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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
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 |
1.625% Notes due 2027 | | MDLZ27 | | The Nasdaq Stock Market LLC |
0.250% Notes due 2028 | | MDLZ28 | | The Nasdaq Stock Market LLC |
0.750% Notes due 2033 | | MDLZ33 | | 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 |
1.375% Notes due 2041 | | MDLZ41 | | 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 ¨
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
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PART I - | FINANCIAL INFORMATION | |
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Item 1. | Financial Statements (Unaudited) | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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PART II - | OTHER INFORMATION | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 6. | | |
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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, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net revenues | $ | 7,763 | | | $ | 7,182 | | | $ | 22,801 | | | $ | 21,062 | |
Cost of sales | 5,150 | | | 4,358 | | | 14,564 | | | 12,641 | |
Gross profit | 2,613 | | | 2,824 | | | 8,237 | | | 8,421 | |
Selling, general and administrative expenses | 1,884 | | | 1,436 | | | 5,253 | | | 4,593 | |
Asset impairment and exit costs | 18 | | | 62 | | | 188 | | | 286 | |
Gain on acquisition | — | | | — | | | — | | | (9) | |
Amortization of intangible assets | 32 | | | 32 | | | 96 | | | 102 | |
Operating income | 679 | | | 1,294 | | | 2,700 | | | 3,449 | |
Benefit plan non-service income | (30) | | | (37) | | | (93) | | | (135) | |
Interest and other expense, net | 71 | | | 82 | | | 337 | | | 358 | |
Earnings before income taxes | 638 | | | 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 earnings | 85 | | | 105 | | | 300 | | | 290 | |
Net earnings | 533 | | | 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.
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of U.S. dollars)
(Unaudited)
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| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
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 plans | 57 | | | 67 | | | 317 | | | 138 | |
Derivative cash flow hedges | 5 | | | (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.
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars, except share data)
(Unaudited)
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| 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, net | 3,393 | | | 2,708 | |
Other current assets | 837 | | | 900 | |
Total current assets | 9,910 | | | 10,342 | |
Property, plant and equipment, net | 8,632 | | | 8,658 | |
Operating lease right of use assets | 668 | | | 613 | |
Goodwill | 22,387 | | | 21,978 | |
Intangible assets, net | 19,313 | | | 18,291 | |
Prepaid pension assets | 1,078 | | | 1,009 | |
Deferred income taxes | 482 | | | 541 | |
Equity method investments | 4,498 | | | 5,289 | |
Other assets | 1,068 | | | 371 | |
TOTAL ASSETS | $ | 68,036 | | | $ | 67,092 | |
LIABILITIES | | | |
Short-term borrowings | $ | 1,753 | | | $ | 216 | |
Current portion of long-term debt | 100 | | | 1,746 | |
Accounts payable | 6,726 | | | 6,730 | |
Accrued marketing | 2,258 | | | 2,097 | |
Accrued employment costs | 829 | | | 822 | |
Other current liabilities | 2,655 | | | 2,397 | |
Total current liabilities | 14,321 | | | 14,008 | |
Long-term debt | 19,811 | | | 17,550 | |
Long-term operating lease liabilities | 523 | | | 459 | |
Deferred income taxes | 3,401 | | | 3,444 | |
Accrued pension costs | 537 | | | 681 | |
Accrued postretirement health care costs | 291 | | | 301 | |
Other liabilities | 2,482 | | | 2,326 | |
TOTAL LIABILITIES | 41,366 | | | 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 capital | 32,116 | | | 32,097 | |
Retained earnings | 31,437 | | | 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’ Equity | 26,641 | | | 28,269 | |
Noncontrolling interest | 29 | | | 54 | |
TOTAL EQUITY | 26,670 | | | 28,323 | |
TOTAL LIABILITIES AND EQUITY | $ | 68,036 | | | $ | 67,092 | |
See accompanying notes to the condensed consolidated financial statements.
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
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| 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.
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, |
| 2022 | | 2021 |
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES | | | |
Net earnings | $ | 2,142 | | | $ | 3,309 | |
Adjustments to reconcile net earnings to operating cash flows: | | | |
Depreciation and amortization | 819 | | | 837 | |
Stock-based compensation expense | 88 | | | 88 | |
Deferred income tax (benefit)/provision | 41 | | | 159 | |
Asset impairments and accelerated depreciation | 178 | | | 203 | |
Loss on early extinguishment of debt | 38 | | | 110 | |
Gain on acquisition | — | | | (9) | |
Loss/(gain) on equity method investment transactions | 19 | | | (745) | |
Equity method investment net earnings | (300) | | | (290) | |
Distributions from equity method investments | 169 | | | 158 | |
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Other non-cash items, net | 252 | | | (52) | |
Change in assets and liabilities, net of acquisitions and divestitures: | | | |
Receivables, net | (625) | | | (417) | |
Inventories, net | (745) | | | (342) | |
Accounts payable | 332 | | | 420 | |
Other current assets | (143) | | | (259) | |
Other current liabilities | 413 | | | (231) | |
Change in pension and postretirement assets and liabilities, net | (162) | | | (219) | |
Net cash provided by operating activities | 2,516 | | | 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 investments | 604 | | | 1,498 | |
Proceeds from derivative settlements and other | |