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.