Exhibit 99.1
U.S. GAAP to Non-GAAP Reconciliations
In addition to reporting our U.S. GAAP operating results, we have historically reported non-GAAP financial information. Refer also to our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K for the periods presented for additional information on our GAAP to non-GAAP adjustments.
Schedule 1.a
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 Nine Months Ended September 30, 2021 | ||||||||||||||||||||
Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | ||||||||||||||||
Reported (GAAP) | $ | 21,062 | $ | 8,421 | 40.0 | % | $ | 3,449 | 16.4 | % | ||||||||||
Simplify to Grow Program | — | 92 | 381 | |||||||||||||||||
Intangible asset impairment charges | — | — | 32 | |||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | (270 | ) | (270 | ) | |||||||||||||||
Acquisition integration costs and contingent consideration adjustments | — | 2 | (54 | ) | ||||||||||||||||
Acquisition-related costs | — | — | 24 | |||||||||||||||||
Gain on acquisition | — | — | (9 | ) | ||||||||||||||||
Remeasurement of net monetary position | — | — | 10 | |||||||||||||||||
Impact from pension participation changes | — | 20 | 47 | |||||||||||||||||
Impact from resolution of tax matters | — | — | (5 | ) | ||||||||||||||||
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Adjusted (Non-GAAP) | $ | 21,062 | $ | 8,265 | 39.2 | % | $ | 3,605 | 17.1 | % | ||||||||||
Operating income from Max Foods | (30 | ) | (4 | ) | (5 | ) | ||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 21,032 | $ | 8,261 | 39.3 | % | $ | 3,600 | 17.1 | % | ||||||||||
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Currency | (244 | ) | (129 | ) | ||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 8,017 | $ | 3,471 | ||||||||||||||||
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For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||
Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | ||||||||||||||||
Reported (GAAP) | $ | 19,283 | $ | 7,574 | 39.3 | % | $ | 2,704 | 14.0 | % | ||||||||||
Simplify to Grow Program | — | 48 | 248 | |||||||||||||||||
Intangible asset impairment charges | — | — | 144 | |||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | 40 | 42 | |||||||||||||||||
Acquisition integration costs | — | — | 2 | |||||||||||||||||
Acquisition-related costs | — | — | 15 | |||||||||||||||||
Divestiture-related costs | — | — | 4 | |||||||||||||||||
Costs associated with JDE Peet’s transaction | — | — | 48 | |||||||||||||||||
Remeasurement of net monetary position | — | — | 7 | |||||||||||||||||
Rounding | — | — | (1 | ) | ||||||||||||||||
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Adjusted (Non-GAAP) | $ | 19,283 | $ | 7,662 | 39.7 | % | $ | 3,213 | 16.7 | % | ||||||||||
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Gross Profit | Operating Income | |||||||||||||||||||
$ Change—Reported (GAAP) | $ | 847 | $ | 745 | ||||||||||||||||
$ Change—Adjusted (Non-GAAP) | 603 | 392 | ||||||||||||||||||
$ Change—Adjusted (Non-GAAP)—As Recast | 599 | 387 | ||||||||||||||||||
$ Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 355 | 258 | ||||||||||||||||||
% Change—Reported (GAAP) | 11.2 | % | 27.6 | % | ||||||||||||||||
% Change—Adjusted (Non-GAAP) | 7.9 | % | 12.2 | % | ||||||||||||||||
% Change—Adjusted (Non-GAAP)—As Recast | 7.8 | % | 12.0 | % | ||||||||||||||||
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 4.6 | % | 8.0 | % |
Schedule 1.b
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 September 30, 2021 | ||||||||||||||||||||
Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | ||||||||||||||||
Reported (GAAP) | $ | 7,182 | $ | 2,824 | 39.3 | % | $ | 1,294 | 18.0 | % | ||||||||||
Simplify to Grow Program | — | 57 | 127 | |||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | (133 | ) | (132 | ) | |||||||||||||||
Acquisition integration costs and contingent consideration adjustments | — | 1 | (57 | ) | ||||||||||||||||
Remeasurement of net monetary position | — | — | 2 | |||||||||||||||||
Impact from pension participation changes | — | 1 | 2 | |||||||||||||||||
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Adjusted (Non-GAAP) | $ | 7,182 | $ | 2,750 | 38.3 | % | $ | 1,236 | 17.2 | % | ||||||||||
Operating income from Max Foods | (16 | ) | (3 | ) | (3 | ) | ||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 7,166 | $ | 2,747 | 38.3 | % | $ | 1,233 | 17.2 | % | ||||||||||
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Currency | (34 | ) | (18 | ) | ||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 2,713 | $ | 1,215 | ||||||||||||||||
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For the Three Months Ended September 30, 2020 | ||||||||||||||||||||
Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | ||||||||||||||||
Reported (GAAP) | $ | 6,665 | $ | 2,792 | 41.9 | % | $ | 1,135 | 17.0 | % | ||||||||||
Simplify to Grow Program | — | 14 | 114 | |||||||||||||||||
Intangible asset impairment charges | — | — | 54 | |||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | (147 | ) | (145 | ) | |||||||||||||||
Divestiture-related costs | — | 1 | 6 | |||||||||||||||||
Remeasurement of net monetary position | — | — | 2 | |||||||||||||||||
Rounding | — | (1 | ) | (1 | ) | |||||||||||||||
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Adjusted (Non-GAAP) | $ | 6,665 | $ | 2,659 | 39.9 | % | $ | 1,165 | 17.5 | % | ||||||||||
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Gross Profit | Operating Income | |||||||||||||||||||
$ Change—Reported (GAAP) | $ | 32 | $ | 159 | ||||||||||||||||
$ Change—Adjusted (Non-GAAP) | 91 | 71 | ||||||||||||||||||
$ Change—Adjusted (Non-GAAP)—As Recast | 88 | 68 | ||||||||||||||||||
$ Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 54 | 50 | ||||||||||||||||||
% Change—Reported (GAAP) | 1.1 | % | 14.0 | % | ||||||||||||||||
% Change—Adjusted (Non-GAAP) | 3.4 | % | 6.1 | % | ||||||||||||||||
% Change—Adjusted (Non-GAAP)—As Recast | 3.3 | % | 5.8 | % | ||||||||||||||||
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 2.0 | % | 4.3 | % |
Schedule 1.c
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 June 30, 2021 | ||||||||||||||||||||
Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | ||||||||||||||||
Reported (GAAP) | $ | 6,642 | $ | 2,631 | 39.6 | % | $ | 872 | 13.1 | % | ||||||||||
Simplify to Grow Program | — | 20 | 132 | |||||||||||||||||
Intangible asset impairment charges | — | — | 32 | |||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | (21 | ) | (20 | ) | |||||||||||||||
Acquisition integration costs and contingent consideration adjustments | — | 1 | 2 | |||||||||||||||||
Acquisition-related costs | — | — | 17 | |||||||||||||||||
Remeasurement of net monetary position | — | — | 3 | |||||||||||||||||
Impact from pension participation changes | — | 18 | 44 | |||||||||||||||||
Impact from resolution of tax matters | — | — | (5 | ) | ||||||||||||||||
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Adjusted (Non-GAAP) | $ | 6,642 | $ | 2,649 | 39.9 | % | $ | 1,077 | 16.2 | % | ||||||||||
Operating income from Max Foods | (14 | ) | (1 | ) | (2 | ) | ||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 6,628 | $ | 2,648 | 40.0 | % | $ | 1,075 | 16.2 | % | ||||||||||
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Currency | (134 | ) | (67 | ) | ||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 2,514 | $ | 1,008 | ||||||||||||||||
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For the Three Months Ended June 30, 2020 | ||||||||||||||||||||
Net Revenues | Gross Profit | Gross Profit Margin | Operating Income | Operating Income Margin | ||||||||||||||||
Reported (GAAP) | $ | 5,911 | $ | 2,331 | 39.4 | % | $ | 713 | 12.1 | % | ||||||||||
Simplify to Grow Program | — | 15 | 76 | |||||||||||||||||
Intangible asset impairment charges | — | — | 90 | |||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | 1 | 2 | |||||||||||||||||
Acquisition integration costs | — | — | 2 | |||||||||||||||||
Acquisition-related costs | — | — | 10 | |||||||||||||||||
Divestiture-related costs | — | (1 | ) | (2 | ) | |||||||||||||||
Costs associated with JDE Peet’s transaction | — | — | 48 | |||||||||||||||||
Remeasurement of net monetary position | — | — | 3 | |||||||||||||||||
Rounding | — | 1 | — | |||||||||||||||||
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Adjusted (Non-GAAP) | $ | 5,911 | $ | 2,347 | 39.7 | % | $ | 942 | 15.9 | % | ||||||||||
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Gross Profit | Operating Income | |||||||||||||||||||
$ Change—Reported (GAAP) | $ | 300 | $ | 159 | ||||||||||||||||
$ Change—Adjusted (Non-GAAP) | 302 | 135 | ||||||||||||||||||
$ Change—Adjusted (Non-GAAP)—As Recast | 301 | 133 | ||||||||||||||||||
$ Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 167 | 66 | ||||||||||||||||||
% Change—Reported (GAAP) | 12.9 | % | 22.3 | % | ||||||||||||||||
% Change—Adjusted (Non-GAAP) | 12.9 | % | 14.3 | % | ||||||||||||||||
% Change—Adjusted (Non-GAAP)—As Recast | 12.8 | % | 14.1 | % | ||||||||||||||||
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 7.1 | % | 7.0 | % |
Schedule 2.a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars)
(Unaudited)
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||
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) | $ | 2,089 | $ | 4,826 | $ | 8,035 | $ | 6,112 | $ | — | $ | — | $ | — | $ | — | $ | 21,062 | ||||||||||||||||||
Divestitures | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 2,089 | $ | 4,826 | $ | 8,035 | $ | 6,112 | $ | — | $ | — | $ | — | $ | — | $ | 21,062 | ||||||||||||||||||
Max Foods | — | (30 | ) | — | — | — | — | — | — | (30 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 2,089 | $ | 4,796 | $ | 8,035 | $ | 6,112 | $ | — | $ | — | $ | — | $ | — | $ | 21,032 | ||||||||||||||||||
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Operating Income | ||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 221 | $ | 842 | $ | 1,478 | $ | 932 | $ | 270 | $ | (177 | ) | $ | (102 | ) | $ | (15 | ) | $ | 3,449 | |||||||||||||||
Simplify to Grow Program | 11 | (11 | ) | 34 | 328 | — | 19 | — | — | 381 | ||||||||||||||||||||||||||
Intangible asset impairment charges | — | — | — | 32 | — | — | — | — | 32 | |||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | — | — | — | (270 | ) | — | — | — | (270 | ) | |||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | — | — | 6 | (60 | ) | — | — | — | — | (54 | ) | |||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | — | — | — | 24 | 24 | |||||||||||||||||||||||||||
Gain on acquisition | — | — | — | — | — | — | — | (9 | ) | (9 | ) | |||||||||||||||||||||||||
Remeasurement of net monetary position | 10 | — | — | — | — | — | — | — | 10 | |||||||||||||||||||||||||||
Impact from pension participation changes | — | — | 47 | — | — | — | — | — | 47 | |||||||||||||||||||||||||||
Impact from resolution of tax matters | (5 | ) | — | — | — | — | — | — | — | (5 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 237 | $ | 831 | $ | 1,565 | $ | 1,232 | $ | — | $ | (158 | ) | $ | (102 | ) | $ | — | $ | 3,605 | ||||||||||||||||
Operating income from Max Foods | — | (5 | ) | — | — | — | — | — | — | (5 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 237 | $ | 826 | $ | 1,565 | $ | 1,232 | $ | — | $ | (158 | ) | $ | (102 | ) | $ | — | $ | 3,600 | ||||||||||||||||
Currency | 19 | (50 | ) | (100 | ) | (8 | ) | — | 6 | 4 | — | (129 | ) | |||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 256 | $ | 776 | $ | 1,465 | $ | 1,224 | $ | — | $ | (152 | ) | $ | (98 | ) | $ | — | $ | 3,471 | ||||||||||||||||
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% Change—Reported (GAAP) | 48.3 | % | 36.9 | % | 23.1 | % | (21.8 | )% | n/m | 30.0 | % | 28.7 | % | n/m | 27.6 | % | ||||||||||||||||||||
% Change—Adjusted (Non-GAAP) | 24.7 | % | 25.7 | % | 16.3 | % | (6.4 | )% | n/m | (0.6 | )% | 28.7 | % | n/m | 12.2 | % | ||||||||||||||||||||
% Change—Adjusted (Non-GAAP)—As Recast | 24.7 | % | 25.0 | % | 16.3 | % | (6.4 | )% | n/m | (0.6 | )% | 28.7 | % | n/m | 12.0 | % | ||||||||||||||||||||
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 34.7 | % | 17.4 | % | 8.8 | % | (7.0 | )% | n/m | 3.2 | % | 31.5 | % | n/m | 8.0 | % | ||||||||||||||||||||
Operating Income Margin | ||||||||||||||||||||||||||||||||||||
Reported % | 10.6 | % | 17.4 | % | 18.4 | % | 15.2 | % | 16.4 | % | ||||||||||||||||||||||||||
Reported pp change | 2.5 | pp | 2.8 | pp | 1.8 | pp | (4.7 | )pp | 2.4 | pp | ||||||||||||||||||||||||||
Adjusted % | 11.3 | % | 17.2 | % | 19.5 | % | 20.2 | % | 17.1 | % | ||||||||||||||||||||||||||
Adjusted pp change | 1.0 | pp | 1.5 | pp | 0.9 | pp | (1.8 | )pp | 0.4 | pp | ||||||||||||||||||||||||||
Adjusted %—As Recast | 11.3 | % | 17.2 | % | 19.5 | % | 20.2 | % | 17.1 | % | ||||||||||||||||||||||||||
Adjusted pp change—As Recast | 1.0 | pp | 1.5 | pp | 0.9 | pp | (1.8 | )pp | 0.4 | pp |
For the Nine 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) | $ | 1,847 | $ | 4,209 | $ | 7,248 | $ | 5,979 | $ | — | $ | — | $ | — | $ | — | $ | 19,283 | ||||||||||||||||||
Divestitures | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,847 | $ | 4,209 | $ | 7,248 | $ | 5,979 | $ | — | $ | — | $ | — | $ | — | $ | 19,283 | ||||||||||||||||||
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Operating Income | ||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 149 | $ | 615 | $ | 1,201 | $ | 1,192 | $ | (42 | ) | $ | (253 | ) | $ | (143 | ) | $ | (15 | ) | $ | 2,704 | ||||||||||||||
Simplify to Grow Program | 31 | 37 | 92 | 39 | — | 49 | — | — | 248 | |||||||||||||||||||||||||||
Intangible asset impairment charges | 3 | 5 | 53 | 83 | — | — | — | — | 144 | |||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | — | — | — | 42 | — | — | — | 42 | |||||||||||||||||||||||||||
Acquisition integration costs | — | — | — | 2 | — | — | — | — | 2 | |||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | — | — | — | 15 | 15 | |||||||||||||||||||||||||||
Divestiture-related costs | — | 4 | — | — | — | — | — | — | 4 | |||||||||||||||||||||||||||
Costs associated with JDE Peet’s transaction | — | — | — | — | — | 48 | — | — | 48 | |||||||||||||||||||||||||||
Remeasurement of net monetary position | 7 | — | — | — | — | — | — | — | 7 | |||||||||||||||||||||||||||
Rounding | — | — | — | — | — | (1 | ) | — | — | (1 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 190 | $ | 661 | $ | 1,346 | $ | 1,316 | $ | — | $ | (157 | ) | $ | (143 | ) | $ | — | $ | 3,213 | ||||||||||||||||
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Operating Income Margin | ||||||||||||||||||||||||||||||||||||
Reported % | 8.1 | % | 14.6 | % | 16.6 | % | 19.9 | % | 14.0 | % | ||||||||||||||||||||||||||
Adjusted % | 10.3 | % | 15.7 | % | 18.6 | % | 22.0 | % | 16.7 | % |
Schedule 2.b
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 September 30, 2021 | ||||||||||||||||||||||||||||||||||||
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) | $ | 751 | $ | 1,629 | $ | 2,714 | $ | 2,088 | $ | — | $ | — | $ | — | $ | — | $ | 7,182 | ||||||||||||||||||
Divestitures | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 751 | $ | 1,629 | $ | 2,714 | $ | 2,088 | $ | — | $ | — | $ | — | $ | — | $ | 7,182 | ||||||||||||||||||
Max Foods | — | (16 | ) | — | — | — | — | — | — | (16 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 751 | $ | 1,613 | $ | 2,714 | $ | 2,088 | $ | — | $ | — | $ | — | $ | — | $ | 7,166 | ||||||||||||||||||
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Operating Income | ||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 91 | $ | 267 | $ | 508 | $ | 363 | $ | 132 | $ | (35 | ) | $ | (32 | ) | $ | — | $ | 1,294 | ||||||||||||||||
Simplify to Grow Program | 1 | 3 | 8 | 108 | — | 7 | — | — | 127 | |||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | — | — | — | (132 | ) | — | — | — | (132 | ) | |||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | — | — | 6 | (62 | ) | — | (1 | ) | — | — | (57 | ) | ||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||
Impact from pension participation changes | — | — | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 94 | $ | 270 | $ | 524 | $ | 409 | $ | — | $ | (29 | ) | $ | (32 | ) | $ | — | $ | 1,236 | ||||||||||||||||
Operating income from Max Foods | — | (3 | ) | — | — | — | — | — | — | (3 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP) —As Recast | $ | 94 | $ | 267 | $ | 524 | $ | 409 | $ | — | $ | (29 | ) | $ | (32 | ) | $ | — | $ | 1,233 | ||||||||||||||||
Currency | 5 | (7 | ) | (12 | ) | (1 | ) | — | (4 | ) | 1 | — | (18 | ) | ||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) —As Recast | $ | 99 | $ | 260 | $ | 512 | $ | 408 | $ | — | $ | (33 | ) | $ | (31 | ) | $ | — | $ | 1,215 | ||||||||||||||||
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% Change —Reported (GAAP) | 18.2 | % | 27.1 | % | 17.6 | % | (6.2 | )% | n/m | 47.0 | % | 36.0 | % | n/m | 14.0 | % | ||||||||||||||||||||
% Change —Adjusted (Non-GAAP) | 8.0 | % | 11.1 | % | 6.9 | % | (9.5 | )% | n/m | 49.1 | % | 36.0 | % | n/m | 6.1 | % | ||||||||||||||||||||
% Change —Adjusted (Non-GAAP) — As Recast | 8.0 | % | 9.9 | % | 6.9 | % | (9.5 | )% | n/m | 49.1 | % | 36.0 | % | n/m | 5.8 | % | ||||||||||||||||||||
% Change —Adjusted @ Constant FX (Non-GAAP) —As Recast | 13.8 | % | 7.0 | % | 4.5 | % | (9.7 | )% | n/m | 42.1 | % | 38.0 | % | n/m | 4.3 | % | ||||||||||||||||||||
Operating Income Margin | ||||||||||||||||||||||||||||||||||||
Reported % | 12.1 | % | 16.4 | % | 18.7 | % | 17.4 | % | 18.0 | % | ||||||||||||||||||||||||||
Reported pp change | (0.5 | )pp | 2.1 | pp | 1.6 | pp | (1.4 | )pp | | 1.0 | pp | |||||||||||||||||||||||||
Adjusted % | 12.5 | % | 16.6 | % | 19.3 | % | 19.6 | % | 17.2 | % | ||||||||||||||||||||||||||
Adjusted pp change | (1.8 | )pp | 0.1 pp | (0.1 | )pp | (2.4 | )pp | (0.3 | )pp | |||||||||||||||||||||||||||
Adjusted %—As Recast | 12.5 | % | 16.4 | % | 19.3 | % | 19.6 | % | 17.2 | % | ||||||||||||||||||||||||||
Adjusted pp change—As Recast | (1.8 | )pp | (0.1 | )pp | (0.1 | )pp | (2.4 | )pp | (0.3 | )pp |
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 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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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 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 87 | $ | 243 | $ | 490 | $ | 452 | $ | — | $ | (57 | ) | $ | (50 | ) | $ | — | $ | 1,165 | ||||||||||||||||
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Operating Income Margin | ||||||||||||||||||||||||||||||||||||
Reported % | 12.6 | % | 14.3 | % | 17.1 | % | 18.8 | % | 17.0 | % | ||||||||||||||||||||||||||
Adjusted % | 14.3 | % | 16.5 | % | 19.4 | % | 22.0 | % | 17.5 | % |
Schedule 2.c
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 June 30, 2021 | ||||||||||||||||||||||||||||||||||||
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) | $ | 669 | $ | 1,452 | $ | 2,474 | $ | 2,047 | $ | — | $ | — | $ | — | $ | — | $ | 6,642 | ||||||||||||||||||
Divestitures | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 669 | $ | 1,452 | $ | 2,474 | $ | 2,047 | $ | — | $ | — | $ | — | $ | — | $ | 6,642 | ||||||||||||||||||
Max Foods | — | (14 | ) | — | — | — | — | — | — | (14 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 669 | $ | 1,438 | $ | 2,474 | $ | 2,047 | $ | — | $ | — | $ | — | $ | — | $ | 6,628 | ||||||||||||||||||
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Operating Income | ||||||||||||||||||||||||||||||||||||
Reported (GAAP) | $ | 54 | $ | 213 | $ | 413 | $ | 299 | $ | 20 | $ | (78 | ) | $ | (32 | ) | $ | (17 | ) | $ | 872 | |||||||||||||||
Simplify to Grow Program | 4 | 5 | 10 | 109 | — | 4 | — | — | 132 | |||||||||||||||||||||||||||
Intangible asset impairment charges | — | — | — | 32 | — | — | — | — | 32 | |||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | — | — | — | — | (20 | ) | — | — | — | (20 | ) | |||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | — | — | — | 1 | — | 1 | — | — | 2 | |||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | — | — | — | 17 | 17 | |||||||||||||||||||||||||||
Remeasurement of net monetary position | 3 | — | — | — | — | — | — | — | 3 | |||||||||||||||||||||||||||
Impact from pension participation changes | — | — | 44 | — | — | — | — | — | 44 | |||||||||||||||||||||||||||
Impact from resolution of tax matters | (5 | ) | — | — | — | — | — | — | — | (5 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 56 | $ | 218 | $ | 467 | $ | 441 | $ | — | $ | (73 | ) | $ | (32 | ) | $ | — | $ | 1,077 | ||||||||||||||||
Operating income from Max Foods | — | (2 | ) | — | — | — | — | — | — | (2 | ) | |||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 56 | $ | 216 | $ | 467 | $ | 441 | $ | — | $ | (73 | ) | $ | (32 | ) | $ | — | $ | 1,075 | ||||||||||||||||
Currency | 1 | (23 | ) | (45 | ) | (5 | ) | — | 4 | 1 | — | (67 | ) | |||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 57 | $ | 193 | $ | 422 | $ | 436 | $ | — | $ | (69 | ) | $ | (31 | ) | $ | — | $ | 1,008 | ||||||||||||||||
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% Change—Reported (GAAP) | 1000.0 | % | 24.6 | % | 39.1 | % | (29.5 | )% | n/m | 29.7 | % | 36.0 | % | n/m | 22.3 | % | ||||||||||||||||||||
% Change—Adjusted (Non-GAAP) | 366.7 | % | 19.8 | % | 27.2 | % | (6.2 | )% | n/m | (87.2 | )% | 36.0 | % | n/m | 14.3 | % | ||||||||||||||||||||
% Change—Adjusted (Non-GAAP)—As Recast | 366.7 | % | 18.7 | % | 27.2 | % | (6.2 | )% | n/m | (87.2 | )% | 36.0 | % | n/m | 14.1 | % | ||||||||||||||||||||
% Change—Adjusted @ Constant FX (Non-GAAP)—As Recast | 375.0 | % | 6.0 | % | 15.0 | % | (7.2 | )% | n/m | (76.9 | )% | 38.0 | % | n/m | 7.0 | % | ||||||||||||||||||||
Operating Income Margin | ||||||||||||||||||||||||||||||||||||
Reported % | 8.1 | % | 14.7 | % | 16.7 | % | 14.6 | % | 13.1 | % | ||||||||||||||||||||||||||
Reported pp change | 9.3 | pp | 0.9 | pp | 2.8 | pp | (6.3 | )pp | 1.0 | pp | ||||||||||||||||||||||||||
Adjusted % | 8.4 | % | 15.0 | % | 18.9 | % | 21.5 | % | 16.2 | % | ||||||||||||||||||||||||||
Adjusted pp change | 6.1 | pp | 0.3 | pp | 1.7 | pp | (1.7 | )pp | 0.3 | pp | ||||||||||||||||||||||||||
Adjusted %—As Recast | 8.4 | % | 15.0 | % | 18.9 | % | 21.5 | % | 16.2 | % | ||||||||||||||||||||||||||
Adjusted pp change—As Recast | 6.1 | pp | 0.3 | pp | 1.7 | pp | (1.7 | )pp | 0.3 | pp |
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 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 511 | $ | 1,237 | $ | 2,138 | $ | 2,025 | $ | — | $ | — | $ | — | $ | — | $ | 5,911 | ||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 12 | $ | 182 | $ | 367 | $ | 470 | $ | — | $ | (39 | ) | $ | (50 | ) | $ | — | $ | 942 | ||||||||||||||||
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Operating Income Margin | ||||||||||||||||||||||||||||||||||||
Reported % | (1.2 | )% | 13.8 | % | 13.9 | % | 20.9 | % | 12.1 | % | ||||||||||||||||||||||||||
Adjusted % | 2.3 | % | 14.7 | % | 17.2 | % | 23.2 | % | 15.9 | % |
Schedule 3.a
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 Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 3,449 | $ | (135 | ) | $ | 358 | $ | 3,226 | $ | 952 | 29.5 | % | $ | (745 | ) | $ | (290 | ) | $ | 12 | $ | 3,297 | $ | 2.33 | |||||||||||||||||||
Simplify to Grow Program | 381 | (1 | ) | — | 382 | 98 | — | — | — | 284 | 0.20 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 32 | — | — | 32 | 8 | — | — | — | 24 | 0.02 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (270 | ) | — | (4 | ) | (266 | ) | (42 | ) | 2 | — | — | (226 | ) | (0.16 | ) | ||||||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | (54 | ) | — | — | (54 | ) | (14 | ) | — | — | — | (40 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | 24 | — | — | 24 | 4 | — | — | — | 20 | 0.01 | ||||||||||||||||||||||||||||||||||
Gain on acquisition | (9 | ) | — | — | (9 | ) | (2 | ) | — | — | — | (7 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (4 | ) | — | 16 | — | (12 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 10 | — | — | 10 | — | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 47 | 17 | (8 | ) | 38 | 8 | — | — | — | 30 | 0.02 | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | (5 | ) | — | 2 | (7 | ) | (1 | ) | — | — | — | (6 | ) | — | ||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (137 | ) | 137 | 34 | — | — | — | 103 | 0.07 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (95 | ) | — | — | — | 95 | 0.07 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (184 | ) | 743 | — | — | (559 | ) | (0.40 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 4 | — | (60 | ) | — | 56 | 0.04 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 3,605 | $ | (119 | ) | $ | 211 | $ | 3,513 | $ | 766 | 21.8 | % | $ | — | $ | (334 | ) | $ | 12 | $ | 3,069 | $ | 2.17 | ||||||||||||||||||||
Net earnings from Max Foods | (5 | ) | — | — | (5 | ) | (2 | ) | — | — | — | (3 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (3 | ) | — | 13 | — | (10 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 3,600 | $ | (119 | ) | $ | 211 | $ | 3,508 | $ | 760 | 21.7 | % | $ | — | $ | (318 | ) | $ | 12 | $ | 3,054 | $ | 2.16 | ||||||||||||||||||||
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Currency | (132 | ) | (0.09 | ) | ||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 2,922 | $ | 2.07 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,415 |
For the Nine Months Ended September 30, 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) | $ | 2,704 | $ | (102 | ) | $ | 364 | $ | 2,442 | $ | 880 | 36.0 | % | $ | (537 | ) | $ | (311 | ) | $ | 11 | $ | 2,399 | $ | 1.66 | |||||||||||||||||||
Simplify to Grow Program | 248 | (4 | ) | — | 252 | 55 | — | — | — | 197 | 0.14 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 144 | — | — | 144 | 33 | — | — | — | 111 | 0.08 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 42 | — | 4 | 38 | 5 | — | — | — | 33 | 0.03 | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 15 | — | — | 15 | — | — | — | — | 15 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | 4 | — | — | 4 | — | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (17 | ) | — | 80 | — | (63 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Costs associated with JDE Peet’s transaction | 48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 7 | — | — | 7 | — | — | — | — | 7 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (9 | ) | 9 | 2 | — | — | — | 7 | 0.01 | |||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.05 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (30 | ) | — | — | — | 30 | 0.02 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (94 | ) | 537 | — | — | (443 | ) | (0.31 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 5 | — | (69 | ) | — | 64 | 0.05 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 3,213 | $ | (106 | ) | $ | 256 | $ | 3,063 | $ | 602 | 19.7 | % | $ | — | $ | (300 | ) | $ | 11 | $ | 2,750 | $ | 1.91 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (3 | ) | — | 10 | — | (7 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 3,213 | $ | (106 | ) | $ | 256 | $ | 3,063 | $ | 598 | 19.5 | % | $ | — | $ | (287 | ) | $ | 11 | $ | 2,741 | $ | 1.90 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,442 |
(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 3.b
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 September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 1,294 | $ | (37 | ) | $ | 82 | $ | 1,249 | $ | 342 | 27.4 | % | $ | (250 | ) | $ | (105 | ) | $ | 4 | $ | 1,258 | $ | 0.89 | |||||||||||||||||||
Simplify to Grow Program | 127 | — | — | 127 | 32 | — | — | — | 95 | 0.06 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (132 | ) | — | — | (132 | ) | (24 | ) | 2 | — | — | (110 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | (57 | ) | — | — | (57 | ) | (15 | ) | — | — | — | (42 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 2 | 3 | (2 | ) | 1 | — | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | 4 | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (59 | ) | 248 | — | — | (189 | ) | (0.13 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 1 | — | 4 | — | (5 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,236 | $ | (34 | ) | $ | 80 | $ | 1,190 | $ | 281 | 23.6 | % | $ | — | $ | (101 | ) | $ | 4 | $ | 1,006 | $ | 0.71 | ||||||||||||||||||||
Net earnings from Max Foods | (3 | ) | — | — | (3 | ) | (2 | ) | — | — | — | (1 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,233 | $ | (34 | ) | $ | 80 | $ | 1,187 | $ | 277 | 23.3 | % | $ | — | $ | (95 | ) | $ | 4 | $ | 1,001 | $ | 0.71 | ||||||||||||||||||||
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Currency | (23 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 978 | $ | 0.69 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,408 |
For the Three Months Ended September 30, 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) | $ | 1,135 | $ | (38 | ) | $ | 89 | $ | 1,084 | $ | 391 | 36.1 | % | $ | (345 | ) | $ | (84 | ) | $ | 3 | $ | 1,119 | $ | 0.78 | |||||||||||||||||||
Simplify to Grow Program | 114 | — | — | 114 | 22 | — | — | — | 92 | 0.06 | ||||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 54 | — | — | 54 | 12 | — | — | — | 42 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (145 | ) | — | 3 | (148 | ) | (27 | ) | — | — | — | (121 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | (3 | ) | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Divestiture-related costs | 6 | — | — | 6 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (8 | ) | — | 24 | — | (16 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (30 | ) | — | — | — | 30 | 0.02 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (77 | ) | 345 | — | — | (268 | ) | (0.19 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 1 | — | (35 | ) | — | 34 | 0.03 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,165 | $ | (38 | ) | $ | 89 | $ | 1,114 | $ | 282 | 25.3 | % | $ | — | $ | (95 | ) | $ | 3 | $ | 924 | $ | 0.64 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (2 | ) | — | 4 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,165 | $ | (38 | ) | $ | 89 | $ | 1,114 | $ | 279 | 25.0 | % | $ | — | $ | (90 | ) | $ | 3 | $ | 922 | $ | 0.64 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,442 |
(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 3.c
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 June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 872 | $ | (54 | ) | $ | 58 | $ | 868 | $ | 398 | 45.9 | % | $ | (502 | ) | $ | (107 | ) | $ | 1 | $ | 1,078 | $ | 0.76 | |||||||||||||||||||
Simplify to Grow Program | 132 | (1 | ) | — | 133 | 35 | — | — | — | 98 | 0.07 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 32 | — | — | 32 | 8 | — | — | — | 24 | 0.02 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (20 | ) | — | (3 | ) | (17 | ) | 4 | — | — | — | (21 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | 2 | — | — | 2 | 1 | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 17 | — | — | 17 | 3 | — | — | — | 14 | 0.01 | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (2 | ) | — | 7 | — | (5 | ) | — | ||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 44 | 14 | (3 | ) | 33 | 7 | — | — | — | 26 | 0.02 | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | (5 | ) | — | 2 | (7 | ) | (1 | ) | — | — | — | (6 | ) | — | ||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (95 | ) | — | — | — | 95 | 0.07 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (125 | ) | 502 | — | — | (377 | ) | (0.27 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 2 | — | (6 | ) | — | 4 | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,077 | $ | (41 | ) | $ | 54 | $ | 1,064 | $ | 235 | 22.1 | % | $ | — | $ | (106 | ) | $ | 1 | $ | 934 | $ | 0.66 | ||||||||||||||||||||
Net earnings from Max Foods | (2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,075 | $ | (41 | ) | $ | 54 | $ | 1,062 | $ | 233 | 21.9 | % | $ | — | $ | (102 | ) | $ | 1 | $ | 930 | $ | 0.66 | ||||||||||||||||||||
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Currency | (59 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 871 | $ | 0.62 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,416 |
For the Three Months Ended June 30, 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) | $ | 713 | $ | (31 | ) | $ | 85 | $ | 659 | $ | 341 | 51.7 | % | $ | (121 | ) | $ | (106 | ) | $ | 1 | $ | 544 | $ | 0.38 | |||||||||||||||||||
Simplify to Grow Program | 76 | (4 | ) | — | 80 | 20 | — | — | — | 60 | 0.04 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 90 | — | — | 90 | 21 | — | — | — | 69 | 0.05 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 10 | — | — | 10 | 2 | — | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (2 | ) | — | 20 | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Costs associated with JDE Peet’s transaction | 48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | — | 121 | — | — | (121 | ) | (0.08 | ) | ||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 4 | — | (19 | ) | — | 15 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 125 | 14.0 | % | $ | — | $ | (105 | ) | $ | 1 | $ | 874 | $ | 0.61 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | — | — | 2 | — | (2 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | — | — | 2 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 125 | 14.0 | % | $ | — | $ | (101 | ) | $ | 1 | $ | 870 | $ | 0.60 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,439 |
(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 3.d
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 March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 1,283 | $ | (44 | ) | $ | 218 | $ | 1,109 | $ | 212 | 19.1 | % | $ | 7 | $ | (78 | ) | $ | 7 | $ | 961 | $ | 0.68 | ||||||||||||||||||||
Simplify to Grow Program | 122 | — | — | 122 | 31 | — | — | — | 91 | 0.07 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (118 | ) | — | (1 | ) | (117 | ) | (22 | ) | — | — | — | (95 | ) | (0.07 | ) | ||||||||||||||||||||||||||||
Acquisition integration costs and contingent consideration adjustments | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 7 | — | — | 7 | 1 | — | — | — | 6 | 0.01 | ||||||||||||||||||||||||||||||||||
Gain on acquisition | (9 | ) | — | — | (9 | ) | (2 | ) | — | — | — | (7 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (2 | ) | — | 9 | — | (7 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 5 | — | — | 5 | — | — | — | — | 5 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 1 | — | (3 | ) | 4 | 1 | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (137 | ) | 137 | 34 | — | — | — | 103 | 0.07 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (4 | ) | — | — | — | 4 | — | |||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | — | (7 | ) | — | — | 7 | — | |||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 1 | — | (58 | ) | — | 57 | 0.04 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,292 | $ | (44 | ) | $ | 77 | $ | 1,259 | $ | 250 | 19.9 | % | $ | — | $ | (127 | ) | $ | 7 | $ | 1,129 | $ | 0.79 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | 1 | — | 1 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,292 | $ | (44 | ) | $ | 77 | $ | 1,259 | $ | 250 | 19.9 | % | $ | — | $ | (121 | ) | $ | 7 | $ | 1,123 | $ | 0.79 | ||||||||||||||||||||
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Currency | (50 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 1,073 | $ | 0.75 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,422 |
For the Three Months Ended March 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) | $ | 856 | $ | (33 | ) | $ | 190 | $ | 699 | $ | 148 | 21.2 | % | $ | (71 | ) | $ | (121 | ) | $ | 7 | $ | 736 | $ | 0.51 | |||||||||||||||||||
Simplify to Grow Program | 58 | — | — | 58 | 13 | — | — | — | 45 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 185 | — | 1 | 184 | 32 | — | — | — | 152 | 0.11 | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 5 | — | — | 5 | 1 | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (7 | ) | — | 36 | — | (29 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.05 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (17 | ) | 71 | — | — | (54 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | — | — | (15 | ) | — | 15 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 195 | 18.5 | % | $ | — | $ | (100 | ) | $ | 7 | $ | 952 | $ | 0.66 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 4 | — | (3 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 194 | 18.4 | % | $ | — | $ | (96 | ) | $ | 7 | $ | 949 | $ | 0.66 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,445 |
(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 3.e
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 | — | — | — | — | (22 | ) | — | 102 | — | (80 | ) | (0.06 | ) | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (36 | ) | — | — | — | 36 | 0.02 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (202 | ) | 989 | — | — | (787 | ) | (0.55 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 5 | — | (84 | ) | — | 79 | 0.06 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 4,401 | $ | (141 | ) | $ | 340 | $ | 4,202 | $ | 883 | 21.0 | % | $ | — | $ | (403 | ) | $ | 14 | $ | 3,708 | $ | 2.57 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (4 | ) | — | 15 | — | (11 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 4 | — | (3 | ) | — | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 4,401 | $ | (141 | ) | $ | 340 | $ | 4,202 | $ | 878 | 20.9 | % | $ | — | $ | (384 | ) | $ | 14 | $ | 3,694 | $ | 2.56 | ||||||||||||||||||||
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Currency | 49 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 3,743 | $ | 2.60 | ||||||||||||||||||||||||||||||||||||||||
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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 | ) | (20 | ) | — | 118 | — | (107 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
Gain on divestitures | (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 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | 2 | — | — | 2 | 754 | — | — | — | (752 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | (6 | ) | (2 | ) | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 4 | — | 13 | — | (17 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 843 | 21.1 | % | $ | — | $ | (370 | ) | $ | 15 | $ | 3,504 | $ | 2.40 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (3 | ) | — | 12 | — | (9 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 4 | — | (3 | ) | — | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 839 | 21.0 | % | $ | — | $ | (354 | ) | $ | 15 | $ | 3,492 | $ | 2.40 | ||||||||||||||||||||
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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 3.f
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 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (5 | ) | — | 22 | — | (17 | ) | — | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (6 | ) | — | — | — | 6 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (108 | ) | 452 | — | — | (344 | ) | (0.24 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | — | — | (15 | ) | — | 15 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,188 | $ | (35 | ) | $ | 84 | $ | 1,139 | $ | 281 | 24.7 | % | $ | — | $ | (103 | ) | $ | 3 | $ | 958 | $ | 0.67 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 5 | — | (4 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,188 | $ | (35 | ) | $ | 84 | $ | 1,139 | $ | 280 | 24.6 | % | $ | — | $ | (97 | ) | $ | 3 | $ | 953 | $ | 0.66 | ||||||||||||||||||||
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Currency | (25 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 928 | $ | 0.64 | ||||||||||||||||||||||||||||||||||||||||
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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 | 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) | $ | 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 | — | — | — | — | (5 | ) | — | 29 | — | (24 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 1 | — | (11 | ) | — | 10 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | — | — | 2 | — | (3 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,101 | $ | (18 | ) | $ | 68 | $ | 1,051 | $ | 278 | 26.5 | % | $ | — | $ | (92 | ) | $ | 3 | $ | 862 | $ | 0.59 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,101 | $ | (18 | ) | $ | 68 | $ | 1,051 | $ | 277 | 26.4 | % | $ | — | $ | (88 | ) | $ | 3 | $ | 859 | $ | 0.59 | ||||||||||||||||||||
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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 3.g
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 September 30, 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) | $ | 1,135 | $ | (38 | ) | $ | 89 | $ | 1,084 | $ | 391 | 36.1 | % | $ | (345 | ) | $ | (84 | ) | $ | 3 | $ | 1,119 | $ | 0.78 | |||||||||||||||||||
Simplify to Grow Program | 114 | — | — | 114 | 22 | — | — | — | 92 | 0.06 | ||||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 54 | — | — | 54 | 12 | — | — | — | 42 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (145 | ) | — | 3 | (148 | ) | (27 | ) | — | — | — | (121 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | (3 | ) | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Divestiture-related costs | 6 | — | — | 6 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (8 | ) | — | 24 | — | (16 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (30 | ) | — | — | — | 30 | 0.02 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (77 | ) | 345 | — | — | (268 | ) | (0.19 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 2 | — | (37 | ) | — | 35 | 0.03 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | (1 | ) | — | 2 | — | (2 | ) | — | ||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,165 | $ | (38 | ) | $ | 89 | $ | 1,114 | $ | 282 | 25.3 | % | $ | — | $ | (95 | ) | $ | 3 | $ | 924 | $ | 0.64 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (2 | ) | — | 4 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,165 | $ | (38 | ) | $ | 89 | $ | 1,114 | $ | 279 | 25.0 | % | $ | — | $ | (90 | ) | $ | 3 | $ | 922 | $ | 0.64 | ||||||||||||||||||||
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Currency | 3 | — | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 925 | $ | 0.64 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,442 |
For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 876 | $ | (13 | ) | $ | 205 | $ | 684 | $ | (633 | ) | (92.5 | )% | $ | — | $ | (114 | ) | $ | 5 | $ | 1,426 | $ | 0.98 | |||||||||||||||||||
Simplify to Grow Program | 151 | (1 | ) | — | 152 | 29 | — | — | — | 123 | 0.08 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (20 | ) | — | (2 | ) | (18 | ) | (8 | ) | — | — | — | (10 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (4 | ) | — | — | (4 | ) | (1 | ) | — | — | — | (3 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (5 | ) | — | 29 | — | (24 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
Gain on divestitures | (3 | ) | — | — | (3 | ) | 1 | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | 2 | — | — | 2 | 766 | — | — | — | (764 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | — | — | (5 | ) | — | 5 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 164 | 16.6 | % | $ | — | $ | (90 | ) | $ | 5 | $ | 911 | $ | 0.62 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | — | — | 3 | — | (3 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 163 | 16.5 | % | $ | — | $ | (86 | ) | $ | 5 | $ | 908 | $ | 0.62 | ||||||||||||||||||||
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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 3.h
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 June 30, 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) | $ | 713 | $ | (31) | $ | 85 | $ | 659 | $ | 341 | 51.7 | % | $ | (121 | ) | $ (106 | ) | $ | 1 | $ | 544 | $ | 0.38 | |||||||||||||||||||||
Simplify to Grow Program | 76 | (4 | ) | — | 80 | 20 | — | — | — | 60 | 0.04 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 90 | — | — | 90 | 21 | — | — | — | 69 | 0.05 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 10 | — | — | 10 | 2 | — | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (2 | ) | — | 20 | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Costs associated with JDE Peet’s transaction | 48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | — | 121 | — | — | (121 | ) | (0.08 | ) | ||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 4 | — | (19 | ) | — | 15 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 125 | 14.0 | % | $ | — | $ | (105 | ) | $ | 1 | $ | 874 | $ | 0.61 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | — | — | 2 | — | (2 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | — | — | 2 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 125 | 14.0 | % | $ | — | $ | (101 | ) | $ | 1 | $ | 870 | $ | 0.60 | ||||||||||||||||||||
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Currency | 28 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 898 | $ | 0.62 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,439 |
For the Three Months Ended June 30, 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) | $ | 1,025 | $ | (12 | ) | $ | 101 | $ | 936 | $ | 216 | 23.1 | % | $ | 25 | $ | (109 | ) | $ | 1 | $ | 803 | $ | 0.55 | ||||||||||||||||||||
Simplify to Grow Program | 83 | (5 | ) | — | 88 | 19 | — | — | — | 69 | 0.05 | |||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (33 | ) | — | — | (33 | ) | (3 | ) | — | — | — | (30 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | 11 | — | — | 11 | 1 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (5 | ) | — | — | (5 | ) | (6 | ) | — | 27 | — | (26 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
Gain on divestitures | (41 | ) | — | — | (41 | ) | (3 | ) | — | — | — | (38 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
Remeasurement of net monetary position | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Impact from pension participation changes | (35 | ) | — | — | (35 | ) | (9 | ) | — | — | — | (26 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (10 | ) | — | — | — | 10 | 0.01 | |||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | (2 | ) | (25 | ) | — | — | 27 | 0.02 | ||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | — | — | (5 | ) | — | 5 | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 203 | 22.0 | % | $ | — | $ | (87 | ) | $ | 1 | $ | 807 | $ | 0.55 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 201 | 21.8 | % | $ | — | $ | (84 | ) | $ | 1 | $ | 806 | $ | 0.55 | ||||||||||||||||||||
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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 3.i
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 March 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) | $ | 856 | $ | (33 | ) | $ | 190 | $ | 699 | $ | 148 | 21.2 | % | $ | (71 | ) | $ | (121 | ) | $ | 7 | $ | 736 | $ | 0.51 | |||||||||||||||||||
Simplify to Grow Program | 58 | — | — | 58 | 13 | — | — | — | 45 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 185 | — | 1 | 184 | 32 | — | — | — | 152 | 0.11 | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 5 | — | — | 5 | 1 | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | (7 | ) | — | 36 | — | (29 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.05 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (17 | ) | 71 | — | — | (54 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | — | — | (15 | ) | — | 15 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 195 | 18.5 | % | $ | — | $ | (100 | ) | $ | 7 | $ | 952 | $ | 0.66 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 4 | — | (3 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 194 | 18.4 | % | $ | — | $ | (96 | ) | $ | 7 | $ | 949 | $ | 0.66 | ||||||||||||||||||||
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Currency | 43 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 992 | $ | 0.69 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,445 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 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 | 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) | $ | 1,036 | $ | (17 | ) | $ | 80 | $ | 973 | $ | 189 | 19.4 | % | $ | (23 | ) | $ | (166 | ) | $ | 6 | $ | 967 | $ | 0.66 | |||||||||||||||||||
Simplify to Grow Program | 70 | — | — | 70 | 19 | — | — | — | 51 | 0.04 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (16 | ) | — | — | (16 | ) | (3 | ) | — | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Divestiture-related costs | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | (4 | ) | — | — | (4 | ) | (4 | ) | — | 33 | — | (33 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (5 | ) | 23 | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 3 | — | 32 | — | (35 | ) | (0.03 | ) | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 198 | 19.3 | % | $ | — | $ | (101 | ) | $ | 6 | $ | 924 | $ | 0.63 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | 1 | — | 2 | — | (3 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 198 | 19.3 | % | $ | — | $ | (96 | ) | $ | 6 | $ | 919 | $ | 0.63 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,461 |
(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 3.j
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, 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 | ) | (20 | ) | — | 118 | — | (107 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
Gain on divestitures | (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 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | 2 | — | — | 2 | 754 | — | — | — | (752 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | (6 | ) | (2 | ) | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | 4 | — | 13 | — | (17 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 843 | 21.1 | % | $ | — | $ | (370 | ) | $ | 15 | $ | 3,504 | $ | 2.40 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (3 | ) | — | 12 | — | (9 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | (1 | ) | — | 4 | — | (3 | ) | — | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 839 | 21.0 | % | $ | — | $ | (354 | ) | $ | 15 | $ | 3,492 | $ | 2.40 | ||||||||||||||||||||
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Currency | 217 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 3,709 | $ | 2.54 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,458 | |||||||||||||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 3,312 | $ | (50 | ) | $ | 520 | $ | 2,842 | $ | 773 | 27.2 | % | $ | (778 | ) | $ | (484 | ) | $ | 14 | $ | 3,317 | $ | 2.23 | |||||||||||||||||||
Simplify to Grow Program | 626 | (5 | ) | — | 631 | 156 | — | — | — | 475 | 0.32 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (141 | ) | — | 1 | (142 | ) | (10 | ) | — | — | — | (132 | ) | (0.09 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (1 | ) | — | — | (1 | ) | (2 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | (19 | ) | — | — | (19 | ) | (26 | ) | — | 134 | — | (127 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
Remeasurement of net monetary position | 11 | — | — | 11 | — | — | — | — | 11 | 0.01 | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 423 | — | (6 | ) | 429 | 108 | — | — | — | 321 | 0.22 | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | (15 | ) | — | (4 | ) | (11 | ) | 6 | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 22 | — | — | 22 | 5 | — | — | — | 17 | 0.01 | ||||||||||||||||||||||||||||||||||
Gain related to interest rate swaps | — | — | 10 | (10 | ) | (2 | ) | — | — | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
Initial impacts from enacted tax law changes | — | — | — | — | (33 | ) | — | — | — | 33 | 0.02 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (192 | ) | 778 | — | — | (586 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
Equity method investee items | — | — | — | — | (7 | ) | — | 1 | — | 6 | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 830 | 20.9 | % | $ | — | $ | (349 | ) | $ | 14 | $ | 3,481 | $ | 2.34 | ||||||||||||||||||||
Net earnings from divestitures—KDP | — | — | — | — | (4 | ) | — | 16 | — | (12 | ) | — | ||||||||||||||||||||||||||||||||
Change in equity method investee items | — | — | — | — | 1 | — | (5 | ) | — | 4 | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 827 | 20.8 | % | $ | — | $ | (338 | ) | $ | 14 | $ | 3,473 | $ | 2.34 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,486 |
(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 4.a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Nine Months Ended September 30, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 2.33 | $ | 1.66 | $ | 0.67 | 40.4 | % | ||||||||
Simplify to Grow Program | 0.20 | 0.14 | 0.06 | |||||||||||||
Intangible asset impairment charges | 0.02 | 0.08 | (0.06 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.16 | ) | 0.03 | (0.19 | ) | |||||||||||
Acquisition integration costs and contingent consideration adjustments | (0.03 | ) | — | (0.03 | ) | |||||||||||
Acquisition-related costs | 0.01 | 0.01 | — | |||||||||||||
Net earnings from divestitures | (0.01 | ) | (0.04 | ) | 0.03 | |||||||||||
Costs associated with JDE Peet’s transaction | — | 0.21 | (0.21 | ) | ||||||||||||
Remeasurement of net monetary position | 0.01 | — | 0.01 | |||||||||||||
Impact from pension participation changes | 0.02 | 0.01 | 0.01 | |||||||||||||
Loss related to interest rate swaps | — | 0.05 | (0.05 | ) | ||||||||||||
Loss on debt extinguishment and related expenses | 0.07 | — | 0.07 | |||||||||||||
Initial impacts from enacted tax law changes | 0.07 | 0.02 | 0.05 | |||||||||||||
Gain on equity method investment transactions | (0.40 | ) | (0.31 | ) | (0.09 | ) | ||||||||||
Equity method investee items | 0.04 | 0.05 | (0.01 | ) | ||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 2.17 | $ | 1.91 | $ | 0.26 | 13.6 | % | ||||||||
Net earnings from Max Foods | — | — | — | |||||||||||||
Net earnings from divestitures—KDP | (0.01 | ) | (0.01 | ) | — | |||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 2.16 | $ | 1.90 | $ | 0.26 | 13.7 | % | ||||||||
Impact of favorable currency | (0.09 | ) | — | (0.09 | ) | |||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 2.07 | $ | 1.90 | $ | 0.17 | 8.9 | % | ||||||||
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Schedule 4.b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended September 30, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.89 | $ | 0.78 | $ | 0.11 | 14.1 | % | ||||||||
Simplify to Grow Program | 0.06 | 0.06 | — | |||||||||||||
Intangible asset impairment charges | — | 0.03 | (0.03 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.08 | ) | (0.08 | ) | — | |||||||||||
Acquisition integration costs and contingent consideration adjustments | (0.03 | ) | — | (0.03 | ) | |||||||||||
Net earnings from divestitures | — | (0.01 | ) | 0.01 | ||||||||||||
Initial impacts from enacted tax law changes | — | 0.02 | (0.02 | ) | ||||||||||||
Gain on equity method investment transactions | (0.13 | ) | (0.19 | ) | 0.06 | |||||||||||
Equity method investee items | — | 0.03 | (0.03 | ) | ||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.71 | $ | 0.64 | $ | 0.07 | 10.9 | % | ||||||||
Net earnings from Max Foods | — | — | — | |||||||||||||
Net earnings from divestitures—KDP | — | — | — | |||||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.71 | $ | 0.64 | $ | 0.07 | 10.9 | % | ||||||||
Impact of favorable currency | (0.02 | ) | — | (0.02 | ) | |||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.69 | $ | 0.64 | $ | 0.05 | 7.8 | % | ||||||||
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Schedule 4.c
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended June 30, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.76 | $ | 0.38 | $ | 0.38 | 100.0 | % | ||||||||
Simplify to Grow Program | 0.07 | 0.04 | 0.03 | |||||||||||||
Intangible asset impairment charges | 0.02 | 0.05 | (0.03 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.02 | ) | — | (0.02 | ) | |||||||||||
Acquisition-related costs | 0.01 | 0.01 | — | |||||||||||||
Net earnings from divestitures | — | (0.01 | ) | 0.01 | ||||||||||||
Costs associated with JDE Peet’s transaction | — | 0.21 | (0.21 | ) | ||||||||||||
Impact from pension participation changes | 0.02 | — | 0.02 | |||||||||||||
Initial impacts from enacted tax law changes | 0.07 | — | 0.07 | |||||||||||||
Gain on equity method investment transactions | (0.27 | ) | (0.08 | ) | (0.19 | ) | ||||||||||
Equity method investee items | — | 0.01 | (0.01 | ) | ||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.66 | $ | 0.61 | $ | 0.05 | 8.2 | % | ||||||||
Net earnings from Max Foods | — | — | — | |||||||||||||
Net earnings from divestitures—KDP | — | (0.01 | ) | 0.01 | ||||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.66 | $ | 0.60 | $ | 0.06 | 10.0 | % | ||||||||
Impact of favorable currency | (0.04 | ) | — | (0.04 | ) | |||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.62 | $ | 0.60 | $ | 0.02 | 3.3 | % | ||||||||
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Schedule 4.d
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.68 | $ | 0.51 | $ | 0.17 | 33.3 | % | ||||||||
Simplify to Grow Program | 0.07 | 0.03 | 0.04 | |||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.07 | ) | 0.11 | (0.18 | ) | |||||||||||
Acquisition-related costs | 0.01 | — | 0.01 | |||||||||||||
Net earnings from divestitures | (0.01 | ) | (0.01 | ) | — | |||||||||||
Loss related to interest rate swaps | — | 0.05 | (0.05 | ) | ||||||||||||
Loss on debt extinguishment and related expenses | 0.07 | — | 0.07 | |||||||||||||
Gain on equity method investment transactions | — | (0.04 | ) | 0.04 | ||||||||||||
Equity method investee items | 0.04 | 0.01 | 0.03 | |||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.79 | $ | 0.66 | $ | 0.13 | 19.7 | % | ||||||||
Net earnings from divestitures—KDP | — | — | — | |||||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.79 | $ | 0.66 | $ | 0.13 | 19.7 | % | ||||||||
Impact of favorable currency | (0.04 | ) | — | (0.04 | ) | |||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.75 | $ | 0.66 | $ | 0.09 | 13.6 | % | ||||||||
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Schedule 4.e
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 | (0.06 | ) | (0.08 | ) | 0.02 | |||||||||||
Gain on divestitures | — | (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 | |||||||||||||
Initial impacts from enacted tax law changes | 0.02 | (0.52 | ) | 0.54 | ||||||||||||
(Gain)/loss on equity method investment transactions | (0.55 | ) | 0.01 | (0.56 | ) | |||||||||||
Equity method investee items | 0.06 | (0.01 | ) | 0.07 | ||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 2.57 | $ | 2.40 | $ | 0.17 | 7.1 | % | ||||||||
Net earnings from divestitures—KDP | (0.01 | ) | — | (0.01 | ) | |||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 2.56 | $ | 2.40 | $ | 0.16 | 6.7 | % | ||||||||
Impact of unfavorable currency | 0.04 | — | 0.04 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 2.60 | $ | 2.40 | $ | 0.20 | 8.3 | % | ||||||||
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Schedule 4.f
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 | ) | ||||||||||
Net earnings from divestitures | — | (0.02 | ) | 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 | — | |||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.67 | $ | 0.59 | $ | 0.08 | 13.6 | % | ||||||||
Net earnings from divestitures—KDP | (0.01 | ) | — | (0.01 | ) | |||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.66 | $ | 0.59 | $ | 0.07 | 11.9 | % | ||||||||
Impact of favorable currency | (0.02 | ) | — | (0.02 | ) | |||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.64 | $ | 0.59 | $ | 0.05 | 8.5 | % | ||||||||
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Schedule 4.g
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended September 30, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.78 | $ | 0.98 | $ | (0.20 | ) | (20.4 | )% | |||||||
Simplify to Grow Program | 0.06 | 0.08 | (0.02 | ) | ||||||||||||
Intangible asset impairment charges | 0.03 | 0.03 | — | |||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.08 | ) | (0.01 | ) | (0.07 | ) | ||||||||||
Net earnings from divestitures | (0.01 | ) | (0.02 | ) | 0.01 | |||||||||||
Loss related to interest rate swaps | — | 0.08 | (0.08 | ) | ||||||||||||
Initial impacts from enacted tax law changes | 0.02 | (0.53 | ) | 0.55 | ||||||||||||
Gain on equity method investment transactions | (0.19 | ) | — | (0.19 | ) | |||||||||||
Equity method investee items | 0.03 | 0.01 | 0.02 | |||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.64 | $ | 0.62 | $ | 0.02 | 3.2 | % | ||||||||
Net earnings from divestitures—KDP | — | — | — | |||||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.64 | $ | 0.62 | $ | 0.02 | 3.2 | % | ||||||||
Impact of currency | — | — | — | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.64 | $ | 0.62 | $ | 0.02 | 3.2 | % | ||||||||
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Schedule 4.h
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended June 30, | �� | |||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.38 | $ | 0.55 | $ | (0.17 | ) | (30.9 | )% | |||||||
Simplify to Grow Program | 0.04 | 0.05 | (0.01 | ) | ||||||||||||
Intangible asset impairment charges | 0.05 | — | 0.05 | |||||||||||||
Mark-to-market (gains)/losses from derivatives | — | (0.02 | ) | 0.02 | ||||||||||||
Acquisition-related costs | 0.01 | — | 0.01 | |||||||||||||
Divestiture-related costs | — | 0.01 | (0.01 | ) | ||||||||||||
Net earnings from divestitures | (0.01 | ) | (0.02 | ) | 0.01 | |||||||||||
Gain on divestitures | — | (0.03 | ) | 0.03 | ||||||||||||
Costs associated with JDE Peet’s transaction | 0.21 | — | 0.21 | |||||||||||||
Impact from pension participation changes | — | (0.02 | ) | 0.02 | ||||||||||||
Initial impacts from enacted tax law changes | — | 0.01 | (0.01 | ) | ||||||||||||
(Gain)/loss on equity method investment transactions | (0.08 | ) | 0.02 | (0.10 | ) | |||||||||||
Equity method investee items | 0.01 | — | 0.01 | |||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.61 | $ | 0.55 | $ | 0.06 | 10.9 | % | ||||||||
Net earnings from divestitures—KDP | (0.01 | ) | — | (0.01 | ) | |||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.60 | $ | 0.55 | $ | 0.05 | 9.1 | % | ||||||||
Impact of unfavorable currency | 0.02 | — | 0.02 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.62 | $ | 0.55 | $ | 0.07 | 12.7 | % | ||||||||
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Schedule 4.i
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.51 | $ | 0.66 | $ | (0.15 | ) | (22.7 | )% | |||||||
Simplify to Grow Program | 0.03 | 0.04 | (0.01 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | 0.11 | (0.01 | ) | 0.12 | ||||||||||||
Net earnings from divestitures | (0.01 | ) | (0.02 | ) | 0.01 | |||||||||||
Loss related to interest rate swaps | 0.05 | — | 0.05 | |||||||||||||
Gain on equity method investment transactions | (0.04 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
Equity method investee items | 0.01 | (0.03 | ) | 0.04 | ||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.66 | $ | 0.63 | $ | 0.03 | 4.8 | % | ||||||||
Net earnings from divestitures—KDP | — | — | — | |||||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 0.66 | $ | 0.63 | $ | 0.03 | 4.8 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 0.69 | $ | 0.63 | $ | 0.06 | 9.5 | % | ||||||||
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Schedule 4.j
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Twelve Months Ended December 31, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 2.69 | $ | 2.23 | $ | 0.46 | 20.6 | % | ||||||||
Simplify to Grow Program | 0.24 | 0.32 | (0.08 | ) | ||||||||||||
Intangible asset impairment charges | 0.03 | 0.03 | — | |||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.05 | ) | (0.09 | ) | 0.04 | |||||||||||
Acquisition-related costs | — | 0.01 | (0.01 | ) | ||||||||||||
Net earnings from divestitures | (0.08 | ) | (0.08 | ) | — | |||||||||||
Gain on divestitures | (0.03 | ) | — | (0.03 | ) | |||||||||||
Remeasurement of net monetary position | — | 0.01 | (0.01 | ) | ||||||||||||
Impact from pension participation changes | (0.02 | ) | 0.22 | (0.24 | ) | |||||||||||
Impact from resolution of tax matters | 0.05 | (0.01 | ) | 0.06 | ||||||||||||
CEO transition remuneration | 0.01 | 0.01 | — | |||||||||||||
(Gain)/loss related to interest rate swaps | 0.08 | (0.01 | ) | 0.09 | ||||||||||||
Loss on debt extinguishment and related expenses | — | 0.07 | (0.07 | ) | ||||||||||||
Initial impacts from enacted tax law changes | (0.52 | ) | 0.02 | (0.54 | ) | |||||||||||
(Gain)/loss on equity method investment transactions | 0.01 | (0.39 | ) | 0.40 | ||||||||||||
Equity method investee items | (0.01 | ) | — | (0.01 | ) | |||||||||||
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Adjusted EPS (Non-GAAP) | $ | 2.40 | $ | 2.34 | $ | 0.06 | 2.6 | % | ||||||||
Net earnings from divestitures—KDP | — | — | — | |||||||||||||
Change in equity method investee items | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP)—As Recast | $ | 2.40 | $ | 2.34 | $ | 0.06 | 2.6 | % | ||||||||
Impact of unfavorable currency | 0.14 | — | 0.14 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP)—As Recast | $ | 2.54 | $ | 2.34 | $ | 0.20 | 8.5 | % | ||||||||
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