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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, 2022
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
mdlz-20220930_g1.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:
Tile 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 28, 2022, there were 1,365,618,508 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 6.

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,
 2022202120222021
Net revenues$7,763 $7,182 $22,801 $21,062 
Cost of sales5,150 4,358 14,564 12,641 
Gross profit2,613 2,824 8,237 8,421 
Selling, general and administrative expenses1,884 1,436 5,253 4,593 
Asset impairment and exit costs18 62 188 286 
Gain on acquisition— — — (9)
Amortization of intangible assets32 32 96 102 
Operating income679 1,294 2,700 3,449 
Benefit plan non-service income(30)(37)(93)(135)
Interest and other expense, net71 82 337 358 
Earnings before income taxes638 1,249 2,456 3,226 
Income tax provision(184)(342)(595)(952)
(Loss)/gain on equity method investment transactions(6)250 (19)745 
Equity method investment net earnings85 105 300 290 
Net earnings533 1,262 2,142 3,309 
Noncontrolling interest earnings(1)(4)(8)(12)
Net earnings attributable to
   Mondelēz International		$532 $1,258 $2,134 $3,297 
Per share data:
Basic earnings per share attributable to
   Mondelēz International		$0.39 $0.90 $1.55 $2.34 
Diluted earnings per share attributable to
   Mondelēz International		$0.39 $0.89 $1.54 $2.33 

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,
 2022202120222021
Net earnings$533 $1,262 $2,142 $3,309 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment(667)(397)(1,016)(376)
Pension and other benefit plans57 67 317 138 
Derivative cash flow hedges5 (7)65 12 
Total other comprehensive earnings/(losses)(605)(337)(634)(226)
Comprehensive earnings/(losses)(72)925 1,508 3,083 
less: Comprehensive earnings/(losses)
   attributable to noncontrolling interests		(11)(1)(19)— 
Comprehensive earnings/(losses) attributable to
   Mondelēz International
$(61)$926 $1,527 $3,083 

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,
2022		December 31, 2021
ASSETS
Cash and cash equivalents$2,177 $3,546 
Trade receivables (net of allowances of $42 at September 30, 2022
   and $37 at December 31, 2021)
2,819 2,337 
Other receivables (net of allowances of $49 at September 30, 2022
   and $49 at December 31, 2021)
684 851 
Inventories, net3,393 2,708 
Other current assets837 900 
Total current assets9,910 10,342 
Property, plant and equipment, net8,632 8,658 
Operating lease right of use assets668 613 
Goodwill22,387 21,978 
Intangible assets, net19,313 18,291 
Prepaid pension assets1,078 1,009 
Deferred income taxes482 541 
Equity method investments4,498 5,289 
Other assets1,068 371 
TOTAL ASSETS$68,036 $67,092 
LIABILITIES
Short-term borrowings$1,753 $216 
Current portion of long-term debt100 1,746 
Accounts payable6,726 6,730 
Accrued marketing2,258 2,097 
Accrued employment costs829 822 
Other current liabilities2,655 2,397 
Total current liabilities14,321 14,008 
Long-term debt19,811 17,550 
Long-term operating lease liabilities523 459 
Deferred income taxes3,401 3,444 
Accrued pension costs537 681 
Accrued postretirement health care costs291 301 
Other liabilities2,482 2,326 
TOTAL LIABILITIES41,366 38,769 
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, 2022 and December 31, 2021)
— — 
Additional paid-in capital32,116 32,097 
Retained earnings31,437 30,806 
Accumulated other comprehensive losses(11,231)(10,624)
Treasury stock, at cost (629,145,172 shares at September 30, 2022 and
   604,907,239 shares at December 31, 2021)
(25,681)(24,010)
Total Mondelēz International Shareholders’ Equity26,641 28,269 
Noncontrolling interest29 54 
TOTAL EQUITY26,670 28,323 
TOTAL LIABILITIES AND EQUITY$68,036 $67,092 
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, 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 ($0.390 per share)
— — (524)— — — (524)
Dividends paid on noncontrolling interest
   and other activities
— — — — — (2)(2)
Balances at September 30, 2022$— $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 ($1.090 per share)
— — (1,493)— — — (1,493)
Dividends paid on noncontrolling interest
   and other activities
— — 3 — — (6)(3)
Balances at September 30, 2022$— $32,116 $31,437 $(11,231)$(25,681)$29 $26,670 
Three Months Ended September 30, 2021
Balances at July 1, 2021$— $32,042 $29,538 $(10,572)$(23,465)$77 $27,620 
Comprehensive earnings/(losses):
Net earnings— — 1,258 — — 4 1,262 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (332)— (5)(337)
Exercise of stock options and issuance of
   other stock awards
— 24 (3)— 22 — 43 
Common Stock repurchased— — — — (326)— (326)
Cash dividends declared ($0.315 per share)
— — (489)— — — (489)
Dividends paid on noncontrolling interest
   and other activities
— — 1 — — (20)(19)
Balances at September 30, 2021$— $32,066 $30,305 $(10,904)$(23,769)$56 $27,754 
Nine Months Ended September 30, 2021
Balances at January 1, 2021$— $32,070 $28,402 $(10,690)$(22,204)$76 $27,654 
Comprehensive earnings/(losses):
Net earnings— — 3,297 — — 12 3,309 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (214)— (12)(226)
Exercise of stock options and issuance of
   other stock awards
— (4)(21)— 229 — 204 
Common Stock repurchased— — — — (1,794)— (1,794)
Cash dividends declared ($0.630 per share)
— — (1,378)— — — (1,378)
Dividends paid on noncontrolling interest
   and other activities
— — 5 — — (20)(15)
Balances at September 30, 2021$— $32,066 $30,305 $(10,904)$(23,769)$56 $27,754 

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,
 20222021
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$2,142 $3,309 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization819 837 
Stock-based compensation expense88 88 
Deferred income tax (benefit)/provision41 159 
Asset impairments and accelerated depreciation178 203 
Loss on early extinguishment of debt38 110 
Gain on acquisition— (9)
Loss/(gain) on equity method investment transactions19 (745)
Equity method investment net earnings(300)(290)
Distributions from equity method investments169 158 
Other non-cash items, net252 (52)
Change in assets and liabilities,
   net of acquisitions and divestitures:
Receivables, net(625)(417)
Inventories, net(745)(342)
Accounts payable332 420 
Other current assets(143)(259)
Other current liabilities413 (231)
Change in pension and postretirement assets and liabilities, net(162)(219)
Net cash provided by operating activities2,516 2,720 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(621)(639)
Acquisitions, net of cash received(3,978)(833)
Proceeds from divestitures including equity method investments604 1,498 
Proceeds from derivative settlements and other