,005)
Repurchases of Common Stock(659)(1,838)
Dividends paid(1,581)(1,457)
Other134 143 
Net cash used in financing activities(5,074)(297)
Effect of exchange rate changes on cash, cash equivalents
   and restricted cash
(133)(167)
Cash, cash equivalents and restricted cash:
Decrease
(271)(1,358)
Balance at beginning of period1,948 3,553 
Balance at end of period$1,677 $2,195 
See accompanying notes to the condensed consolidated financial statements.
5


Mondelēz International, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Basis of Presentation

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

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

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

Highly Inflationary Accounting
Within our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies. Argentina and Türkiye represent 1.6% and 0.5% of our consolidated net revenues with remeasurement losses of $20 million and $2 million for the three months ended September 30, 2023, respectively, and 1.6% and 0.8% of our consolidated net revenues with remeasurement losses of $41 million and $19 million for the nine months ended September 30, 2023. 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. We also have restricted cash within other current assets of $67 million as of September 30, 2023 and $25 million as of December 31, 2022. Total cash, cash equivalents and restricted cash was $1,677 million as of September 30, 2023 and $1,948 million as of December 31, 2022.









6



Allowances for Credit Losses
Changes in allowances for credit losses consisted of:
Allowance for Trade ReceivablesAllowance for Other Current ReceivablesAllowance for Long-Term Receivables
 (in millions)
Balance at January 1, 2023$(45)$(59)$(14)
Current period (provision)/recovery for expected credit losses
(22)3 1 
Write-offs charged against the allowance6   
Currency(2)4 (1)
Balance at September 30, 2023$(63)$(52)$(14)

Transfers of Financial Assets
The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $755 million as of September 30, 2023 and $516 million as of December 31, 2022. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions
We recorded $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 and $206 million in operating lease and $135 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2022.

Supply Chain Financing
As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. Our current payment terms with a majority of our suppliers are from 30 to 180 days, which we deem to be commercially reasonable. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Under these programs, our suppliers, at their sole discretion, determine invoices that they want to sell to participating financial institutions. Our suppliers’ voluntary inclusion of invoices in SCF programs has no bearing on our payment terms or amounts due. Our responsibility is limited to making payments based upon the agreed-upon contractual terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF programs and we have no economic interest in the suppliers’ decision to participate in the SCF programs. Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our consolidated balance sheet. We have been informed by the participating financial institutions that our outstanding accounts payable related to suppliers that participate in the SCF programs was $2.3 billion and $2.4 billion, respectively, as of September 30, 2023 and December 31, 2022.

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

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

7



Note 2. Acquisitions and Divestitures

Acquisitions

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

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

(in millions)
Cash$22 
Receivables86 
Inventory70 
Other current assets3 
Property, plant and equipment144 
Operating leases right of use assets23 
Definite-life intangible assets218 
Indefinite-life intangible assets339 
Goodwill717 
Other assets3 
Assets acquired$1,625 
Current liabilities182 
Deferred tax liability76 
Operating lease liabilities23 
Other liabilities14 
Total purchase price$1,330 
Less: cash received(22)
Net Cash Paid$1,308 

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

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

Ricolino added incremental net revenues of $180 million during the three months and $506 million during the nine months ended September 30, 2023, and operating income of $15 million during the three months and $31 million during the nine months ended September 30, 2023. We incurred acquisition integration costs of $14 million during the three months and $30 million during the nine months ended September 30, 2023. We also incurred during the three and nine months ended September 30, 2022, acquisition integration costs of $7 million in preparation for the acquisition. We incurred $1 million of acquisition-related costs during the nine months ended September 30, 2022.

Clif Bar
On August 1, 2022, we acquired 100% of the equity of Clif Bar & Company (“Clif Bar”), a leading U.S. maker of
8


nutritious energy bars with organic ingredients. The acquisition expands our global snack bar business and complements our refrigerated snacking and performance nutrition bar portfolios. The total cash payment of $2.9 billion includes purchase price consideration of $2.6 billion, net of cash received, and one-time compensation expense of $0.3 billion related to the buyout of the non-vested employee stock ownership plan ("ESOP") shares. This compensation expense is considered an acquisition-related cost. The acquisition of Clif Bar includes a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain revenue and earnings targets in 2025 and 2026 that exceed our base financial projections for the business implied in the upfront purchase price. The possible payments range from zero to a maximum total of $2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections. The estimated fair value of the contingent consideration obligation at the acquisition date was $440 million determined using a Monte Carlo simulation. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and earnings before interest, tax, depreciation and amortization ("EBITDA"), as well as discount and volatility rates.

We have completed the valuation of assets acquired and liabilities assumed and have recorded a purchase price allocation of:
(in millions)
Cash$99 
Receivables76 
Inventory123 
Other current assets9 
Property, plant and equipment186 
Operating lease right-of-use assets
22 
Deferred tax assets107 
Definite-life intangible assets200 
Indefinite-life intangible assets1,450 
Goodwill988 
Other assets11 
Assets acquired$3,271 
Current liabilities159 
Contingent consideration440 
Other liabilities15 
Total purchase price$2,657 
Less: cash received(99)
Net Cash Paid$2,558 

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

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

Through the one-year anniversary of the acquisition, Clif Bar added incremental net revenues of $71 million during the three months and $529 million during the nine months ended September 30, 2023, and operating income of $11 million during the three months and $81 million during the nine months ended September 30, 2023. We also incurred acquisition integration costs of $37 million during the three months and $92 million during the nine months ended September 30, 2023. These acquisition integration costs include an increase to the contingent consideration liability due to changes to underlying assumptions. Refer to Note 9, Financial Instruments for additional information. During the three and nine months ended September 30, 2022, we incurred acquisition integration costs of $16 million and an inventory step-up charge of $20 million. We also incurred acquisition-related costs of $292 million
9


during the three months and $296 million during the nine months ended September 30, 2022. These acquisition-related costs are primarily related to the buyout of the non-vested ESOP shares.

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

We have recorded a purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as follows:
(in millions)
Cash$52 
Receivables102 
Inventory60 
Other current assets3 
Property, plant and equipment379 
Finance lease right-of-use assets
8 
Definite-life intangible assets48 
Indefinite-life intangible assets686 
Goodwill795 
Other assets77 
Assets acquired$2,210 
Current liabilities133 
Deferred tax liability158 
Finance lease liabilities8 
Other liabilities21 
Total purchase price$1,890 
Less: long-term debt(436)
Less: cash received(52)
Net Cash Paid$1,402 

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

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

We incurred acquisition integration costs of $5 million during the three months and $15 million during the nine months ended September 30, 2023. We incurred acquisition integration costs of $14 million during the three months and $85 million during the nine months ended September 30, 2022. We incurred acquisition-related costs of $21 million during the nine months ended September 30, 2022.


10


Divestitures

Developed Market Gum - Held for Sale
On December 16, 2022, we entered into an agreement to sell our developed market gum business in North America and Europe for $1.4 billion. In connection with these agreements, we concluded that the disposal group met the held for sale criteria as of December 31, 2022. The disposal group is included as part of the North America and Europe operating segments.

We incurred divestiture-related costs of $14 million in the three months ended September 30, 2023 and $66 million in the nine months ended September 30, 2023.

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

As of September 30,
2023
As of December 31, 2022
(in millions)
Assets held for sale
Other receivables, net of allowances
$2 $ 
Inventories, net83 79 
Current assets held for sale (1)
85 79 
Property, plant and equipment, net164 159 
Operating lease right-of-use assets
1  
Goodwill290 292 
Intangible assets, net697 671 
Deferred income taxes
8  
Noncurrent assets held for sale (2)
1,160 1,122 
Total assets held for sale
$1,245 $1,201 
Liabilities held for sale
Accrued employment costs$ $4 
Other current liabilities
1  
Current liabilities held for sale (3)
1 4 
Long-term operating lease liabilities
1  
Deferred income taxes 15 
Noncurrent liabilities held for sale (4)
1 15 
Total liabilities held for sale
$2 $19 
(1)Reported in Other current assets on the condensed consolidated balance sheets.
(2)Reported in Other assets on the condensed consolidated balance sheets.
(3)Reported in Other current liabilities on the condensed consolidated balance sheets.
(4)Reported in Other liabilities on the condensed consolidated balance sheets.


On October 1, 2023, we completed the sale of our developed market gum business in the United States, Canada, and Europe to Perfetti Van Melle Group, excluding the Portugal business which we retained pending regulatory approval. We completed the sale of the Portugal business to Perfetti Van Melle Group on October 23, 2023. We received net cash proceeds of $1.4 billion, subject to certain closing adjustments, that can be utilized for general corporate purposes, including the support of our commercial paper program.
11


Note 3. Inventories

Inventories consisted of the following:
As of September 30,
2023
As of December 31, 2022
 (in millions)
Raw materials$1,027 $1,031 
Finished product2,924 2,501 
3,951 3,532 
Inventory reserves(143)(151)
Inventories, net$3,808 $3,381 
Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:
 As of September 30,
2023
As of December 31, 2022
 (in millions)
Land and land improvements$370 $378 
Buildings and building improvements3,313 3,250 
Machinery and equipment12,100 11,724 
Construction in progress990 879 
16,773 16,231 
Accumulated depreciation(7,631)(7,211)
Property, plant and equipment, net$9,142 $9,020 

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. For the nine months ended September 30, 2022, capital expenditures of $621 million excluded $255 million of accrued capital expenditures remaining unpaid at September 30, 2022 and included payment for the $249 million of capital expenditures that were accrued and unpaid at December 31, 2021.

12


Note 5. Goodwill and Intangible Assets

Goodwill
Changes in goodwill consisted of (in millions):

Latin AmericaAMEAEuropeNorth AmericaTotal
January 1, 2022$674 $3,365 $7,830 $10,109 $21,978 
Currency41 (233)(550)(15)(757)
Acquisitions (1)
714  795 1,020 2,529 
Held for Sale (1)
  (66)(226)(292)
Divestitures(8)   (8)
Balance at December 31, 2022$1,421 $3,132 $8,009 $10,888 $23,450 
Currency136 (134)(117)2 (113)
Acquisitions (1) (2)
3   (33)(30)
Balance at September 30, 2023$1,560 $2,998 $7,892 $10,857 $23,307 
(1)Refer to Note 2, Acquisitions and Divestitures for more information.
(2)Relates to purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

Intangible Assets
Intangible assets consisted of the following (in millions):

As of September 30, 2023As of December 31, 2022
Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Definite-life intangible assets$3,259 $(2,071)$1,188 $3,354 $(2,057)$1,297 
Indefinite-life intangible assets (1) (2)
18,287 — 18,287 18,413 — 18,413 
Total$21,546 $(2,071)$19,475 $21,767 $(2,057)$19,710 
(1)In 2022, we recorded $101 million of intangible asset impairment charges related to two biscuit brands in the AMEA segment, of which $78 million was recorded in the first quarter and $23 million was recorded in the third quarter.
(2)In 2023, we recorded $26 million of intangible asset impairment charges related to a chocolate brand in the North America segment for $20 million and a biscuit brand in the Europe segment for $6 million in the third quarter.

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

Amortization expense for intangible assets was $38 million for the three months and $114 million for the nine months ended September 30, 2023 and $32 million for the three months and $96 million for the nine months ended September 30, 2022. For the next five years, we currently estimate annual amortization expense of approximately $145 million in 2023-2025, approximately $95 million in 2026 and approximately $90 million in 2027 (reflecting September 30, 2023 exchange rates).

During the third quarter of 2023, we performed our annual impairment assessment test for goodwill and indefinite-life intangible assets as of July 1, 2023.

Our 2023 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. For our Europe and North America reporting units, we used a market-based weighted average cost of capital of 7.1% to discount projected cash flows of those operations. For our Latin America and AMEA reporting units, we used a risk-rated discount rate of 10.1% 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
13


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, changes significantly, then the estimated fair values of a reporting unit might decline and lead to a goodwill impairment in the future.

Our 2023 annual testing of indefinite-life intangible assets resulted in an impairment of $26 million related to a chocolate brand in the North America segment and a biscuit brand in the Europe segment. The impairments were driven by changes in projections as a result of current and expected operating environment. 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 $3.5 billion as of September 30, 2023, of which $1.8 billion is related to five recently acquired brands. We believe our current plans for each of these brands will allow them to not be impaired, but if plans to grow brand earnings 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.

Note 6. Investments

Marketable Securities
Our reduction in ownership in Keurig Dr Pepper Inc. (Nasdaq: "KDP") during the first quarter of 2023, to below 5% of the outstanding shares, resulted in a change of accounting for our KDP investment, from equity method investment accounting to accounting for equity interests with readily determinable fair values ("marketable securities") as we no longer have significant influence. These marketable securities were 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 interest 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 recorded a pre-tax gain on equity method transactions of $493 million ($366 million after-tax) during the first quarter of 2023.

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

Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
 (in millions)
Loss/(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, loss/(gain) on marketable securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the date of the change of accounting for our investment in KDP, if later.

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, 2023, we owned 17.7%, 50.0% and 49.0%, respectively, of these companies'
14


outstanding shares.

Our investments accounted for under the equity method of accounting totaled $3.1 billion as of September 30, 2023 and $4.9 billion as of December 31, 2022. The investment balance as of December 31, 2022 is inclusive of our investment in KDP. We recorded equity earnings of $10 million and cash dividends of $34 million in the three months ended September 30, 2023, and equity earnings of $85 million and cash dividends of $48 million in the three months ended September 30, 2022. We recorded equity earnings of $116 million and cash dividends of $136 million in the nine months ended September 30, 2023 and equity earnings of $300 million and cash dividends of $169 million in the nine months ended September 30, 2022.

Based on the quoted closing prices as of September 30, 2023, the fair value of our publicly traded investment in JDEP was $2.4 billion, and there was no other than temporary impairment identified.

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 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 sales during the three months ended September 30, 2023. We continue to have board representation with two directors on JDEP's Board of Directors and have retained certain additional governance rights. As we continue to have significant influence, we continue to account for our investment in JDEP under the equity method.

On April 3, 2023, we sold approximately 7.7 million shares of JDEP, which reduced our ownership interest 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 second quarter of 2023.

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