Mondelez International, Inc.

MDLZ

US6092071058

Food Processing

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MONDELEZ INTERNATIONAL : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-K)

February 05, 2021 at 10:27 am EST

The following discussion and analysis contains forward-looking statements. It
should be read in conjunction with the other sections of this Annual Report on
Form 10-K, including the consolidated financial statements and related notes
contained in Forward-Looking Statements and Item 1A, Risk Factors.

Overview of Business and Strategy



We make and sell primarily snacks, including biscuits (cookies, crackers and
salted snacks), chocolate, gum & candy, as well as various cheese & grocery and
powdered beverage products around the world.

We aim to be the global leader in snacking. Our strategy is to drive long-term
growth by focusing on three strategic priorities: accelerating consumer-centric
growth, driving operational excellence and creating a winning growth culture. We
believe the successful implementation of our strategic priorities and leveraging
of our strong foundation of iconic global and local brands, an attractive global
footprint, our market leadership in developed and emerging markets, our deep
innovation, marketing and distribution capabilities, and our efficiency and
sustainability efforts, will drive top- and bottom-line growth, enabling us to
continue to create long-term value for our shareholders.

For more detailed information on our business and strategy, refer to Item 1, Business.

Recent Developments and Significant Items Affecting Comparability

COVID-19

We have been actively monitoring the outbreak of COVID-19 and its impact globally. Our highest priorities continue to be the safety of our employees and working with our employees and network of suppliers and customers to help maintain the global food supply chain.



During 2020, we experienced a significant increase in demand and revenue growth
in certain markets as consumers increased their food purchases for in-home
consumption. Results were particularly strong in modern trade (such as large
grocery supermarkets and retail chains) and e-commerce, and especially for
categories such as biscuits. Other parts of our business were negatively
affected by mandated lockdowns and other related restrictions including some of
our emerging markets with a greater concentration of traditional trade (such as
small family-run stores) as well as our world travel retail (such as
international duty-free stores) and foodservice businesses. During the second
quarter especially, lockdowns and other related measures or restrictions had a
negative impact on emerging markets with a greater concentration of traditional
trade due to store closures (particularly in our Latin America region as well as
parts of our AMEA region) as well as in categories like gum and candy, which are
more traditionally purchased and consumed out of home. In the second half of the
year, demand grew in both developed and emerging markets as the negative impacts
of COVID-19 during the second quarter subsided and a number of our key markets
returned to higher growth. A sharp reduction in global travel continues to
negatively impact our world travel retail business, and lower out-of-home
consumption continues to negatively impact our foodservice business as well as
sales of our gum and candy products. During 2020, we also experienced temporary
disruptions in operations in some of our emerging markets that were not material
to our consolidated results. We discuss these and other impacts of COVID-19
below.

Our Employees, Customers and Communities
We have taken a number of actions to promote the health and safety of our
employees, customers and consumers, which is our first priority:
•We implemented enhanced protocols to provide a safe and sanitary working
environment for our employees. In many locations, our employees are working
remotely whenever possible. For employees who are unable to work remotely, we
have adopted a number of heightened protocols, consistent with those prescribed
by the World Health Organization, related to social distancing (including
staggering lunchtimes and shifts where possible and restricting in-person
gatherings and non-essential travel) and enhanced hygiene and workplace
sanitation. At a local level, we have also provided additional flexibility and
support to employees in our manufacturing facilities, distribution and logistics
operations and sales organization.
•We have been hiring frontline employees in the U.S. and other locations to meet
additional marketplace demand and promote uninterrupted functioning of our
manufacturing, distribution and sales network.
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•We increased our $15 million global commitment to assist those most impacted by
COVID-19 to approximately $28 million to date. We have been supporting local and
global organizations that are responding to food instability and providing
emergency relief.

Our Supply Chain and Operations
We operate in the food and beverages industry and are part of the global food
supply chain. One of our main objectives during the pandemic is to maintain the
availability of our products to meet the needs of our consumers. In response to
increased demand, we have increased production and, to date, we have not
experienced material disruptions in our supply chain or operations:
•We were able to leverage learnings from our timely response to the initial
outbreak in China, and we put in place procedures across our supply chain to
help mitigate the risk that our manufacturing sites will experience material
closures or disruptions.
•We have been able to continue to source raw ingredients, packaging, energy and
transportation and deliver our products to our customers.
•We have not experienced material disruptions in our workforce; however,
mandatory and voluntary stay-at-home restrictions have resulted in increased
levels of absenteeism.
•Commodity costs have become more volatile due to the COVID-19 outbreak.
Although we monitor our exposure to commodity prices and hedge against input
price increases, we cannot fully hedge against changes in commodity costs, and
our hedging strategies may not protect us from increases in specific raw
material costs. We anticipate continued commodity cost volatility as the
pandemic continues.
•We have experienced temporary disruptions in operations in some of our emerging
markets. The disruptions were not material to our consolidated results for 2020.
In the future, the ongoing COVID-19 outbreak could disrupt our global supply
chain, operations and routes to market or those of our suppliers, their
suppliers, or our co-manufacturers or distributors. These disruptions or our
failure to effectively respond to them could increase product or distribution
costs, prices and potentially affect the availability of our products.
•Our 2020 net revenue and net earnings in U.S. dollars were negatively affected
by currency translation losses from a generally stronger U.S. dollar relative to
other currencies in the countries in which we operate.
•During the second quarter of 2020, we incurred higher operating costs primarily
for labor, customer service and logistics, security, personal protective
equipment and cleaning. In the second half of 2020, our spending in these areas
was significantly less but still above pre-COVID levels. We continued to incur
higher costs in these areas in response to the ongoing pandemic as we worked to
protect our employees and deliver our products timely and safely to our
customers. Most other aspects of our global supply chain and operations did not
change materially during 2020. While we have not had material disruptions to
date, we do not know whether or how our supply chain or operations may be
negatively affected if the pandemic persists for an extended period or worsens.
As we respond to this evolving situation, we intend to continue to execute on
our strategic operating plans. However, disruptions, higher operating costs or
uncertainties like those noted above could result in delays or modifications to
our plans and initiatives.

Our Liquidity
We believe the steps we have taken to enhance our capital structure and
liquidity over the last several years and months have strengthened our ability
to operate through current conditions:
•During 2019, we generated $4.0 billion of cash from operations, or $3.0 billion
after deducting capital expenditures.
•During 2020, we generated $4.0 billion of cash from operations, or $3.1 billion
after capital expenditures. Also, as of December 31, 2020, we had $3.6 billion
of cash and cash equivalents on hand.
•During 2020, we also received cash of €350 million ($394 million) from our
participation in the JDE Peet's public share offerings and $2,094 million from
our participation in the KDP secondary offering and subsequent KDP share sales
(see additional information below and in Note 7, Equity Method Investments).
•As a precautionary measure, in March, we also suspended our share repurchase
program, which was reinstated during our fourth quarter.
•In connection with various legislatively authorized tax payment deferral
mechanisms available for income tax, indirect tax (such as value-added tax) and
payroll tax in a number of jurisdictions, we were able to defer certain of these
tax payments, which provided a cash benefit that reverses when the payments come
due. Some of these payments were made in the fourth quarter of 2020; the
remainder will come due in 2021 and 2022. The benefits associated with the
deferral of these tax payments were not material to our financial statements.
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•Based on our current available cash and access to financing markets, we do not
anticipate any issue funding our next long-term debt maturities of approximately
$1.5 billion in October 2021 and approximately $0.3 billion in December 2021 and
after paying approximately $0.8 billion of maturing debt in January 2021.
•We also have access to short-term and long-term financing markets and have
actively utilized these markets in 2020. During the initial outbreak of COVID-19
in March, we put supplemental short-term credit facilities in place, which we
have since retired in full. We also continued to utilize the commercial paper
markets in the United States and Europe for flexible, low-cost, short-term
financing. We also issued additional long-term debt several times in 2020 due to
favorable market conditions and opportunities to shift a portion of our funding
mix from short-term debt to long-term debt at a low cost. We continue to have
$6.0 billion of undrawn credit facilities as well as other forms of short-term
and long-term financing options available (refer to the Liquidity and Capital
Resources section and Note 9, Debt and Borrowing Arrangements). We have been,
and we expect to continue to be, in compliance with our debt covenants.

Our Financial Position
•We evaluated the realizability of our assets and whether there are any
impairment indicators. We reviewed our receivables, inventory, right-of-use
lease assets, long-lived assets, equity method and other long-term investments,
deferred tax assets, goodwill and intangible assets.
•In connection with the ongoing pandemic, we identified a decline in demand for
certain of our brands, primarily in the gum category, that prompted additional
evaluation of our indefinite-life intangible assets during the second quarter of
2020 in addition to our annual testing in the third quarter of 2020. In
connection with the testing, we concluded that eight brands were impaired and we
recorded $144 million of impairment charges in 2020. While we did not identify
impairment triggers for other brands, there continues to be significant
uncertainty due to the pandemic. If brand earnings expectations are not met or
specific valuation factors outside of our control, such as discount rates,
change significantly, then a brand or brands could become impaired in the
future. Refer to Note 6, Goodwill and Intangible Assets, for additional details
on our intangible asset impairment evaluation.
•Restructuring and implementation activities were in line with our Simplify to
Grow Program strategic objectives.
•Our equity investments in JDE Peet's and KDP give us additional financial
flexibility.
•We will continue to monitor the quality of our assets and our overall financial
position over coming quarters.
•We continue to maintain oversight over our core process controls through our
centralized shared service model, and our key controls are operating as
designed.

While some of the initial impacts of the pandemic on our business moderated in
the second half of 2020, the business and economic environment remains uncertain
and additional impacts may arise that we cannot currently anticipate. Barring
material business disruptions or other negative developments, we expect to
continue to meet the demand of consumers for our snacks, food and beverage
products. However, the elevated consumer demand we experienced primarily in some
of our developed market countries in 2020 may not continue. We are unable to
predict how long this sustained demand will last or how significant it will be.
We expect the COVID-19 outbreak to result in lower revenues primarily in some of
our emerging market countries that have a higher concentration of traditional
trade outlets (such as small family-run stores), our gum and candy categories
(which are more instant consumption in nature), as well as our world travel
retail (such as international duty-free stores) and foodservice businesses. As
we continue to proactively manage our business in response to the evolving
impacts of the pandemic, we continue to communicate with and support our
employees and customers; monitor and take steps to further safeguard our supply
chain, operations, technology and assets; protect our liquidity and financial
position; work toward our strategic priorities and monitor our financial
performance as we seek to position the Company to withstand the current
uncertainty related to this pandemic.

KDP and JDE Peet's Equity Method Investment Transactions



On July 9, 2018, Keurig Green Mountain, Inc. ("Keurig") closed on its definitive
merger agreement with Dr Pepper Snapple Group, Inc., and formed Keurig Dr Pepper
Inc. (NYSE: "KDP"), a publicly traded company. Following the close of the
transaction, our 24.2% investment in Keurig together with our shareholder loan
receivable became a 13.8% investment in KDP. During 2018, we recorded a pre-tax
gain of $778 million (or $586 million after-tax). In connection with the KDP
transaction, in the third quarter of 2018, we changed our accounting principle
to reflect our share of Keurig's historical and KDP's ongoing earnings on a
one-quarter lag basis for all periods presented while we continue to record
dividends when cash is received.

During 2019, we recognized a $23 million pre-tax gain related to the impact of a KDP acquisition that decreased our ownership interest from 13.8% to 13.6%.


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On March 4, 2020, we participated in a secondary offering of KDP shares and sold
approximately 6.8 million shares, which reduced our ownership interest by 0.5%
to 13.1% of the total outstanding shares. We received $185 million of proceeds
and recorded a pre-tax gain of $71 million (or $54 million after-tax) during the
first quarter of 2020. Subsequently, on August 3, 2020, we sold approximately
14.1 million shares and on September 9, 2020, we sold approximately 12.5 million
shares, which in the aggregate reduced our KDP ownership interest to 11.2% of
total outstanding shares. During the third quarter of 2020, we received $777
million of proceeds and recorded pre-tax gains of $335 million (or $258 million
after tax). On November 17, 2020, we sold approximately 40.0 million shares,
which reduced our ownership interest by 2.8% to 8.4%. We received $1,132 million
of proceeds and recorded a pre-tax gain of $459 million (or $350 million after
tax) during the fourth quarter of 2020. The cash taxes associated with the KDP
share sales were paid in 2020.

During the second quarter of 2020, in connection with the JDE Peet's offering of
its ordinary shares, we exchanged our 26.4% ownership interest in JDE for a
26.5% equity interest in JDE Peet's. On May 29, 2020, we participated in the JDE
Peet's offering and, with the subsequent exercise of the over-allotment option,
we sold a total of approximately 11.1 million shares during the second quarter
of 2020, retaining a 22.9% ownership interest in JDE Peet's. We received €350
million ($394 million) of total proceeds from the sales of JDE Peet's shares and
we recorded a preliminary pre-tax gain of $121 million during the second quarter
of 2020. We also incurred a $261 million tax expense that is payable in 2020 and
2021. During the third quarter of 2020, we increased our preliminary gain by $10
million to $131 million. During the fourth quarter of 2020, we reduced our tax
expense by $11 million to $250 million. Consistent with our accounting for KDP
and in connection with JDE Peet's becoming a public company, during the second
quarter of 2020, we changed our accounting principle to reflect our share of JDE
historical results and JDE Peet's ongoing results on a one-quarter lag basis
while we continue to record dividends when cash is received. We determined a lag
was preferable as it enables us to continue to report our quarterly and annual
results on a timely basis and to record our share of JDE Peet's ongoing results
once JDE Peet's has publicly reported its results. This change was applied
retrospectively to all periods presented.

For additional information, refer to Note 7, Equity Method Investments, and Note 16, Income Taxes.



Swiss and U.S. Tax Reform

On August 6, 2019, Switzerland published changes to its Federal tax law in the
Official Federal Collection of Laws. On September 27, 2019, the Zurich Canton
published their decision on the September 1, 2019 Zurich Canton public vote
regarding the Cantonal changes associated with the Swiss Federal tax law
change. The intent of these tax law changes was to replace certain preferential
tax regimes with a new set of internationally accepted measures that are
hereafter referred to as "Swiss tax reform". Based on these Federal / Cantonal
events, our position is the enactment of Swiss tax reform for U.S. GAAP purposes
was met as of September 30, 2019, and we recorded the impacts in the third
quarter 2019. The net impact was a benefit of $767 million, which consisted of a
$769 million reduction in deferred tax expense from an allowed step-up of
intangible assets for tax purposes and remeasurement of our deferred tax
balances, partially offset by a $2 million indirect tax impact in selling,
general and administrative expenses. The ongoing impacts of these Swiss tax
reform law changes became effective January 1, 2020.

On December 22, 2017, the United States enacted tax reform legislation ("U.S. tax reform") that included a broad range of business tax provisions and a one-time transition tax on accumulated foreign earnings and profits.

See Note 16, Income Taxes, for more information on our annual effective tax rates and Swiss and U.S. tax reform.

Multiemployer Pension Plan Withdrawal



In 2018, we executed a complete withdrawal from the Bakery and Confectionery
Union and Industry International Pension Fund (the "Fund") and recorded a $429
million estimated withdrawal liability. On July 11, 2019, we received an
undiscounted withdrawal liability assessment from the Fund totaling $526 million
requiring pro-rata monthly payments over 20 years. We began making monthly
payments during the third quarter of 2019. Within selling, general and
administrative expenses, we recorded a $35 million ($26 million net of tax)
adjustment related to the discounted withdrawal liability. Within interest and
other expense, net, we recorded accreted interest on the long-term liability of
$11 million in 2020, $12 million in 2019 and $6 million in 2018. As of
December 31, 2020, the remaining discounted withdrawal liability was
$375 million, with $14 million recorded in other current liabilities and
$361 million recorded in long-term other liabilities.


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Summary of Results

•Net revenues were approximately $26.6 billion in 2020 and $25.9 billion in
2019, an increase of 2.8% in 2020 and a decrease of 0.3% in 2019. In 2020, net
revenues were significantly impacted by the COVID-19 outbreak and response. In
developed markets, particularly North America, demand for our products,
primarily biscuits and chocolate, grew significantly as consumers increased
their food purchases for in-home consumption. In some of our emerging markets,
where we have a greater concentration of traditional trade, as well as in our
gum and candy, world travel retail and foodservice businesses, where we sell
products that are typically consumed away from home, net revenues were
negatively affected by mandated lockdowns and other related restrictions. In the
second half of the year the negative impacts we experienced from COVID-19,
particularly during the second quarter, subsided, resulting in a return to
revenue growth across a number of our key markets.
-Net revenue increased in 2020, driven by higher net pricing, favorable
volume/mix and incremental net revenues from our acquisitions of Give & Go in
2020 and Perfect Snacks in 2019. These items were partially offset by the
significant impact of unfavorable currency translation, as the U.S. dollar
strengthened against most currencies in which we operate compared to exchange
rates in the prior year, as well as the May 28, 2019 divestiture of most of our
cheese business in the Middle East and Africa.
-Net revenue decreased in 2019, driven by the impact of unfavorable currency
translation and the impact of the divestiture of most of our cheese business in
the Middle East and Africa. Net revenues were positively affected by higher net
pricing and favorable volume/mix, as well as our acquisitions of Perfect Snacks
in 2019 and Tate's Bake Shop in 2018.

•Organic Net Revenue increased 3.7% to $26.8 billion in 2020 and increased 4.1%
to $26.9 billion in 2019. While Organic Net Revenue in 2020 was impacted by the
COVID-19 outbreak and response described above, Organic Net Revenue increased in
both 2020 and 2019 due to higher net pricing and favorable volume/mix. Organic
Net Revenue is on a constant currency basis and excludes revenue from
acquisitions and divestitures. We use Organic Net Revenue as it provides
improved year-over-year comparability of our underlying operating results (see
the definition of Organic Net Revenue and our reconciliation with net revenues
within Non-GAAP Financial Measures appearing later in this section).

•Diluted EPS attributable to Mondel?z International decreased 8.2% to $2.47 in
2020 and increased 20.6% to $2.69 in 2019.
-Diluted EPS decreased in 2020 primarily driven by lapping the prior-year
benefit from Swiss tax reform, costs associated with the JDE Peet's transaction,
loss on debt extinguishment, higher intangible asset impairment charges,
unfavorable year-over-year mark-to-market impacts from currency and commodity
derivatives, lapping a prior-year gain on divestiture, lapping the prior-year
benefit from pension participation changes and the unfavorable impact on net
earnings from divestitures. These factors were partially offset by gains on
equity method investment transactions, higher Adjusted EPS, favorable change
from the resolution of tax matters (a benefit in 2020 as compared to an expense
in 2019), lower Simplify to Grow program costs and lower losses related to
interest rate swaps.
-Diluted EPS increased in 2019 primarily driven by the benefit from Swiss tax
reform, lapping the prior-year impact from pension participation changes,
operating gains, lower Simplify to Grow program costs, an increase in equity
method investment earnings, lapping the prior-year loss on debt extinguishment,
fewer shares outstanding, a gain on divestiture, lower interest expense and a
benefit from current-year pension participation changes, partially offset by
lapping the prior-year gain on equity method investment transactions,
unfavorable currency translation, a loss related to interest rate swaps, the
expense from the resolution of tax matters in 2019 and an unfavorable
year-over-year change in mark-to-market impacts from currency and commodity
derivatives. See our Discussion and Analysis of Historical Results appearing
later in this section for further details.

•Adjusted EPS increased 5.3% to $2.59 in 2020 and increased 4.2% to $2.46 in
2019. On a constant currency basis, Adjusted EPS increased 6.5% to $2.62 in 2020
and increased 11.0% to $2.62 in 2019.
-For 2020, operating gains, an increase in benefit plan non-service income and
fewer shares outstanding, partially offset by unfavorable currency translation
and a decrease in equity method investment earnings drove the Adjusted EPS
growth.
-For 2019, operating gains, increased equity method investment earnings, fewer
shares outstanding, lower interest expense and lower taxes, partially offset by
unfavorable currency translation drove the Adjusted EPS growth.
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Adjusted EPS and Adjusted EPS on a constant currency basis are non-GAAP
financial measures. We use these measures as they provide improved
year-over-year comparability of our underlying results (see the definition of
Adjusted EPS and our reconciliation with diluted EPS within Non-GAAP Financial
Measures appearing later in this section).

Financial Outlook



We seek to achieve profitable, long-term growth and manage our business to
attain this goal using our key operating metrics: Organic Net Revenue, Adjusted
Operating Income and Adjusted EPS. We use these non-GAAP financial metrics and
related computations, particularly growth in profit dollars, to evaluate and
manage our business and to plan and make near-and long-term operating and
strategic decisions. As such, we believe these metrics are useful to investors
as they provide supplemental information in addition to our U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") financial results. We believe it is
useful to provide investors with the same financial information that we use
internally to make comparisons of our historical operating results, identify
trends in our underlying operating results and evaluate our business. We believe
our non-GAAP financial measures should always be considered in relation to our
GAAP results. We have provided reconciliations between our GAAP and non-GAAP
financial measures in Non-GAAP Financial Measures, which appears later in this
section.

In addition to monitoring our key operating metrics, we monitor a number of developments and trends that could impact our revenue and profitability objectives.



COVID-19 - We continue to monitor and respond to the COVID-19 outbreak. While
its full impact is not yet known, it has had a material negative effect on
economic conditions globally and could have a material negative effect on our
business and results in the future, particularly if there are significant
adverse changes to consumer demand or significant disruptions to the supply,
production or distribution of our products or the credit or financial stability
of our customers and other business partners. An economic or credit crisis could
occur and impair credit availability and our ability to raise capital when
needed. A disruption in the financial markets may also have a negative effect on
our derivative counterparties and could also impair our banking or other
business partners, on whom we rely for access to capital and as counterparties
for a number of our derivative contracts. Any of these and other developments
could materially harm our business, results of operations and financial
condition. We will continue to prioritize the safety of our employees and
consumers. As we manage operations during the pandemic, we may continue to incur
increased labor, customer service, logistics and other costs. As consumer demand
for our products evolves, we could see continued shifts in product mix that
could have a negative impact on our results. As discussed in Recent Developments
and Significant Items Affecting Comparability, we are working to mitigate any
negative impacts to our business from the COVID-19 outbreak, but we may not be
able to fully predict or respond to all impacts on a timely basis to prevent
near- and long-term adverse impacts to our results.

Demand - We monitor consumer spending and our market share within the food and
beverage categories in which we sell our products. While gum and candy category
growth was down due to less on-the-go consumption, the overall snack category
continued to grow in 2020, in part due to increased consumer demand for snacks
purchases for in-home consumption during the COVID-19 outbreak. As part of our
strategic plan, we seek to drive category growth by leveraging our local and
consumer-focused commercial approach, making investments in our brand and snacks
portfolio, building strong routes to market in both emerging and developed
markets and improving our availability across multiple channels. We believe
these actions will help drive demand in our categories and strengthen our
positions across markets.

Long-Term Demographics and Consumer Trends - Snack food consumption is highly
correlated to GDP growth, urbanization of populations and rising discretionary
income levels associated with a growing middle class, particularly in emerging
markets. Our recent research underscores the growth of snacking worldwide and
how behavior, sentiment and routines surrounding food are being reshaped by
COVID-19. Snacking, which was already increasing among consumers, has
accelerated further in 2020 as consumers spend more time at home, according to
the second annual State of Snacking report, commissioned by Mondel?z
International and issued in November 2020. The report was conducted in
conjunction with consumer poll specialist The Harris Poll and summarizes the
findings from interviews with thousands of consumers across 12 countries. The
report shows that consumers see snacking as an important source of comfort,
connection and community, especially during the past year. For many, snacking
offers moments of satisfaction and peace, with a majority of respondents noting
it has helped distract them from a challenging year.

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Volatility of Global Markets - Our growth strategy depends in part on our
ability to expand our operations, including in emerging markets. Some emerging
markets have greater political, economic and currency volatility and greater
vulnerability to infrastructure and labor disruptions. Volatility in these
markets affects demand for and the costs of our products and requires frequent
changes in how we operate our business. As further discussed in COVID-19 above
and in Item 7A, Quantitative and Qualitative Disclosures about Market Risk,
volatility in global consumer, commodity, currency and capital markets increased
significantly during 2020 and is expected to continue until the COVID-19
outbreak is largely resolved. See also below for a discussion of Brexit as well
as Argentina, which was designated a highly inflationary economy in 2018. In
addition, the imposition of increased or new tariffs, quotas, trade barriers or
similar restrictions on our sales or key commodities and potential changes in
U.S. trade programs, trade relations, regulations, taxes or fiscal policies
might negatively affect our sales or profitability. To help mitigate adverse
effects of ongoing volatility across markets, we aim to protect profitability
through the management of costs (including hedging) and pricing as well as
targeted investments in our brands and new routes to market.

Competition - We operate in highly competitive markets that include global,
regional and local competitors. Our advantaged geographic footprint, operating
scale and portfolio of brands have all significantly contributed to building our
market-leading positions across most of the product categories in which we sell.
To grow and maintain our market positions, we focus on meeting consumer needs
and preferences through a local-first commercial focus, new digital and other
sales and marketing initiatives, product innovation and high standards of
product quality. We also continue to optimize our manufacturing and other
operations and invest in our brands through ongoing research and development,
advertising, marketing and consumer promotions.

Pricing - Our net revenue growth and profitability may be affected as we adjust
prices to address new conditions. We adjust our product prices based on a number
of variables including demand, the competitive environment and changes in our
product input costs. We generally have increased prices in response to higher
commodity costs, currency and other market factors. In 2021, we anticipate
changing market conditions to continue to impact pricing. Price changes may
affect net revenues or market share in the near term as the market adjusts to
changes in input costs and other market conditions.

Operating Costs - Our operating costs include raw materials, labor, selling,
general and administrative expenses, taxes, currency impacts and financing
costs. We manage these costs through cost saving and productivity initiatives,
sourcing and hedging programs, pricing actions, refinancing and tax planning. To
remain competitive on our operating structure, we continue to work on programs
to expand our profitability, such as our Simplify to Grow Program, which is
designed to bring about significant reductions in our operating cost structure
in both our supply chain and overhead costs.

Taxes - We continue to monitor existing and potential future tax reform. During
the third quarter of 2019, we recorded the impact of Swiss tax reform and we
will continue to monitor for any additional interpretative guidance that could
result in changes to the amounts we have recorded. In the United States, while
the 2017 U.S. tax reform reduced the U.S. corporate tax rate and included some
beneficial provisions, other provisions have, and will continue to have, an
adverse effect on our results.

Currency - As a global company with 73.2% of our net revenues generated outside
the United States, we are continually exposed to changes in global economic
conditions and currency movements. While we hedge significant forecasted
currency exchange transactions as well as currency translation impacts from
certain net assets of our non-U.S. operations, including the United Kingdom, we
cannot fully predict or eliminate all adverse impacts arising from changes in
currency exchange rates on our consolidated financial results. To partially
offset currency translation impacts arising from our overseas operations, we
enter into net investment hedges primarily in the form of local
currency-denominated debt, cross-currency swaps and other financial instruments.
While we work to mitigate our exposure to currency risks, factors such as
continued global and local market volatility, actions by foreign governments,
political uncertainty, limited hedging opportunities and other factors could
lead to unfavorable currency impacts in the future and could adversely affect
our results of operations or financial position. See additional discussion of
Brexit and Argentina below and refer also to Note 1, Summary of Significant
Accounting Policies - Currency Translation and Highly Inflationary Accounting,
and Note 10, Financial Instruments, for additional information on how we manage
currency and related risks. As currency movements can make comparison of
year-over-year operating performance challenging, we isolate the impact of
currency and also report growth on a constant currency basis, holding prior-year
currency exchange rates constant, so that prior-year and current-year results
can be compared on a consistent basis.

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Brexit - On December 24, 2020, the European Union and the United Kingdom reached
an agreement on a new trade arrangement that became effective on January 1,
2021. Main trade provisions include the continuation of no tariffs or quotas on
trade between the U.K. and E.U. so long as we meet prescribed trade terms. We
will also need to meet product and labeling standards for both the U.K. and E.U.
and we have already begun to introduce these changes gradually. The U.K. may
also set its own trade policies with countries such as the United States,
Australia and New Zealand that currently do not have free trade agreements with
the E.U. Cross-border trade between the U.K. and E.U. will be subject to new
customs regulations, documentation and reviews. To date, we have not experienced
significant delays at U.K.-E.U. border crossings, however, we anticipate
increased shipping costs and near-term delays because of the need for ongoing
customs inspections and related procedures. Our supply chain in this market
relies on imports of raw and packaging materials as well as finished goods.
Volatility in foreign currencies and other markets may also arise as the U.K.
and E.U. work though the new trade arrangements. Once the new rules are
formalized, there could be other near- or long-term negative impacts. We have
been taking protective measures to limit disruptions to our supply chain and
sales to limit potential negative impacts on our results of operations,
financial condition and cash flows. We continue to increase our resources in
customer service & logistics as well as in our factories and on our customs
support teams. We are adapting our systems and processes for new and increased
customs transactions. We continue to enhance resilience plans to aid in dealing
with anticipated border delays. We are working to address new regulatory
requirements such as packaging changes. Also, we continue to closely monitor and
manage our inventory levels of imported raw materials, packaging and finished
goods in the U.K. Any disagreements on trade terms or supply chain or
distribution delays or other disruptions could negatively affect our U.K.
business. In 2020, we generated 9.0% of our net revenues in the U.K.

Argentina - as further discussed in Note 1, Summary of Significant Accounting
Policies - Currency Translation and Highly Inflationary Accounting, on July 1,
2018, we began to apply highly inflationary accounting for our Argentinean
subsidiaries. As a result, we recorded a remeasurement loss of $9 million in
2020, a remeasurement gain of $4 million in 2019 and a remeasurement loss of $11
million in 2018 within selling, general and administrative expenses related to
the revaluation of the Argentinean peso denominated net monetary position over
these periods. The mix of monetary assets and liabilities and the exchange rate
to convert Argentinean pesos to U.S. dollars could change over time, so it is
difficult to predict the overall impact of the Argentina highly inflationary
accounting on future net earnings.

Financing Costs - We regularly evaluate our variable and fixed-rate debt. We
continue to use low-cost, short- and long-term debt to finance our ongoing
working capital, capital expenditures and other investments, dividends and share
repurchases. We continued to secure low-cost short and long-term debt during
2020. We continue to use interest rate swaps and other financial instruments to
manage our exposure to interest rate and cash flow variability, protect the
value of our existing currency assets and liabilities and protect the value of
our debt. We also enter into cross-currency interest rate swaps and forwards to
hedge our non-U.S. net investments against adverse movements in exchange rates.
Our net investment hedge derivative contracts have had and are expected to have
a favorable impact and reduce some of the financing costs and related currency
impacts within our interest costs. Refer to Note 9, Debt and Borrowing
Arrangements, and Note 10, Financial Instruments, for additional information on
our debt and derivative activity.

Cybersecurity Risks - We continue to devote focused resources to network
security, backup and disaster recovery, enhanced training and other security
measures to protect our systems and data. We also focus on enhancing the
monitoring and detection of threats in our environment, including but not
limited to the manufacturing environment and operational technologies, as well
as adjusting information security controls based on updated threats. While we
have taken a number of security measures to protect our systems and data,
security measures cannot provide absolute certainty or guarantee that we will be
successful in preventing or responding to every breach or disruption on a timely
basis.

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Discussion and Analysis of Historical Results

Items Affecting Comparability of Financial Results



The following table includes significant income or (expense) items that affected
the comparability of our results of operations and our effective tax rates.
Please refer to the notes to the consolidated financial statements indicated
below for more information. Refer also to the Consolidated Results of Operations
- Net Earnings and Earnings per Share Attributable to Mondel?z International
table for the after-tax per share impacts of these items.

                                                                                        For the Years Ended December 31,
                                                            See Note                2020               2019              2018
                                                                                       (in millions, except percentages)


Simplify to Grow Program                                     Note 8
Restructuring Charges                                                          $     (156)          $   (176)         $   (316)
Implementation Charges                                                               (207)              (272)             (315)
Intangible asset impairment charges                          Note 6                  (144)               (57)              (68)
Mark-to-market gains from derivatives (1)                    Note 10                   19                 90               142
Acquisition and divestiture-related costs                    Note 2

Acquisition integration costs                                                          (4)                 -                (3)
Acquisition-related costs                                                             (15)                (3)              (13)
Divestiture-related costs                                                              (4)                (6)                1
Net gain on divestiture                                                                 -                 44                 -

Costs associated with JDE Peet's transaction                 Note 7                   (48)                 -                 -
Remeasurement of net monetary position                                                 (9)                 4               (11)
Impact from pension participation changes (1)                Note 11                  (11)                29              (429)
Impact from resolution of tax matters (1)                    Note 14                   48                (85)               11
CEO transition remuneration (2)                                                         -                 (9)              (22)
(Loss)/gain related to interest rate swaps                 Note 9 & 10               (103)              (111)               10
Loss on debt extinguishment                                  Note 9                  (185)                 -              (140)
Swiss tax reform net impacts                                 Note 16                    -                767                 -
U.S. tax reform discrete net tax impacts                     Note 16                    -                 (5)              (19)
Gain/(loss) on equity method                                 Note 7                   989                 (2)              778
  investment transactions (3)
Equity method investee items (4)                                                      (92)               (48)               32
Effective tax rate                                           Note 16                 36.2   %            0.1  %           27.2  %



(1)Includes impacts recorded in operating income and interest expense and other,
net.
(2)Please see the Non-GAAP Financial Measures section at the end of this item
for additional information.
(3)Gain/(loss) on equity method investment transactions is recorded outside
pre-tax operating results on the consolidated statement of earnings.
(4)Includes our proportionate share of significant operating and non-operating
items recorded by our JDE Peet's and KDP equity method investees, including
acquisition and divestiture-related costs and restructuring program costs.

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Consolidated Results of Operations

The following discussion compares our consolidated results of operations for 2020 with 2019 and 2019 with 2018.



2020 compared with 2019

                                                                 For the Years Ended
                                                                     December 31,
                                                               2020                  2019               $ change               % change
                                                                   (in millions, except per share data)
Net revenues                                            $        26,581          $   25,868          $       713                       2.8  %
Operating income                                                  3,853               3,843                   10                       0.3  %
Earnings from continuing operations                               3,569               3,944                 (375)                     (9.5) %

Net earnings attributable to


  Mondel?z International                                          3,555               3,929                 (374)                     (9.5) %

Diluted earnings per share attributable to


  Mondel?z International                                           2.47                2.69                (0.22)                     (8.2) %



Net Revenues - Net revenues increased $713 million (2.8%) to $26,581 million in
2020, and Organic Net Revenue increased $960 million (3.7%) to $26,773 million.
Developed markets net revenue increased 8.0% and developed markets Organic Net
Revenue increased 4.5%. Emerging markets net revenues decreased 6.0%, including
an unfavorable currency impact, and emerging markets Organic Net Revenue
increased 2.3%. The underlying changes in net revenues and Organic Net Revenue
are detailed below:
                                                          2020
Change in net revenues (by percentage point)
Total change in net revenues                              2.8   %

Add back the following items affecting comparability: Unfavorable currency

                                      2.4  pp
Impact of divestiture                                     0.2  pp
Impact of acquisitions                                   (1.7) pp
Total change in Organic Net Revenue (1)                   3.7   %
Higher net pricing                                        1.9  pp
Favorable volume/mix                                      1.8  pp

(1)Please see the Non-GAAP Financial Measures section at the end of this item.



Net revenues were higher in developed markets, particularly North America, where
due to the COVID-19 outbreak and response, demand for our products, primarily
biscuits and chocolate, grew significantly as consumers increased their food
purchases for in-home consumption. However, our gum and candy categories as well
as our world travel retail and foodservice businesses were negatively impacted
by COVID-19. In emerging markets, where we have a greater concentration of
traditional trade, several markets were challenged by COVID-19 impacts,
particularly those with significant gum and candy portfolios. Overall, as the
negative impacts of COVID-19 experienced in the first half of the year subsided
in the second half of the year, revenue growth began to recover in a number of
our key emerging markets, though overall emerging markets net revenues declined
due to unfavorable currency impacts.

Net revenue increase of 2.8% was driven by our underlying Organic Net Revenue
growth of 3.7% and the impact of acquisitions, mostly offset by unfavorable
currency and the impact of a prior-year divestiture. Organic Net Revenue growth
was driven by higher net pricing and favorable volume/mix. Higher net pricing in
all regions except Europe was due to the benefit of carryover pricing from 2019
as well as the effects of input cost-driven pricing actions taken during 2020.
Favorable volume/mix in North America and Europe, partially offset by
unfavorable volume/mix in Latin America and AMEA, included strong volume gains
tempered by unfavorable mix reflecting shifts in consumer purchases in response
to the COVID-19 outbreak. The April 1, 2020 acquisition of Give & Go added
incremental net revenues of $390 million and the July 16, 2019 acquisition of a
majority interest in Perfect Snacks added incremental net revenues of $55
million in 2020. Unfavorable currency impacts decreased net revenues by $637
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million, due primarily to the strength of the U.S. dollar relative to most
currencies, including the Brazilian real, Argentinean peso, Russian ruble,
Mexican peso, Indian rupee, South African rand and Turkish lira, partially
offset by the strength of several currencies relative to the U.S. dollar,
including the euro, Philippine peso, British pound sterling, Egyptian pound and
Swedish krona. The impact of the May 28, 2019 divestiture of most of our cheese
business in the Middle East and Africa resulted in a year-over-year decline in
net revenues of $55 million. Refer to Note 2, Acquisitions and Divestitures, for
more information.
                                       41

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Table of Contents Operating Income - Operating income increased $10 million (0.3%) to $3,853 million in 2020, Adjusted Operating Income increased $137 million (3.2%) to $4,401 million and Adjusted Operating Income on a constant currency basis increased $196 million (4.6%) to $4,460 million due to the following:


                                                                                    Operating
                                                                                     Income                  Change
                                                                                  (in millions)
Operating Income for the Year Ended December 31, 2019                           $        3,843
Simplify to Grow Program (2)                                                               442
Intangible asset impairment charges (3)                                                     57
Mark-to-market gains from derivatives (4)                                                  (91)

Acquisition-related costs (5)                                                                3
Divestiture-related costs (5)                                                                6
Operating income from divestiture (5)                                                       (9)
Net gain on divestiture (5)                                                                (44)

Remeasurement of net monetary position (6)                                                  (4)
Impact from pension participation changes (7)                                              (35)
Impact from resolution of tax matters (8)                                                   85
CEO transition remuneration (1)                                                              9
Swiss tax reform impact (9)                                                                  2

Adjusted Operating Income (1) for the Year Ended December 31, 2019

    $        4,264
Higher net pricing                                                                         495
Higher input costs                                                                        (394)
Favorable volume/mix                                                                       142
Higher selling, general and administrative expenses                                        (77)

VAT-related settlements                                                                     11

Impact from acquisitions (5)                                                                23
Other                                                                                       (4)

Total change in Adjusted Operating Income (constant currency) (1)

                196                     4.6  %
    Unfavorable currency translation                                                       (59)
Total change in Adjusted Operating Income (1)                                              137                     3.2  %

Adjusted Operating Income (1) for the Year Ended December 31, 2020

     $        4,401
Simplify to Grow Program (2)                                                              (360)
Intangible asset impairment charges (3)                                                   (144)
Mark-to-market gains from derivatives (4)                                                   16
Acquisition integration costs (5)                                                           (4)
Acquisition-related costs (5)                                                              (15)
Divestiture-related costs (5)                                                               (4)

Costs associated with JDE Peet's transaction (10)                                          (48)
Remeasurement of net monetary position (6)                                                  (9)

Impact from resolution of tax matters (8)                                                   20

Operating Income for the Year Ended December 31, 2020                           $        3,853                     0.3  %



(1)Refer to the Non-GAAP Financial Measures section at the end of this item.
(2)Refer to Note 8, Restructuring Program, for more information.
(3)Refer to Note 6, Goodwill and Intangible Assets, for more information on
intangible asset impairments.
(4)Refer to Note 10, Financial Instruments, Note 18, Segment Reporting, and
Non-GAAP Financial Measures section at the end of this item for more information
on the unrealized gains/losses on commodity and forecasted currency transaction
derivatives.
(5)Refer to Note 2, Acquisitions and Divestitures, for more information on the
April 1, 2020 acquisition of a significant majority interest in Give & Go, the
July 16, 2019 acquisition of a majority interest in Perfect Snacks and the
May 28, 2019 divestiture of most of our cheese business in the Middle East and
Africa.
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(6)Refer to Note 1, Summary of Significant Accounting Policies - Currency
Translation and Highly Inflationary Accounting, for information on our
application of highly inflationary accounting for Argentina.
(7)Refer to Note 11, Benefit Plans, for more information.
(8)Refer to Note 14, Commitments and Contingencies - Tax Matters, for more
information.
(9)Refer to Note 16, Income Taxes, for more information on Swiss tax reform.
(10)Refer to Note 7, Equity Method Investments, for more information on the JDE
Peet's transaction.

During 2020, we realized higher net pricing and favorable volume/mix, which was
largely offset by increased input costs. Higher net pricing, which included the
carryover impact of pricing actions taken in 2019 as well as the effects of
input cost-driven pricing actions taken during 2020, was reflected in all
regions except Europe. Favorable volume/mix was driven by North America and
Europe, which was partially offset by unfavorable volume/mix in Latin America
and AMEA. The increase in input costs was driven by higher raw material costs,
partially offset by lower manufacturing costs driven by productivity net of
incremental COVID-19 related costs. Higher raw material costs were in part due
to higher currency exchange transaction costs on imported materials, as well as
higher cocoa, dairy, sugar, energy, packaging, nuts, grains and other
ingredients costs, partially offset by lower costs for oils.

Total selling, general and administrative expenses decreased $38 million from
2019, due to a number of factors noted in the table above, including in part, a
favorable currency impact related to expenses, favorable change from the
resolution of tax matters (a benefit in 2020 as compared to an expense in 2019),
lower implementation costs incurred for the Simplify to Grow Program, lapping
prior-year value-added tax ("VAT") related settlements, lapping prior-year CEO
transition remuneration and lapping the prior-year divestiture. These decreases
were partially offset by the impact of acquisitions, costs associated with the
JDE Peet's transaction, lapping the benefit from prior-year pension
participation changes, unfavorable change in remeasurement of net monetary
position in Argentina (remeasurement loss in 2020 as compared to a remeasurement
gain in 2019) and higher acquisition-related costs. Excluding these factors,
selling, general and administrative expenses increased $77 million from 2019.
The increase was driven primarily by higher advertising and consumer promotion
costs, partially offset by lower overhead spending net of incremental COVID-19
related costs.

We recorded an expense of $11 million from a VAT-related settlement in Latin
America in 2019. Unfavorable currency changes decreased operating income by $59
million due primarily to the strength of the U.S. dollar relative to most
currencies, including the Brazilian real, Russian ruble, Indian rupee, Swiss
franc, South African rand and Turkish Lira, partially offset by the strength of
several currencies relative to the U.S. dollar, including the euro, Egyptian
pound, Philippine peso, British pound sterling and Swedish krona.

Operating income margin decreased from 14.9% in 2019 to 14.5% in 2020. The
decrease in operating income margin was driven primarily by the year-over-year
unfavorable change in mark-to-market gains/(losses) from currency and commodity
hedging activities, higher intangible asset impairment charges, costs associated
with the JDE Peet's transaction, lapping the prior-year gain on a divestiture
and lapping the benefit from prior-year pension participation changes, partially
offset by the favorable impact from the resolution of tax matters and lower
costs for the Simplify to Grow Program. Adjusted Operating Income margin
increased from 16.5% in 2019 to 16.6% in 2020. The increase in Adjusted
Operating Income margin was driven primarily by higher pricing, lower
manufacturing costs reflecting productivity net of incremental COVD-19 costs,
and selling, general and administrative cost leverage, mostly offset by higher
raw material costs.


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Net Earnings and Earnings per Share Attributable to Mondel?z International - Net
earnings attributable to Mondel?z International of $3,555 million decreased by
$374 million (9.5%) in 2020. Diluted EPS attributable to Mondel?z International
was $2.47 in 2020, down $0.22 (8.2%) from 2019. Adjusted EPS was $2.59 in 2020,
up $0.13 (5.3%) from 2019. Adjusted EPS on a constant currency basis was $2.62
in 2020, up $0.16 (6.5%) from 2019.
                                                                                          Diluted EPS

Diluted EPS Attributable to Mondel?z International for the Year Ended December 31, 2019 $ 2.69 Simplify to Grow Program (2)

                                                                     0.24
Intangible asset impairment charges (2)                                                          0.03
Mark-to-market gains from derivatives (2)                                                       (0.05)

Net earnings from divestitures (2) (3)                                                          (0.05)
Net gain on divestiture (2)                                                                     (0.03)

Impact from pension participation changes (2)                                                   (0.02)
Impact from resolution of tax matters (2)                                                        0.05
CEO transition remuneration (2)                                                                  0.01
Loss related to interest rate swaps (4)                                                          0.08

Swiss tax reform net impacts (5)                                                                (0.53)

Loss on equity method investment transaction (6)                                                 0.01
Equity method investee items (7)                                                                 0.03
Adjusted EPS (1) for the Year Ended December 31, 2019                                   $        2.46
Increase in operations                                                                           0.08
Decrease in equity method investment net earnings                                               (0.01)

VAT-related settlements                                                                          0.01

Impact from acquisitions (2)                                                                     0.01
Changes in benefit plan non-service income                                                       0.04

Changes in shares outstanding (8)                                                                0.03

Adjusted EPS (constant currency) (1) for the Year Ended December 31, 2020

             $        2.62
    Unfavorable currency translation                                                            (0.03)
Adjusted EPS (1) for the Year Ended December 31, 2020                                   $        2.59
Simplify to Grow Program (2)                                                                    (0.20)
Intangible asset impairment charges (2)                                                         (0.08)
Mark-to-market gains from derivatives (2)                                                        0.01

Acquisition-related costs (2)                                                                   (0.01)

Net earnings from divestitures (2) (3)                                                           0.02

Costs associated with JDE Peet's transaction (2)                                                (0.20)
Remeasurement of net monetary position (2)                                                      (0.01)
Impact from pension participation changes (2)                                                   (0.01)
Impact from resolution of tax matters (2)                                                        0.02

Loss related to interest rate swaps (4)                                                         (0.05)
Loss on debt extinguishment (9)                                                                 (0.10)

Gain on equity method investment transactions (6)                                                0.55
Equity method investee items (7)                                                                (0.06)

Diluted EPS Attributable to Mondel?z International for the Year Ended December 31, 2020 $ 2.47





(1)Refer to the Non-GAAP Financial Measures section appearing later in this
section.
(2)See the Operating Income table above and the related footnotes for more
information. Within earnings per share, taxes related to the JDE Peet's
transaction are included in costs associated with the JDE Peet's transaction.
(3)Divestitures include completed sales of businesses, partial or full sales of
equity method investments and exits of major product lines upon completion of a
sale or licensing agreement. As we record our share of KDP and JDE Peet's
ongoing earnings on a one-quarter lag basis, we reflected the impact of
prior-quarter sales of KDP and JDE Peet's shares within divested results as if
the sales occurred at the beginning of all periods presented.
(4)Refer to Note 10, Financial Instruments, for information on interest rate
swaps no longer designated as cash flow hedges.
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(5)Refer to Note 16, Income Taxes, for more information on the impacts of Swiss
and U.S. tax reform.
(6)Refer to Note 7, Equity Method Investments, for more information on gains and
losses on equity method investment transactions.
(7)Includes our proportionate share of significant operating and non-operating
items recorded by our JDE Peet's and KDP equity method investees, such as
acquisition and divestiture-related costs and restructuring program costs.
(8)Refer to Note 12, Stock Plans, for more information on our equity
compensation programs and share repurchase program and Note 17, Earnings per
Share, for earnings per share weighted-average share information.
(9)Refer to Note 9, Debt and Borrowing Arrangements, for more information on
losses on debt extinguishment.




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2019 compared with 2018

                                                               For the Years Ended
                                                                   December 31,
                                                             2019                  2018               $ change               % change
                                                                 (in millions, except per share data)
Net revenues                                          $        25,868          $   25,938          $       (70)                     (0.3) %
Operating income                                                3,843               3,312                  531                      16.0  %
Earnings from continuing operations                             3,944               3,331                  613                      18.4  %
Net earnings attributable to
Mondel?z International                                          3,929               3,317                  612                      18.5  %
Diluted earnings per share attributable to
Mondel?z International                                           2.69                2.23                 0.46                      20.6  %



Net Revenues - Net revenues decreased $70 million (0.3%) to $25,868 million in
2019, and Organic Net Revenue increased $1,067 million (4.1%) to $26,879
million. Emerging markets net revenues increased 0.2%, including an unfavorable
currency impact, and emerging markets Organic Net Revenue increased 7.7%. The
underlying changes in net revenues and Organic Net Revenue are detailed below:
                                                          2019
Change in net revenues (by percentage point)
Total change in net revenues                             (0.3)  %

Add back the following items affecting comparability: Unfavorable currency

                                      4.5  pp
Impact of divestiture                                     0.3  pp
Impact of acquisitions                                   (0.4) pp
Total change in Organic Net Revenue (1)                   4.1   %
Higher net pricing                                        2.2  pp
Favorable volume/mix                                      1.9  pp

(1)Please see the Non-GAAP Financial Measures section at the end of this item.



Net revenue decrease of 0.3% was driven by unfavorable currency and the impact
of a divestiture, partially offset by our underlying Organic Net Revenue growth
of 4.1% and the impact of acquisitions. Unfavorable currency impacts decreased
net revenues by $1,154 million, due primarily to the strength of the U.S. dollar
relative to most currencies, including the Argentinean peso, euro, Brazilian
real, British pound sterling, Australian dollar, Chinese yuan, Indian rupee,
Turkish lira and South African rand. The impact of the divestiture of most of
our cheese business in the Middle East and Africa on May 28, 2019 resulted in a
year-over-year decline in net revenues of $71 million. Our underlying Organic
Net Revenue growth was driven by higher net pricing and favorable volume/mix.
Net pricing was up, which includes the benefit of carryover pricing from 2018 as
well as the effects of input cost-driven pricing actions taken during 2019.
Higher net pricing was reflected in Latin America, North America and AMEA as net
pricing in Europe was flat. Favorable volume/mix was reflected in Europe and
AMEA, partially offset by unfavorable volume/mix in Latin America and North
America. The July 16, 2019 acquisition of a majority interest in Perfect Snacks
added net revenues of $53 million and the June 7, 2018 acquisition of Tate's
Bake Shop added incremental net revenues of $35 million in 2019. Refer to Note
2, Acquisitions and Divestitures, for more information.


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Operating Income - Operating income increased $531 million (16.0%) to
$3,843 million in 2019. Adjusted Operating Income decreased $38 million (0.9%)
to $4,264 million and Adjusted Operating Income on a constant currency basis
increased $189 million (4.4%) to $4,491 million due to the following:
                                                                                Operating
                                                                                 Income                   Change
                                                                              (in millions)
Operating Income for the Year Ended December 31, 2018                       $        3,312
Simplify to Grow Program (2)                                                           626
Intangible asset impairment charges (3)                                                 68
Mark-to-market gains from derivatives (4)

(141)


Acquisition integration costs (5)                                                        3
Acquisition-related costs (6)                                                           13
Divestiture-related costs (6)                                                           (1)
Operating income from divestiture (6)                                                  (19)
Remeasurement of net monetary position (7)                                              11

Impact from pension participation changes (8)                                          423
Impact from resolution of tax matters (9)                                              (15)
CEO transition remuneration (1)                                                         22

Adjusted Operating Income (1) for the Year Ended December 31, 2018          $        4,302
Higher net pricing                                                                     576
Higher input costs                                                                    (340)
Favorable volume/mix                                                                   140
Higher selling, general and administrative expenses                                   (173)

VAT-related settlement                                                                 (32)

Impact from acquisition (6)                                                              6
Other                                                                                   12

Total change in Adjusted Operating Income (constant currency) (1)

            189                       4.4  %
    Unfavorable currency translation

(227)


Total change in Adjusted Operating Income (1)                                          (38)                     (0.9) %

Adjusted Operating Income (1) for the Year Ended December 31, 2019 $ 4,264 Simplify to Grow Program (2)

(442)


Intangible asset impairment charges (3)                                                (57)
Mark-to-market gains from derivatives (4)                                               91

Acquisition-related costs (6)                                                           (3)
Divestiture-related costs (6)                                                           (6)
Operating income from divestiture (6)                                                    9
Net gain on divestiture (6)                                                             44
Remeasurement of net monetary position (7)                                               4
Impact from pension participation changes (8)                                           35
Impact from resolution of tax matters (9)                                              (85)
CEO transition remuneration (1)                                                         (9)
Swiss tax reform impact (10)                                                            (2)

Operating Income for the Year Ended December 31, 2019                       $        3,843                      16.0  %



(1)Refer to the Non-GAAP Financial Measures section at the end of this item.
(2)Refer to Note 8, Restructuring Program, for more information.
(3)Refer to Note 6, Goodwill and Intangible Assets, for more information on
intangible asset impairments.
(4)Refer to Note 10, Financial Instruments, Note 18, Segment Reporting, and
Non-GAAP Financial Measures section at the end of this item for more information
on the unrealized gains/losses on commodity and forecasted currency transaction
derivatives.
(5)Refer to our Annual Report on Form 10-K for the year ended December 31, 2018
for more information on the acquisition of a biscuit business in Vietnam.
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(6)Refer to Note 2, Acquisitions and Divestitures, for more information on the
July 16, 2019 acquisition of a majority interest in Perfect Snacks, the May 28,
2019 divestiture of most of our cheese business in the Middle East and Africa
and the June 7, 2018 acquisition of Tate's Bake Shop.
(7)Refer to Note 1, Summary of Significant Accounting Policies - Currency
Translation and Highly Inflationary Accounting, for information on our
application of highly inflationary accounting for Argentina.
(8)Refer to Note 11, Benefit Plans, for more information.
(9)Refer to Note 14, Commitments and Contingencies - Tax Matters, for more
information.
(10)Refer to Note 16, Income Taxes, for more information on Swiss tax reform.

During 2019, we realized higher net pricing, which was partially offset by
increased input costs. Higher net pricing, which included the carryover impact
of pricing actions taken in 2018 as well as the effects of input cost-driven
pricing actions taken during 2019, was reflected in Latin America, North America
and AMEA as net pricing in Europe was flat. The increase in input costs was
driven by higher raw material costs, partially offset by lower manufacturing
costs due to productivity efforts. Higher raw material costs were in part due to
higher currency exchange transaction costs on imported materials, as well as
higher packaging, energy, dairy, grains, cocoa and oils costs, partially offset
by lower costs for sugar and nuts. Favorable volume/mix was driven by Europe and
AMEA, which was partially offset by unfavorable volume/mix in Latin America and
North America.

Total selling, general and administrative expenses decreased $339 million from
2018, due to a number of factors noted in the table above, including in part,
the lapping of the prior-year impact from pension participation changes,
favorable currency impact, the benefit from current-year pension participation
changes, favorable change in remeasurement of net monetary position in Argentina
(remeasurement gain in 2019 as compared to a remeasurement loss in 2018), the
lapping of a prior-year expense from the resolution of a tax matter, lower CEO
transition remuneration and lower acquisition-related costs. These decreases
were partially offset by the expenses from the resolution of tax matters in
2019, higher implementation costs incurred for the Simplify to Grow program, the
impact of acquisitions, the lapping of a benefit from a prior-year VAT-related
settlement, a VAT cost settlement in 2019 and higher divestiture-related costs.
Excluding these factors, selling, general and administrative expenses increased
$173 million from 2018. The increase was driven primarily by higher overheads
reflecting route-to-market investments and higher advertising and consumer
promotion costs.

We recorded an expense of $11 million from a VAT-related settlement in Latin
America in 2019 and a benefit of $21 million from a VAT-related settlement in
Latin America in 2018. Unfavorable currency changes decreased operating income
by $227 million due primarily to the strength of the U.S. dollar relative to
most currencies, including the euro, Argentinean peso, British pound sterling,
Brazilian real, Australian dollar, Chinese yuan and Indian rupee.

Operating income margin increased from 12.8% in 2018 to 14.9% in 2019. The
increase in operating income margin was driven primarily by the lapping of the
prior-year impact from pension participation changes, lower Simplify to Grow
Program costs, a gain on divestiture, the benefit from current-year pension
participation changes, the lapping of a prior-year expense from the resolution
of a tax matter and lower CEO transition remuneration, partially offset by the
expenses from the resolution of tax matters in 2019 and the year-over-year
unfavorable change in mark-to-market gains/(losses) from currency and commodity
hedging activities. Adjusted Operating Income margin decreased from 16.7% in
2018 to 16.5% in 2019. The decrease in Adjusted Operating Income margin was
driven primarily by higher raw material costs, mostly offset by higher pricing
and lower manufacturing costs.



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Net Earnings and Earnings per Share Attributable to Mondel?z International - Net
earnings attributable to Mondel?z International of $3,929 million increased by
$612 million (18.5%) in 2019. Diluted EPS attributable to Mondel?z International
was $2.69 in 2019, up $0.46 (20.6%) from 2018. Adjusted EPS was $2.46 in 2019,
up $0.10 (4.2%) from 2018. Adjusted EPS on a constant currency basis was $2.62
in 2019, up $0.26 (11.0%) from 2018.
                                                                                          Diluted EPS

Diluted EPS Attributable to Mondel?z International for the Year Ended December 31, 2018 $ 2.23 Simplify to Grow Program (2)

                                                                     0.32
Intangible asset impairment charges (2)                                                          0.03
Mark-to-market gains from derivatives (2)                                                       (0.09)

Acquisition-related costs (2)                                                                    0.01

Net earnings from divestitures (2) (3)                                                          (0.04)

Remeasurement of net monetary position (2)                                                       0.01
Impact from pension participation changes (2)                                                    0.22
Impact from resolution of tax matters (2)                                                       (0.01)
CEO transition remuneration (2)                                                                  0.01

Gain related to interest rate swaps (4)                                                         (0.01)
Loss on debt extinguishment (5)                                                                  0.07
U.S. tax reform discrete net tax expense (6)                                                     0.01
Gain on equity method investment transaction (7)                                                (0.39)
Equity method investee items (8)                                                                (0.01)
Adjusted EPS (1) for the Year Ended December 31, 2018                                   $        2.36
Increase in operations                                                                           0.11
Increase in equity method investment net earnings                                                0.08

VAT-related settlements                                                                         (0.01)

Changes in interest and other expense, net (9)                                                   0.02
Changes in income taxes (10)                                                                     0.01
Changes in shares outstanding (11)                                                               0.05

Adjusted EPS (constant currency) (1) for the Year Ended December 31, 2019

             $        2.62
    Unfavorable currency translation                                                            (0.16)
Adjusted EPS (1) for the Year Ended December 31, 2019                                   $        2.46
Simplify to Grow Program (2)                                                                    (0.24)
Intangible asset impairment charges (2)                                                         (0.03)
Mark-to-market gains from derivatives (2)                                                        0.05

Net earnings from divestitures (2) (3)                                                           0.05
Net gain on divestiture (2)                                                                      0.03

Impact from pension participation changes (2)                                                    0.02
Impact from resolution of tax matters (2)                                                       (0.05)
CEO transition remuneration (2)                                                                 (0.01)
Loss related to interest rate swaps (4)                                                         (0.08)

Swiss tax reform net impacts (6)                                                                 0.53

Loss on equity method investment transactions (7)                                               (0.01)
Equity method investee items (8)                                                                (0.03)

Diluted EPS Attributable to Mondel?z International for the Year Ended December 31, 2019 $ 2.69





(1)Refer to the Non-GAAP Financial Measures section appearing later in this
section.
(2)See the Operating Income table above and the related footnotes for more
information.
(3)Divestitures include completed sales of businesses, partial or full sales of
equity method investments and exits of major product lines upon completion of a
sale or licensing agreement. As we record our share of KDP and JDE Peet's
ongoing earnings on a one-quarter lag basis, we reflected the impact of
prior-quarter sales of KDP and JDE Peet's shares within divested results as if
the sales occurred at the beginning of all periods presented.
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(4)Refer to Note 10, Financial Instruments, for information on interest rate
swaps no longer designated as cash flow hedges.
(5)Refer to Note 9, Debt and Borrowing Arrangements, for more information on
losses on debt extinguishment.
(6)Refer to Note 16, Income Taxes, for more information on the impacts of U.S.
and Swiss tax reform.
(7)Refer to Note 7, Equity Method Investments, for more information on gains and
losses on equity method investment transactions.
(8)Includes our proportionate share of significant operating and non-operating
items recorded by our JDE Peet's and KDP equity method investees, such as
acquisition and divestiture-related costs and restructuring program costs.
(9)Excludes the currency impact on interest expense related to our non-U.S.
dollar-denominated debt which is included in currency translation.
(10)Refer to Note 16, Income Taxes, for more information on the items affecting
income taxes.
(11)Refer to Note 12, Stock Plans, for more information on our equity
compensation programs and share repurchase program and Note 17, Earnings per
Share, for earnings per share weighted-average share information.


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Results of Operations by Operating Segment

Our operations and management structure are organized into four operating
segments:
•Latin America
•AMEA
•Europe
•North America

We manage our operations by region to leverage regional operating scale, manage
different and changing business environments more effectively and pursue growth
opportunities as they arise across our key markets. Our regional management
teams have responsibility for the business, product categories and financial
results in the regions.

We use segment operating income to evaluate segment performance and allocate
resources. We believe it is appropriate to disclose this measure to help
investors analyze segment performance and trends. See Note 18, Segment
Reporting, for additional information on our segments and Items Affecting
Comparability of Financial Results earlier in this section for items affecting
our segment operating results.

Our segment net revenues and earnings were:



                         For the Years Ended December 31,
                         2020                2019          2018
                                  (in millions)
Net revenues:
Latin America   $      2,477              $  3,018      $  3,202
AMEA                   5,740                 5,770         5,729
Europe                10,207                 9,972        10,122
North America          8,157                 7,108         6,885
Net revenues    $     26,581              $ 25,868      $ 25,938



                                                                        For the Years Ended December 31,
                                                                 2020                  2019                 2018
                                                                                  (in millions)
Earnings before income taxes:
Operating income:
Latin America                                               $        189          $       341          $       410
AMEA                                                                 821                  691                  702
Europe                                                             1,775                1,732                1,734
North America                                                      1,587                1,451                  849
Unrealized gains/(losses) on hedging activities
(mark-to-market impacts)                                              16                   91                  141
General corporate expenses                                          (326)                (330)                (335)
Amortization of intangible assets                                   (194)                (174)                (176)
Net gain on divestiture                                                -                   44                    -
Acquisition-related costs                                            (15)                  (3)                 (13)
Operating income                                                   3,853                3,843                3,312
Benefit plan non-service income                                      138                   60                   50
Interest and other expense, net                                     (608)                (456)                (520)
Earnings before income taxes                                $      3,383          $     3,447          $     2,842




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Latin America

                                 For the Years Ended
                                    December 31,
                                  2020             2019        $ change       % change
                                           (in millions)
Net revenues               $     2,477           $ 3,018      $    (541)       (17.9) %
Segment operating income           189               341           (152)       (44.6) %
                                 For the Years Ended
                                    December 31,
                                  2019             2018        $ change       % change
                                           (in millions)
Net revenues               $     3,018           $ 3,202      $    (184)        (5.7) %
Segment operating income           341               410            (69)       (16.8) %



2020 compared with 2019:

Net revenues decreased $541 million (17.9%), due to unfavorable currency (18.1
pp) and unfavorable volume/mix (7.5 pp), partially offset by higher net pricing
(7.7 pp). Unfavorable currency impacts were due primarily to the strength of the
U.S. dollar relative to most currencies in the region including the Brazilian
real, Argentinean peso and Mexican peso. Unfavorable volume/mix was due to the
negative volume impact from the COVID-19 outbreak as well as the impact of
pricing-related elasticity. Unfavorable volume/mix was driven by declines in gum
and candy, partially offset by gains in cheese & grocery, chocolate, refreshment
beverages and biscuits. Higher net pricing was reflected across all categories,
driven primarily by Argentina, Brazil and Mexico.

Segment operating income decreased $152 million (44.6%), primarily due to higher
raw material costs, unfavorable volume/mix, unfavorable currency, higher other
selling, general and administrative expenses (net of lapping the expense of
VAT-related settlements in 2019) and an unfavorable change in remeasurement of
net monetary position in Argentina (remeasurement loss in 2020 as compared to a
remeasurement gain in 2019). These unfavorable items were partially offset by
higher net pricing, lower manufacturing costs (net of incremental COVID-19
related costs), lower costs incurred for the Simplify to Grow Program and higher
benefits from the resolution of a tax matters.

2019 compared with 2018:



Net revenues decreased $184 million (5.7%), due to unfavorable currency (13.5
pp) and unfavorable volume/mix (2.1 pp), partially offset by higher net pricing
(9.9 pp). Unfavorable currency impacts were due primarily to the strength of the
U.S. dollar relative to most currencies in the region including the Argentinean
peso and Brazilian real. Unfavorable volume/mix was due to the impact of
pricing-related elasticity, and was driven by declines in refreshment beverages,
candy, cheese & grocery and chocolate, partially offset by gains in biscuits and
gum. Higher net pricing was reflected across all categories, driven primarily by
Argentina, Brazil and Mexico.

Segment operating income decreased $69 million (16.8%), primarily due to higher
raw material costs, unfavorable currency, unfavorable volume/mix, the lapping of
the 2018 benefit from the resolution of a Brazilian indirect tax matter of $26
million, higher manufacturing costs and higher other selling, general and
administrative expenses (including lapping the benefit from a VAT-related
settlement in 2018 and the expense of a VAT-related settlement in 2019). These
unfavorable items were partially offset by higher net pricing, lower costs
incurred for the Simplify to Grow Program, favorable change in remeasurement of
net monetary position in Argentina (remeasurement gain in 2019 as compared to a
remeasurement loss in 2018) and lower advertising and consumer promotion costs.


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AMEA

                                 For the Years Ended
                                    December 31,
                                  2020             2019        $ change       % change
                                           (in millions)
Net revenues               $     5,740           $ 5,770      $     (30)        (0.5) %
Segment operating income           821               691            130         18.8  %
                                 For the Years Ended
                                    December 31,
                                  2019             2018        $ change       % change
                                           (in millions)
Net revenues               $     5,770           $ 5,729      $      41          0.7  %
Segment operating income           691               702            (11)        (1.6) %



2020 compared with 2019:

Net revenues decreased $30 million (0.5%), due to unfavorable currency (1.3 pp),
the impact of a divestiture (0.9 pp) and unfavorable volume/mix (0.6 pp),
partially offset by higher net pricing (2.3 pp). Unfavorable currency impacts
were due to the strength of the U.S. dollar relative to several currencies in
the region, including the Indian rupee, South African rand, Australian dollar
and Pakistan rupee, partially offset by the strength of several currencies
relative to the U.S. dollar, including the Philippine peso, Egyptian pound,
Japanese yen and Chinese yuan. The May 28, 2019 divestiture of most of our
cheese business in the Middle East and Africa resulted in a year-over-year
decline in net revenues of $55 million. Unfavorable volume/mix was due to
unfavorable product mix as overall higher volume was tempered by the negative
volume impact from COVID-19 related lockdowns impacting our traditional trade
markets. Unfavorable volume/mix was driven by declines in gum, chocolate, candy
and refreshment beverages, partially offset by gains in biscuits and cheese &
grocery. Higher net pricing was driven by chocolate, biscuits, refreshment
beverages and cheese & grocery, partially offset by lower net pricing in candy
and gum.

Segment operating income increased $130 million (18.8%), primarily due to higher
net pricing, lapping prior-year expenses from the resolution of tax matters in
India totaling $87 million, lower manufacturing costs (net of incremental
COVID-19 related costs), lower other selling, general and administrative
expenses, lower intangible asset impairment charges and lower costs incurred for
the Simplify to Grow Program. These favorable items were partially offset by
higher raw material costs, unfavorable volume/mix, unfavorable currency and the
impact of the prior-year divestiture.

2019 compared with 2018:



Net revenues increased $41 million (0.7%), due to favorable volume/mix (3.6 pp)
and higher net pricing (1.7 pp), mostly offset by unfavorable currency (3.3 pp)
and the impact of a divestiture (1.3 pp). Favorable volume/mix was driven by
gains across all categories except refreshment beverages and candy. Higher net
pricing was reflected across all categories. Unfavorable currency impacts were
due to the strength of the U.S. dollar relative to several currencies in the
region, including the Australian dollar, Chinese yuan, Indian rupee and South
African rand. The divestiture of most of our cheese business in the Middle East
and Africa on May 28, 2019, resulted in a year-over-year decline in net revenues
of $71 million.

Segment operating income decreased $11 million (1.6%), primarily due to higher
raw material costs, expenses from the resolution of tax matters in India
totaling $87 million, higher advertising and consumer promotion costs,
unfavorable currency, higher other selling, general and administrative expenses,
the impact of the divestiture and higher intangible asset impairment charges.
These unfavorable items were partially offset by lower manufacturing costs,
higher net pricing, lower costs incurred for the Simplify to Grow Program and
favorable volume/mix.
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Europe

                               For the Years Ended
                                  December 31,
                               2020            2019        $ change       % change
                                         (in millions)
Net revenues               $    10,207      $  9,972      $     235          2.4  %
Segment operating income         1,775         1,732             43          2.5  %
                               For the Years Ended
                                  December 31,
                               2019            2018        $ change       % change
                                         (in millions)
Net revenues               $     9,972      $ 10,122      $    (150)        (1.5) %
Segment operating income         1,732         1,734             (2)        (0.1) %



2020 compared with 2019:

Net revenues increased $235 million (2.4%), due to favorable volume/mix (2.8
pp), partially offset by lower net pricing (0.3 pp) and unfavorable currency
(0.1 pp). Favorable volume/mix due to overall higher volume was tempered by the
net impact from the COVID-19 outbreak, as overall increased food purchases for
in-home consumption were partially offset by a negative volume impact on our
world travel retail and foodservice businesses due to lockdowns and other
restrictions. Favorable volume/mix was driven by gains in chocolate, cheese &
grocery, biscuits and refreshment beverages, partially offset by declines in
candy and gum. Lower net pricing was driven by biscuits and chocolate, partially
offset by higher net pricing in cheese & grocery, candy, gum and refreshment
beverages. Unfavorable currency impacts reflected the strength of the U.S.
dollar relative to several currencies in the region, including the Russian
ruble, Turkish lira, Norwegian krone and Ukrainian hryvnya mostly offset by the
strength of several currencies in the region relative to the U.S. dollar,
primarily the euro, British pound sterling, Swedish krona and Swiss franc.

Segment operating income increased $43 million (2.5%), primarily due to favorable volume/mix, lower costs incurred for the Simplify to Grow Program and lower advertising and consumer promotion costs. These favorable items were partially offset by higher raw material costs, lower net pricing, higher intangible asset impairment charges, higher other selling, general and administrative expenses and unfavorable currency.

2019 compared with 2018:



Net revenues decreased $150 million (1.5%), due to unfavorable currency (5.2
pp), partially offset by favorable volume/mix (3.7 pp), as net pricing was flat.
Unfavorable currency impacts reflected the strength of the U.S. dollar relative
to most currencies in the region, primarily the euro, British pound sterling,
Turkish lira and Swedish krona. Favorable volume/mix was driven by gains across
all categories except gum. Net pricing was flat as higher net pricing in gum and
candy was offset by lower net pricing in all other categories.

Segment operating income decreased $2 million (0.1%), primarily due to unfavorable currency, higher raw material costs and higher advertising and consumer promotion costs. These unfavorable items were mostly offset by favorable volume/mix, lower manufacturing costs and lower intangible asset impairment charges.


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North America

                                 For the Years Ended
                                    December 31,
                                  2020             2019        $ change      % change
                                           (in millions)
Net revenues               $     8,157           $ 7,108      $  1,049         14.8  %
Segment operating income         1,587             1,451           136          9.4  %
                                 For the Years Ended
                                    December 31,
                                  2019             2018        $ change      % change
                                           (in millions)
Net revenues               $     7,108           $ 6,885      $    223          3.2  %
Segment operating income         1,451               849           602         70.9  %



2020 compared with 2019:

Net revenues increased $1,049 million (14.8%), due to favorable volume/mix (6.3
pp), the impact of acquisitions (6.3 pp) and higher net pricing (2.3 pp),
partially offset by unfavorable currency (0.1 pp). Favorable volume/mix, in part
due to the positive volume impact from COVID-19 as consumers increased their
food purchases for in-home consumption, was driven by gains in biscuits,
partially offset by declines in gum, chocolate and candy. The April 1, 2020
acquisition of Give & Go added incremental net revenues of $390 million and the
July 16, 2019 acquisition of a majority interest in Perfect Snacks added net
revenues of $55 million in 2020. Higher net pricing was driven by biscuits,
chocolate and candy, partially offset by lower net pricing in gum. Unfavorable
currency impact was due to the strength of the U.S. dollar relative to the
Canadian dollar.

Segment operating income increased $136 million (9.4%), primarily due to
favorable volume/mix, higher net pricing and the impact of acquisitions. These
favorable items were partially offset by higher advertising and consumer
promotion costs, intangible asset impairment charges, higher other selling,
general and administrative expenses (including incremental COVID-19 related
costs), higher raw material costs, lapping the benefit from prior-year pension
participation changes and higher costs incurred for the Simplify to Grow
Program.

2019 compared with 2018:



Net revenues increased $223 million (3.2%), due to higher net pricing (2.3 pp)
and the impact of acquisitions (1.3 pp), partially offset by unfavorable
currency (0.3 pp) and unfavorable volume/mix (0.1 pp). Higher net pricing was
reflected across all categories except chocolate. The July 16, 2019 acquisition
of a majority interest in Perfect Snacks added net revenues of $53 million and
the June 7, 2018 acquisition of Tate's Bake Shop added incremental net revenues
of $35 million in 2019. Unfavorable currency impact was due to the strength of
the U.S. dollar relative to the Canadian dollar. Unfavorable volume/mix was
driven by declines in gum, chocolate and candy, mostly offset by favorable
volume/mix in biscuits.

Segment operating income increased $602 million (70.9%), primarily due to
lapping prior-year pension participation changes, higher net pricing, lower
manufacturing costs, lower costs incurred for the Simplify to Grow Program,
benefit from current-year pension participation changes, lapping prior-year
intangible asset impairment charges and the impact from the acquisitions of
Perfect Snacks and Tate's Bake Shop. These favorable items were partially offset
by higher raw material costs, higher other selling, general and administrative
expenses and unfavorable volume/mix.

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Critical Accounting Estimates

We prepare our consolidated financial statements in conformity with U.S. GAAP.
The preparation of these financial statements requires the use of estimates,
judgments and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the periods presented. Actual results could differ
from those estimates and assumptions. Note 1, Summary of Significant Accounting
Policies, to the consolidated financial statements includes a summary of the
significant accounting policies we used to prepare our consolidated financial
statements. We have discussed the selection and disclosure of our critical
accounting policies and estimates with our Audit Committee. The following is a
review of our most significant assumptions and estimates.

Goodwill and Indefinite-Life Intangible Assets:
We test goodwill and indefinite-life intangible assets for impairment on an
annual basis on July 1. We assess goodwill impairment risk throughout the year
by performing a qualitative review of entity-specific, industry, market and
general economic factors affecting our goodwill reporting units. We review our
operating segment and reporting unit structure for goodwill testing annually or
as significant changes in the organization occur. Annually, we may perform
qualitative testing, or depending on factors such as prior-year test results,
current year developments, current risk evaluations and other practical
considerations, we may elect to do quantitative testing instead. In our
quantitative testing, we compare a reporting unit's estimated fair value with
its carrying value. We estimate a reporting unit's fair value using a discounted
cash flow method which incorporates planned growth rates, market-based discount
rates and estimates of residual value. This year, for our Europe and North
America reporting units, we used a market-based, weighted-average cost of
capital of 6.1% to discount the projected cash flows of those operations. For
our Latin America and AMEA reporting units, we used a risk-rated discount rate
of 9.1%. Estimating the fair value of individual reporting units requires us to
make assumptions and estimates regarding our future plans and industry and
economic conditions based on available information. Given the uncertainty of the
global economic environment and the impact of COVID-19, those estimates could be
significantly different than future performance. If the carrying value of a
reporting unit's net assets exceeds its fair value, we would recognize an
impairment charge for the amount by which the carrying value exceeds the
reporting unit fair value.

In 2020, 2019 and 2018, there were no impairments of goodwill. In connection
with our 2020 annual impairment testing, each of our reporting units had
sufficient fair value in excess of carrying value. While all reporting units
passed our annual impairment testing, if planned business performance
expectations are not met or specific valuation factors outside of our control,
such as discount rates, change significantly, then the estimated fair values of
a reporting unit or reporting units might decline and lead to a goodwill
impairment in the future.

Annually, we assess indefinite-life intangible assets for impairment by
performing a qualitative review and assessing events and circumstances that
could affect the fair value or carrying value of these assets. If significant
potential impairment risk exists for a specific asset, we quantitatively test it
for impairment by comparing its estimated fair value with its carrying value. We
determine estimated fair value using planned growth rates, market-based discount
rates and estimates of royalty rates. If the carrying value of the asset exceeds
its estimated fair value, the asset is impaired and its carrying value is
reduced to the estimated fair value.

During 2020, we recorded $144 million of intangible asset impairment charges
related to eight brands. We recorded charges related to gum, chocolate, biscuits
and candy brands of $83 million in North America, $53 million in Europe, $5
million in AMEA and $3 million in Latin America. The impairment charges were
calculated as the excess of the carrying value over the estimated fair value of
the intangible assets on a global basis and were recorded within asset
impairment and exit costs. We use several accepted valuation methods, including
relief of royalty, excess earnings and excess margin, that utilize estimates of
future sales, earnings growth rates, royalty rates and discount rates in
determining a brand's global fair value. We also identified nine brands,
including the eight impaired brands, with $753 million of aggregate book value
as of December 31, 2020 that each had a fair value in excess of book value of
10% or less. We continue to monitor our brand performance, particularly in light
of the significant uncertainty due to the COVID-19 pandemic and related impacts
to our business. If the brand earnings expectations are not met or specific
valuation factors outside of our control, such as discount rates, change
significantly, then a brand or brands could become impaired in the future. In
2019, we recorded charges related to gum, chocolate, biscuits and candy brands
of $39 million in Europe, $15 million in AMEA and $3 million in Latin America.
In 2018, we recorded charges related to gum, chocolate, biscuits and candy
brands of $45 million in Europe, $14 million in North America and $9 million in
AMEA.

Refer to Note 6, Goodwill and Intangible Assets, for additional information.


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Trade and marketing programs:
We promote our products with trade and sales incentives as well as marketing and
advertising programs. These programs include, but are not limited to, new
product introduction fees, discounts, coupons, rebates and volume-based
incentives as well as cooperative advertising, in-store displays and consumer
marketing promotions. Trade and sales incentives are recorded as a reduction to
revenues based on amounts estimated due to customers and consumers at the end of
a period. We base these estimates principally on historical utilization and
redemption rates. For interim reporting purposes, advertising and consumer
promotion expenses are charged to operations as a percentage of volume, based on
estimated sales volume and estimated program spending. We do not defer costs on
our year-end consolidated balance sheet and all marketing and advertising costs
are recorded as an expense in the year incurred.

Employee Benefit Plans:
We sponsor various employee benefit plans throughout the world. These include
primarily pension plans and postretirement healthcare benefits. For accounting
purposes, we estimate the pension and postretirement healthcare benefit
obligations utilizing assumptions and estimates for discount rates; expected
returns on plan assets; expected compensation increases; employee-related
factors such as turnover, retirement age and mortality; and health care cost
trends. We review our actuarial assumptions on an annual basis and make
modifications to the assumptions based on current rates and trends when
appropriate. Our assumptions also reflect our historical experiences and
management's best judgment regarding future expectations. These and other
assumptions affect the annual expense and obligations recognized for the
underlying plans.

As permitted by U.S. GAAP, we generally amortize the effect of changes in the
assumptions over future periods. The cost or benefit of plan changes, such as
increasing or decreasing benefits for prior employee service (prior service
cost), is deferred and included in expense on a straight-line basis over the
average remaining service period of the employees expected to receive benefits.

Since pension and postretirement liabilities are measured on a discounted basis,
the discount rate significantly affects our plan obligations and expenses. For
plans that have assets held in trust, the expected return on plan assets
assumption affects our pension plan expenses. The assumptions for discount rates
and expected rates of return and our process for setting these assumptions are
described in Note 11, Benefit Plans, to the consolidated financial statements.

While we do not anticipate further changes in the 2020 assumptions for our U.S.
and non-U.S. pension and postretirement health care plans, as a sensitivity
measure, a fifty-basis point change in our discount rates or the expected rate
of return on plan assets would have the following effects, increase/(decrease),
on our annual benefit plan costs:
                                                                           As of December 31, 2020
                                                               U.S. Plans                            Non-U.S. Plans
                                                           Fifty-Basis-Point                       Fifty-Basis-Point
                                                        Increase             Decrease            Increase           Decrease
                                                                                (in millions)
Effect of change in discount rate on
pension costs                                    $        (2)               $       2      $      (35)             $     68
Effect of change in expected rate of return on
plan assets on pension costs                              (8)                       8             (54)                   54
Effect of change in discount rate on
postretirement health care costs                          (3)                       3               -                     -



In accordance with obligations we have under collective bargaining agreements,
we participate in multiemployer pension plans. In 2017, the only individually
significant multiemployer plan we contributed to was the Bakery and
Confectionery Union and Industry International Pension Fund. Our obligation to
contribute to the Fund arose with respect to 8 collective bargaining agreements
covering most of our employees represented by the Bakery, Confectionery, Tobacco
and Grain Millers Union. All of those collective bargaining agreements expired
in 2016. In 2018, we executed a complete withdrawal from the Fund and recorded a
$429 million estimated withdrawal liability. On July 11, 2019, we received an
undiscounted withdrawal liability assessment from the Fund totaling $526 million
requiring pro-rata monthly payments over 20 years and we recorded a $35 million
final adjustment to reduce our
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See additional information on our employee benefit plans in Note 11, Benefit Plans.



Income Taxes:
As a global company, we calculate and provide for income taxes in each tax
jurisdiction in which we operate. The provision for income taxes includes the
amounts payable or refundable for the current year, the effect of deferred taxes
and impacts from uncertain tax positions. Our provision for income taxes is
significantly affected by shifts in the geographic mix of our pre-tax earnings
across tax jurisdictions, changes in tax laws and regulations, tax planning
opportunities available in each tax jurisdiction and the ultimate outcome of
various tax audits.

Deferred tax assets and liabilities are recognized for the expected future tax
consequences of temporary differences between the financial statement and tax
bases of our assets and liabilities and for operating losses and tax credit
carryforwards. Deferred tax assets and liabilities are measured using enacted
tax rates that will apply to taxable income in the years in which those
differences are expected to be recovered or settled. Valuation allowances are
established for deferred tax assets when it is more likely than not that a tax
benefit will not be realized.

We believe our tax positions comply with applicable tax laws and that we have
properly accounted for uncertain tax positions. We recognize tax benefits in our
financial statements from uncertain tax positions only if it is more likely than
not that the tax position will be sustained by the taxing authorities based on
the technical merits of the position. The amount we recognize is measured as the
largest amount of benefit that is greater than 50 percent likely of being
realized upon resolution. We evaluate uncertain tax positions on an ongoing
basis and adjust the amount recognized in light of changing facts and
circumstances, such as the progress of a tax audit or expiration of a statute of
limitations. We believe the estimates and assumptions used to support our
evaluation of uncertain tax positions are reasonable. However, final
determination of historical tax liabilities, whether by settlement with tax
authorities, judicial or administrative ruling or due to expiration of statutes
of limitations, could be materially different from estimates reflected on our
consolidated balance sheet and historical income tax provisions. The outcome of
these final determinations could have a material effect on our provision for
income taxes, net earnings or cash flows in the period in which the
determination is made.

See Note 16, Income Taxes, for further discussion of the impacts from Swiss and
U.S. tax reform in our financial statements, as well as additional information
on our effective tax rate, current and deferred taxes, valuation allowances and
unrecognized tax benefits.

Contingencies:

See Note 14, Commitments and Contingencies, to the consolidated financial statements.

New Accounting Guidance: See Note 1, Summary of Significant Accounting Policies, to the consolidated financial statements for a discussion of new accounting standards.


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Liquidity and Capital Resources

We believe that cash from operations, our revolving credit facilities,
short-term borrowings and our authorized long-term financing will continue to
provide sufficient liquidity for our working capital needs, planned capital
expenditures and future payments of our contractual, tax and benefit plan
obligations and payments for acquisitions, share repurchases and quarterly
dividends. In light of the current uncertainty in the global markets related to
the COVID-19 pandemic, however, an economic or credit crisis could occur and
impair credit availability and our ability to raise capital when needed. A
disruption in the financial markets could also impair our banking and other
business partners, on whom we rely for access to capital and as counterparties
for a number of our derivative contracts. Any of these and other developments
could materially harm our access to capital or financial condition. As a
precautionary measure and to preserve financial flexibility, we temporarily
increased our credit facility borrowing capacity in 2020. In the third quarter
of 2020, we completed the retirement of this incremental short-term borrowing
capacity and have returned our credit facility available capacity to
pre-COVID-19 levels. Refer to Note 9, Debt and Borrowing Arrangements, for
additional details. In connection with COVID-19 and various legislatively
authorized tax payment deferral mechanisms available for income tax, indirect
tax (such as value-added tax) and payroll tax in a number of jurisdictions, we
were able to defer certain of these tax payments, which provided a cash benefit
that reverses when the payments come due. Some of these payments were made in
the fourth quarter of 2020; the remainder will come due in 2021 and 2022. The
benefits associated with the deferral of these payments were not material. We
expect to continue to utilize our commercial paper program and international
credit lines as needed, and we secured and continue to evaluate long-term debt
issuances to meet our short- and longer-term funding requirements. We also use
intercompany loans with our international subsidiaries to improve financial
flexibility. Overall, we do not expect any negative effects to our funding
sources that would have a material effect on our liquidity; however, if a
serious economic or credit market crisis ensues, it could have a material
adverse effect on our liquidity, results of operations and financial condition.

Net Cash Provided by Operating Activities:
Operating activities provided net cash of $3,964 million in 2020, $3,965 million
in 2019 and $3,948 million in 2018. Net cash provided by operating activities
was largely flat in 2020 relative to 2019 as higher cash tax payments in 2020
(primarily related to sales of KDP and JDE Peet's shares and the resolution of
several indirect tax matters under a tax amnesty program in India) and the
payment of costs associated with the JDE Peet's transaction in 2020 were largely
offset by working capital improvements. The increase in net cash provided by
operating activities in 2019 relative to 2018 was due primarily to higher
earnings, increased distributions from equity method investments and lower
pension contributions, partially offset by increased working capital
requirements including higher tax payments.

Net Cash Provided by/Used in Investing Activities:
Net cash provided by investing activities was $500 million in 2020, compared to
net cash used in investing activities of $960 million in 2019 and $1,224 million
in 2018. The increase in net cash provided by investing activities in 2020
relative to 2019 was primarily due to cash received from the sale of shares in
the JDE Peet's and KDP offerings and lower capital expenditures, partially
offset by cash paid to acquire a majority interest in Give & Go. The decrease in
net cash used in investing activities in 2019 relative to 2018 was primarily due
to less cash expended for acquisitions in 2019 than in 2018, lower capital
expenditures and the 2019 cash proceeds from the divestiture of primarily our
cheese business in the Middle East and Africa, partially offset by lower cash
received as a result of the settlement and replacement of several net investment
hedge derivative contracts and cash paid to settle our forward-starting interest
rate swaps.

Capital expenditures were $863 million in 2020, $925 million in 2019 and $1,095
million in 2018. We continue to make capital expenditures primarily to modernize
manufacturing facilities and support new product and productivity initiatives.
We expect 2021 capital expenditures to be up to $1.0 billion, including capital
expenditures in connection with our Simplify to Grow Program. We expect to
continue to fund these expenditures with cash from operations.

Net Cash Used in Financing Activities:
Net cash used in financing activities was $2,215 million in 2020, $2,787 million
in 2019 and $2,329 million in 2018. The decrease in net cash used in financing
activities in 2020 relative to 2019 was primarily due to higher net debt
issuances and lower share repurchases, partially offset by higher dividends paid
and lower proceeds from stock option exercises in 2020. The increase in net cash
used in financing activities in 2019 relative to 2018 was primarily due to lower
net debt issuances and higher dividends paid in 2019, partially offset by lower
share repurchases.

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Debt:
From time to time we refinance long-term and short-term debt. Refer to Note 9,
Debt and Borrowing Arrangements, for details of our recent tender offers, debt
issuances and maturities. The nature and amount of our long-term and short-term
debt and the proportionate amount of each varies as a result of current and
expected business requirements, market conditions and other factors. Due to
seasonality, in the first and second quarters of the year, our working capital
requirements grow, increasing the need for short-term financing. The second half
of the year typically generates higher cash flows. As such, we may issue
commercial paper or secure other forms of financing throughout the year to meet
short-term working capital or other financing needs.

One of our subsidiaries, Mondelez International Holdings Netherlands B.V.
("MIHN"), has outstanding debt. Refer to Note 9, Debt and Borrowing
Arrangements. The operations held by MIHN generated approximately 71.8% (or
$19.1 billion) of the $26.6 billion of consolidated net revenue during fiscal
year 2020 and represented approximately 76.2% (or $21.1 billion) of the $27.7
billion of net assets as of December 31, 2020.

During December 2020, our Board of Directors approved a new $6.0 billion long-term financing authority to replace the prior $8.0 billion authority. As of December 31, 2020, we had $6.0 billion of long-term financing authority remaining.



In January 2021, we repaid approximately $0.8 billion of maturing debt. In the
next 12 months, we expect to repay approximately $1.8 billion of maturing
long-term debt including: $1.5 billion in October 2021 and $0.3 billion in
December 2021. We expect to fund these repayments with cash on hand, as well as
short-term and long-term debt.

Our total debt was $20.0 billion at December 31, 2020 and $18.4 billion at
December 31, 2019. Our debt-to-capitalization ratio was 0.42 at December 31,
2020 and 0.40 at December 31, 2019. At December 31, 2020, the weighted-average
term of our outstanding long-term debt was 7.4 years. Our average daily
commercial borrowings were $2.3 billion in 2020, $4.1 billion in 2019 and $4.5
billion in 2018. We had no commercial paper borrowings outstanding at
December 31, 2020 and $2.6 billion outstanding as of December 31, 2019. We
expect to continue to use cash or commercial paper to finance various short-term
financing needs. As of December 31, 2020, we continued to be in compliance with
our debt covenants. Refer to Note 9, Debt and Borrowing Arrangements, for more
information on our debt and debt covenants.

Commodity Trends



We regularly monitor worldwide supply, commodity cost and currency trends so we
can cost-effectively secure ingredients, packaging and fuel required for
production. During 2020, the primary drivers of the increase in our aggregate
commodity costs were higher currency exchange transaction costs on imported
materials, as well as increased costs for cocoa, dairy, sugar, energy,
packaging, nuts, grains and other ingredients costs, partially offset by lower
costs for oils.

A number of external factors such as weather conditions, commodity market
conditions, currency fluctuations and the effects of governmental agricultural
or other programs affect the cost and availability of raw materials and
agricultural materials used in our products. We address higher commodity costs
and currency impacts primarily through hedging, higher pricing and manufacturing
and overhead cost control. We use hedging techniques to limit the impact of
fluctuations in the cost of our principal raw materials; however, we may not be
able to fully hedge against commodity cost changes, such as dairy, where there
is a limited ability to hedge, and our hedging strategies may not protect us
from increases in specific raw material costs. Due to competitive or market
conditions, planned trade or promotional incentives, fluctuations in currency
exchange rates or other factors, our pricing actions may also lag commodity cost
changes temporarily.

We expect price volatility and a higher aggregate cost environment to continue
in 2021. While the costs of our principal raw materials fluctuate, we believe
there will continue to be an adequate supply of the raw materials we use and
that they will generally remain available from numerous sources.

Off-Balance Sheet Arrangements and Aggregate Contractual Obligations

We have no significant off-balance sheet arrangements other than the contractual obligations discussed below.


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Guarantees:
As discussed in Note 14, Commitments and Contingencies, we enter into
third-party guarantees primarily to cover the long-term obligations of our
vendors. As part of these transactions, we guarantee that third parties will
make contractual payments or achieve performance measures. At December 31, 2020,
we had no material third-party guarantees recorded on our consolidated balance
sheet.

Guarantees do not have, and we do not expect them to have, a material effect on our liquidity.

Aggregate Contractual Obligations:
The following table summarizes our contractual obligations at December 31, 2020.

Payments Due
2026 and
Total 2021 2022-23 2024-25 Thereafter
(in millions)
Debt (1) $ 19,855 $ 2,669 $ 4,434 $ 3,081 $ 9,671
Interest expense (2) 4,194 427 705 556 2,506
Finance leases (3) 276 81 122 51 22
Operating leases 757 203 262 123 169
Purchase obligations: (4)
Inventory and production costs 6,612 3,750 2,314 473 75
Other 1,188 853 248 87 -
32,882 7,983 8,085 4,371 12,443
U.S. tax reform transition liability
(5) 936 95 247 497 97
Multiemployer pension plan
withdrawal liability (6) 489 26 53 53 357
Other long-term liabilities (7) 208 33 33 34 108
Total $ 34,515 $ 8,137 $ 8,418 $ 4,955 $ 13,005

(1)Amounts include the expected cash payments of our long-term debt, including
the current portion and excluding finance leases, which are presented separately
in the table above. The amounts also exclude $94 million of net unamortized
non-cash bond premiums, discounts, bank fees and mark-to-market adjustments
related to our interest rate swaps recorded in total debt.
(2)Amounts represent the expected cash payments of our interest expense on our
long-term debt. Interest calculated on our non-U.S. dollar denominated debt was
forecasted using currency exchange rates as of December 31, 2020.
(3)Amounts exclude imputed interest on finance leases of $20 million.
(4)Purchase obligations for inventory and production costs (such as raw
materials, indirect materials and supplies, packaging, co-manufacturing
arrangements, storage and distribution) are commitments for projected needs to
be utilized in the normal course of business. Other purchase obligations include
commitments for marketing, advertising, capital expenditures, information
technology and professional services. Arrangements are considered purchase
obligations if a contract specifies all significant terms, including fixed or
minimum quantities to be purchased, a pricing structure and approximate timing
of the transaction. Most arrangements are cancelable without a significant
penalty and with short notice (usually 30 days). Any amounts reflected on the
consolidated balance sheet as accounts payable and accrued liabilities are
excluded from the table above.
(5)In connection with U.S. tax reform, we estimate paying a total $1.3 billion
transition tax liability through 2026. As of December 31, 2020, the amount
outstanding was $0.9 billion. See Note 16, Income Taxes, for additional
information on U.S. tax reform and its impact on our financial statements.
(6)During 2018, we executed a complete withdrawal liability from our most
individually significant multiemployer pension plan. On July 11, 2019, we
received an undiscounted withdrawal liability assessment from the Fund totaling
$526 million requiring pro-rata monthly payments over 20 years through 2039. See
Note 11, Benefit Plans, for additional information on our multiemployer pension
plan withdrawal liability.
(7)Other long-term liabilities in the table above include the long-term
liabilities and any current portion of these obligations. We have included the
estimated future benefit payments for our postretirement health care plans
through December 31, 2030 of $172 million. We are unable to reliably estimate
the timing of the payments beyond 2030; as such, they are excluded from the
above table. There are also another $18 million of various other long-term
liabilities that are expected to be paid over the next 5 years. In addition, the
following long-term liabilities included on the consolidated balance sheet are
excluded from the table above: accrued pension costs, unrecognized tax benefits,
insurance accruals and other accruals. As of December 31, 2020, our unrecognized
tax benefit, including associated interest and penalties, classified as a
long-term payable is $515 million. We currently expect to make approximately
$236 million in contributions to our pension plans in 2021.
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Equity and Dividends

Stock Plans: See Note 12, Stock Plans, to the consolidated financial statements for more information on our stock plans and grant activity during 2018-2020.



Share Repurchases:
See Note 13, Capital Stock, to the consolidated financial statements and Item 5,
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities - Issuer Purchases of Equity Securities, for more
information on our share repurchase program.

As of December 31, 2020, our Board of Director has authorized share repurchases
up to $23.7 billion through December 31, 2023. Under this program, we have
repurchased approximately $17.9 billion of shares through December 31, 2020
($1.4 billion in 2020, $1.5 billion in 2019, $2.0 billion in 2018, $2.2 billion
in 2017, $2.6 billion in 2016, $3.6 billion in 2015, $1.9 billion in 2014 and
$2.7 billion in 2013), at a weighted-average cost of $40.57 per share.

The number of shares that we ultimately repurchase under our share repurchase
program may vary depending on numerous factors, including share price and other
market conditions, our ongoing capital allocation planning, levels of cash and
debt balances, other demands for cash, such as acquisition activity, general
economic or business conditions and board and management discretion.
Additionally, our share repurchase activity during any particular period may
fluctuate. We may accelerate, suspend, delay or discontinue our share repurchase
program at any time, without notice.

Dividends:

We paid dividends of $1,678 million in 2020, $1,542 million in 2019 and $1,359
million in 2018. On July 28, 2020, the Finance Committee, with authorization
delegated from our Board of Directors, declared a quarterly cash dividend of
$0.315 per share of Class A Common Stock, an increase of 11 percent, which would
be $1.26 per common share on an annualized basis. In 2019, our quarterly cash
dividend increased from $0.26 to $0.285 per share of Class A Common Stock, an
increase of 10 percent, and in 2018, our quarterly cash dividend increased from
$0.22 to $0.26 per share of Class A Common Stock, an increase of 18 percent. The
declaration of dividends is subject to the discretion of our Board of Directors
and depends on various factors, including our net earnings, financial condition,
cash requirements, future prospects and other factors that our Board of
Directors deems relevant to its analysis and decision making.

For U.S. income tax purposes only, the Company has determined that 100% of the
distributions paid to its shareholders in 2020 are characterized as a qualified
dividend paid from U.S. earnings and profits. Shareholders should consult their
tax advisors for a full understanding of the tax consequences of the receipt of
dividends.

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Non-GAAP Financial Measures

We use non-GAAP financial information and believe it is useful to investors as
it provides additional information to facilitate comparisons of historical
operating results, identify trends in our underlying operating results and
provide additional insight and transparency on how we evaluate our business. We
use non-GAAP financial measures to budget, make operating and strategic
decisions and evaluate our performance. We have detailed the non-GAAP
adjustments that we make in our non-GAAP definitions below. The adjustments
generally fall within the following categories: acquisition & divestiture
activities, gains and losses on intangible asset sales and non-cash impairments,
major program restructuring activities, constant currency and related
adjustments, major program financing and hedging activities and other major
items affecting comparability of operating results. We believe the non-GAAP
measures should always be considered along with the related U.S. GAAP financial
measures. We have provided the reconciliations between the GAAP and non-GAAP
financial measures below, and we also discuss our underlying GAAP results
throughout our Management's Discussion and Analysis of Financial Condition and
Results of Operations in this Form 10-K.

Our primary non-GAAP financial measures are listed below and reflect how we
evaluate our current and prior-year operating results. As new events or
circumstances arise, these definitions could change. When our definitions
change, we provide the updated definitions and present the related non-GAAP
historical results on a comparable basis (1).
•"Organic Net Revenue" is defined as net revenues excluding the impacts of
acquisitions, divestitures (2) and currency rate fluctuations (3). We also
evaluate Organic Net Revenue growth from emerging and developed markets.
•Our emerging markets include our Latin America region in its entirety; the AMEA
region, excluding Australia, New Zealand and Japan; and the following countries
from the Europe region: Russia, Ukraine, Turkey, Kazakhstan, Belarus, Georgia,
Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics
and the East Adriatic countries.
•Our developed markets include the entire North America region, the Europe
region excluding the countries included in the emerging markets definition, and
Australia, New Zealand and Japan from the AMEA region.
•"Adjusted Operating Income" is defined as operating income excluding the
impacts of the Simplify to Grow Program (4); gains or losses (including non-cash
impairment charges) on goodwill and intangible assets; divestiture (2) or
acquisition gains or losses and related divestiture (2), acquisition and
integration costs (2); the operating results of divestitures (2); remeasurement
of net monetary position (5); mark-to-market impacts from commodity and
forecasted currency transaction derivative contracts (6); impact from resolution
of tax matters (7); CEO transition remuneration (8); impact from pension
participation changes (9); Swiss tax reform impacts (10); and costs associated
with the JDE Peet's transaction (1). We also present "Adjusted Operating Income
margin," which is subject to the same adjustments as Adjusted Operating Income.
We also evaluate growth in our Adjusted Operating Income on a constant currency
basis (3).
•"Adjusted EPS" is defined as diluted EPS attributable to Mondel?z International
from continuing operations excluding the impacts of the items listed in the
Adjusted Operating Income definition as well as losses on debt extinguishment
and related expenses; gains or losses on equity method investment transactions;
net earnings from divestitures (2); gains or losses on interest rate swaps no
longer designated as accounting cash flow hedges due to changed financing and
hedging plans and U.S. and Swiss tax reform impacts (10). Similarly, within
Adjusted EPS, our equity method investment net earnings exclude our
proportionate share of our investees' significant operating and non-operating
items (11). We also evaluate growth in our Adjusted EPS on a constant currency
basis (3).

(1) When items no longer impact our current or future presentation of non-GAAP
operating results, we remove these items from our non-GAAP definitions. During
2020, we added to the non-GAAP definitions the exclusion of costs associated
with the JDE Peet's transaction. Refer to Note 7, Equity Method Investments, and
Note 16, Income Taxes, for more information on the JDE Peet's transaction.
(2) Divestitures include completed sales of businesses (including the partial
or full sale of an equity method investment) and exits of major product lines
upon completion of a sale or licensing agreement. As we record our share of KDP
and JDE Peet's ongoing earnings on a one-quarter lag basis, any KDP or JDE
Peet's ownership reductions are reflected as divestitures within our non-GAAP
results the following quarter. See Note 2, Acquisitions and Divestitures, and
Note 7, Equity Method Investments, for information on acquisitions and
divestitures impacting the comparability of our results.
(3) Constant currency operating results are calculated by dividing or
multiplying, as appropriate, the current-period local currency operating results
by the currency exchange rates used to translate the financial statements in the
comparable prior-year period to determine what the current-period U.S. dollar
operating results would have been if the currency exchange rate had not changed
from the comparable prior-year period.
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(4) Non-GAAP adjustments related to the Simplify to Grow Program reflect costs
incurred that relate to the objectives of our program to transform our supply
chain network and organizational structure. Costs that do not meet the program
objectives are not reflected in the non-GAAP adjustments.
(5) During the third quarter of 2018, as we began to apply highly inflationary
accounting for Argentina (refer to Note 1, Summary of Significant Accounting
Policies), we excluded the remeasurement gains or losses related to remeasuring
net monetary assets or liabilities in Argentina to be consistent with our prior
accounting for these remeasurement gains/losses for Venezuela when it was
subject to highly inflationary accounting prior to 2016.
(6) During the third quarter of 2016, we began to exclude unrealized gains and
losses (mark-to-market impacts) from outstanding commodity and forecasted
currency transaction derivatives from our non-GAAP earnings measures until such
time that the related exposures impact our operating results. Since we purchase
commodity and forecasted currency transaction contracts to mitigate price
volatility primarily for inventory requirements in future periods, we made this
adjustment to remove the volatility of these future inventory purchases on
current operating results to facilitate comparisons of our underlying operating
performance across periods. We also discontinued designating commodity and
forecasted currency transaction derivatives for hedge accounting treatment. To
facilitate comparisons of our underlying operating results, we have recast all
historical non-GAAP earnings measures to exclude the mark-to-market impacts.
(7) See Note 14, Commitments and Contingencies - Tax Matters, for additional
information.
(8) On November 20, 2017, Dirk Van de Put succeeded Irene Rosenfeld as CEO of
Mondel?z International in advance of her retirement at the end of March 2018. In
order to incent Mr. Van de Put to join us, we provided him compensation with a
total combined target value of $42.5 million to make him whole for incentive
awards he forfeited or grants that were not made to him when he left his former
employer. The compensation we granted took the form of cash, deferred stock
units, performance share units and stock options. In connection with Irene
Rosenfeld's retirement, we made her outstanding grants of performance share
units for the 2016-2018 and 2017-2019 performance cycles eligible for continued
vesting and approved a $0.5 million salary for her service as Chairman from
January through March 2018. We refer to these elements of Mr. Van de Put's and
Ms. Rosenfeld's compensation arrangements together as "CEO transition
remuneration." We are excluding amounts we expense as CEO transition
remuneration from our non-GAAP results because those amounts are not part of our
regular compensation program and are incremental to amounts we would have
incurred as ongoing CEO compensation. As a result, in 2017, we excluded amounts
expensed for the cash payment to Mr. Van de Put and partial vesting of his
equity grants. In 2018, we excluded amounts paid for Ms. Rosenfeld's service as
Chairman and partial vesting of Mr. Van de Put's and Ms. Rosenfeld's equity
grants. In 2019, we excluded amounts related to the partial vesting of Mr. Van
de Put's equity grants. During the first quarter of 2020, Mr. Van de Put's
equity grants became fully vested.
(9) The impact from pension participation changes represents the charges
incurred when employee groups are withdrawn from multiemployer pension plans and
other changes in employee group pension plan participation. We exclude these
charges from our non-GAAP results because those amounts do not reflect our
ongoing pension obligations. See Note 11, Benefit Plans, for more information on
the multiemployer pension plan withdrawal.
(10) We exclude the impact of the 2019 Swiss tax reform and 2017 U.S. tax
reform. During the third quarter of 2019, Swiss Federal and Zurich Cantonal tax
events drove our recognition of a Swiss tax reform net benefit to our results of
operations. On December 22, 2017, the United States enacted tax reform
legislation that included a broad range of business tax provisions. We exclude
these tax reform impacts from our Adjusted EPS as they do not reflect our
ongoing tax obligations under the new tax reforms. Refer to Note 16, Income
Taxes, for more information on our current year estimated annual effective tax
rate and Swiss and U.S. tax reform.
(11) We have excluded our proportionate share of our equity method investees'
significant operating and non-operating items such as acquisition and
divestiture related costs, restructuring program costs and discrete U.S. tax
reform impacts, in order to provide investors with a comparable view of our
performance across periods. Although we have shareholder rights and board
representation commensurate with our ownership interests in our equity method
investees and review the underlying operating results and significant operating
and non-operating items each reporting period, we do not have direct control
over their operations or resulting revenue and expenses. Our use of equity
method investment net earnings on an adjusted basis is not intended to imply
that we have any such control. Our GAAP "diluted EPS attributable to Mondel?z
International from continuing operations" includes all of the investees'
significant operating and non-operating items.

We believe that the presentation of these non-GAAP financial measures, when
considered together with our U.S. GAAP financial measures and the
reconciliations to the corresponding U.S. GAAP financial measures, provides you
with a more complete understanding of the factors and trends affecting our
business than could be obtained absent these disclosures. Because non-GAAP
financial measures vary among companies, the non-GAAP financial measures
presented in this report may not be comparable to similarly titled measures used
by other companies. Our use of these non-GAAP financial measures is not meant to
be considered in isolation or as a substitute for any U.S. GAAP financial
measure. A limitation of these non-GAAP financial measures is they exclude items
detailed below that have an impact on our U.S. GAAP reported results. The best
way this limitation can be addressed is by evaluating our non-GAAP financial
measures in combination with our U.S. GAAP reported results and carefully
evaluating the following tables that reconcile U.S. GAAP reported figures to the
non-GAAP financial measures in this Form 10-K.

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Organic Net Revenue:
Applying the definition of "Organic Net Revenue", the adjustments made to "net
revenues" (the most comparable U.S. GAAP financial measure) were to exclude the
impact of currency, acquisitions and divestitures. We believe that Organic Net
Revenue reflects the underlying growth from the ongoing activities of our
business and provides improved comparability of results. We also evaluate our
Organic Net Revenue growth from emerging markets, and these underlying measures
are also reconciled to U.S. GAAP below.

For the Year Ended December 31, 2020 For the Year Ended December 31, 2019
Emerging Developed Emerging Developed
Markets Markets Total Markets Markets Total
(in millions) (in millions)
Net Revenue $ 9,097 $ 17,484 $ 26,581 $ 9,675 $ 16,193 $ 25,868
Impact of currency 749 (112) 637 - - -
Impact of acquisitions - (445) (445) - - -
Impact of divestitures - - - (55) - (55)
Organic Net Revenue $ 9,846 $ 16,927 $ 26,773 $ 9,620 $ 16,193 $ 25,813

For the Year Ended December 31, 2019 For the Year Ended December 31, 2018
Emerging Developed Emerging Developed
Markets Markets Total Markets Markets Total
(in millions) (in millions)
Net Revenue $ 9,675 $ 16,193 $ 25,868 $ 9,659 $ 16,279 $ 25,938
Impact of currency 651 503 1,154 - - -
Impact of acquisitions - (88) (88) - - -
Impact of divestitures (55) - (55) (126) - (126)
Organic Net Revenue $ 10,271 $ 16,608 $ 26,879 $ 9,533 $ 16,279 $ 25,812


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  Table of     Contents
Adjusted Operating Income:
Applying the definition of "Adjusted Operating Income", the adjustments made to
"operating income" (the most comparable U.S. GAAP financial measure) were to
exclude Simplify to Grow Program; intangible asset impairment charges;
mark-to-market impacts from commodity and forecasted currency transaction
derivative contracts; acquisition integration costs; acquisition and
divestiture-related costs; operating income from divestiture; net gain from
divestiture; costs associated with the JDE Peet's transaction; the remeasurement
of net monetary position; impact from pension participation changes; impact from
the resolution of tax matters; CEO transition remuneration and Swiss tax reform
impact. We also evaluate Adjusted Operating Income on a constant currency basis.
We believe these measures provide improved comparability of underlying operating
results.

                                                                  For the Years Ended
                                                                      December 31,
                                                                 2020                 2019             $ Change             % Change
                                                                               (in millions)
Operating Income                                          $     3,853              $  3,843          $      10                     0.3  %
Simplify to Grow Program (1)                                      360                   442                (82)
Intangible asset impairment charges (2)                           144                    57                 87
Mark-to-market gains from derivatives (3)                         (16)                  (91)                75
Acquisition integration costs (4)                                   4                     -                  4
Acquisition-related costs (5)                                      15                     3                 12
Divestiture-related costs (5)                                       4                     6                 (2)
Operating income from divestiture (5)                               -                    (9)                 9
Net gain on divestiture (5)                                         -                   (44)                44

Costs associated with JDE Peet's transaction (6)                   48                     -                 48
Remeasurement of net monetary position (7)                          9                    (4)                13
Impact from pension participation changes (8)                       -                   (35)                35
Impact from resolution of tax matters (9)                         (20)                   85               (105)
CEO transition remuneration (10)                                    -                     9                 (9)
Swiss tax reform impact (11)                                        -                     2                 (2)

Adjusted Operating Income                                 $     4,401              $  4,264          $     137                     3.2  %
  Unfavorable currency translation                                 59                     -                 59
Adjusted Operating Income (constant currency)             $     4,460              $  4,264          $     196                     4.6  %


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  Table of     Contents
                                                                  For the Years Ended
                                                                      December 31,
                                                                 2019                 2018             $ Change             % Change
                                                                               (in millions)
Operating Income                                          $     3,843              $  3,312          $     531                    16.0  %
Simplify to Grow Program (1)                                      442                   626               (184)
Intangible asset impairment charges (2)                            57                    68                (11)
Mark-to-market gains from derivatives (3)                         (91)                 (141)                50
Acquisition integration costs (4)                                   -                     3                 (3)
Acquisition-related costs (5)                                       3                    13                (10)
Divestiture-related costs (5)                                       6                    (1)                 7
Operating income from divestiture (5)                              (9)                  (19)                10
Net gain on divestiture (5)                                       (44)                    -                (44)

Remeasurement of net monetary position (7)                         (4)                   11                (15)
Impact from pension participation changes (8)                     (35)                  423               (458)
Impact from resolution of tax matters (9)                          85                   (15)               100
CEO transition remuneration (10)                                    9                    22                (13)
Swiss tax reform impact (11)                                        2                     -                  2

Adjusted Operating Income                                 $     4,264              $  4,302          $     (38)                   (0.9) %
  Unfavorable currency translation                                227                     -                227
Adjusted Operating Income (constant currency)             $     4,491              $  4,302          $     189                     4.4  %



(1)Refer to Note 8, Restructuring Program, for more information.
(2)Refer to Note 6, Goodwill and Intangible Assets, for more information on
trademark impairments.
(3)Refer to Note 10, Financial Instruments, Note 18, Segment Reporting, and
Non-GAAP Financial Measures section at the end of this item for more information
on the unrealized gains/losses on commodity and forecasted currency transaction
derivatives.
(4)Refer to Note 2, Acquisitions and Divestitures, for more information on the
April 1, 2020 acquisition of a significant majority interest in Give & Go and
the June 7, 2018 acquisition of Tate's Bake Shop. Refer to our Annual Report on
Form 10-K for the year ended December 31, 2018 for more information on the
acquisition of a biscuit business in Vietnam.
(5)Refer to Note 2, Acquisitions and Divestitures, for more information on the
April 1, 2020 acquisition of a significant majority interest in Give & Go, the
July 16, 2019 acquisition of a majority interest in Perfect Snacks, the May 28,
2019 divestiture of most of our cheese business in the Middle East and Africa
and the June 7, 2018 acquisition of Tate's Bake Shop.
(6)Refer to Note 7, Equity Method Investments, for more information on the JDE
Peet's transaction.
(7)Refer to Note 1, Summary of Significant Accounting Policies - Currency
Translation and Highly Inflationary Accounting, for information on our
application of highly inflationary accounting for Argentina.
(8)Refer to Note 11, Benefit Plans, for more information.
(9)Refer to Note 14, Commitments and Contingencies - Tax Matters, for more
information.
(10)Refer to the Non-GAAP Financial Measures definition and related table notes.
(11)Refer to Note 16, Income Taxes, for more information on Swiss tax reform.




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  Table of     Contents
Adjusted EPS:
Applying the definition of "Adjusted EPS" (1), the adjustments made to "diluted
EPS attributable to Mondel?z International" (the most comparable U.S. GAAP
financial measure) were to exclude the impacts of the items listed in the
Adjusted Operating Income tables above as well as gains/(losses) related to
interest rate swaps; loss on debt extinguishment; Swiss tax reform net impacts;
U.S. tax reform discrete net tax impact; gains or losses on equity method
investment transactions; and our proportionate share of significant operating
and non-operating items recorded by our JDE Peet's and KDP equity method
investees. We also evaluate Adjusted EPS on a constant currency basis. We
believe Adjusted EPS provides improved comparability of underlying operating
results.
                                                                  For the Years Ended
                                                                     December 31,
                                                                2020               2019             $ Change             % Change

Diluted EPS attributable to Mondel?z International $ 2.47

    $   2.69          $   (0.22)                   (8.2) %
  Simplify to Grow Program (2)                                    0.20              0.24              (0.04)
  Intangible asset impairment charges (2)                         0.08              0.03               0.05
  Mark-to-market gains from derivatives (2)                      (0.01)            (0.05)              0.04

  Acquisition-related costs (2)                                   0.01                 -               0.01

  Net earnings from divestitures (2)                             (0.02)            (0.05)              0.03
  Net gain on divestiture (2)                                        -             (0.03)              0.03

  Costs associated with JDE Peet's transaction (2)                0.20                 -               0.20
  Remeasurement of net monetary position (2)                      0.01                 -               0.01
  Impact from pension participation changes (2)                   0.01             (0.02)              0.03
  Impact from resolution of tax matters (2)                      (0.02)             0.05              (0.07)
  CEO transition remuneration (2)                                    -              0.01              (0.01)
  Loss related to interest rate swaps (3)                         0.05              0.08              (0.03)
  Loss on debt extinguishment (4)                                 0.10                 -               0.10
  Swiss tax reform net impacts (2)                                   -             (0.53)              0.53

  (Gain)/loss on equity method
investment transactions (6)                                      (0.55)             0.01              (0.56)
  Equity method investee items (7)                                0.06              0.03               0.03
Adjusted EPS                                                $     2.59          $   2.46          $    0.13                     5.3  %
  Unfavorable currency translation                                0.03                 -               0.03
Adjusted EPS (constant currency)                            $     2.62          $   2.46          $    0.16                     6.5  %


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  Table of     Contents
                                                                  For the Years Ended
                                                                     December 31,
                                                                2019               2018             $ Change             % Change

Diluted EPS attributable to Mondel?z International $ 2.69

    $   2.23          $    0.46                    20.6  %
  Simplify to Grow Program (2)                                    0.24              0.32              (0.08)
  Intangible asset impairment charges (2)                         0.03              0.03                  -
  Mark-to-market gains from derivatives (2)                      (0.05)            (0.09)              0.04

  Acquisition-related costs (2)                                      -              0.01              (0.01)

  Net earnings from divestitures (2)                             (0.05)            (0.04)             (0.01)
  Net gain on divestiture (2)                                    (0.03)                -              (0.03)

Remeasurement of net monetary position (2)                           -              0.01              (0.01)
Impact from pension participation changes (2)                    (0.02)             0.22              (0.24)
  Impact from resolution of tax matters (2)                       0.05             (0.01)              0.06
  CEO transition remuneration (2)                                 0.01              0.01                  -
  Net loss/(gain) related to interest rate swaps (3)              0.08             (0.01)              0.09
  Loss on debt extinguishment (4)                                    -              0.07              (0.07)
  Swiss tax reform net impacts (2)                               (0.53)                -              (0.53)
  U.S. tax reform discrete net tax expense (5)                       -              0.01              (0.01)
  Loss/(gain) on equity method investment
   transactions (6)                                               0.01             (0.39)              0.40
  Equity method investee items (7)                                0.03             (0.01)              0.04
Adjusted EPS                                                $     2.46          $   2.36          $    0.10                     4.2  %
  Unfavorable currency translation                                0.16                 -               0.16
Adjusted EPS (constant currency)                            $     2.62          $   2.36          $    0.26                    11.0  %



(1)   The tax expense/(benefit) of each of the pre-tax items excluded from our
GAAP results was computed based on the facts and tax assumptions associated with
each item, and such impacts have also been excluded from Adjusted EPS.
•2020 taxes for the: Simplify to Grow Program were $(81) million, intangible
asset impairment charges were $(33) million, mark-to-market gains from
derivatives were $8 million, acquisition-related costs were zero, net earnings
from divestitures were $5 million, costs associated with the JDE Peet's
transaction were $250 million, loss on remeasurement of net monetary position
were zero, impact from pension participation changes were $(2) million, impact
from resolution of tax matters were $16 million, net loss related to interest
rate swaps were $(24) million, loss on debt extinguishment were $(46) million,
gains on equity method investment transactions were $202 million and equity
method investee items were $(10) million.
•2019 taxes for the: Simplify to Grow Program were $(103) million, intangible
asset impairment charges were $(14) million, mark-to-market gains from
derivatives were $19 million, net earnings from divestitures were $7 million,
net gain on divestiture were $3 million, impact from pension participation
changes were $8 million, impact from resolution of tax matters were $(21)
million, CEO transition remuneration were zero, net loss related to interest
rate swaps were zero, Swiss tax reform were $(769) million, net loss on equity
method investment transactions were $6 million and equity method investee items
were $(9) million.
•2018 taxes for the: Simplify to Grow Program were $(156) million, intangible
asset impairment charges were $(16) million, mark-to-market gains from
derivatives were $10 million, acquisition-related costs were $(3) million, net
earnings from divestitures were $9 million, impact from pension participation
changes were $(108) million, impact from resolution of tax matters were $(6)
million, CEO transition remuneration were $(5) million, net gain related to
interest rate swaps were $2 million, loss on debt extinguishment were $(35)
million, U.S. tax reform were $19 million, gain on equity method investment
transaction were $192 million and equity method investee items were $15 million.
(2)   See the Adjusted Operating Income table above and the related footnotes
for more information.
(3)   Refer to Note 10, Financial Instruments, for information on interest rate
swaps no longer designated as cash flow hedges.
(4)   Refer to Note 9, Debt and Borrowing Arrangements, for more information on
losses on debt extinguishment.
(5)   Refer to Note 16, Income Taxes, for more information on the impact of U.S.
tax reform.
(6)   Refer to Note 7, Equity Method Investments, for more information on gains
and losses on equity method investment transactions.
(7)   Includes our proportionate share of significant operating and
non-operating items recorded by our JDE Peet's and KDP equity method investees,
such as acquisition and divestiture-related costs and restructuring program
costs.
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Table of Contents

Latest news about Mondelez International, Inc.

RITZ Brand Introduces Limited Edition Buttery-er Flavored Crackers Along with the Chance to Strike Gold	Apr. 23	CI
Sector Update: Consumer Stocks Edge Higher Premarket Wednesday	Apr. 17	MT
Mondelez Set to Be Fined by European Regulators Over Cross-Border Sales Restrictions	Apr. 17	MT
Sector Update: Consumer Stocks Mixed in Afternoon Trading	Apr. 16	MT
Mondelez Set to Be Fined by European Regulators Over Cross-Border Sales Restrictions	Apr. 16	MT
Oreo-Maker Mondelez Faces Fine Over Cross-Border Sales in EU, FT Reports	Apr. 16	DJ
EU to fine Mondelez for blocking cross-border sales, FT reports	Apr. 16	RE
Jefferies Adjusts Mondelez International Price Target to $82 From $88, Buy Rating Kept	Apr. 15	MT
Wespath Benefits and Investments Submits a Shareholder Proposal to Mondelez International	Apr. 12	CI
JPMorgan Cuts Price Target on Mondelez International to $76 From $82, Keeps Overweight Rating	Apr. 12	MT
Barclays Cuts Price Target on Mondelez International to $80 From $84, Maintains Overweight Rating	Apr. 12	MT
Citigroup Adjusts Mondelez International Price Target to $84 From $87, Maintains Buy Rating	Apr. 11	MT
Mondelez: climate targets validated by SBTi	Apr. 10	CF
Mondelez International Receives Shareholder Proposal from Wespath Funds Trust	Apr. 05	CI
Mondelez International Receives Shareholder Proposal from Maryknoll Sisters of St. Dominic Inc	Apr. 05	CI
Mondelez International Receives Shareholder Proposal from National Legal and Policy Center	Apr. 05	CI
Mondelez International Receives Shareholder Proposal from The Accountability Board	Apr. 05	CI
Mondelez International, Inc. Announces Not Stand for Election of Lewis W.K. Booth as Director	Apr. 05	CI
Investors hope GE spinoff will defy poor track record of breakups	Apr. 02	RE
Foreign firms' losses from exiting Russia top $107 billion	Mar. 28	RE
Foreign firms' losses from exiting Russia top $107 billion	Mar. 28	RE
Cocoa Prices Briefly Top $10,000 in Historic First	Mar. 26	MT
Hershey, Mondelez bet big on Easter as cocoa price crisis looms	Mar. 26	RE
Cocoa Prices Surpass $9,000 For First Time Ever Amid Supply Crunch	Mar. 25	MT
Disney Activist Investor Nelson Peltz Gets Support from Group of Business Leaders	Mar. 21	MT

Chart Mondelez International, Inc.

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Company Profile

Mondelez International, Inc. is one of the world's leading food processing groups. Net sales break down by family of products as follows: - cookies and snacks (48.9%): Barni, belVita, Chips Ahoy, Club Social, Enjoy Life Foods, Honey Maid, Kinh Do, LU, Oreo, Prince, Ritz, Tate's Bake Shop, Tiger, Triscuit, TUC, Wheat Thins, etc. brands; - chocolates (29.5%): 5 Star, Alpen Gold, Cadbury, Cadbury Dairy Milk, Côte d'Or, Daim, Freia, Hu, Lacta, Marabou, Milka, Toblerone, etc. brands; - chewing gums and candies (12.3%): Halls, Clorets, Maynards Bassett's, Sour Patch Kids, Stride, etc. brands; - cheese and grocery products (6%); - beverages (3.3%): juices, teas and powdered beverages (Tang brand) and malted beverages (Cadbury Bournvita). At the end of 2023, the group had 148 manufacturing sites worldwide. Net sales are distributed geographically as follows: the United States (26.6%), North America (4.2%), Europe (35.7%), Asia/Pacific/Middle East/Africa (19.6%) and Latin America (13.9%).

Sector

Food Processing

Calendar

2024-04-30 - Q1 2024 Earnings Release

Related indices

S&P 500

More about the company

Income Statement Evolution

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Analysis / Opinion

Dirk Van de Put, Mondelez CEO: Our prices will rise in 2024

November 06, 2023 at 06:09 pm EST

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Ratings for Mondelez International, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

71.31 USD

Average target price

81.9 USD

Spread / Average Target

+14.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
MONDELEZ INTERNATIONAL, INC.	-2.25%	95.92B
KRAFT HEINZ	+3.76%	46.89B
DANONE	+1.06%	40.99B
GENERAL MILLS, INC.	+9.58%	40.43B
THE HERSHEY COMPANY	+0.38%	38.42B
ARCHER-DANIELS-MIDLAND COMPANY	-15.54%	30.89B
NESTLÉ INDIA LIMITED	-3.64%	28.96B
ASSOCIATED BRITISH FOODS PLC	+13.48%	25.11B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-10.87%	22.3B
MCCORMICK & COMPANY, INCORPORATED	+10.44%	20.18B

Other Food Processing

Mondelez International, Inc.

Equities

MDLZ

US6092071058

Food Processing

MONDELEZ INTERNATIONAL : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-K)

EPS Revisions