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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 June 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-20220630_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 July 22, 2022, there were 1,370,566,113 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
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Net revenues$7,274 $6,642 $15,038 $13,880 
Cost of sales4,633 4,011 9,414 8,283 
Gross profit2,641 2,631 5,624 5,597 
Selling, general and administrative expenses1,676 1,593 3,369 3,157 
Asset impairment and exit costs6 134 170 224 
Gain on acquisition   (9)
Amortization of intangible assets32 32 64 70 
Operating income927 872 2,021 2,155 
Benefit plan non-service income(30)(54)(63)(98)
Interest and other expense, net98 58 266 276 
Earnings before income taxes859 868 1,818 1,977 
Income tax provision(201)(398)(411)(610)
(Loss)/gain on equity method investment transactions(8)502 (13)495 
Equity method investment net earnings98 107 215 185 
Net earnings748 1,079 1,609 2,047 
Noncontrolling interest earnings(1)(1)(7)(8)
Net earnings attributable to
   Mondelēz International
$747 $1,078 $1,602 $2,039 
Per share data:
Basic earnings per share attributable to
   Mondelēz International
$0.54 $0.77 $1.16 $1.45 
Diluted earnings per share attributable to
   Mondelēz International
$0.54 $0.76 $1.15 $1.44 

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
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Net earnings$748 $1,079 $1,609 $2,047 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment(399)157 (349)21 
Pension and other benefit plans167 2 260 71 
Derivative cash flow hedges8 17 60 19 
Total other comprehensive earnings/(losses)(224)176 (29)111 
Comprehensive earnings/(losses)524 1,255 1,580 2,158 
less: Comprehensive earnings/(losses)
   attributable to noncontrolling interests
(10)3 (8)1 
Comprehensive earnings/(losses) attributable to
   Mondelēz International
$534 $1,252 $1,588 $2,157 

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)
June 30,
2022
December 31, 2021
ASSETS
Cash and cash equivalents$1,924 $3,546 
Trade receivables (net of allowances of $45 at June 30, 2022
   and $37 at December 31, 2021)
2,467 2,337 
Other receivables (net of allowances of $48 at June 30, 2022
   and $49 at December 31, 2021)
715 851 
Inventories, net3,038 2,708 
Other current assets1,066 900 
Total current assets9,210 10,342 
Property, plant and equipment, net8,753 8,658 
Operating lease right of use assets626 613 
Goodwill22,103 21,978 
Intangible assets, net18,339 18,291 
Prepaid pension assets1,141 1,009 
Deferred income taxes551 541 
Equity method investments4,655 5,289 
Other assets636 371 
TOTAL ASSETS$66,014 $67,092 
LIABILITIES
Short-term borrowings$605 $216 
Current portion of long-term debt746 1,746 
Accounts payable6,787 6,730 
Accrued marketing2,151 2,097 
Accrued employment costs729 822 
Other current liabilities2,560 2,397 
Total current liabilities13,578 14,008 
Long-term debt17,861 17,550 
Long-term operating lease liabilities489 459 
Deferred income taxes3,580 3,444 
Accrued pension costs591 681 
Accrued postretirement health care costs299 301 
Other liabilities2,063 2,326 
TOTAL LIABILITIES38,461 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 June 30, 2022 and December 31, 2021)
  
Additional paid-in capital32,086 32,097 
Retained earnings31,431 30,806 
Accumulated other comprehensive losses(10,638)(10,624)
Treasury stock, at cost (624,240,103 shares at June 30, 2022 and
   604,907,239 shares at December 31, 2021)
(25,368)(24,010)
Total Mondelēz International Shareholders’ Equity27,511 28,269 
Noncontrolling interest42 54 
TOTAL EQUITY27,553 28,323 
TOTAL LIABILITIES AND EQUITY$66,014 $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 June 30, 2022
Balances at April 1, 2022$ $32,053 $31,163 $(10,425)$(24,630)$55 $28,216 
Comprehensive earnings/(losses):
Net earnings— — 747 — — 1 748 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (213)— (11)(224)
Exercise of stock options and issuance of
   other stock awards
— 33  — 32 — 65 
Common Stock repurchased— — — — (770)— (770)
Cash dividends declared ($0.350 per share)
— — (482)— — — (482)
Dividends paid on noncontrolling interest
   and other activities
— — 3 — — (3) 
Balances at June 30, 2022$ $32,086 $31,431 $(10,638)$(25,368)$42 $27,553 
Six Months Ended June 30, 2022
Balances at January 1, 2022$ $32,097 $30,806 $(10,624)$(24,010)$54 $28,323 
Comprehensive earnings/(losses):
Net earnings— — 1,602 — — 7 1,609 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (14)— (15)(29)
Exercise of stock options and issuance of
   other stock awards
— (11)(11)— 147 — 125 
Common Stock repurchased— — — — (1,505)— (1,505)
Cash dividends declared ($0.700 per share)
— — (969)— — — (969)
Dividends paid on noncontrolling interest
   and other activities
— — 3 — — (4)(1)
Balances at June 30, 2022$ $32,086 $31,431 $(10,638)$(25,368)$42 $27,553 
Three Months Ended June 30, 2021
Balances at April 1, 2021$ $32,009 $28,903 $(10,746)$(23,091)$74 $27,149 
Comprehensive earnings/(losses):
Net earnings— — 1,078 — — 1 1,079 
Other comprehensive earnings/(losses),
   net of income taxes
— — — 174 — 2 176 
Exercise of stock options and issuance of
   other stock awards
— 33 (3)— 77 — 107 
Common Stock repurchased— — — — (451)— (451)
Cash dividends declared ($0.315 per share)
— — (444)— — — (444)
Dividends paid on noncontrolling interest
   and other activities
— — 4 — —  4 
Balances at June 30, 2021$ $32,042 $29,538 $(10,572)$(23,465)$77 $27,620 
Six Months Ended June 30, 2021
Balances at January 1, 2021$ $32,070 $28,402 $(10,690)$(22,204)$76 $27,654 
Comprehensive earnings/(losses):
Net earnings— — 2,039 — — 8 2,047 
Other comprehensive earnings/(losses),
   net of income taxes
— — — 118 — (7)111 
Exercise of stock options and issuance of
   other stock awards
— (28)(18)— 207 — 161 
Common Stock repurchased— — — — (1,468)— (1,468)
Cash dividends declared ($0.630 per share)
— — (889)— — — (889)
Dividends paid on noncontrolling interest
   and other activities
— — 4 — —  4 
Balances at June 30, 2021$ $32,042 $29,538 $(10,572)$(23,465)$77 $27,620 

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 Six Months Ended
June 30,
 20222021
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$1,609 $2,047 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization548 564 
Stock-based compensation expense56 63 
Deferred income tax (benefit)/provision(32)92 
Asset impairments and accelerated depreciation163 152 
Loss on early extinguishment of debt38 110 
Gain on acquisition (9)
Loss/(gain) on equity method investment transactions13 (495)
Equity method investment net earnings(215)(185)
Distributions from equity method investments121 94 
Other non-cash items, net150 (5)
Change in assets and liabilities,
   net of acquisitions and divestitures:
Receivables, net(227)42 
Inventories, net(366)(289)
Accounts payable183 182 
Other current assets(142)(190)
Other current liabilities179 (231)
Change in pension and postretirement assets and liabilities, net(111)(150)
Net cash provided by operating activities1,967 1,792 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(385)(410)
Acquisitions, net of cash received(1,402)(833)
Proceeds from divestitures including equity method investments595 998 
Proceeds from sale of property, plant and equipment and other193 25 
Net cash used in investing activities(999)(220)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Net issuances/(repayments) of other short-term borrowings219 37 
Long-term debt proceeds1,991 2,378 
Long-term debt repayments(2,329)(3,376)
Repurchases of Common Stock(1,506)(1,498)
Dividends paid(977)(896)
Other86 127 
Net cash used in financing activities(2,516)(3,228)
Effect of exchange rate changes on cash, cash equivalents
   and restricted cash
(70)(25)
Cash, cash equivalents and restricted cash:
(Decrease)/Increase(1,618)(1,681)
Balance at beginning of period3,553 3,650 
Balance at end of period$1,935 $1,969 

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, 2021.

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 over which we do not have significant influence or control are not material and as there are no readily determinable fair values for the equity interests, these investments are carried at cost with changes in the investment recognized to the extent cash is received.

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 assets. We recorded $143 million of total expenses ($145 million after-tax) incurred as a direct result of the war, including $75 million recorded in asset impairment and exit costs, $44 million in cost of sales and $24 million in selling, general and administrative expenses. We recorded $75 million of property, plant and equipment impairments, $33 million of estimated inventory write-offs, $19 million of increased estimated allowances for trade receivables and $16 million in accrued expenses. During the second quarter of 2022, we reversed approximately $15 million of previously recorded charges as a result of higher than expected collection of trade receivables and inventory recoveries. 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. In connection with these findings and impacts, we have made estimates and assumptions based on information available to us. 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.

Currency Translation and Highly Inflationary Accounting:
We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on currency transactions in earnings.

Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country from the functional currency of the subsidiary to our U.S. dollar reporting currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using exchange rates as of the latest balance sheet date, with remeasurement gains and losses recognized in net earnings.

Türkiye. During the first quarter of 2022, primarily based on data published by the Türkiye Statistical Institute that indicated that Türkiye's three-year cumulative inflation rate exceeded 100%, we concluded that Türkiye became a highly inflationary economy for accounting purposes. As of April 1, 2022, we began to apply highly inflationary accounting for our subsidiaries operating in Türkiye and change their functional currency from the Turkish lira to the U.S. dollar. Our operations in Türkiye contributed $46 million or 0.6% of our condensed consolidated net revenues in the three months and $90 million or 0.6% of our condensed consolidated net revenues in the six months ended June 30, 2022. As of June 30, 2022, our operations in Türkiye had $11 million of Turkish lira denominated net
6


monetary liabilities. Within selling, general and administrative expenses, we recorded a remeasurement loss of less than $1 million during the three months ended June 30, 2022 related to the revaluation of the Turkish lira denominated net monetary position during the quarter.

Argentina. During the second quarter of 2018, primarily based on published estimates that indicated that Argentina's three-year cumulative inflation rate exceeded 100%, we concluded that Argentina became a highly inflationary economy for accounting purposes. As of July 1, 2018, we began to apply highly inflationary accounting for our Argentinean subsidiaries and changed their functional currency from the Argentinean peso to the U.S. dollar. Our operations in Argentina contributed $138 million or 1.9% of consolidated net revenues in the three months and $268 million or 1.8% of our condensed consolidated net revenues in the six months ended June 30, 2022. As of June 30, 2022, our Argentinean operations had $28 million of Argentinean peso denominated net monetary assets. Within selling, general and administrative expenses, we recorded a remeasurement loss of $10 million during the three months and $15 million during the six months ended June 30, 2022 as well as a remeasurement loss of $3 million during the three months and $8 million during the six months ended June 30, 2021 related to the revaluation of the Argentinean peso denominated net monetary position over these periods.

Other Countries. Since we sell our products in over