Mondelez International : Q4 2020 Financial Schedules and GAAP to Non-GAAP Information
January 29, 2021 at 09:08 am
Share
Schedule 1 PnL
Schedule 1
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
2020
2019
2020
2019
Net revenues
$ 7,298
$ 6,913
$ 26,581
$ 25,868
Cost of sales
4,426
4,154
16,135
15,531
Gross profit
2,872
2,759
10,446
10,337
Gross profit margin
39.4%
39.9%
39.3%
40.0%
Selling, general and administrative expenses
1,624
1,750
6,098
6,136
Asset impairment and exit costs
48
59
301
228
Net gain on divestiture
-
-
-
(44)
Amortization of intangible assets
51
44
194
174
Operating income
1,149
906
3,853
3,843
Operating income margin
15.7%
13.1%
14.5%
14.9%
Benefit plan non-service income
(36)
(18)
(138)
(60)
Interest and other expense, net
244
70
608
456
Earnings before income taxes
941
854
3,383
3,447
Income tax provision
(344)
(230)
(1,224)
(2)
Effective tax rate
36.6%
26.9%
36.2%
0.1%
Gain/(loss) on equity method investment transactions
452
-
989
(2)
Equity method investment net earnings
110
112
421
501
Net earnings
1,159
736
3,569
3,944
Noncontrolling interest earnings
(3)
(3)
(14)
(15)
Net earnings attributable to Mondelēz International
$ 1,156
$ 733
$ 3,555
$ 3,929
Per share data:
Basic earnings per share attributable to Mondelēz International
$ 0.81
$ 0.51
$ 2.48
$ 2.72
Diluted earnings per share attributable to Mondelēz International
$ 0.80
$ 0.50
$ 2.47
$ 2.69
Average shares outstanding:
Basic
1,429
1,441
1,431
1,445
Diluted
1,439
1,453
1,441
1,458
Schedule 1
Schedule 2 BS
Schedule 2
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars)
(Unaudited)
December 31,
December 31,
2020
2019
ASSETS
Cash and cash equivalents
$ 3,619
$ 1,291
Trade receivables
2,297
2,212
Other receivables
657
715
Inventories, net
2,647
2,546
Other current assets
759
866
Total current assets
9,979
7,630
Property, plant and equipment, net
9,026
8,733
Operating lease right of use assets
638
568
Goodwill
21,895
20,848
Intangible assets, net
18,482
17,957
Prepaid pension assets
672
516
Deferred income taxes
790
726
Equity method investments
6,036
7,178
Other assets
292
359
TOTAL ASSETS
$ 67,810
$ 64,515
LIABILITIES
Short-term borrowings
$ 29
$ 2,638
Current portion of long-term debt
2,741
1,581
Accounts payable
6,209
5,853
Accrued marketing
2,130
1,836
Accrued employment costs
834
769
Other current liabilities
3,216
2,645
Total current liabilities
15,159
15,322
Long-term debt
17,276
14,207
Long-term operating lease liabilities
470
403
Deferred income taxes
3,346
3,338
Accrued pension costs
1,257
1,190
Accrued postretirement health care costs
346
387
Other liabilities
2,302
2,351
TOTAL LIABILITIES
40,156
37,198
EQUITY
Common Stock
-
-
Additional paid-in capital
32,070
32,019
Retained earnings
28,402
26,615
Accumulated other comprehensive losses
(10,690)
(10,254)
Treasury stock
(22,204)
(21,139)
Total Mondelēz International Shareholders' Equity
27,578
27,241
Noncontrolling interest
76
76
TOTAL EQUITY
27,654
27,317
TOTAL LIABILITIES AND EQUITY
$ 67,810
$ 64,515
December 31,
December 31,
2020
2019
Incr/(Decr)
Short-term borrowings
$ 29
$ 2,638
$ (2,609)
Current portion of long-term debt
2,741
1,581
1,160
Long-term debt
17,276
14,207
3,069
Total Debt
20,046
18,426
1,620
Cash and cash equivalents
3,619
1,291
2,328
Net Debt (1)
$ 16,427
$ 17,135
$ (708)
(1) Net debt is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents.
Schedule 3 CF
Schedule 3
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31,
2020
2019
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings
$ 3,569
$ 3,944
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization
1,116
1,047
Stock-based compensation expense
126
135
U.S. tax reform transition tax
-
5
Deferred income tax benefit
(70)
(631)
Asset impairments and accelerated depreciation
136
109
Loss on early extinguishment of debt
185
-
Net gain on divestiture
-
(44)
(Gain)/loss on equity method investment transactions
(989)
2
Equity method investment net earnings
(421)
(501)
Distributions from equity method investments
246
250
Other non-cash items, net
243
97
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net
59
124
Inventories, net
(24)
31
Accounts payable
436
4
Other current assets
(207)
(77)
Other current liabilities
(208)
(362)
Change in pension and postretirement assets and liabilities, net
(233)
(168)
Net cash provided by/(used in) operating activities
3,964
3,965
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures
(863)
(925)
Acquisition, net of cash received
(1,136)
(284)
Proceeds from divestitures including equity method investments
2,489
167
Proceeds from sale of property, plant and equipment and other
10
82
Net cash provided by/(used in) investing activities
500
(960)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days
677
1,306
Repayments of commercial paper, maturities greater than 90 days
(1,174)
(2,367)
Net issuances/(repayments) of other short-term borrowings
(2,116)
524
Long-term debt proceeds
7,213
3,136
Long-term debt repayments
(3,878)
(2,677)
Repurchases of Common Stock
(1,390)
(1,480)
Dividends paid
(1,678)
(1,542)
Other
131
313
Net cash provided by/(used in) financing activities
(2,215)
(2,787)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
73
10
Cash, Cash Equivalents and Restricted Cash
Increase
2,322
228
Balance at beginning of period
1,328
1,100
Balance at end of period
$ 3,650
$ 1,328
Schedule 4a Org Rev
Schedule 4a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
(in millions of U.S. dollars)
(Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended December 31, 2020
Reported (GAAP)
$ 630
$ 1,531
$ 2,959
$ 2,178
$ 7,298
Acquisitions
-
-
-
(174)
(174)
Currency
124
(29)
(78)
(4)
13
Organic (Non-GAAP)
$ 754
$ 1,502
$ 2,881
$ 2,000
$ 7,137
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ 6,913
Divestitures
-
-
-
-
-
Organic (Non-GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ 6,913
% Change
Reported (GAAP)
(15.4)%
5.0%
5.8%
13.9%
5.6%
Divestitures
- pp
- pp
- pp
- pp
- pp
Acquisitions
-
-
-
(9.1)
(2.6)
Currency
16.6
(2.0)
(2.8)
(0.3)
0.2
Organic (Non-GAAP)
1.2%
3.0%
3.0%
4.5%
3.2%
Vol/Mix
(5.2)pp
(0.8)pp
3.6 pp
2.4 pp
1.3 pp
Pricing
6.4
3.8
(0.6)
2.1
1.9
Latin America
AMEA
Europe
North America
Mondelēz International
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 2,477
$ 5,740
$ 10,207
$ 8,157
$ 26,581
Acquisitions
-
-
-
(445)
(445)
Currency
546
70
14
7
637
Organic (Non-GAAP)
$ 3,023
$ 5,810
$ 10,221
$ 7,719
$ 26,773
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 3,018
$ 5,770
$ 9,972
$ 7,108
$ 25,868
Divestitures
-
(55)
-
-
(55)
Organic (Non-GAAP)
$ 3,018
$ 5,715
$ 9,972
$ 7,108
$ 25,813
% Change
Reported (GAAP)
(17.9)%
(0.5)%
2.4%
14.8%
2.8%
Divestitures
- pp
0.9 pp
- pp
- pp
0.2 pp
Acquisitions
-
-
-
(6.3)
(1.7)
Currency
18.1
1.3
0.1
0.1
2.4
Organic (Non-GAAP)
0.2%
1.7%
2.5%
8.6%
3.7%
Vol/Mix
(7.5)pp
(0.6)pp
2.8 pp
6.3 pp
1.8 pp
Pricing
7.7
2.3
(0.3)
2.3
1.9
Schedule 4b Org Rev
Schedule 4b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues - Markets
(in millions of U.S. dollars)
(Unaudited)
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended December 31, 2020
Reported (GAAP)
$ 2,474
$ 4,824
$ 7,298
Acquisitions
-
(174)
(174)
Currency
167
(154)
13
Organic (Non-GAAP)
$ 2,641
$ 4,496
$ 7,137
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 2,538
$ 4,375
$ 6,913
Divestitures
-
-
-
Organic (Non-GAAP)
$ 2,538
$ 4,375
$ 6,913
% Change
Reported (GAAP)
(2.5)%
10.3%
5.6%
Divestitures
- pp
- pp
- pp
Acquisitions
-
(3.9)
(2.6)
Currency
6.6
(3.6)
0.2
Organic (Non-GAAP)
4.1%
2.8%
3.2%
Vol/Mix
0.3 pp
2.1 pp
1.3 pp
Pricing
3.8
0.7
1.9
Emerging Markets
Developed Markets
Mondelēz International
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 9,097
$ 17,484
$ 26,581
Acquisitions
-
(445)
(445)
Currency
749
(112)
637
Organic (Non-GAAP)
$ 9,846
$ 16,927
$ 26,773
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 9,675
$ 16,193
$ 25,868
Divestitures
(55)
-
(55)
Organic (Non-GAAP)
$ 9,620
$ 16,193
$ 25,813
% Change
Reported (GAAP)
(6.0)%
8.0%
2.8%
Divestitures
0.6 pp
- pp
0.2 pp
Acquisitions
-
(2.8)
(1.7)
Currency
7.7
(0.7)
2.4
Organic (Non-GAAP)
2.3%
4.5%
3.7%
Vol/Mix
(1.3)pp
3.6 pp
1.8 pp
Pricing
3.6
0.9
1.9
Schedule 5a GP_OI
Schedule 5a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars)
(Unaudited)
For the Three Months Ended December 31, 2020
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 7,298
$ 2,872
39.4%
$ 1,149
15.7%
Simplify to Grow Program
-
42
112
Mark-to-market (gains)/losses from derivatives
-
(56)
(58)
Acquisition integration costs
-
1
2
Remeasurement of net monetary position
-
-
2
Impact from resolution of tax matters
-
-
(20)
Rounding
-
-
1
Adjusted (Non-GAAP)
$ 7,298
$ 2,859
39.2%
$ 1,188
16.3%
Currency
(21)
(27)
Adjusted @ Constant FX (Non-GAAP)
$ 2,838
$ 1,161
For the Three Months Ended December 31, 2019
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 6,913
$ 2,759
39.9%
$ 906
13.1%
Simplify to Grow Program
-
30
138
Mark-to-market (gains)/losses from derivatives
-
(24)
(22)
Acquisition-related costs
-
-
1
Remeasurement of net monetary position
-
-
(6)
Impact from resolution of tax matters
-
-
85
Rounding
-
-
(1)
Adjusted (Non-GAAP)
$ 6,913
$ 2,765
40.0%
$ 1,101
15.9%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 113
$ 243
$ Change - Adjusted (Non-GAAP)
94
87
$ Change - Adjusted @ Constant FX (Non-GAAP)
73
60
% Change - Reported (GAAP)
4.1%
26.8%
% Change - Adjusted (Non-GAAP)
3.4%
7.9%
% Change - Adjusted @ Constant FX (Non-GAAP)
2.6%
5.4%
Schedule 5b GP_OI
Schedule 5b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31, 2020
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 26,581
$ 10,446
39.3%
$ 3,853
14.5%
Simplify to Grow Program
-
90
360
Intangible asset impairment charges
-
-
144
Mark-to-market (gains)/losses from derivatives
-
(16)
(16)
Acquisition integration costs
-
1
4
Acquisition-related costs
-
-
15
Divestiture-related costs
-
-
4
Costs associated with JDE Peet's transaction
-
-
48
Remeasurement of net monetary position
-
-
9
Impact from resolution of tax matters
-
-
(20)
Adjusted (Non-GAAP)
$ 26,581
$ 10,521
39.6%
$ 4,401
16.6%
Currency
179
59
Adjusted @ Constant FX (Non-GAAP)
$ 10,700
$ 4,460
For the Twelve Months Ended December 31, 2019
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 25,868
$ 10,337
40.0%
$ 3,843
14.9%
Simplify to Grow Program
-
101
442
Intangible asset impairment charges
-
-
57
Mark-to-market (gains)/losses from derivatives
-
(92)
(91)
Acquisition-related costs
-
-
3
Divestiture-related costs
-
1
6
Operating income from divestitures
(55)
(14)
(9)
Net gain on divestiture
-
-
(44)
Remeasurement of net monetary position
-
-
(4)
Impact from pension participation changes
-
-
(35)
Impact from resolution of tax matters
-
-
85
CEO transition remuneration
-
-
9
Swiss tax reform impact
-
-
2
Adjusted (Non-GAAP)
$ 25,813
$ 10,333
40.0%
$ 4,264
16.5%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 109
$ 10
$ Change - Adjusted (Non-GAAP)
188
137
$ Change - Adjusted @ Constant FX (Non-GAAP)
367
196
% Change - Reported (GAAP)
1.1%
0.3%
% Change - Adjusted (Non-GAAP)
1.8%
3.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
3.6%
4.6%
Schedule 6a Cons IS
Schedule 6a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended December 31, 2020
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Gain on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 1,149
$ (36)
$ 244
$ 941
$ 344
36.6 %
$ (452)
$ (110)
$ 3
$ 1,156
$ 0.80
Simplify to Grow Program
112
1
-
111
26
-
-
-
85
0.06
Mark-to-market (gains)/losses from derivatives
(58)
-
(1)
(57)
(13)
-
-
-
(44)
(0.03)
Acquisition integration costs
2
-
-
2
2
-
-
-
-
-
Costs associated with JDE Peet's transaction
-
-
-
-
11
-
-
-
(11)
(0.01)
Remeasurement of net monetary position
2
-
-
2
-
-
-
-
2
-
Impact from pension participation changes
-
-
(2)
2
-
-
-
-
2
-
Impact from resolution of tax matters
(20)
-
28
(48)
(16)
-
-
-
(32)
(0.02)
Loss on debt extinguishment and related expenses
-
-
(185)
185
46
-
-
-
139
0.10
Gain on equity method investment transactions
-
-
-
-
(108)
452
-
-
(344)
(0.24)
Equity method investee items
-
-
-
-
1
-
(17)
-
16
0.01
Rounding
1
-
-
1
-
-
-
-
1
-
Adjusted (Non-GAAP)
$ 1,188
$ (35)
$ 84
$ 1,139
$ 293
25.7 %
$ -
$ (127)
$ 3
$ 970
$ 0.67
Currency
(23)
(0.01)
Adjusted @ Constant FX (Non-GAAP)
$ 947
$ 0.66
Diluted Average Shares Outstanding
1,439
For the Three Months Ended December 31, 2019
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Loss on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 906
$ (18)
$ 70
$ 854
$ 230
26.9 %
$ -
$ (112)
$ 3
$ 733
$ 0.50
Simplify to Grow Program
138
-
-
138
36
-
-
-
102
0.07
Mark-to-market (gains)/losses from derivatives
(22)
-
1
(23)
(5)
-
-
-
(18)
(0.01)
Acquisition-related costs
1
-
-
1
-
-
-
-
1
-
Net earnings from divestitures
-
-
-
-
(2)
-
14
-
(12)
-
Remeasurement of net monetary position
(6)
-
-
(6)
-
-
-
-
(6)
-
Impact from pension participation changes
-
-
(3)
3
1
-
-
-
2
-
Impact from resolution of tax matters
85
-
-
85
21
-
-
-
64
0.04
U.S. tax reform discrete net tax (benefit)/expense
-
-
-
-
(3)
-
-
-
3
-
Equity method investee items
-
-
-
-
2
-
(14)
-
12
0.01
Rounding
(1)
-
-
(1)
-
-
-
-
(1)
-
Adjusted (Non-GAAP)
$ 1,101
$ (18)
$ 68
$ 1,051
$ 280
26.6 %
$ -
$ (112)
$ 3
$ 880
$ 0.61
Diluted Average Shares Outstanding
1,453
(1) Taxes were computed for each of the items excluded from the company's GAAP results based on the facts and tax assumptions associated with each item.
Schedule 1
Schedule 1
Schedule 1
Schedule 1
Schedule 6b Cons IS
Schedule 6b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, 2020
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Gain on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 3,853
$ (138)
$ 608
$ 3,383
$ 1,224
36.2 %
$ (989)
$ (421)
$ 14
$ 3,555
$ 2.47
Simplify to Grow Program
360
(3)
-
363
81
-
-
-
282
0.20
Intangible asset impairment charges
144
-
-
144
33
-
-
-
111
0.08
Mark-to-market (gains)/losses from derivatives
(16)
-
3
(19)
(8)
-
-
-
(11)
(0.01)
Acquisition integration costs
4
-
-
4
2
-
-
-
2
-
Acquisition-related costs
15
-
-
15
-
-
-
-
15
0.01
Divestiture-related costs
4
-
-
4
-
-
-
-
4
-
Net earnings from divestitures
-
-
-
-
(5)
-
34
-
(29)
(0.02)
Costs associated with JDE Peet's transaction
48
-
-
48
(250)
-
-
-
298
0.20
Remeasurement of net monetary position
9
-
-
9
-
-
-
-
9
0.01
Impact from pension participation changes
-
-
(11)
11
2
-
-
-
9
0.01
Impact from resolution of tax matters
(20)
-
28
(48)
(16)
-
-
-
(32)
(0.02)
Loss related to interest rate swaps
-
-
(103)
103
24
-
-
-
79
0.05
Loss on debt extinguishment and related expenses
-
-
(185)
185
46
-
-
-
139
0.10
Gain on equity method investment transactions
-
-
-
-
(202)
989
-
-
(787)
(0.55)
Equity method investee items
-
-
-
-
10
-
(92)
-
82
0.06
Adjusted (Non-GAAP)
$ 4,401
$ (141)
$ 340
$ 4,202
$ 941
22.4 %
$ -
$ (479)
$ 14
$ 3,726
$ 2.59
Currency
51
0.03
Adjusted @ Constant FX (Non-GAAP)
$ 3,777
$ 2.62
Diluted Average Shares Outstanding
1,441
For the Twelve Months Ended December 31, 2019
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Loss on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 3,843
$ (60)
$ 456
$ 3,447
$ 2
0.1 %
$ 2
$ (501)
$ 15
$ 3,929
$ 2.69
Simplify to Grow Program
442
(6)
-
448
103
-
-
-
345
0.24
Intangible asset impairment charges
57
-
-
57
14
-
-
-
43
0.03
Mark-to-market (gains)/losses from derivatives
(91)
-
(1)
(90)
(19)
-
-
-
(71)
(0.05)
Acquisition-related costs
3
-
-
3
1
-
-
-
2
-
Divestiture-related costs
6
-
-
6
-
-
-
-
6
-
Net earnings from divestitures
(9)
-
-
(9)
(7)
-
62
-
(64)
(0.05)
Net gain on divestiture
(44)
-
-
(44)
(3)
-
-
-
(41)
(0.03)
Remeasurement of net monetary position
(4)
-
-
(4)
-
-
-
-
(4)
-
Impact from pension participation changes
(35)
-
(6)
(29)
(8)
-
-
-
(21)
(0.02)
Impact from resolution of tax matters
85
-
-
85
21
-
-
-
64
0.05
CEO transition remuneration
9
-
-
9
-
-
-
-
9
0.01
Loss related to interest rate swaps
-
-
(111)
111
-
-
-
-
111
0.08
Swiss tax reform net impacts
2
-
-
2
769
-
-
-
(767)
(0.53)
U.S. tax reform discrete net tax expense
-
-
-
-
(5)
-
-
-
5
-
Loss on equity method investment transactions
-
-
-
-
(6)
(2)
-
-
8
0.01
Equity method investee items
-
-
-
-
9
-
(48)
-
39
0.03
Adjusted (Non-GAAP)
$ 4,264
$ (66)
$ 338
$ 3,992
$ 871
21.8 %
$ -
$ (487)
$ 15
$ 3,593
$ 2.46
Diluted Average Shares Outstanding
1,458
(1) Taxes were computed for each of the items excluded from the company's GAAP results based on the facts and tax assumptions associated with each item.
Schedule 1
Schedule 1
Schedule 1
Schedule 1
Schedule 7a EPS
Schedule 7a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended December 31,
2020
2019
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 0.80
$ 0.50
$ 0.30
60.0 %
Simplify to Grow Program
0.06
0.07
(0.01)
Mark-to-market (gains)/losses from derivatives
(0.03)
(0.01)
(0.02)
Costs associated with JDE Peet's transaction
(0.01)
-
(0.01)
Impact from resolution of tax matters
(0.02)
0.04
(0.06)
Loss on debt extinguishment and related expenses
0.10
-
0.10
Gain on equity method investment transactions
(0.24)
-
(0.24)
Equity method investee items
0.01
0.01
-
Adjusted EPS (Non-GAAP)
$ 0.67
$ 0.61
$ 0.06
9.8 %
Impact of favorable currency
(0.01)
-
(0.01)
Adjusted EPS @ Constant FX (Non-GAAP)
$ 0.66
$ 0.61
$ 0.05
8.2 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.02
Impact from acquisitions
0.01
Change in benefit plan non-service income
0.01
Change in interest and other expense, net
(0.01)
Change in equity method investment net earnings
0.01
Change in income taxes
0.01
Change in shares outstanding
-
$ 0.05
Schedule 7b EPS
Schedule 7b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Twelve Months Ended December 31,
2020
2019
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 2.47
$ 2.69
$ (0.22)
(8.2)%
Simplify to Grow Program
0.20
0.24
(0.04)
Intangible asset impairment charges
0.08
0.03
0.05
Mark-to-market (gains)/losses from derivatives
(0.01)
(0.05)
0.04
Acquisition-related costs
0.01
-
0.01
Net earnings from divestitures
(0.02)
(0.05)
0.03
Net gain on divestiture
-
(0.03)
0.03
Costs associated with JDE Peet's transaction
0.20
-
0.20
Remeasurement of net monetary position
0.01
-
0.01
Impact from pension participation changes
0.01
(0.02)
0.03
Impact from resolution of tax matters
(0.02)
0.05
(0.07)
CEO transition remuneration
-
0.01
(0.01)
Loss related to interest rate swaps
0.05
0.08
(0.03)
Loss on debt extinguishment and related expenses
0.10
-
0.10
Swiss tax reform net impacts
-
(0.53)
0.53
(Gain)/loss on equity method investment transactions
(0.55)
0.01
(0.56)
Equity method investee items
0.06
0.03
0.03
Adjusted EPS (Non-GAAP)
$ 2.59
$ 2.46
$ 0.13
5.3 %
Impact of unfavorable currency
0.03
-
0.03
Adjusted EPS @ Constant FX (Non-GAAP)
$ 2.62
$ 2.46
$ 0.16
6.5 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.08
VAT-related settlements - 2019
0.01
Impact from acquisitions
0.01
Change in benefit plan non-service income
0.04
Change in interest and other expense, net
-
Chnage in equity method investment net earnings
(0.01)
Change in income taxes
-
Change in shares outstanding
0.03
$ 0.16
Schedule 8a Seg OI
Schedule 8a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars)
(Unaudited)
For the Three Months Ended December 31, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 630
$ 1,531
$ 2,959
$ 2,178
$ -
$ -
$ -
$ -
$ 7,298
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 630
$ 1,531
$ 2,959
$ 2,178
$ -
$ -
$ -
$ -
$ 7,298
Operating Income
Reported (GAAP)
$ 40
$ 206
$ 574
$ 395
$ 58
$ (73)
$ (51)
$ -
$ 1,149
Simplify to Grow Program
17
9
38
56
-
(8)
-
-
112
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(58)
-
-
-
(58)
Acquisition integration costs
-
-
-
2
-
-
-
-
2
Remeasurement of net monetary position
2
-
-
-
-
-
-
-
2
Impact from resolution of tax matters
(20)
-
-
-
-
-
-
-
(20)
Rounding
-
-
-
-
-
1
-
-
1
Adjusted (Non-GAAP)
$ 39
$ 215
$ 612
$ 453
$ -
$ (80)
$ (51)
$ -
$ 1,188
Currency
(1)
(5)
(17)
(1)
-
(1)
(2)
-
(27)
Adjusted @ Constant FX (Non-GAAP)
$ 38
$ 210
$ 595
$ 452
$ -
$ (81)
$ (53)
$ -
$ 1,161
% Change - Reported (GAAP)
(56.0)%
267.9%
16.4%
11.3%
n/m
(10.6)%
(15.9)%
n/m
26.8%
% Change - Adjusted (Non-GAAP)
(64.9)%
25.7%
8.9%
15.0%
n/m
14.0%
(15.9)%
n/m
7.9%
% Change - Adjusted @ Constant FX (Non-GAAP)
(65.8)%
22.8%
5.9%
14.7%
n/m
12.9%
(20.5)%
n/m
5.4%
Operating Income Margin
Reported %
6.3%
13.5%
19.4%
18.1%
15.7%
Reported pp change
(5.9)pp
9.7 pp
1.8 pp
(0.5)pp
2.6 pp
Adjusted %
6.2%
14.0%
20.7%
20.8%
16.3%
Adjusted pp change
(8.7)pp
2.3 pp
0.6 pp
0.2 pp
0.4 pp
For the Three Months Ended December 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ -
$ -
$ -
$ -
$ 6,913
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ -
$ -
$ -
$ -
$ 6,913
Operating Income
Reported (GAAP)
$ 91
$ 56
$ 493
$ 355
$ 22
$ (66)
$ (44)
$ (1)
$ 906
Simplify to Grow Program
28
28
69
39
-
(26)
-
-
138
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(22)
-
-
-
(22)
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Remeasurement of net monetary position
(6)
-
-
-
-
-
-
-
(6)
Impact from resolution of tax matters
(2)
87
-
-
-
-
-
-
85
Rounding
-
-
-
-
-
(1)
-
-
(1)
Adjusted (Non-GAAP)
$ 111
$ 171
$ 562
$ 394
$ -
$ (93)
$ (44)
$ -
$ 1,101
Operating Income Margin
Reported %
12.2%
3.8%
17.6%
18.6%
13.1%
Adjusted %
14.9%
11.7%
20.1%
20.6%
15.9%
Schedule 8b Seg OI
Schedule 8b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 2,477
$ 5,740
$ 10,207
$ 8,157
$ -
$ -
$ -
$ -
$ 26,581
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 2,477
$ 5,740
$ 10,207
$ 8,157
$ -
$ -
$ -
$ -
$ 26,581
Operating Income
Reported (GAAP)
$ 189
$ 821
$ 1,775
$ 1,587
$ 16
$ (326)
$ (194)
$ (15)
$ 3,853
Simplify to Grow Program
48
46
130
95
-
41
-
-
360
Intangible asset impairment charges
3
5
53
83
-
-
-
-
144
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(16)
-
-
-
(16)
Acquisition integration costs
-
-
-
4
-
-
-
-
4
Acquisition-related costs
-
-
-
-
-
-
-
15
15
Divestiture-related costs
-
4
-
-
-
-
-
-
4
Costs associated with JDE Peet's transaction
-
-
-
-
-
48
-
-
48
Remeasurement of net monetary position
9
-
-
-
-
-
-
-
9
Impact from resolution of tax matters
(20)
-
-
-
-
-
-
-
(20)
Adjusted (Non-GAAP)
$ 229
$ 876
$ 1,958
$ 1,769
$ -
$ (237)
$ (194)
$ -
$ 4,401
Currency
49
11
5
1
-
(3)
(4)
-
59
Adjusted @ Constant FX (Non-GAAP)
$ 278
$ 887
$ 1,963
$ 1,770
$ -
$ (240)
$ (198)
$ -
$ 4,460
% Change - Reported (GAAP)
(44.6)%
18.8%
2.5%
9.4%
n/m
1.2%
(11.5)%
n/m
0.3%
% Change - Adjusted (Non-GAAP)
(44.4)%
3.5%
(1.2)%
19.2%
n/m
16.8%
(11.5)%
n/m
3.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
(32.5)%
4.8%
(0.9)%
19.3%
n/m
15.8%
(13.8)%
n/m
4.6%
Operating Income Margin
Reported %
7.6%
14.3%
17.4%
19.5%
14.5%
Reported pp change
(3.7)pp
2.3 pp
- pp
(0.9)pp
(0.4)pp
Adjusted %
9.2%
15.3%
19.2%
21.7%
16.6%
Adjusted pp change
(4.5)pp
0.5 pp
(0.7)pp
0.8 pp
0.1 pp
For the Twelve Months Ended December 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 3,018
$ 5,770
$ 9,972
$ 7,108
$ -
$ -
$ -
$ -
$ 25,868
Divestitures
-
(55)
-
-
-
-
-
-
(55)
Adjusted (Non-GAAP)
$ 3,018
$ 5,715
$ 9,972
$ 7,108
$ -
$ -
$ -
$ -
$ 25,813
Operating Income
Reported (GAAP)
$ 341
$ 691
$ 1,732
$ 1,451
$ 91
$ (330)
$ (174)
$ 41
$ 3,843
Simplify to Grow Program
74
56
208
68
-
36
-
-
442
Intangible asset impairment charges
3
15
39
-
-
-
-
-
57
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(91)
-
-
-
(91)
Acquisition-related costs
-
-
-
-
-
-
-
3
3
Divestiture-related costs
-
6
-
-
-
-
-
-
6
Operating income from divestitures
-
(9)
-
-
-
-
-
-
(9)
Net gain on divestiture
-
-
-
-
-
-
-
(44)
(44)
Remeasurement of net monetary position
(4)
-
-
-
-
-
-
-
(4)
Impact from pension participation changes
-
-
-
(35)
-
-
-
-
(35)
Impact from resolution of tax matters
(2)
87
-
-
-
-
-
-
85
CEO transition remuneration
-
-
-
-
-
9
-
-
9
Swiss tax reform impact
-
-
2
-
-
-
-
-
2
Adjusted (Non-GAAP)
$ 412
$ 846
$ 1,981
$ 1,484
$ -
$ (285)
$ (174)
$ -
$ 4,264
Operating Income Margin
Reported %
11.3%
12.0%
17.4%
20.4%
14.9%
Adjusted %
13.7%
14.8%
19.9%
20.9%
16.5%
Schedule 9 FCF
Schedule 9
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Cash Provided by Operating Activities to Free Cash Flow
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31,
2020
2019
$ Change
Net Cash Provided by Operating Activities (GAAP)
$ 3,964
$ 3,965
$ (1)
Capital Expenditures
(863)
(925)
62
Free Cash Flow (Non-GAAP)
$ 3,101
$ 3,040
$ 61
WC - Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended December 31, 2020
Reported (GAAP)
$ 630
$ 1,531
$ 2,959
$ 2,178
$ 7,298
Acquisitions
-
-
-
(174)
(174)
Currency
124
(29)
(78)
(4)
13
Organic (Non-GAAP)
$ 754
$ 1,502
$ 2,881
$ 2,000
$ 7,137
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ 6,913
Divestitures
-
-
-
-
-
Organic (Non-GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ 6,913
% Change
Reported (GAAP)
(15.4)%
5.0%
5.8%
13.9%
5.6%
Divestitures
- pp
- pp
- pp
- pp
- pp
Acquisitions
-
-
-
(9.1)
(2.6)
Currency
16.6
(2.0)
(2.8)
(0.3)
0.2
Organic (Non-GAAP)
1.2%
3.0%
3.0%
4.5%
3.2%
Vol/Mix
(5.2)pp
(0.8)pp
3.6 pp
2.4 pp
1.3 pp
Pricing
6.4
3.8
(0.6)
2.1
1.9
Latin America
AMEA
Europe
North America
Mondelēz International
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 2,477
$ 5,740
$ 10,207
$ 8,157
$ 26,581
Acquisitions
-
-
-
(445)
(445)
Currency
546
70
14
7
637
Organic (Non-GAAP)
$ 3,023
$ 5,810
$ 10,221
$ 7,719
$ 26,773
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 3,018
$ 5,770
$ 9,972
$ 7,108
$ 25,868
Divestitures
-
(55)
-
-
(55)
Organic (Non-GAAP)
$ 3,018
$ 5,715
$ 9,972
$ 7,108
$ 25,813
% Change
Reported (GAAP)
(17.9)%
(0.5)%
2.4%
14.8%
2.8%
Divestitures
- pp
0.9 pp
- pp
- pp
0.2 pp
Acquisitions
-
-
-
(6.3)
(1.7)
Currency
18.1
1.3
0.1
0.1
2.4
Organic (Non-GAAP)
0.2%
1.7%
2.5%
8.6%
3.7%
Vol/Mix
(7.5)pp
(0.6)pp
2.8 pp
6.3 pp
1.8 pp
Pricing
7.7
2.3
(0.3)
2.3
1.9
WC - Mkt Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended December 31, 2020
Reported (GAAP)
$ 2,474
$ 4,824
$ 7,298
Acquisitions
-
(174)
(174)
Currency
167
(154)
13
Organic (Non-GAAP)
$ 2,641
$ 4,496
$ 7,137
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 2,538
$ 4,375
$ 6,913
Divestitures
-
-
-
Organic (Non-GAAP)
$ 2,538
$ 4,375
$ 6,913
% Change
Reported (GAAP)
(2.5)%
10.3%
5.6%
Divestitures
- pp
- pp
- pp
Acquisitions
-
(3.9)
(2.6)
Currency
6.6
(3.6)
0.2
Organic (Non-GAAP)
4.1%
2.8%
3.2%
Vol/Mix
0.3 pp
2.1 pp
1.3 pp
Pricing
3.8
0.7
1.9
Emerging Markets
Developed Markets
Mondelēz International
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 9,097
$ 17,484
$ 26,581
Acquisitions
-
(445)
(445)
Currency
749
(112)
637
Organic (Non-GAAP)
$ 9,846
$ 16,927
$ 26,773
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 9,675
$ 16,193
$ 25,868
Divestitures
(55)
-
(55)
Organic (Non-GAAP)
$ 9,620
$ 16,193
$ 25,813
% Change
Reported (GAAP)
(6.0)%
8.0%
2.8%
Divestitures
0.6 pp
- pp
0.2 pp
Acquisitions
-
(2.8)
(1.7)
Currency
7.7
(0.7)
2.4
Organic (Non-GAAP)
2.3%
4.5%
3.7%
Vol/Mix
(1.3)pp
3.6 pp
1.8 pp
Pricing
3.6
0.9
1.9
WC - Q320-Q120 Mkt Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended September 30, 2020
Reported (GAAP)
$ 2,289
$ 4,376
$ 6,665
Acquisition
-
(125)
(125)
Currency
200
(108)
92
Organic (Non-GAAP)
$ 2,489
$ 4,143
$ 6,632
For the Three Months Ended September 30, 2019
Reported (GAAP)
$ 2,363
$ 3,992
$ 6,355
Divestitures
-
-
-
Organic (Non-GAAP)
$ 2,363
$ 3,992
$ 6,355
% Change
Reported (GAAP)
(3.1)%
9.6%
4.9%
Divestitures
- pp
- pp
- pp
Acquisition
-
(3.1)
(1.9)
Currency
8.4
(2.7)
1.4
Organic (Non-GAAP)
5.3%
3.8%
4.4%
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended June 30, 2020
Reported (GAAP)
$ 1,917
$ 3,994
$ 5,911
Acquisitions
-
(114)
(114)
Currency
218
65
283
Organic (Non-GAAP)
$ 2,135
$ 3,945
$ 6,080
For the Three Months Ended June 30, 2019
Reported (GAAP)
$ 2,272
$ 3,790
$ 6,062
Divestitures
(22)
-
(22)
Organic (Non-GAAP)
$ 2,250
$ 3,790
$ 6,040
% Change
Reported (GAAP)
(15.6)%
5.4%
(2.5)%
Divestitures
0.8 pp
- pp
0.4 pp
Acquisitions
-
(3.0)
(1.8)
Currency
9.7
1.7
4.6
Organic (Non-GAAP)
(5.1)%
4.1%
0.7%
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended March 31, 2020
Reported (GAAP)
$ 2,417
$ 4,290
$ 6,707
Acquisitions
-
(32)
(32)
Currency
164
85
249
Organic (Non-GAAP)
$ 2,581
$ 4,343
$ 6,924
For the Three Months Ended March 31, 2019
Reported (GAAP)
$ 2,502
$ 4,036
$ 6,538
Divestitures
(33)
-
(33)
Organic (Non-GAAP)
$ 2,469
$ 4,036
$ 6,505
% Change
Reported (GAAP)
(3.4)%
6.3%
2.6%
Divestitures
1.3 pp
- pp
0.5 pp
Acquisitions
-
(0.8)
(0.5)
Currency
6.6
2.1
3.8
Organic (Non-GAAP)
4.5%
7.6%
6.4%
WC - ex Arg Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
Argentina
Latin America ex. Argentina
For the Three Months Ended December 31, 2020
Reported (GAAP)
$ 630
$ 83
$ 547
Currency
124
28
96
Organic (Non-GAAP)
$ 754
$ 111
$ 643
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 745
$ 85
$ 660
Divestitures
-
-
-
Organic (Non-GAAP)
$ 745
$ 85
$ 660
% Change
Reported (GAAP)
(15.4)%
(2.4)%
(17.1)%
Divestitures
- pp
- pp
- pp
Currency
16.6
33.0
14.5
Organic (Non-GAAP)
1.2%
30.6%
(2.6)%
Latin America
Argentina
Latin America ex. Argentina
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 2,477
$ 335
$ 2,142
Currency
546
162
384
Organic (Non-GAAP)
$ 3,023
$ 497
$ 2,526
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 3,018
$ 382
$ 2,636
Divestitures
-
-
-
Organic (Non-GAAP)
$ 3,018
$ 382
$ 2,636
% Change
Reported (GAAP)
(17.9)%
(12.3)%
(18.7)%
Divestitures
- pp
- pp
- pp
Currency
18.1
42.4
14.5
Organic (Non-GAAP)
0.2%
30.1%
(4.2)%
WC - Sector Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenues by Consumer Sector
(in millions of U.S. dollars) (Unaudited)
Biscuits
Chocolate
Biscuits & Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Beverage, Cheese & Grocery
Mondelēz International
For the Three Months Ended December 31, 2020
Reported (GAAP)
$ 3,337
$ 2,503
$ 5,840
$ 687
$ 6,527
$ 250
$ 521
$ 771
$ 7,298
Acquisitions
(174)
-
(174)
-
(174)
-
-
-
(174)
Currency
(18)
3
(15)
17
2
28
(17)
11
13
Organic (Non-GAAP)
$ 3,145
$ 2,506
$ 5,651
$ 704
$ 6,355
$ 278
$ 504
$ 782
$ 7,137
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 2,945
$ 2,381
$ 5,326
$ 857
$ 6,183
$ 260
$ 470
$ 730
$ 6,913
Divestitures
-
-
-
-
-
-
-
-
-
Organic (Non-GAAP)
$ 2,945
$ 2,381
$ 5,326
$ 857
$ 6,183
$ 260
$ 470
$ 730
$ 6,913
% Change
Reported (GAAP)
13.3%
5.1%
9.7%
(19.8)%
5.6%
(3.8)%
10.9%
5.6%
5.6%
Organic (Non-GAAP)
6.8%
5.2%
6.1%
(17.9)%
2.8%
6.9%
7.2%
7.1%
3.2%
Biscuits
Chocolate
Biscuits & Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Beverage, Cheese & Grocery
Mondelēz International
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 12,766
$ 8,179
$ 20,945
$ 2,662
$ 23,607
$ 1,049
$ 1,925
$ 2,974
$ 26,581
Acquisitions
(445)
-
(445)
-
(445)
-
-
-
(445)
Currency
131
256
387
102
489
124
24
148
637
Organic (Non-GAAP)
$ 12,452
$ 8,435
$ 20,887
$ 2,764
$ 23,651
$ 1,173
$ 1,949
$ 3,122
$ 26,773
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 11,438
$ 8,158
$ 19,596
$ 3,355
$ 22,951
$ 1,095
$ 1,822
$ 2,917
$ 25,868
Divestitures
-
-
-
-
-
-
(55)
(55)
(55)
Organic (Non-GAAP)
$ 11,438
$ 8,158
$ 19,596
$ 3,355
$ 22,951
$ 1,095
$ 1,767
$ 2,862
$ 25,813
% Change
Reported (GAAP)
11.6%
0.3%
6.9%
(20.7)%
2.9%
(4.2)%
5.7%
2.0%
2.8%
Organic (Non-GAAP)
8.9%
3.4%
6.6%
(17.6)%
3.0%
7.1%
10.3%
9.1%
3.7%
WC - Q320-FY19 Sector Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenues by Consumer Sector
(in millions of U.S. dollars) (Unaudited)
Biscuits
Chocolate
Biscuits & Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Beverage, Cheese & Grocery
Mondelēz International
For the Three Months Ended September 30, 2020
Reported (GAAP)
$ 3,293
$ 2,000
$ 5,293
$ 659
$ 5,952
$ 234
$ 479
$ 713
$ 6,665
Acquisitions
(125)
-
(125)
-
(125)
-
-
-
(125)
Currency
8
31
39
23
62
31
(1)
30
92
Organic (Non-GAAP)
$ 3,176
$ 2,031
$ 5,207
$ 682
$ 5,889
$ 265
$ 478
$ 743
$ 6,632
For the Three Months Ended September 30, 2019
Reported (GAAP)
$ 2,947
$ 1,928
$ 4,875
$ 838
$ 5,713
$ 217
$ 425
$ 642
$ 6,355
Divestitures
-
-
-
-
-
-
-
-
-
Organic (Non-GAAP)
$ 2,947
$ 1,928
$ 4,875
$ 838
$ 5,713
$ 217
$ 425
$ 642
$ 6,355
% Change
Reported (GAAP)
11.7%
3.7%
8.6%
(21.4)%
4.2%
7.8%
12.7%
11.1%
4.9%
Organic (Non-GAAP)
7.8%
5.3%
6.8%
(18.6)%
3.1%
22.1%
12.5%
15.7%
4.4%
Biscuits
Chocolate
Biscuits & Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Beverage, Cheese & Grocery
Mondelēz International
For the Three Months Ended June 30, 2020
Reported (GAAP)
$ 3,110
$ 1,520
$ 4,630
$ 535
$ 5,165
$ 267
$ 479
$ 746
$ 5,911
Acquisitions
(114)
-
(114)
-
(114)
-
-
-
(114)
Currency
77
114
191
30
221
36
26
62
283
Organic (Non-GAAP)
$ 3,073
$ 1,634
$ 4,707
$ 565
$ 5,272
$ 303
$ 505
$ 808
$ 6,080
For the Three Months Ended June 30, 2019
Reported (GAAP)
$ 2,809
$ 1,643
$ 4,452
$ 847
$ 5,299
$ 297
$ 466
$ 763
$ 6,062
Divestitures
-
-
-
-
-
-
(22)
(22)
(22)
Organic (Non-GAAP)
$ 2,809
$ 1,643
$ 4,452
$ 847
$ 5,299
$ 297
$ 444
$ 741
$ 6,040
% Change
Reported (GAAP)
10.7%
(7.5)%
4.0%
(36.8)%
(2.5)%
(10.1)%
2.8%
(2.2)%
(2.5)%
Organic (Non-GAAP)
9.4%
(0.5)%
5.7%
(33.3)%
(0.5)%
2.0%
13.7%
9.0%
0.7%
Biscuits
Chocolate
Biscuits & Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Beverage, Cheese & Grocery
Mondelēz International
For the Three Months Ended March 30, 2020
Reported (GAAP)
$ 3,026
$ 2,156
$ 5,182
$ 781
$ 5,963
$ 298
$ 446
$ 744
$ 6,707
Acquisitions
(32)
-
(32)
-
(32)
-
-
-
(32)
Currency
64
108
172
32
204
29
16
45
249
Organic (Non-GAAP)
$ 3,058
$ 2,264
$ 5,322
$ 813
$ 6,135
$ 327
$ 462
$ 789
$ 6,924
For the Three Months Ended March 30, 2019
Reported (GAAP)
$ 2,737
$ 2,206
$ 4,943
$ 813
$ 5,756
$ 321
$ 461
$ 782
$ 6,538
Divestitures
-
-
-
-
-
-
(33)
(33)
(33)
Organic (Non-GAAP)
$ 2,737
$ 2,206
$ 4,943
$ 813
$ 5,756
$ 321
$ 428
$ 749
$ 6,505
% Change
Reported (GAAP)
10.6%
(2.3)%
4.8%
(3.9)%
3.6%
(7.2)%
(3.3)%
(4.9)%
2.6%
Organic (Non-GAAP)
11.7%
2.6%
7.7%
0.0%
6.6%
1.9%
7.9%
5.3%
6.4%
Biscuits
Chocolate
Biscuits & Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Beverage, Cheese & Grocery
Mondelēz International
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 11,438
$ 8,158
$ 19,596
$ 3,355
$ 22,951
$ 1,095
$ 1,822
$ 2,917
$ 25,868
Divestitures
-
-
-
-
-
-
(55)
(55)
(55)
Acquisitions
(88)
-
(88)
-
(88)
-
-
-
(88)
Currency
322
495
817
149
966
114
74
188
1,154
Organic (Non-GAAP)
$ 11,672
$ 8,653
$ 20,325
$ 3,504
$ 23,829
$ 1,209
$ 1,841
$ 3,050
$ 26,879
For the Twelve Months Ended December 31, 2018
Reported (GAAP)
$ 11,185
$ 8,177
$ 19,362
$ 3,491
$ 22,853
$ 1,184
$ 1,901
$ 3,085
$ 25,938
Divestitures
-
-
-
-
-
-
(126)
(126)
(126)
Organic (Non-GAAP)
$ 11,185
$ 8,177
$ 19,362
$ 3,491
$ 22,853
$ 1,184
$ 1,775
$ 2,959
$ 25,812
% Change
Reported (GAAP)
2.3%
(0.2)%
1.2%
(3.9)%
0.4%
(7.5)%
(4.2)%
(5.4)%
(0.3)%
Organic (Non-GAAP)
4.4%
5.8%
5.0%
0.4%
4.3%
2.1%
3.7%
3.1%
4.1%
WC - GP_OI QTD
GAAP to Non-GAAP Reconciliation
Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended December 31, 2020
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 7,298
$ 2,872
39.4%
$ 1,149
15.7%
Simplify to Grow Program
-
42
112
Mark-to-market (gains)/losses from derivatives
-
(56)
(58)
Acquisition integration costs
-
1
2
Remeasurement of net monetary position
-
-
2
Impact from resolution of tax matters
-
-
(20)
Rounding
-
-
1
Adjusted (Non-GAAP)
$ 7,298
$ 2,859
39.2%
$ 1,188
16.3%
Currency
(21)
(27)
Adjusted @ Constant FX (Non-GAAP)
$ 2,838
$ 1,161
For the Three Months Ended December 31, 2019
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 6,913
$ 2,759
39.9%
$ 906
13.1%
Simplify to Grow Program
-
30
138
Mark-to-market (gains)/losses from derivatives
-
(24)
(22)
Acquisition-related costs
-
-
1
Remeasurement of net monetary position
-
-
(6)
Impact from resolution of tax matters
-
-
85
Rounding
-
-
(1)
Adjusted (Non-GAAP)
$ 6,913
$ 2,765
40.0%
$ 1,101
15.9%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 113
$ 243
$ Change - Adjusted (Non-GAAP)
94
87
$ Change - Adjusted @ Constant FX (Non-GAAP)
73
60
% Change - Reported (GAAP)
4.1%
26.8%
% Change - Adjusted (Non-GAAP)
3.4%
7.9%
% Change - Adjusted @ Constant FX (Non-GAAP)
2.6%
5.4%
WC - GP_OI YTD
GAAP to Non-GAAP Reconciliation
Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income
(in millions of U.S. dollars) (Unaudited)
For the Twelve Months Ended December 31, 2020
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 26,581
$ 10,446
39.3%
$ 3,853
14.5%
Simplify to Grow Program
-
90
360
Intangible asset impairment charges
-
-
144
Mark-to-market (gains)/losses from derivatives
-
(16)
(16)
Acquisition integration costs
-
1
4
Acquisition-related costs
-
-
15
Divestiture-related costs
-
-
4
Costs associated with JDE Peet's transaction
-
-
48
Remeasurement of net monetary position
-
-
9
Impact from resolution of tax matters
-
-
(20)
Adjusted (Non-GAAP)
$ 26,581
$ 10,521
39.6%
$ 4,401
16.6%
Currency
179
59
Adjusted @ Constant FX (Non-GAAP)
$ 10,700
$ 4,460
For the Twelve Months Ended December 31, 2019
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 25,868
$ 10,337
40.0%
$ 3,843
14.9%
Simplify to Grow Program
-
101
442
Intangible asset impairment charges
-
-
57
Mark-to-market (gains)/losses from derivatives
-
(92)
(91)
Acquisition-related costs
-
-
3
Divestiture-related costs
-
1
6
Operating income from divestitures
(55)
(14)
(9)
Net gain on divestiture
-
-
(44)
Remeasurement of net monetary position
-
-
(4)
Impact from pension participation changes
-
-
(35)
Impact from resolution of tax matters
-
-
85
CEO transition remuneration
-
-
9
Swiss tax reform impact
-
-
2
Adjusted (Non-GAAP)
$ 25,813
$ 10,333
40.0%
$ 4,264
16.5%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 109
$ 10
$ Change - Adjusted (Non-GAAP)
188
137
$ Change - Adjusted @ Constant FX (Non-GAAP)
367
196
% Change - Reported (GAAP)
1.1%
0.3%
% Change - Adjusted (Non-GAAP)
1.8%
3.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
3.6%
4.6%
WC - EPS QTD
GAAP to Non-GAAP Reconciliation
Diluted EPS to Adjusted EPS
(Unaudited)
For the Three Months Ended December 31,
2020
2019
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 0.80
$ 0.50
$ 0.30
60.0 %
Simplify to Grow Program
0.06
0.07
(0.01)
Mark-to-market (gains)/losses from derivatives
(0.03)
(0.01)
(0.02)
Costs associated with JDE Peet's transaction
(0.01)
-
(0.01)
Impact from resolution of tax matters
(0.02)
0.04
(0.06)
Loss on debt extinguishment and related expenses
0.10
-
0.10
Gain on equity method investment transactions
(0.24)
-
(0.24)
Equity method investee items
0.01
0.01
-
Adjusted EPS (Non-GAAP)
$ 0.67
$ 0.61
$ 0.06
9.8 %
Impact of favorable currency
(0.01)
-
(0.01)
Adjusted EPS @ Constant FX (Non-GAAP)
$ 0.66
$ 0.61
$ 0.05
8.2 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.02
Impact from acquisitions
0.01
Change in benefit plan non-service income
0.01
Change in interest and other expense, net
(0.01)
Change in equity method investment net earnings
0.01
Change in income taxes
0.01
Change in shares outstanding
-
$ 0.05
WC - EPS YTD
GAAP to Non-GAAP Reconciliation
Diluted EPS to Adjusted EPS
(Unaudited)
For the Twelve Months Ended December 31,
2020
2019
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 2.47
$ 2.69
$ (0.22)
(8.2)%
Simplify to Grow Program
0.20
0.24
(0.04)
Intangible asset impairment charges
0.08
0.03
0.05
Mark-to-market (gains)/losses from derivatives
(0.01)
(0.05)
0.04
Acquisition-related costs
0.01
-
0.01
Net earnings from divestitures
(0.02)
(0.05)
0.03
Net gain on divestiture
-
(0.03)
0.03
Costs associated with JDE Peet's transaction
0.20
-
0.20
Remeasurement of net monetary position
0.01
-
0.01
Impact from pension participation changes
0.01
(0.02)
0.03
Impact from resolution of tax matters
(0.02)
0.05
(0.07)
CEO transition remuneration
-
0.01
(0.01)
Loss related to interest rate swaps
0.05
0.08
(0.03)
Loss on debt extinguishment and related expenses
0.10
-
0.10
Swiss tax reform net impacts
-
(0.53)
0.53
(Gain)/loss on equity method investment transactions
(0.55)
0.01
(0.56)
Equity method investee items
0.06
0.03
0.03
Adjusted EPS (Non-GAAP)
$ 2.59
$ 2.46
$ 0.13
5.3 %
Impact of unfavorable currency
0.03
-
0.03
Adjusted EPS @ Constant FX (Non-GAAP)
$ 2.62
$ 2.46
$ 0.16
6.5 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.08
VAT-related settlements - 2019
0.01
Impact from acquisitions
0.01
Change in benefit plan non-service income
0.04
Change in interest and other expense, net
-
Chnage in equity method investment net earnings
(0.01)
Change in income taxes
-
Change in shares outstanding
0.03
$ 0.16
WC - Seg OI QTD
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended December 31, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 630
$ 1,531
$ 2,959
$ 2,178
$ -
$ -
$ -
$ -
$ 7,298
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 630
$ 1,531
$ 2,959
$ 2,178
$ -
$ -
$ -
$ -
$ 7,298
Operating Income
Reported (GAAP)
$ 40
$ 206
$ 574
$ 395
$ 58
$ (73)
$ (51)
$ -
$ 1,149
Simplify to Grow Program
17
9
38
56
-
(8)
-
-
112
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(58)
-
-
-
(58)
Acquisition integration costs
-
-
-
2
-
-
-
-
2
Remeasurement of net monetary position
2
-
-
-
-
-
-
-
2
Impact from resolution of tax matters
(20)
-
-
-
-
-
-
-
(20)
Rounding
-
-
-
-
-
1
-
-
1
Adjusted (Non-GAAP)
$ 39
$ 215
$ 612
$ 453
$ -
$ (80)
$ (51)
$ -
$ 1,188
Currency
(1)
(5)
(17)
(1)
-
(1)
(2)
-
(27)
Adjusted @ Constant FX (Non-GAAP)
$ 38
$ 210
$ 595
$ 452
$ -
$ (81)
$ (53)
$ -
$ 1,161
% Change - Reported (GAAP)
(56.0)%
267.9%
16.4%
11.3%
n/m
(10.6)%
(15.9)%
n/m
26.8%
% Change - Adjusted (Non-GAAP)
(64.9)%
25.7%
8.9%
15.0%
n/m
14.0%
(15.9)%
n/m
7.9%
% Change - Adjusted @ Constant FX (Non-GAAP)
(65.8)%
22.8%
5.9%
14.7%
n/m
12.9%
(20.5)%
n/m
5.4%
Operating Income Margin
Reported %
6.3%
13.5%
19.4%
18.1%
15.7%
Reported pp change
(5.9)pp
9.7 pp
1.8 pp
(0.5)pp
2.6 pp
Adjusted %
6.2%
14.0%
20.7%
20.8%
16.3%
Adjusted pp change
(8.7)pp
2.3 pp
0.6 pp
0.2 pp
0.4 pp
For the Three Months Ended December 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ -
$ -
$ -
$ -
$ 6,913
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ -
$ -
$ -
$ -
$ 6,913
Operating Income
Reported (GAAP)
$ 91
$ 56
$ 493
$ 355
$ 22
$ (66)
$ (44)
$ (1)
$ 906
Simplify to Grow Program
28
28
69
39
-
(26)
-
-
138
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(22)
-
-
-
(22)
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Remeasurement of net monetary position
(6)
-
-
-
-
-
-
-
(6)
Impact from resolution of tax matters
(2)
87
-
-
-
-
-
-
85
Rounding
-
-
-
-
-
(1)
-
-
(1)
Adjusted (Non-GAAP)
$ 111
$ 171
$ 562
$ 394
$ -
$ (93)
$ (44)
$ -
$ 1,101
Operating Income Margin
Reported %
12.2%
3.8%
17.6%
18.6%
13.1%
Adjusted %
14.9%
11.7%
20.1%
20.6%
15.9%
WC - Seg OI YTD
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Twelve Months Ended December 31, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 2,477
$ 5,740
$ 10,207
$ 8,157
$ -
$ -
$ -
$ -
$ 26,581
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 2,477
$ 5,740
$ 10,207
$ 8,157
$ -
$ -
$ -
$ -
$ 26,581
Operating Income
Reported (GAAP)
$ 189
$ 821
$ 1,775
$ 1,587
$ 16
$ (326)
$ (194)
$ (15)
$ 3,853
Simplify to Grow Program
48
46
130
95
-
41
-
-
360
Intangible asset impairment charges
3
5
53
83
-
-
-
-
144
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(16)
-
-
-
(16)
Acquisition integration costs
-
-
-
4
-
-
-
-
4
Acquisition-related costs
-
-
-
-
-
-
-
15
15
Divestiture-related costs
-
4
-
-
-
-
-
-
4
Costs associated with JDE Peet's transaction
-
-
-
-
-
48
-
-
48
Remeasurement of net monetary position
9
-
-
-
-
-
-
-
9
Impact from resolution of tax matters
(20)
-
-
-
-
-
-
-
(20)
Adjusted (Non-GAAP)
$ 229
$ 876
$ 1,958
$ 1,769
$ -
$ (237)
$ (194)
$ -
$ 4,401
Currency
49
11
5
1
-
(3)
(4)
-
59
Adjusted @ Constant FX (Non-GAAP)
$ 278
$ 887
$ 1,963
$ 1,770
$ -
$ (240)
$ (198)
$ -
$ 4,460
% Change - Reported (GAAP)
(44.6)%
18.8%
2.5%
9.4%
n/m
1.2%
(11.5)%
n/m
0.3%
% Change - Adjusted (Non-GAAP)
(44.4)%
3.5%
(1.2)%
19.2%
n/m
16.8%
(11.5)%
n/m
3.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
(32.5)%
4.8%
(0.9)%
19.3%
n/m
15.8%
(13.8)%
n/m
4.6%
Operating Income Margin
Reported %
7.6%
14.3%
17.4%
19.5%
14.5%
Reported pp change
(3.7)pp
2.3 pp
- pp
(0.9)pp
(0.4)pp
Adjusted %
9.2%
15.3%
19.2%
21.7%
16.6%
Adjusted pp change
(4.5)pp
0.5 pp
(0.7)pp
0.8 pp
0.1 pp
For the Twelve Months Ended December 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 3,018
$ 5,770
$ 9,972
$ 7,108
$ -
$ -
$ -
$ -
$ 25,868
Divestitures
-
(55)
-
-
-
-
-
-
(55)
Adjusted (Non-GAAP)
$ 3,018
$ 5,715
$ 9,972
$ 7,108
$ -
$ -
$ -
$ -
$ 25,813
Operating Income
Reported (GAAP)
$ 341
$ 691
$ 1,732
$ 1,451
$ 91
$ (330)
$ (174)
$ 41
$ 3,843
Simplify to Grow Program
74
56
208
68
-
36
-
-
442
Intangible asset impairment charges
3
15
39
-
-
-
-
-
57
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(91)
-
-
-
(91)
Acquisition-related costs
-
-
-
-
-
-
-
3
3
Divestiture-related costs
-
6
-
-
-
-
-
-
6
Operating income from divestitures
-
(9)
-
-
-
-
-
-
(9)
Net gain on divestiture
-
-
-
-
-
-
-
(44)
(44)
Remeasurement of net monetary position
(4)
-
-
-
-
-
-
-
(4)
Impact from pension participation changes
-
-
-
(35)
-
-
-
-
(35)
Impact from resolution of tax matters
(2)
87
-
-
-
-
-
-
85
CEO transition remuneration
-
-
-
-
-
9
-
-
9
Swiss tax reform impact
-
-
2
-
-
-
-
-
2
Adjusted (Non-GAAP)
$ 412
$ 846
$ 1,981
$ 1,484
$ -
$ (285)
$ (174)
$ -
$ 4,264
Operating Income Margin
Reported %
11.3%
12.0%
17.4%
20.4%
14.9%
Adjusted %
13.7%
14.8%
19.9%
20.9%
16.5%
WC - FCF
GAAP to Non-GAAP Reconciliation
Net Cash Provided by Operating Activities to Free Cash Flow
(in millions of U.S. dollars) (Unaudited)
Mondelēz International
For the Twelve Months Ended December 31,
2020
2019
2018
Net Cash Provided by Operating Activities (GAAP)
$ 3,964
$ 3,965
$ 3,948
Capital Expenditures
(863)
(925)
(1,095)
Free Cash Flow (Non-GAAP)
$ 3,101
$ 3,040
$ 2,853
WC - Q419 and FY19 Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended December 31, 2019
Reported (GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ 6,913
Acquisitions
-
-
-
(27)
(27)
Currency
76
5
46
-
127
Organic (Non-GAAP)
$ 821
$ 1,463
$ 2,843
$ 1,886
$ 7,013
For the Three Months Ended December 31, 2018
Reported (GAAP)
$ 763
$ 1,429
$ 2,752
$ 1,829
$ 6,773
Divestitures
-
(34)
-
-
(34)
Organic (Non-GAAP)
$ 763
$ 1,395
$ 2,752
$ 1,829
$ 6,739
% Change
Reported (GAAP)
(2.4)%
2.0%
1.6%
4.6%
2.1%
Divestitures
- pp
2.5 pp
- pp
- pp
0.5 pp
Acquisitions
-
-
-
(1.5)
(0.4)
Currency
10.0
0.4
1.7
-
1.9
Organic (Non-GAAP)
7.6%
4.9%
3.3%
3.1%
4.1%
Vol/Mix
(1.8)pp
2.3 pp
3.8 pp
1.2 pp
2.2 pp
Pricing
9.4
2.6
(0.5)
1.9
1.9
Latin America
AMEA
Europe
North America
Mondelēz International
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 3,018
$ 5,770
$ 9,972
$ 7,108
$ 25,868
Divestitures
-
(55)
-
-
(55)
Acquisitions
-
-
-
(88)
(88)
Currency
434
183
522
15
1,154
Organic (Non-GAAP)
$ 3,452
$ 5,898
$ 10,494
$ 7,035
$ 26,879
For the Twelve Months Ended December 31, 2018
Reported (GAAP)
$ 3,202
$ 5,729
$ 10,122
$ 6,885
$ 25,938
Divestitures
-
(126)
-
-
(126)
Organic (Non-GAAP)
$ 3,202
$ 5,603
$ 10,122
$ 6,885
$ 25,812
% Change
Reported (GAAP)
(5.7)%
0.7%
(1.5)%
3.2%
(0.3)%
Divestitures
- pp
1.3 pp
- pp
- pp
0.3 pp
Acquisitions
-
-
-
(1.3)
(0.4)
Currency
13.5
3.3
5.2
0.3
4.5
Organic (Non-GAAP)
7.8%
5.3%
3.7%
2.2%
4.1%
Vol/Mix
(2.1)pp
3.6 pp
3.7 pp
(0.1)pp
1.9 pp
Pricing
9.9
1.7
-
2.3
2.2
WC - Q120 Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended March 31, 2020
Reported (GAAP)
$ 726
$ 1,502
$ 2,584
$ 1,895
$ 6,707
Acquisitions
-
-
-
(32)
(32)
Currency
130
39
77
3
249
Organic (Non-GAAP)
$ 856
$ 1,541
$ 2,661
$ 1,866
$ 6,924
For the Three Months Ended March 31, 2019
Reported (GAAP)
$ 800
$ 1,541
$ 2,551
$ 1,646
$ 6,538
Divestitures
-
(33)
-
-
(33)
Organic (Non-GAAP)
$ 800
$ 1,508
$ 2,551
$ 1,646
$ 6,505
% Change
Reported (GAAP)
(9.3)%
(2.5)%
1.3%
15.1%
2.6%
Divestitures
- pp
2.1 pp
- pp
- pp
0.5 pp
Acquisitions
-
-
-
(1.9)
(0.5)
Currency
16.3
2.6
3.0
0.2
3.8
Organic (Non-GAAP)
7.0%
2.2%
4.3%
13.4%
6.4%
Vol/Mix
(1.9)pp
0.9 pp
3.9 pp
12.2 pp
4.6 pp
Pricing
8.9
1.3
0.4
1.2
1.8
WC - Q220 Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended June 30, 2020
Reported (GAAP)
$ 511
$ 1,237
$ 2,138
$ 2,025
$ 5,911
Acquisitions
-
-
-
(114)
(114)
Currency
143
52
83
5
283
Organic (Non-GAAP)
$ 654
$ 1,289
$ 2,221
$ 1,916
$ 6,080
For the Three Months Ended June 30, 2019
Reported (GAAP)
$ 737
$ 1,352
$ 2,247
$ 1,726
$ 6,062
Divestitures
-
(22)
-
-
(22)
Organic (Non-GAAP)
$ 737
$ 1,330
$ 2,247
$ 1,726
$ 6,040
% Change
Reported (GAAP)
(30.7)%
(8.5)%
(4.9)%
17.3%
(2.5)%
Divestitures
- pp
1.5 pp
- pp
- pp
0.4 pp
Acquisitions
-
-
-
(6.6)
(1.8)
Currency
19.4
3.9
3.7
0.3
4.6
Organic (Non-GAAP)
(11.3)%
(3.1)%
(1.2)%
11.0%
0.7%
Vol/Mix
(18.8)pp
(4.6)pp
(0.4)pp
7.4 pp
(1.3)pp
Pricing
7.5
1.5
(0.8)
3.6
2.0
WC - Q320 Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended September 30, 2020
Reported (GAAP)
$ 610
$ 1,470
$ 2,526
$ 2,059
$ 6,665
Acquisitions
-
-
-
(125)
(125)
Currency
149
8
(68)
3
92
Organic (Non-GAAP)
$ 759
$ 1,478
$ 2,458
$ 1,937
$ 6,632
For the Three Months Ended September 30, 2019
Reported (GAAP)
$ 736
$ 1,419
$ 2,377
$ 1,823
$ 6,355
Divestitures
-
-
-
-
-
Organic (Non-GAAP)
$ 736
$ 1,419
$ 2,377
$ 1,823
$ 6,355
% Change
Reported (GAAP)
(17.1)%
3.6%
6.3%
12.9%
4.9%
Divestitures
- pp
- pp
- pp
- pp
- pp
Acquisitions
-
-
-
(6.8)
(1.9)
Currency
20.2
0.6
(2.9)
0.2
1.4
Organic (Non-GAAP)
3.1%
4.2%
3.4%
6.3%
4.4%
Vol/Mix
(5.1)pp
1.8 pp
3.6 pp
4.2 pp
2.4 pp
Pricing
8.2
2.4
(0.2)
2.1
2.0
WC - Q419 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended December 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ -
$ -
$ -
$ -
$ 6,913
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 745
$ 1,458
$ 2,797
$ 1,913
$ -
$ -
$ -
$ -
$ 6,913
Operating Income
Reported (GAAP)
$ 91
$ 56
$ 493
$ 355
$ 22
$ (66)
$ (44)
$ (1)
$ 906
Simplify to Grow Program
28
28
69
39
-
(26)
-
-
138
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(22)
-
-
-
(22)
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Remeasurement of net monetary position
(6)
-
-
-
-
-
-
-
(6)
Impact from resolution of tax matters
(2)
87
-
-
-
-
-
-
85
Rounding
-
-
-
-
-
(1)
-
-
(1)
Adjusted (Non-GAAP)
$ 111
$ 171
$ 562
$ 394
$ -
$ (93)
$ (44)
$ -
$ 1,101
Currency
25
2
15
1
-
(2)
1
-
42
Adjusted @ Constant FX (Non-GAAP)
$ 136
$ 173
$ 577
$ 395
$ -
$ (95)
$ (43)
$ -
$ 1,143
% Change - Reported (GAAP)
(1.1)%
(61.1)%
0.8%
6.0%
n/m
38.3%
0.0%
n/m
4.1%
% Change - Adjusted (Non-GAAP)
9.9%
0.0%
1.6%
2.9%
n/m
(27.4)%
0.0%
n/m
0.9%
% Change - Adjusted @ Constant FX (Non-GAAP)
34.7%
1.2%
4.3%
3.1%
n/m
(30.1)%
2.3%
n/m
4.8%
Operating Income Margin
Reported %
12.2%
3.8%
17.6%
18.6%
13.1%
Reported pp change
0.1 pp
(6.3)pp
(0.2)pp
0.3 pp
0.3 pp
Adjusted %
14.9%
11.7%
20.1%
20.6%
15.9%
Adjusted pp change
1.7 pp
(0.6)pp
- pp
(0.3)pp
(0.3)pp
For the Three Months Ended December 31, 2018
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 763
$ 1,429
$ 2,752
$ 1,829
$ -
$ -
$ -
$ -
$ 6,773
Divestitures
-
(34)
-
-
-
-
-
-
(34)
Adjusted (Non-GAAP)
$ 763
$ 1,395
$ 2,752
$ 1,829
$ -
$ -
$ -
$ -
$ 6,739
Operating Income
Reported (GAAP)
$ 92
$ 144
$ 489
$ 335
$ (40)
$ (107)
$ (44)
$ 1
$ 870
Simplify to Grow Program
37
30
64
33
-
30
-
-
194
Mark-to-market (gains)/losses from derivatives
-
-
-
-
40
-
-
-
40
Acquisition integration costs
-
-
-
-
-
1
-
-
1
Acquisition-related costs
-
-
-
-
-
-
-
(1)
(1)
Divestiture-related costs
-
2
-
-
-
-
-
-
2
Operating income from divestitures
-
(5)
-
-
-
-
-
-
(5)
Remeasurement of net monetary position
(2)
-
-
-
-
-
-
-
(2)
Impact from pension participation changes
-
-
-
15
-
-
-
-
15
Impact from resolution of tax matters
(26)
-
-
-
-
-
-
-
(26)
CEO transition remuneration
-
-
-
-
-
4
-
-
4
Rounding
-
-
-
-
-
(1)
-
-
(1)
Adjusted (Non-GAAP)
$ 101
$ 171
$ 553
$ 383
$ -
$ (73)
$ (44)
$ -
$ 1,091
Operating Income Margin
Reported %
12.1%
10.1%
17.8%
18.3%
12.8%
Adjusted %
13.2%
12.3%
20.1%
20.9%
16.2%
WC - FY19 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Twelve Months Ended December 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 3,018
$ 5,770
$ 9,972
$ 7,108
$ -
$ -
$ -
$ -
$ 25,868
Divestitures
-
(55)
-
-
-
-
-
-
(55)
Adjusted (Non-GAAP)
$ 3,018
$ 5,715
$ 9,972
$ 7,108
$ -
$ -
$ -
$ -
$ 25,813
Operating Income
Reported (GAAP)
$ 341
$ 691
$ 1,732
$ 1,451
$ 91
$ (330)
$ (174)
$ 41
$ 3,843
Simplify to Grow Program
74
56
208
68
-
36
-
-
442
Intangible asset impairment charges
3
15
39
-
-
-
-
-
57
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(91)
-
-
-
(91)
Acquisition-related costs
-
-
-
-
-
-
-
3
3
Divestiture-related costs
-
6
-
-
-
-
-
-
6
Operating income from divestitures
-
(9)
-
-
-
-
-
-
(9)
(Gain)/loss on divestitures
-
-
-
-
-
-
-
(44)
(44)
Remeasurement of net monetary position
(4)
-
-
-
-
-
-
-
(4)
Impact from pension participation changes
-
-
-
(35)
-
-
-
-
(35)
Impact from resolution of tax matters
(2)
87
-
-
-
-
-
-
85
CEO transition remuneration
-
-
-
-
-
9
-
-
9
Swiss tax reform
-
-
2
-
-
-
-
-
2
Adjusted (Non-GAAP)
$ 412
$ 846
$ 1,981
$ 1,484
$ -
$ (285)
$ (174)
$ -
$ 4,264
Currency
83
36
116
2
-
(6)
(4)
-
227
Adjusted @ Constant FX (Non-GAAP)
$ 495
$ 882
$ 2,097
$ 1,486
$ -
$ (291)
$ (178)
$ -
$ 4,491
% Change - Reported (GAAP)
(16.8)%
(1.6)%
(0.1)%
70.9%
n/m
1.5%
1.1%
n/m
16.0%
% Change - Adjusted (Non-GAAP)
(21.5)%
5.0%
(0.2)%
6.2%
n/m
(21.8)%
1.1%
n/m
(0.9)%
% Change - Adjusted @ Constant FX (Non-GAAP)
(5.7)%
9.4%
5.7%
6.4%
n/m
(24.4)%
(1.1)%
n/m
4.4%
Operating Income Margin
Reported %
11.3%
12.0%
17.4%
20.4%
14.9%
Reported pp change
(1.5)pp
(0.3)pp
0.3 pp
8.1 pp
2.1 pp
Adjusted %
13.7%
14.8%
19.9%
20.9%
16.5%
Adjusted pp change
(2.7)pp
0.4 pp
0.3 pp
0.6 pp
(0.2)pp
For the Twelve Months Ended December 31, 2018
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 3,202
$ 5,729
$ 10,122
$ 6,885
$ -
$ -
$ -
$ -
$ 25,938
Divestitures
-
(126)
-
-
-
-
-
-
(126)
Adjusted (Non-GAAP)
$ 3,202
$ 5,603
$ 10,122
$ 6,885
$ -
$ -
$ -
$ -
$ 25,812
Operating Income
Reported (GAAP)
$ 410
$ 702
$ 1,734
$ 849
$ 141
$ (335)
$ (176)
$ (13)
$ 3,312
Simplify to Grow Program
130
108
205
111
-
72
-
-
626
Intangible asset impairment charges
-
9
45
14
-
-
-
-
68
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(141)
-
-
-
(141)
Acquisition integration costs
-
4
-
-
-
(1)
-
-
3
Acquisition-related costs
-
-
-
-
-
-
-
13
13
Divestiture-related costs
-
2
-
-
-
(3)
-
-
(1)
Operating income from divestitures
-
(19)
-
-
-
-
-
-
(19)
Remeasurement of net monetary position
11
-
-
-
-
-
-
-
11
Impact from pension participation changes
-
-
-
423
-
-
-
-
423
Impact from resolution of tax matters
(26)
-
-
-
-
11
-
-
(15)
CEO transition remuneration
-
-
-
-
-
22
-
-
22
Adjusted (Non-GAAP)
$ 525
$ 806
$ 1,984
$ 1,397
$ -
$ (234)
$ (176)
$ -
$ 4,302
Operating Income Margin
Reported %
12.8%
12.3%
17.1%
12.3%
12.8%
Adjusted %
16.4%
14.4%
19.6%
20.3%
16.7%
WC - Q120 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended March 31, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 726
$ 1,502
$ 2,584
$ 1,895
$ -
$ -
$ -
$ -
$ 6,707
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 726
$ 1,502
$ 2,584
$ 1,895
$ -
$ -
$ -
$ -
$ 6,707
Operating Income
Reported (GAAP)
$ 78
$ 234
$ 472
$ 381
$ (185)
$ (76)
$ (43)
$ (5)
$ 856
Simplify to Grow Program
11
2
17
12
-
16
-
-
58
Mark-to-market (gains)/losses from derivatives
-
-
-
-
185
-
-
-
185
Acquisition integration costs
-
-
-
1
-
(1)
-
-
-
Acquisition-related costs
-
-
-
-
-
-
-
5
5
Remeasurement of net monetary position
2
-
-
-
-
-
-
-
2
Adjusted (Non-GAAP)
$ 91
$ 236
$ 489
$ 394
$ -
$ (61)
$ (43)
$ -
$ 1,106
Currency
20
6
17
1
-
4
(2)
-
46
Adjusted @ Constant FX (Non-GAAP)
$ 111
$ 242
$ 506
$ 395
$ -
$ (57)
$ (45)
$ -
$ 1,152
% Change - Reported (GAAP)
(20.4)%
(8.6)%
(5.6)%
19.4%
n/m
30.3%
2.3%
n/m
(17.4)%
% Change - Adjusted (Non-GAAP)
(20.9)%
(10.6)%
(4.3)%
19.8%
n/m
28.2%
2.3%
n/m
1.5%
% Change - Adjusted @ Constant FX (Non-GAAP)
(3.5)%
(8.3)%
(1.0)%
20.1%
n/m
32.9%
(2.3)%
n/m
5.7%
Operating Income Margin
Reported %
10.7%
15.6%
18.3%
20.1%
12.8%
Reported pp change
(1.6)pp
(1.0)pp
(1.3)pp
0.7 pp
(3.0)pp
Adjusted %
12.5%
15.7%
18.9%
20.8%
16.5%
Adjusted pp change
(1.9)pp
(1.8)pp
(1.1)pp
0.8 pp
(0.3)pp
For the Three Months Ended March 31, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 800
$ 1,541
$ 2,551
$ 1,646
$ -
$ -
$ -
$ -
$ 6,538
Divestitures
-
(33)
-
-
-
-
-
-
(33)
Adjusted (Non-GAAP)
$ 800
$ 1,508
$ 2,551
$ 1,646
$ -
$ -
$ -
$ -
$ 6,505
Operating Income
Reported (GAAP)
$ 98
$ 256
$ 500
$ 319
$ 16
$ (109)
$ (44)
$ -
$ 1,036
Simplify to Grow Program
15
13
11
10
-
21
-
-
70
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(16)
-
-
-
(16)
Divestiture-related costs
-
(1)
-
-
-
-
-
-
(1)
Operating income from divestitures
-
(4)
-
-
-
-
-
-
(4)
Remeasurement of net monetary position
2
-
-
-
-
-
-
-
2
CEO transition remuneration
-
-
-
-
-
3
-
-
3
Adjusted (Non-GAAP)
$ 115
$ 264
$ 511
$ 329
$ -
$ (85)
$ (44)
$ -
$ 1,090
Operating Income Margin
Reported %
12.3%
16.6%
19.6%
19.4%
15.8%
Adjusted %
14.4%
17.5%
20.0%
20.0%
16.8%
WC - Q220 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended June 30, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 511
$ 1,237
$ 2,138
$ 2,025
$ -
$ -
$ -
$ -
$ 5,911
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 511
$ 1,237
$ 2,138
$ 2,025
$ -
$ -
$ -
$ -
$ 5,911
Operating Income
Reported (GAAP)
$ (6)
$ 171
$ 297
$ 424
$ (2)
$ (111)
$ (50)
$ (10)
$ 713
Simplify to Grow Program
15
8
20
9
-
24
-
-
76
Intangible asset impairment charges
-
5
50
36
-
(1)
-
-
90
Mark-to-market (gains)/losses from derivatives
-
-
-
-
2
-
-
-
2
Acquisition integration costs
-
-
-
1
-
1
-
-
2
Acquisition-related costs
-
-
-
-
-
-
-
10
10
Divestiture-related costs
-
(2)
-
-
-
-
-
-
(2)
Costs associated with JDE Peet's transaction
-
-
-
-
-
48
-
-
48
Remeasurement of net monetary position
3
-
-
-
-
-
-
-
3
Adjusted (Non-GAAP)
$ 12
$ 182
$ 367
$ 470
$ -
$ (39)
$ (50)
$ -
$ 942
Currency
7
10
19
1
-
(8)
(1)
-
28
Adjusted @ Constant FX (Non-GAAP)
$ 19
$ 192
$ 386
$ 471
$ -
$ (47)
$ (51)
$ -
$ 970
% Change - Reported (GAAP)
(108.8)%
(10.5)%
(27.2)%
4.2%
n/m
(40.5)%
(16.3)%
n/m
(30.4)%
% Change - Adjusted (Non-GAAP)
(86.2)%
(10.3)%
(15.8)%
23.4%
n/m
30.4%
(16.3)%
n/m
(6.5)%
% Change - Adjusted @ Constant FX (Non-GAAP)
(78.2)%
(5.4)%
(11.5)%
23.6%
n/m
16.1%
(18.6)%
n/m
(3.8)%
Operating Income Margin
Reported %
(1.2)%
13.8%
13.9%
20.9%
12.1%
Reported pp change
(10.4)pp
(0.3)pp
(4.3)pp
(2.7)pp
(4.8)pp
Adjusted %
2.3%
14.7%
17.2%
23.2%
15.9%
Adjusted pp change
(9.5)pp
(0.6)pp
(2.2)pp
1.1 pp
(0.8)pp
For the Three Months Ended June 30, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 737
$ 1,352
$ 2,247
$ 1,726
$ -
$ -
$ -
$ -
$ 6,062
Divestitures
-
(22)
-
-
-
-
-
-
(22)
Adjusted (Non-GAAP)
$ 737
$ 1,330
$ 2,247
$ 1,726
$ -
$ -
$ -
$ -
$ 6,040
Operating Income
Reported (GAAP)
$ 68
$ 191
$ 408
$ 407
$ 33
$ (79)
$ (43)
$ 40
$ 1,025
Simplify to Grow Program
20
9
28
9
-
17
-
-
83
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(33)
-
-
-
(33)
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Divestiture-related costs
-
8
-
-
-
3
-
-
11
Operating income from divestitures
-
(5)
-
-
-
-
-
-
(5)
Net gain on divestiture
-
-
-
-
-
-
-
(41)
(41)
Remeasurement of net monetary position
(1)
-
-
-
-
-
-
-
(1)
Impact from pension participation changes
-
-
-
(35)
-
-
-
-
(35)
CEO transition remuneration
-
-
-
-
-
3
-
-
3
Adjusted (Non-GAAP)
$ 87
$ 203
$ 436
$ 381
$ -
$ (56)
$ (43)
$ -
$ 1,008
Operating Income Margin
Reported %
9.2%
14.1%
18.2%
23.6%
16.9%
Adjusted %
11.8%
15.3%
19.4%
22.1%
16.7%
WC - Q320 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended September 30, 2020
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 610
$ 1,470
$ 2,526
$ 2,059
$ -
$ -
$ -
$ -
$ 6,665
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 610
$ 1,470
$ 2,526
$ 2,059
$ -
$ -
$ -
$ -
$ 6,665
Operating Income
Reported (GAAP)
$ 77
$ 210
$ 432
$ 387
$ 145
$ (66)
$ (50)
$ -
$ 1,135
Simplify to Grow Program
5
27
55
18
-
9
-
-
114
Intangible asset impairment charges
3
-
3
47
-
1
-
-
54
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(145)
-
-
-
(145)
Divestiture-related costs
-
6
-
-
-
-
-
-
6
Remeasurement of net monetary position
2
-
-
-
-
-
-
-
2
Rounding
-
-
-
-
-
(1)
-
-
(1)
Adjusted (Non-GAAP)
$ 87
$ 243
$ 490
$ 452
$ -
$ (57)
$ (50)
$ -
$ 1,165
Currency
23
-
(14)
-
-
2
1
-
12
Adjusted @ Constant FX (Non-GAAP)
$ 110
$ 243
$ 476
$ 452
$ -
$ (55)
$ (49)
$ -
$ 1,177
% Change - Reported (GAAP)
(8.3)%
11.7%
30.5%
4.6%
n/m
13.2%
(16.3)%
n/m
29.6%
% Change - Adjusted (Non-GAAP)
(12.1)%
16.8%
3.8%
18.9%
n/m
(11.8)%
(16.3)%
n/m
9.4%
% Change - Adjusted @ Constant FX (Non-GAAP)
11.1%
16.8%
0.8%
18.9%
n/m
(7.8)%
(14.0)%
n/m
10.5%
Operating Income Margin
Reported %
12.6%
14.3%
17.1%
18.8%
17.0%
Reported pp change
1.2 pp
1.1 pp
3.2 pp
(1.5)pp
3.2 pp
Adjusted %
14.3%
16.5%
19.4%
22.0%
17.5%
Adjusted pp change
0.8 pp
1.8 pp
(0.5)pp
1.2 pp
0.7 pp
For the Three Months Ended September 30, 2019
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 736
$ 1,419
$ 2,377
$ 1,823
$ -
$ -
$ -
$ -
$ 6,355
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 736
$ 1,419
$ 2,377
$ 1,823
$ -
$ -
$ -
$ -
$ 6,355
Operating Income
Reported (GAAP)
$ 84
$ 188
$ 331
$ 370
$ 20
$ (76)
$ (43)
$ 2
$ 876
Simplify to Grow Program
11
6
100
10
-
24
-
-
151
Intangible asset impairment charges
3
15
39
-
-
-
-
-
57
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(20)
-
-
-
(20)
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Divestiture-related costs
-
(1)
-
-
-
(3)
-
-
(4)
Net gain on divestiture
-
-
-
-
-
-
-
(3)
(3)
Remeasurement of net monetary position
1
-
-
-
-
-
-
-
1
CEO transition remuneration
-
-
-
-
-
3
-
-
3
Swiss tax reform impact
-
-
2
-
-
-
-
-
2
Rounding
-
-
-
-
-
1
-
-
1
Adjusted (Non-GAAP)
$ 99
$ 208
$ 472
$ 380
$ -
$ (51)
$ (43)
$ -
$ 1,065
Operating Income Margin
Reported %
11.4%
13.2%
13.9%
20.3%
13.8%
Adjusted %
13.5%
14.7%
19.9%
20.8%
16.8%
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Mondelez International Inc. published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 09:07:07 UTC.
Mondelez International, Inc. is one of the world's leading food processing groups. Net sales break down by family of products as follows:
- cookies and snacks (48.9%): Barni, belVita, Chips Ahoy, Club Social, Enjoy Life Foods, Honey Maid, Kinh Do, LU, Oreo, Prince, Ritz, Tate's Bake Shop, Tiger, Triscuit, TUC, Wheat Thins, etc. brands;
- chocolates (29.5%): 5 Star, Alpen Gold, Cadbury, Cadbury Dairy Milk, Côte d'Or, Daim, Freia, Hu, Lacta, Marabou, Milka, Toblerone, etc. brands;
- chewing gums and candies (12.3%): Halls, Clorets, Maynards Bassett's, Sour Patch Kids, Stride, etc. brands;
- cheese and grocery products (6%);
- beverages (3.3%): juices, teas and powdered beverages (Tang brand) and malted beverages (Cadbury Bournvita).
At the end of 2023, the group had 148 manufacturing sites worldwide.
Net sales are distributed geographically as follows: the United States (26.6%), North America (4.2%), Europe (35.7%), Asia/Pacific/Middle East/Africa (19.6%) and Latin America (13.9%).