Quick10K

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Mondelez

Financials

Price	55.39	EPS	3
Shares	1,459	P/E	20
MCap	80,814	P/FCF	43
Net Debt	19,520	EBIT	3,865
TEV	100,334	TEV/EBIT	26
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-07-29
10-Q	2020-03-31	Filed 2020-04-29
10-K	2019-12-31	Filed 2020-02-07
10-Q	2019-09-30	Filed 2019-10-30
10-Q	2019-06-30	Filed 2019-07-31
10-Q	2019-03-31	Filed 2019-05-01
10-K	2018-12-31	Filed 2019-02-08
10-Q	2018-09-30	Filed 2018-10-30
10-Q	2018-06-30	Filed 2018-07-26
10-Q	2018-03-31	Filed 2018-05-02
10-K	2017-12-31	Filed 2018-02-09
10-Q	2017-09-30	Filed 2017-10-31
10-Q	2017-06-30	Filed 2017-08-02
10-Q	2017-03-31	Filed 2017-05-03
10-K	2016-12-31	Filed 2017-02-24
10-Q	2016-09-30	Filed 2016-10-26
10-Q	2016-06-30	Filed 2016-07-27
10-Q	2016-03-31	Filed 2016-04-28
10-K	2015-12-31	Filed 2016-02-19
10-Q	2015-09-30	Filed 2015-10-29
10-Q	2015-06-30	Filed 2015-07-31
10-Q	2015-03-31	Filed 2015-04-30
10-K	2014-12-31	Filed 2015-02-20
10-Q	2014-09-30	Filed 2014-11-06
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-08
10-K	2013-12-31	Filed 2014-03-03
10-Q	2013-09-30	Filed 2013-11-07
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-08
10-K	2012-12-31	Filed 2013-02-25
10-Q	2012-09-30	Filed 2012-11-08
10-Q	2012-06-30	Filed 2012-08-03
10-Q	2012-03-31	Filed 2012-05-04
10-K	2011-12-31	Filed 2012-02-27
10-Q	2011-09-30	Filed 2011-11-04
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-02-28
10-Q	2010-06-30	Filed 2010-08-06
10-Q	2010-03-31	Filed 2010-05-07
10-K	2009-12-31	Filed 2010-02-25

Reports

8-K	2020-11-02	Earnings, Exhibits
8-K	2020-10-15	Other Events, Exhibits
8-K	2020-10-08	Regulation FD, Exhibits
8-K	2020-09-30	Other Events, Exhibits
8-K	2020-09-22	Leave Agreement, Off-BS Arrangement, Exhibits
8-K	2020-09-02	Other Events, Exhibits
8-K	2020-07-28	Earnings, Exhibits
8-K	2020-07-09	Regulation FD, Exhibits
8-K	2020-06-30	Other Events, Exhibits
8-K	2020-05-29
8-K	2020-05-13
8-K	2020-05-06
8-K	2020-04-30
8-K	2020-04-28
8-K	2020-04-07
8-K	2020-04-07
8-K	2020-03-24
8-K	2020-03-17
8-K	2020-03-06
8-K	2020-02-26
8-K	2020-02-18
8-K	2020-01-29
8-K	2019-10-29
8-K	2019-10-02
8-K	2019-09-19
8-K	2019-09-13
8-K	2019-08-26
8-K	2019-07-30
8-K	2019-07-16
8-K	2019-07-11
8-K	2019-05-15
8-K	2019-04-30
8-K	2019-02-27
8-K	2019-02-19
8-K	2019-02-11
8-K	2019-01-30
8-K	2018-10-23
8-K	2018-10-16
8-K	2018-09-06
8-K	2018-08-13
8-K	2018-08-01
8-K	2018-07-25
8-K	2018-07-09
8-K	2018-06-14
8-K	2018-05-16
8-K	2018-05-07
8-K	2018-05-03
8-K	2018-05-01
8-K	2018-04-30
8-K	2018-04-30
8-K	2018-04-16
8-K	2018-04-13
8-K	2018-04-02
8-K	2018-03-07
8-K	2018-03-05
8-K	2018-03-01
8-K	2018-02-28
8-K	2018-02-20
8-K	2018-02-08
8-K	2018-01-31
8-K	2018-01-29

Mondelez Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

Document

Table of Contents

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 June 30, 2020



	☐	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

Mondelēz International, Inc.

(Exact name of registrant as specified in its charter)



Virginia		52-2284372
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

905 West Fulton Market, Suite 200
Chicago,	Illinois	60607
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, no par value	MDLZ	The Nasdaq Global Select Market
2.375% Notes due 2021	MDLZ21	The Nasdaq Stock Market LLC
1.000% Notes due 2022	MDLZ22	The Nasdaq Stock Market LLC
1.625% Notes due 2023	MDLZ23	The Nasdaq Stock Market LLC
1.625% Notes due 2027	MDLZ27	The Nasdaq Stock Market LLC
2.375% Notes due 2035	MDLZ35	The Nasdaq Stock Market LLC
4.500% Notes due 2035	MDLZ35A	The Nasdaq Stock Market LLC
3.875% Notes due 2045	MDLZ45	The 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 ¨

Table of Contents

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 July 24, 2020, there were 1,428,338,344 shares of the registrant’s Class A Common Stock outstanding.

Table of Contents

Mondelēz International, Inc.

Table of Contents



		Page No.
PART I -	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2020 and 2019	1

	Condensed Consolidated Statements of Comprehensive Earnings for the Three and Six Months Ended June 30, 2020 and 2019	2

	Condensed Consolidated Balance Sheets at June 30, 2020 and December 31, 2019	3

	Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2020 and 2019	4

	Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2020 and 2019	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	63

Item 4.	Controls and Procedures	64

PART II -	OTHER INFORMATION

Item 1.	Legal Proceedings	65

Item 1A.	Risk Factors	65

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65

Item 6.	Exhibits	66

Signature		67

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.

Table of Contents

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 June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Net revenues	$	5,911		$	6,062		$	12,618		$	12,600
Cost of sales	3,580			3,593			7,836			7,538
Gross profit	2,331			2,469			4,782			5,062
Selling, general and administrative expenses	1,453			1,427			2,990			2,920
Asset impairment and exit costs	115			15			130			35
Net gain on divestiture	—			(41		)	—			(41		)
Amortization of intangibles	50			43			93			87
Operating income	713			1,025			1,569			2,061
Benefit plan non-service income	(31		)	(12		)	(64		)	(29		)
Interest and other expense, net	85			101			275			181
Earnings before income taxes	659			936			1,358			1,909
Provision for income taxes	(341		)	(216		)	(489		)	(405		)
Gain/(loss) on equity method investment transactions	121			(25		)	192			(2		)
Equity method investment net earnings	106			109			227			275
Net earnings	545			804			1,288			1,777
Noncontrolling interest earnings	(1		)	(1		)	(8		)	(7		)
Net earnings attributable to Mondelēz International	$	544		$	803		$	1,280		$	1,770
Per share data:
Basic earnings per share attributable to Mondelēz International	$	0.38		$	0.56		$	0.89		$	1.22
Diluted earnings per share attributable to Mondelēz International	$	0.38		$	0.55		$	0.89		$	1.21

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

Mondelēz International, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Earnings

(in millions of U.S. dollars)

(Unaudited)



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2020		2019			2020			2019
Net earnings	$	545	$	804		$	1,288		$	1,777
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment	81		30			(1,290		)	193
Pension and other benefit plans	5		38			65			55
Derivative cash flow hedges	1		(62		)	59			(127		)
Total other comprehensive earnings/(losses)	87		6			(1,166		)	121
Comprehensive earnings/(losses)	632		810			122			1,898
less: Comprehensive earnings/(losses) attributable to noncontrolling interests	5		3			7			8
Comprehensive earnings/(losses) attributable to Mondelēz International	$	627	$	807		$	115		$	1,890

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

Mondelēz International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions of U.S. dollars, except share data)

(Unaudited)



	June 30, 2020			December 31, 2019
ASSETS
Cash and cash equivalents	$	1,602		$	1,291
Trade receivables (net of allowances of $40 at June 30, 2020 and $35 at December 31, 2019)	1,979			2,212
Other receivables (net of allowances of $40 at June 30, 2020 and $44 at December 31, 2019)	631			715
Inventories, net	2,710			2,546
Other current assets	1,073			866
Total current assets	7,995			7,630
Property, plant and equipment, net	8,365			8,733
Operating lease right of use assets	645			568
Goodwill	20,997			20,848
Intangible assets, net	17,877			17,957
Prepaid pension assets	586			516
Deferred income taxes	785			726
Equity method investments	6,659			7,178
Other assets	285			359
TOTAL ASSETS	$	64,194		$	64,515
LIABILITIES
Short-term borrowings	$	2,755		$	2,638
Current portion of long-term debt	945			1,581
Accounts payable	5,466			5,853
Accrued marketing	1,804			1,836
Accrued employment costs	639			769
Other current liabilities	2,930			2,645
Total current liabilities	14,539			15,322
Long-term debt	16,004			14,207
Long-term operating lease liabilities	479			403
Deferred income taxes	3,383			3,338
Accrued pension costs	1,108			1,190
Accrued postretirement health care costs	371			387
Other liabilities	2,213			2,351
TOTAL LIABILITIES	38,097			37,198
Commitments and Contingencies (Note 12)
EQUITY
Common Stock, no par value (5,000,000,000 shares authorized and 1,996,537,778 shares issued at June 30, 2020 and December 31, 2019)	—			—
Additional paid-in capital	32,022			32,019
Retained earnings	27,040			26,615
Accumulated other comprehensive losses	(11,419		)	(10,254		)
Treasury stock, at cost (568,483,191 shares at June 30, 2020 and 561,531,524 shares at December 31, 2019)	(21,625		)	(21,139		)
Total Mondelēz International Shareholders’ Equity	26,018			27,241
Noncontrolling interest	79			76
TOTAL EQUITY	26,097			27,317
TOTAL LIABILITIES AND EQUITY	$	64,194		$	64,515

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

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 June 30, 2020
Balances at April 1, 2020	$	—	$	31,990	$	26,906		$	(11,502	)	$	(21,652	)	$	78		$	25,820
Comprehensive earnings/(losses):
Net earnings	—		—		544			—			—			1			545
Other comprehensive earnings/(losses), net of income taxes	—		—		—			83			—			4			87
Exercise of stock options and issuance of other stock awards	—		32		(3		)	—			27			—			56
Cash dividends declared ($0.285 per share)	—		—		(409		)	—			—			—			(409		)
Dividends paid on noncontrolling interest and other activities	—		—		2			—			—			(4		)	(2		)
Balances at June 30, 2020	$	—	$	32,022	$	27,040		$	(11,419	)	$	(21,625	)	$	79		$	26,097
Six Months Ended June 30, 2020
Balances at January 1, 2020	$	—	$	32,019	$	26,615		$	(10,254	)	$	(21,139	)	$	76		$	27,317
Comprehensive earnings/(losses):
Net earnings	—		—		1,280			—			—			8			1,288
Other comprehensive earnings/(losses), net of income taxes	—		—		—			(1,165		)	—			(1		)	(1,166		)
Exercise of stock options and issuance of other stock awards	—		3		(41		)	—			215			—			177
Common Stock repurchased	—		—		—			—			(701		)	—			(701		)
Cash dividends declared ($0.57 per share)	—		—		(817		)	—			—			—			(817		)
Dividends paid on noncontrolling interest and other activities	—		—		3			—			—			(4		)	(1		)
Balances at June 30, 2020	$	—	$	32,022	$	27,040		$	(11,419	)	$	(21,625	)	$	79		$	26,097
Three Months Ended June 30, 2019
Balances at April 1, 2019	$	—	$	31,933	$	24,910		$	(10,528	)	$	(20,561	)	$	81		$	25,835
Comprehensive earnings/(losses):
Net earnings	—		—		803			—			—			1			804
Other comprehensive earnings/(losses), net of income taxes	—		—		—			4			—			2

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EX-18.1	a63020ex181pwcpreletter.htm
EX-31.1	a63020ex311.htm
EX-31.2	a63020ex312.htm
EX-32.1	a63020ex321.htm

MDLZ 10Q Quarterly Report

Mondelez Earnings 2020-06-30