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目次
UNITED STATES
証券取引委員会
ワシントンDC20549
フォーム 10-Q
（表1）
 ☒証券取引法第13条または15(d)条に基づく四半期報告書
報告期間が終了した2023年6月30日をもって2024年9月30日
OR
 ☐移行期間：             から             まで
st:从…到…的过渡期间
委員会ファイル番号 1-16483
mdlzlogoa07.jpg
モンデリーズ インターナショナル社
（会社設立時の指定名）
バージニア52-2284372
（設立または組織の州または管轄区域）
（国税庁雇用者識別番号）
905 West Fulton Market, Suite 200
シカゴ,
イリノイ州60607
(主要執行オフィスの住所)（郵便番号）
(登録者の電話番号、エリアコードを含む)(847) 943-4000
（法人格の設立または組織の州またはその他の管轄区域）
（前回の報告以来変更された場合の前名称、前住所、および前決算期）
法第12条（b）に基づく登録証券
各クラスの名称取引
シンボル		登録されている各取引所の名称
クラスA普通株式、議決権のない株式モンデリーズインターナショナルナスダックグローバルセレクトマーケット
2027年までの1.625％ノートMDLZ27The Nasdaq Stock Market LLC
0.250%の2028年満期のノートMDLZ28The Nasdaq Stock Market LLC
0.750%の2033年満期のノートMDLZ33The Nasdaq Stock Market LLC
2035年満期の2.375％のノートMDLZ35The Nasdaq Stock Market LLC
2035年満期の4.500％のノートMDLZ35AThe Nasdaq Stock Market LLC
2041年満期の1.375％のノートMDLZ41The Nasdaq Stock Market LLC
2045年満期の3.875%ノートMDLZ45The Nasdaq Stock Market LLC
証券取引法第13条または15(d)条により前の12か月間（またはそれ以下の期間については、必要に応じて提出するよう義務付けられたレポートを全て提出した）に必要なすべての報告書を提出したかどうか、および過去90日間にわたってそのような提出要件を満たしていたかどうかについてチェックマークを付けてください。はい  x    いいえ  ¨
過去12か月間（または登録者がこのようなファイルを提出する必要があったよりも短い期間の場合）において、登録者が規制S-Tの規則405に従って提出する必要のあるすべてのインタラクティブデータファイルを電子的に提出したかどうか、チェックマークで示してください。はい  x    いいえ  ¨
申請者が大型加速装置、加速装置、ノンアクセル装置、小規模報告会社、または新興グロース会社である場合は、註記欄にチェックマークを付けてください。規則120億2に記載されている「大型加速装置」、「加速装置」、「小規模報告会社」、「新興グロース会社」の定義を参照してください。
大型加速ファイラー
x
 加速ファイラー  ☐
非加速ファイラー☐ 小規模報告会社☐
 新興成長企業☐
新しいまたは改訂された財務会計基準の順守に対する拡張移行期間を使用しないことを選択した場合、新しいまたは改訂された財務会計基準の順守に対する拡張移行期間を使用しないことを示すチェックマークを付けます。☐
上場法第12b条の定義に基づくシェル企業であることを示すチェックマークをつけます。はい  ☐  いいえ [ ]x

2024年10月24日時点で、普通株式がありました。 1,337,194,254 発行者のクラスA普通株式の発行済み株数。


目次
モンデリーズ インターナショナル社
目次
 
  ページ番号
財務情報
項目1。財務諸表（未監査）
アイテム 2.
項目3。
項目4。
その他の情報
項目1。
項目1A。
アイテム 2.
項目5。
項目6。
                    署名

この報告書では、提示された全セクターについて、「私たち」「我々」「弊社」「会社」とは、モンデリーズ・インターナショナル社および関連会社を指します。「普通株式」という用語は、当社のAクラス普通株式を指します。

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目次
第1部 財務情報

項目1. 財務諸表
モンデリーズ・インターナショナル社および子会社
簡易連結損益計算書
（百万米ドル、1株あたりのデータを除く）
（未確定）
 期間終了時点： 9月30日
9月30日		期間終了時点： 9月30日
9月30日
 2024202320242023
純売上高$9,204 $9,029 $26,837 $26,702 
売上原価(6,205)(5,535)(16,291)(16,408)
粗利益2,999 3,494 10,546 10,294 
販売、一般および管理費用(1,630)(2,019)(5,459)(5,743)
資産の減損費用と退出費用(176)(58)(238)(128)
無形資産の摘早償却(40)(38)(115)(114)
営業利益1,153 1,379 4,734 4,309 
特典プランの非サービス収入25 19 76 60 
利子及びその他の費用の純額(46)(66)(146)(258)
財務有価証券の損失/利益
— (1)— 606 
所得税前利益1,132 1,331 4,664 4,717 
事業税調整前当期純利益(326)(354)(1,253)(1,280)
(損失)/持分法投資取引（含む減損）に関する利益
(4)1 (669)465 
持分法投資の純利益54 10 133 116 
純利益856 988 2,875 4,018 
マイナス: 非支配持分の利益(3)(4)(9)(9)
当たる純利益
モンデリーズ・インターナショナル		$853 $984 $2,866 $4,009 
一株当りのデータ：
当たる一株当たりの利益シェア
モンデリーズ・インターナショナル		$0.64 $0.72 $2.13 $2.94 
希薄化後株主に帰属する１株当たり利益
モンデリーズ・インターナショナル		$0.63 $0.72 $2.12 $2.92 

要約連結財務諸表の添付注記を参照してください。
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目次
モンデリーズ・インターナショナル社および子会社
包括的利益の損益計算書
（百万米ドル）
（未確定）
 期間終了時点： 9月30日
9月30日		期間終了時点： 9月30日
9月30日
 2024202320242023
純利益$856 $988 $2,875 $4,018 
その他包括利益/(損失), 税引後:
為替差異による調整— (570)(611)(273)
年金およびその他の給付計画(52)32 (6)4 
デリバティブ・キャッシュフローヘッジ(2)10 (14)(28)
その他の包括的利益/(損失)(54)(528)(631)(297)
総包括利益/(損失)802 460 2,244 3,721 
除去: 総包括利益/(損失)
非支配持分に帰属する		13 (2)11 (3)
総包括利益/(損失)に帰属する
モンデリーズ・インターナショナル
$789 $462 $2,233 $3,724 

続く注記を参照して下さい。
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目次
モンデリーズ・インターナショナル社および子会社
簡易合算貸借対照表
(米ドル百万単位、シェアデータを除く)
（未確定）
9月30日
2024		2023年12月31日
資産
現金及び現金同等物$1,517 $1,810 
売掛金（引当金を控除）（$38と $66、それぞれ）
3,800 3,634 
その他の債権（引当金を控除）（$39と $50、それぞれ）
891 878 
資産、純額4,270 3,615 
その他の流動資産2,723 1,766 
流動資産合計13,201 11,703 
固定資産、装置及び器具、純額9,696 9,694 
運用リース契約に基づく資産
774 683 
のれん23,773 23,896 
無形資産、純額19,459 19,836 
前払い年金資産1,146 1,043 
繰延税金資産372 408 
エクイティメソッド投資2,576 3,242 
その他の資産1,194 886 
資産合計$72,191 $71,391 
負債
短期借入金$1,484 $420 
長期借入金の短期部分1,821 2,101 
支払調整9,110 8,321 
積立されたマーケティング2,721 2,683 
支払われていない雇用コスト905 1,158 
その他の流動負債5,032 4,330 
流動負債合計21,073 19,013 
新規買債務16,499 16,887 
新規買オペレーティングリース債務621 537 
繰延税金資産3,423 3,292 
負担された年金コスト368 437 
アキュムレーテッドポストレタイアメントヘルスケアコスト125 124 
その他の負債2,191 2,735 
負債合計44,300 43,025 
約款および不確実登録事項 (ノート12)
流動負債
普通株式, 名目額なし (5,000,000,000株$300,000,000株式を認可し、1,996,537,778発行株式数）
— — 
追加の資本金32,244 32,216 
留保利益35,331 34,236 
他の包括的損失が蓄積された債務(11,579)(10,946)
自己株式、購入原価法による(659,362,849 と 648,055,073株式、それぞれ)
(28,142)(27,174)
モンデリーズ・インターナショナルの株主資本合計27,854 28,332 
非支配持分37 34 
全株式27,891 28,366 
負債合計および株主資本合計$72,191 $71,391 
連結財務諸表の注記を参照してください。
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目次
モンデリーズ・インターナショナル株式会社およびその子会社
凝縮された連結株主資本計算書
(百万米ドル単位、1株あたりデータを除く)
(未監査)
 モンデリーズ・インターナショナルのシェアホルダー資本  
一般的な情報
株式		追加
払込資本
資本		留保
利益		累積
その他
包括的
収益/
(損失)		財務省
株式		非支配
期限満了日（以下で定義）において、加速、償還その他（それぞれ本契約の条件に従って）元本が支払期日が来た際に支払い、セクション2に記載された未払い元本に関して定期的に利息を支払うこと、および適用されるデフォルトレートに基づく利息（以下「		合計
資本
2024年9月30日に終了した3か月
2024年7月1日の残高$— $32,200 $35,108 $(11,515)$(28,104)$29 $27,718 
包括的収益/(損失):
純利益— — 853 — — 3 856 
その他の包括的収益/(損失),
所得税控除後のネット
— — — (64)— 10 (54)
株式オプションの行使と発行
その他の株式報酬
— 44 2 — 69 — 115 
普通株式の再購入— — — — (107)— (107)
配当が宣言された（$0.470 シェアあたり）
— — (632)— — — (632)
非支配持分に対する配当
およびその他の活動
— — — — — (5)(5)
2024年9月30日時点の残高$— $32,244 $35,331 $(11,579)$(28,142)$37 $27,891 
2024年9月30日までの9ヶ月
2024年1月1日の残高$— $32,216 $34,236 $(10,946)$(27,174)$34 $28,366 
包括的利益/（損失）：
純利益— — 2,866 — — 9 2,875 
その他の包括的利益/（損失）、
   法人税控除後
— — — (633)— 2 (631)
オプションの行使とシェアの発行
   その他の株式報酬
— 28 5 — 206 — 239 
普通株式の買戻し— — — — (1,174)— (1,174)
配当が宣言されました（$1.320 1シェアあたり）
— — (1,776)— — — (1,776)
非支配株主持分に対する配当支払い
   およびその他の活動
— — — — — (8)(8)
2024年9月30日時点の残高$— $32,244 $35,331 $(11,579)$(28,142)$37 $27,891 
2023年9月30日までの3か月
2023年7月1日の残高$— $32,148 $33,458 $(10,710)$(26,249)$32 $28,679 
包括的な利益/(損失):
純利益— — 984 — — 4 988 
その他の包括的な利益/(損失),
   所得税控除後
— — — (522)— (6)(528)
オプションの行使とシェアの発行
   その他の株式報酬
— 33 4 — 26 — 63 
普通株式の取得— — — — (57)— (57)
現金配当が宣言されました（$0.425　シェアあたり）
— — (580)— — — (580)
非支配持分に対する配当
　およびその他の活動
— — — — — (5)(5)
2023年9月30日の残高$— $32,181 $33,866 $(11,232)$(26,280)$25 $28,560 
2023年9月30日終了の9ヶ月
2023年1月1日の残高$— $32,143 $31,481 $(10,947)$(25,794)$37 $26,920 
包括的利益（損失）：
純利益— — 4,009 — — 9 4,018 
その他の包括利益/(損失)、
   所得税控除後
— — — (285)— (12)(297)
オプションの行使とシェアの発行
   その他の株式賞
— 38 (5)— 176 — 209 
普通株式の自社株買い— — — — (662)— (662)
配当の宣言 ($1.195 シェアあたり)
— — (1,633)— — — (1,633)
非支配株主に対する配当
   その他の活動
— — 14 — — (9)5 
2023年9月30日の残高$— $32,181 $33,866 $(11,232)$(26,280)$25 $28,560 

連結財務諸表の注記を参照してください。
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目次
モンデリーズ・インターナショナル株式会社およびその子会社
凝縮された連結キャッシュフロー計算書
(百万米ドル単位で)
(未監査)
9か月間の終了のために
9月30日、
 20242023
営業活動による現金の提供/(使用)
純利益$2,875 $4,018 
純利益を営業キャッシュフローに調整するための項目:
減価償却および償却971 902 
株式ベースの報酬費用112 109 
繰延税金費用167 9 
資産の減損及び加速減価償却210 95 
減損を含む持分法投資取引の損失/（利益）
669 (465)
持分法投資の純利益(140)(116)
持分法投資からの配分115 136 
デリバティブ契約の未実現損失/（利益）
104 (259)
上場証券の利益— (593)
条件付き対価の調整
(311)54 
その他の非現金項目の純額93 4 
資産と負債の変動、
   取得と売却を考慮した純額：
受取債権、純額(270)(687)
棚卸資産、純額(710)(484)
買掛金951 18 
その他の流動資産(287)(108)
その他の流動負債(992)637 
年金および退職後の資産と負債の変動、純額(106)(120)
営業活動によって提供された純現金3,451 3,150 
投資活動による現金の提供/(使用)
設備投資(982)(780)
現金受領を差し引いた取得— 19 
持分法及び流通可能なセキュリティ投資を含む divestiture の収入4 2,727 
デリバティブの決済による収入
191 165 
デリバティブの決済に対する支払い
(150)(27)
投資への拠出
(249)(338)
不動産、設備およびその他の販売収益
16 20 
投資活動による現金の純（使用）および提供
(1,170)1,786 
財務活動によって提供される（使用される）現金
商業手形の発行、満期90日を超える— 67 
商業手形の返済、満期90日を超える— (67)
短期借入金の純発行（返済）
1,065 (1,070)
長期負債の収益1,671 189 
長期負債の返済(2,517)(2,087)
普通株式の再購入(1,187)(659)
配当支払い(1,722)(1,581)
その他132 134 
資金調達活動に使用されたネットキャッシュ(2,558)(5,074)
現金、現金同等物及び制限付き現金への為替レート変動の影響
(34)(133)
現金、現金同等物および制限付き現金:
減少(311)(271)
期首残高1,884 1,948 
期末残高$1,573 $1,677 
連結財務諸表の注記を参照してください。
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目次
モンデリーズ・インターナショナル株式会社およびその子会社
簡略化された連結財務諸表に関する注記
(未監査)
ノート 1. プレゼンテーションの基礎

私たちの中間 condensed consolidated 財務諸表は未監査です。通常、アメリカ合衆国の一般に認められた会計原則（「U.S. GAAP」）に従って作成された年間財務諸表に含まれるはずの特定の情報および注記は省略されています。これらの財務諸表には、業績、財務状況、およびキャッシュフローの公正な提示に必要なすべての通常かつ再発的な調整が含まれているというのが経営陣の意見です。いかなる中間期間の業績結果は、将来または年間の結果を必ずしも示すものではありません。完全な連結財務諸表と関連する注記については、2023年12月31日に終了した年度のフォーム10-Kにおける年次報告書を参照してください。

統合の原則
連結財務諸表には、Mondelēz International, Inc. と、完全所有および多数所有の子会社が含まれ、2015年に除外されたベネズエラの子会社は除きます。全セクターの取引は消去されます。非支配株主持分は、私たちが支配し連結する子会社の業績に対する非支配投資家の利益を表します。重要な影響を行使する投資については、持分法で会計処理を行います。容易に測定可能な公正価値を持つが、重要な影響を行使することができない投資は、公正価値で測定されます。

ウクライナでの戦争
2022年2月、ロシアはウクライナに対する軍事侵攻を開始し、ウクライナでの業務と施設を閉鎖しました。2022年3月、 2 ウクライナのトロスチャネツとヴィシュゴロドにある製造施設は大きな損傷を受けました。2024年第2四半期には、ターゲットを絞った修理を完了した後、両施設での生産を完全に再開しました。ウクライナとロシアの子会社の統合を続けており、運営活動やビジネスを継続的に管理する能力を評価し続けています。ウクライナでの戦争の継続的な影響とそのグローバル経済環境への影響の不確実性を評価し続けており、将来的に重大な影響を与えるかどうかを予測することはできません。

高インフレーション会計
当社の連結法人の中で、アルゼンチンと トルコ (トルコ) は高いインフレ経済として扱われています。 アルゼンチンとトルコは 1.6%と 0.6当社の連結純収益の%を占め、再評価損は$4 百万円であり、$5 それぞれ2024年9月30日に終了した3か月のための百万ドル、 1.5%と 0.7%の我々の連結売上高は、$の再測定損失によるものである14 百万円であり、$12 2024年9月30日に終了した9か月のための百万ドル. これらの通貨の変動が続くことを考えると、今後の期の財務諸表への影響は歴史的な水準とは大きく異なる可能性がある。

現金、現金同等物および制限付き現金
現金及び現金同等物には、銀行における普通預金および元本の満期が3か月以下の全ての流動性の高い投資が含まれます。制限付き現金は主に、ファイナンシャルインスティテューションズに代わって維持される現金を、売掛金のファクタリング契約や法的に制限された現金担保条項のある信用状の契約に従って含みます。 制限付き現金はその他の流動資産内に記録され、$56 百万ドルで、2024年9月30日現在、$74百万ドルで、2023年12月31日現在。現金、現金同等物、及び制限付き現金の合計は、$1,573 百万ドルで、2024年9月30日現在、$1,884 百万ドルで、2023年12月31日現在。













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クレジット損失に対する引当金
クレジット損失に関する手当の変更は以下の通りです:
取引債権の引当金その他の流動債権の引当金新規買債権の引当金
 (百万単位)
2024年1月1日の残高$(66)$(50)$(15)
予想信用損失のネット回収
17 8 (2)
引当金に対する書き込み2 1 — 
Currencyおよびその他
9 2 (4)
2024年9月30日の残高$(38)$(39)$(21)

金融資産の譲渡
私たちの非拘束型のリボルビング非債務者アカウント受取勘定ファクタリング契約に基づく未収金の元本残高は、$737 百万で、2024年9月30日時点での金額です。また、$262 百万で、2023年12月31日時点での金額です。この契約に基づく受取勘定のファクタリングにかかる追加コストは、提示されたすべての期間において重要ではありませんでした。売上から得た受取勘定の収益は、簡略化された連結キャッシュフロー計算書の営業活動によるキャッシュに含まれています。

非現金リース取引
$を記録しました244 100万件のオペレーティングリースと90 2024年9月30日に終了した9か月間にリース債務と引き換えに取得したファイナンスリースの使用権資産100万件と86 100万件のオペレーティングリースと101 2023年9月30日に終了した9か月間に、リース債務と引き換えに取得した100万件のファイナンスリース使用権資産。

サプライチェーンファイナンス
運転資本の効率を改善するための継続的な取り組みの一環として、過去数年間にわたり、サプライヤーと共に取引条件を最適化するために取り組んできました。これには支払い条件の延長が含まれています。また、いくつかの参加しているファイナンシャルインスティテューションズを通じて、任意のサプライチェーンファイナンシング（"SCF"）プログラムを促進しています。 参加しているファイナンシャルインスティテューションズから通知を受けており、SCFプログラムに参加しているサプライヤーに関連する未払いの買掛金は、$3.2 億で、$2.4 それぞれ、2024年9月30日および2023年12月31日現在であったのは、十億ドルです。

新しい会計基準
2022年9月、FASBは、供給者ファイナンスプログラムの主要な条件に関する追加の開示を要求し、これらのプログラムが運転資本、流動性、キャッシュフローに与える影響を理解するために関連する義務のロールフォワードを求めるASUを発行しました。このASUは、2022年12月15日以降に始まる会計年度に対して有効ですが、ロールフォワード要件については、2023年12月15日以降に始まる会計年度に対して有効です。ロールフォワード要件を除いて、この基準は2023年第1四半期に採用しましたが、当社の連結財務諸表および関連する開示には重要な影響を与えませんでした。

2023年11月に、FASBは報告対象セグメントの開示要件を改善するASUを発行しました。これは、主に重要なセグメント費用に関する開示を強化することによって実現されています。このASUは、2023年12月15日以降に開始する会計年度に適用され、早期採用も許可されています。現在、連結財務諸表と関連するセグメント開示への影響を評価しています。

2023年12月に、FASBは所得税の開示の透明性を高めるASUを発表しました。これは主に税率の調整および支払った所得税に関する情報に関連しています。このASUは、2024年12月15日以降に始まる会計年度に対して有効であり、早期適用が許可されています。現在、当社の連結財務諸表および関連する開示への影響を評価しています。






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注 2. 取得と売却

取得

12月14日、2023年 2024年9月20日当社は、中国のケーキとペストリーの主要な製造業者であるEvirth（上海）工業株式会社（「Evirth」）の過半数株式を取得する契約を締結したと発表しました。この取引は、規制当局の承認を含む通常のクロージング条件に従い、完了する予定です。2024年第4四半期に完了する見込みです。取得関連費用として、9月30日までの3か月間に$2百万円を計上しました。

売却

2023年10月1日、アメリカ、カナダ及びヨーロッパにおける当社の先進国向けガムビジネスを、ポルトガルのビジネスを除いて、2023年10月23日に規制当局の承認を得た後に売却したPerfetti Van Melle Groupに売却しました。

2023年10月までのデータでトレーニングされています。22024年9月30日に終了した3か月間で、以前に記録された売却関連コストのうち、必要なくなった$ 百万を reversしました。また、2023年9月30日に終了した3か月間で$ 百万の売却関連コストを記録しました。142023年9月30日に終了した3か月間で$ 百万の売却関連コストを記録しました。22024年9月30日に終了した9か月間で$ 百万の純売却関連コストを記録しました。662023年9月30日に終了した9か月間で$ 百万を記録しました。

この処分は、私たちのビジネスや財務結果に大きな影響を及ぼす戦略的な変更とは見なされなかったため、処分されたビジネスの結果は中止されたビジネスとして分類されませんでした。

注 3. 在庫

在庫は以下の通りです:
9月30日時点で
2024		2023年12月31日時点
 (百万単位)
原材料$1,141 $973 
完成品3,286 2,790 
4,427 3,763 
在庫準備(157)(148)
棚卸資産、純額$4,270 $3,615 
注4. 不動産、プラント及び設備

資産、 plantおよび設備は以下の通りでした：
 9月30日時点で
2024		2023年12月31日時点
 (百万単位)
土地および土地の改善$392 $384 
建物と建物の改良3,530 3,452 
機械及び設備13,156 12,736 
建設中プロジェクト1,048 1,118 
18,126 17,690 
累積減価償却(8,430)(7,996)
不動産、プラント及び設備、純額$9,696 $9,694 

2024年9月30日終了の9ヶ月間の資本支出は$982 百万は、2024年9月30日現在未払いの$387 百万の発生済み資本支出の支払いを含み、471 2023年12月31日現在未払いの$780 百万の資本支出が含まれています。2023年9月30日終了の9ヶ月間の資本支出は$321 百万は、2023年9月30日現在未払いの$324 百万の発生済み資本支出の支払いを含み、2022年12月31日現在未払いの$
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注記5. のれんおよび無形資産

のれん
のれんの変動は次のようになります:

ラテンアメリカAMEAヨーロッパ北アメリカ合計
(百万単位)
2023年1月1日$1,421 $3,132 $8,009 $10,888 $23,450 
通貨180 (67)341 19 473 
取得 (1)
6 — — (33)(27)
2023年12月31日の残高$1,607 $3,065 $8,350 $10,874 $23,896 
通貨(199)11 80 (15)(123)
2024年9月30日の残高$1,408 $3,076 $8,430 $10,859 $23,773 
(1)2023年におけるリコリノとクリフバーの購入価格配分の調整。

無形固定資産
無形資産は以下の通りです：

2024年9月30日現在2023年12月31日時点
総額累積償却純帳簿価額総額累積償却純帳簿価額
(百万単位)
確定的な無形資産$3,303 $(2,277)$1,026 $3,322 $(2,155)$1,167 
無期限の無形資産 (1) (2)
18,433 — 18,433 18,669 — 18,669 
  合計
$21,736 $(2,277)$19,459 $21,991 $(2,155)$19,836 
(1)2023年の第3四半期に、我々は$26 の無形資産減損費用を記録しました。 1つ 北米セグメントのチョコレートブランドに関して$20 百万シェアのクラスA普通株式を 1つ ヨーロッパセグメントのビスケットブランドに関して$6 百万ドルです。
(2)2024年の第3四半期に、私たちは$153 百万の無形資産の減損損失を記録しました。 2 ヨーロッパセグメントのビスケットブランドに関連して$143 百万、 1つ AMEAセグメントのビスケットブランドに対して$5 百万シェアのクラスA普通株式を 1つ キャンディと 1つ ラテンアメリカ市場のビスケットブランドで、合計$5 百万ドルです。

無期限の無形資産は、主にナビスコ・ホールディングス・コープを通じて購入したブランド名で構成されています。グローバルな LU ダノングループのビスケット事業、キャドバリー・リミテッド、クリフ・バーによるものです。期限のある無形資産は、主に商標、顧客関連の無形資産、プロセステクノロジー、ライセンス、および競業避止契約で構成されています。

無形資産の償却費は $40 百万であり、三か月間で$115 百万であり、九か月間で2024年9月30日終了時点で$38 百万であり、三か月間で$114 2023年9月30日までの9ヶ月間で百万ドル。今後5年間、年間償却費は約$130 2024年から2026年まで約百万ドルと、90 2027年と2028年には約百万ドル（2024年9月30日の為替レートを反映）。

障害評価：
当社は、報告単位およびブランドの減損テストを毎年7月1日に実施し、イベントや状況によって報告単位またはブランドの公正価値が帳簿価額を下回る可能性が高い場合には、より頻繁に実施します。2024年の第3四半期には、2024年7月1日を基準に、のれんおよび無限の耐用年数を持つ無形資産に対する年次減損評価テストを実施しました。

2024年の善意の年次テストの結果、 なし 各報告単位の公正価値が帳簿価値を上回ったため、減損が発生しました。善意の定量的評価の一環として、報告単位の推定公正価値を帳簿価値と比較します。報告単位の帳簿価値が公正価値を超える場合、その差額について減損を記録します。報告単位の公正価値は、割引率、計画された成長率、および残存価値の推定を含む割引キャッシュフロー法を使用して見積もります。 6.8ヨーロッパおよび北米の報告単位に対して、", 9.8% のリスク調整済み加重平均資本コストを使用して、これらの事業からの将来のキャッシュフローを割り引いています。個別の報告単位の公正価値を見積もるには、仮定や見積もりを行う必要があります。
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利用可能な情報に基づいて、将来の計画、業種の状況、そして経済状況について。グローバルなマクロ経済環境の不確実性を考慮すると、これらの推定は将来のパフォーマンスとは大きく異なる可能性があります。全セクターの報告単位は年次減損テストを合格しましたが、計画されたビジネスのパフォーマンス期待が満たされない場合や、私たちのコントロールを超えた特定の評価要因、例えば割引率が大幅に変動する場合、報告単位の推定公正価値が減少し、将来的にのれんの減損が生じる可能性があります。

2024年度の無期限の無形資産に関する年次テストの結果、$153 百万の減損が発生しました。 2 ヨーロッパ部門のビスケットブランドに関連しています。 1つ AMEA部門のビスケットブランドに。 1つ キャンディと 1つ ラテンアメリカ市場におけるビスケットブランド。減損は、顧客価格交渉の混乱や、2024年第3四半期のベンチマークコストの継続的な圧力の影響による予測の変化によって引き起こされており、以前予想されていたよりも回復が遅くなると予想されています。減損損失は、資産の帳簿価額が見積もられた公正価値を超える部分として計算され、グローバルな観点から無形資産に記録され、資産の減損と退出コストとして計上されました。

私たちは、ロイヤリティの軽減、余剰収益、余剰マージンなど、いくつかの公認の評価方法を使用しています。評価方法は、各無形資産の公正価値を判断するために、将来の売上、利益成長率、ロイヤリティ率、割引率の推定値を利用しています。私たちは、 13 のブランドを特定しました。これらはいずれも、帳簿価額を10%以下上回る公正価値を持っています。 13 のブランドの合計帳簿価額は、2024年9月30日時点で$3.0 十億でした。私たちは、これらのブランドに対する現在の計画が、損失を被らないようにするだろうと考えていますが、ブランドの売上を成長させ、マージンを拡大する計画が満たされない場合や、割引率などの制御外の特定の評価要因が変化した場合、一つまたは複数のブランドが将来的に損失を被る可能性があります。

ノート6. 投資

上場証券
2023年の第1四半期に、キューリグ・ドクターペッパーの所有権（ナスダック: "KDP"）が議決権のある株式の 5 % を下回り、その結果、KDPへの投資の会計処理が、KDPに対する重要な影響を持たなくなったため、持分法会計から、容易に決定可能な公正価値を持つ持分の会計（"売買可能証券"）への変更が行われました。 売買可能証券は、同一資産の活発な市場における時価を基に評価されます（レベル1）。

2023年7月13日、私たちは 23KDPの残りの株式を売却しました。おおよそ$704の収益を得ました。

2023年6月8日、私たちは売却しました 23 KDPの株が100万株だったため、所有権が減少しました 1.6 パーセンテージポイント、から 3.2% から 1.6発行済株式総数に占める割合。私たちは約$の収益を受け取りました708 百万。

2023年3月2日に、KDPのシェアを販売しました。 30ミリオンシェア、これにより私たちの所有権は減少しました。 2.1 パーセンテージポイント、 5.3%から 3.2総発行株式の%から。1.0 私たちは約$の収益を得ました。493 ビリオンで、KDP投資の会計処理が変更される前に、2023年の第1四半期において$のエクイティ法取引による税引前利益を記録しました。368 ミリオン ($の税引後)

有価証券の前税（損失）/利益は以下の通りにまとめられています。

2023年9月30日までの3か月
2023年9月30日終了の9ヶ月
(百万単位)
期間中に売却した有価証券の利益
$— $593 
配当収入およびその他
(1)13 
有価証券の合計（損失）/利益
$(1)$606 

上記の表では、期間中に売却された流動証券の利益は、売却収入と期間の初めの流動証券の帳簿価額、または後にKDPへの投資の会計変更日との違いを反映しています。



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持分法投資
当社の持分法による投資には、JDE Peet's（ユーロネクスト・アムステルダム: "JDEP"）、Dong Suh Foods CorporationおよびDong Suh Oil & Fats Co. Ltd.への所有権が含まれていますが、これに限りません。当社の所有権は、投資先のストックベースの報酬制度、株式の発行、その他の株式関連取引により、時間とともに変化する可能性があります。2024年9月30日時点で、 17.6%, 50.0%と 49.0%、それぞれ、これらの企業の発行済株式の持分を所有しています。私たちは、 2 JDEPの取締役会において、取締役としての代表権を持っており、特定の追加的なガバナンス権を保持しています。引き続き大きな影響力を持っているため、私たちはJDEPに対する投資を持分法で会計処理し続けています。

当社の投資は持分法会計で合計$2.6 10億は2024年9月30日時点、$3.2 10億は2023年12月31日時点です。配当利益は$54 百万、現金配当は$33百万で、2024年9月30日に終了した3か月間のものです。また、配当利益は$10 百万、現金配当は$34百万で、2023年9月30日に終了した3か月間のものです。配当利益は$133 百万、現金配当は$115 2024年9月30日までの9か月間での数百万ドルと配当収益は$116 数百万ドルと現金配当は$136 2023年9月30日までの9か月間での数百万ドル。

2024年9月30日時点の閉じ価格に基づくと、JDEPへの公開市場での投資の公正価値は$1.8 億であり、 なし 2024年9月30日までの3か月間に一時的でない減損が確認されました。

2024年3月31日に終了した3か月間の間に、投資の帳簿価額よりも時価評価の公表市場価格が下回った期間と、JDEPの株価が帳簿価額に回復する不確実性に基づいて、一時的でない減損があることを判断しました。その結果、投資は基礎となる株式証券の終値に基づいて推定公正価値に引き下げられました€19.46 2024年3月28日の時点での1株あたりの株価であり、これにより€612 百万円（$665 百万円）。この費用は、 (損失)/株式方法投資取引における収益の減損 として、簡潔な連結損益計算書に含まれました。2023年9月30日に終了した3か月間および9か月間において、 なし 一時的でない減損が確認されました。

JDEP トランザクション
2023年3月30日に、JDEPの株式を売るためのオプションを約に相当するトランシェで発行しました。 7.7 百万株。このオプションは、2023年7月3日から2023年9月29日までの満期に行使可能であり、ストライク価格は€26.10 から€28.71 までの株式1株あたりです。2023年9月30日に終了した3ヶ月間で、 2.2 百万株のオプションが行使され、所有割合が 0.4 ポイント減少し、 18.1%から 17.7%の総発行済株式から減少しました。現金収入として€57 百万（$62 百万）で、2023年9月30日に終了した3か月間において、損失を記録しました€3 百万（$4 百万）のシェアについて。

2023年4月3日に、約 7.7 百万株のJDEPを売却し、 1.6 所有権を 19.7%から 18.1%の発行済株式の合計から198 現金収入は€217 百万（$18 百万）で、€19 2023年第二四半期のこの売上で（百万）

2021年に、€300百万の取引所転換債を発行しました。これは、2024年9月の満期において、現金で元本全額または、当社の選択により、初期の取引価格€に基づいて同等の数のJDEPの普通株式を引き渡すことによって償還可能でした。35.40 場合によっては、追加で現金を支払うこともありました。満期時には、取引所転換債を現金で償還しました。ノート8を参照してください。 債務および借入れの取り決め この償還に関する詳細は、こちらをご覧ください。

2024年10月21日に、当社の残りの 85.9 百万株のJDEPを、JAbホールディングス社に約€2.2 億（$2.4億）、1株あたり€25.10 の価格で売却することを発表しました。この売却取引は2024年の第4四半期に完了する予定です。

注記7. リストラクチャリングプログラム

2014年5月6日、当社の取締役会は$3.5 十億の2014-2018年再構築プログラムおよび最大$2.2 十億の資本支出を承認しました。2016年8月31日、当社の取締役会は$600 百万の再構築プログラムの現金コストと資本支出の間での再配分を承認しました。これにより$5.7 十億のプログラムは、おおよそ$4.1 十億の再構築プログラムコスト（$3.1 十億の現金コストと$1.0 十億の非現金コスト）および最大$1.6 何十億もの設備投資。2018年9月6日、当社の取締役会は延長を承認しました。
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2022年までの再構築プログラムの一環として、プログラム費用が$1.3 億の増加と$700 百万の資本支出の増加があります。2021年10月21日、取締役会は再構築プログラムの2023年までの延長を承認し、2023年7月25日、取締役会は再構築プログラムの2024年12月31日までのさらなる延長を承認しました。総額$7.7 億のプログラムは、$5.4 億のプログラム費用（$4.1 億の現金コストと$1.3 億の非現金コスト）と、プログラムの期間中に発生する総資本支出$2.3 億の合計です。これらの措置により増加し延長された現在の再構築プログラムは、現在「成長のためにシンプルにするプログラム」と呼ばれています。

Simplify to Growプログラムの主な目的は、サプライチェーンとオーバーヘッドコストの両方において、運営コスト構造を削減することです。このプログラムには、離職手当や資産の処分、その他の製造業および調達に関連する一時的なコストが含まれています。開始以来、Simplify to Growプログラムに関連して、合計で$によるリストラクチャリングおよび実施費用が発生しました。5.4 2024年末までにプログラムの残りの費用が発生する見込みです。

再構築コスト
2024年9月30日終了の9か月間の「シンプルに成長するプログラム」の責任活動は次のとおりです。
 セバーランス
および関連
費用
資産
減損およびその他 (1)
合計
 (百万単位)
負債残高、2024年1月1日$191 $— $191 
料金 (2)
28 12 40 
現金支出 (3)
(35)— (35)
現金以外の決済/調整 (4)
— (12)(12)
通貨1 — 1 
負債残高、2024年9月30日 (5)
$185 $— $185 

(1)再構築プログラムに含まれる資産の販売による利益が含まれています。
(2)2023年10月までのデータでトレーニングされています。52024年9月30日に終了した3ヶ月間において、以前に記録されたリストラクチャリング費用の純戻入れを$　百万記録しました。162023年9月30日に終了した3ヶ月間において、リストラクチャリング費用として$　百万を記録しました。402024年9月30日に終了した9か月間で$ 百万の純売却関連コストを記録しました。482023年9月30日に終了した9ヶ月間における純リストラクチャリング費用は、資産の減損および撤退コスト、福利厚生プランの非サービス収入に含まれ、$　百万となります。
(3)2024年9月30日に終了した3ヶ月間で$12百万を費やし、2023年9月30日に終了した3ヶ月間で$12百万を費やし、2023年9月30日に終了した9ヶ月間で$352024年9月30日に終了した9か月間で$ 百万の純売却関連コストを記録しました。47百万を現金の退職手当および関連コストに費やしました。
(4)現金以外の資産の引当金（加速減価償却や資産の減損を含む）およびその他の現金以外の調整、リストラクチャリングプログラム資産の売却による利益を含む、合計で$の費用を認識しました。62024年9月30日に終了した3か月間で百万ドルの費用が発生しました。82023年9月30日に終了した3か月間で百万ドルの費用が発生しました。122024年9月30日に終了した9か月間で$ 百万の純売却関連コストを記録しました。142023年9月30日に終了した9か月間で百万ドルの費用が発生しました。
(5)2024年9月30日の時点で、$102 百万の当社の純再構築負債がその他の流動負債に記録され、$83 百万がその他の新規買負債に記録されました。

実施コスト
実施費用はリストラ活動に直接起因しますが、出口または処分活動としての特別な会計処理の対象にはなりません。実施費用の開示は、当社の財務諸表の読者に、Simplify to Growプログラムの総費用に関する追加情報を提供すると考えています。実施費用は主に、サプライチェーンの改革プログラムやその他の特定された生産性とコスト削減の取り組みに関連して、事業と施設を再編成することに関係しています。費用には、施設の閉鎖に関連する追加費用、特定の契約を解除するための費用、および情報システムの簡素化が含まれます。当社の継続的な経営成績では、$の実装費用を記録しました17 2024年9月30日に終了した3か月間で百万ドル、そして4 2023年9月30日に終了した3か月間で100万ドル、そして私たちは$の実装費用を記録しました402024年9月30日に終了した9か月間で百万ドル、そして13 2023年9月30日に終了した9か月間で百万です。これらの費用は、売上原価に、一般企業経費は販売費、一般管理費に計上しました。

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再構築と実施のコスト
2024年9月30日および2023年9月30日終了の三か月および九か月の間、また「Simplify to Grow Program」の開始以来、セグメント営業利益および税引前利益に以下の再構築および実施コストを記録しました:
ラテン
アメリカ		AMEAヨーロッパ北
アメリカ		コーポレート合計
 (百万単位)
2024年9月30日までの3か月間
再構築コスト$1 $4 $(11)$2 $(1)$(5)
実施コスト— — 5 9 3 17 
合計$1 $4 $(6)$11 $2 $12 
2023年9月30日までの3か月間
再構築コスト$(1)$5 $— $11 $1 $16 
実施コスト1 (1)1 1 2 4 
合計$— $4 $1 $12 $3 $20 
2024年9月30日までの9ヶ月間のため
再構築コスト$4 $5 $31 $1 $(1)$40 
実施コスト— — 10 21 9 40 
合計$4 $5 $41 $22 $8 $80 
2023年9月30日までの9ヶ月間のため
再構築コスト$(2)$7 $27 $16 $— $48 
実施コスト— (1)3 4 7 13 
合計$(2)$6 $30 $20 $7 $61 
総プロジェクト （開始から現在まで）
再構築コスト$549 $566 $1,273 $677 $153 $3,218 
実施コスト304 245 591 619 381 2,140 
合計$853 $811 $1,864 $1,296 $534 $5,358 















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ノート8. 借金と貸付の取り決め

新規売
当社の新規売借入金および関連する加重平均金利は以下の通りです:
 2024年9月30日現在2023年12月31日時点
金額
未払		加重-
平均レート		金額
未払		加重-
平均レート
(百万円単位、パーセンテージを除く)
コマーシャルペーパー$1,441 5.2 %$346 5.5 %
銀行融資43 14.7 %74 17.2 %
総短期借入金額$1,484 $420 

2024年9月30日および2023年12月31日現在の未契約の信用枠と契約済みの信用枠には、以下が含まれます:
 2024年9月30日現在2023年12月31日時点
ファシリティ金額借入金額ファシリティ金額借入金額
(百万単位)
コミットされていない与信枠 (1)
$893 $43 $906 $74 
信用供与：
2025年2月19日 (2)
1,500 — 1,500 — 
2027年2月23日 (2)
4,500 — 4,500 — 
さまざま (3)
— — 277 277 
(1)前年度の施設金額が修正されました。
(2)私たちは、運転資本のニーズを含む一般的な企業目的のために、無担保の回転信用ファシリティを維持し、商業手形プログラムを支援しています。この回転信用契約には、最低限の株主資本を少なくとも$の金額で維持するという契約条項が含まれています。25.0累積その他の包括利益/(損失)、会計原則の変更による累積的な影響、および年金やその他の老後生活プランに関連する時価会計の継続的な適用に関連して認識された利益/(損失)を除き、$億。この契約条項に定義された株主資本は、2024年9月30日時点で$であり、この契約条項に遵守しています。39.4 回転信用ファシリティには、慣例的な表明、契約条項、デフォルト事象も含まれています。信用格付けのトリガー、条項、またはレジスタンスとして担保を提供することを要求する可能性のあるその他の財務契約条項はありません。
(3)2023年4月18日に、2023年10月3日および2024年4月4日に改正されたクレジット・ファシリティに入る契約を締結しました。このファシリティは長期のその他の資産として分類された担保預金によって担保されています。引き出しはSOFRに適用可能なマージンを加えた変数金利で実行されました。2024年8月13日に、借入れた全額を返済し、このクレジット・ファシリティを終了しました。
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債務返済
2024年9月30日までの9ヶ月間に、以下の社債を返済しました（百万単位）：

利率満期日金額USD相当額
2.125%2024年3月$500$500
2.250%
2024年9月 (1)
$500$500
0.000%
2024年9月 (1) (2)
€300$333
0.750%
2024年9月 (1)
$500$500
0.617%2024年9月フランス125$148
(1)モンデリーズインターナショナルが所有するオランダの完全子会社であるモンデリーズインターナショナルホールディングスオランダB.V.（"MIHN"）によって返済されました。
(2)€の返済300 百万の転換社債について。第6項を参照してください。 投資 これらの転換社債に関する詳細は。

2023年9月30日までの9か月間、私たちは何も行いませんでした。 なし債務返済を完了しませんでした。

債務発行
2024年9月30日までの9か月間に、以下のノートを発行しました（単位：百万）。

発行日
利率満期日
総売上高 (1)
総収入のUSD相当
2024年2月4.750%2029年2月$550$550
2024年7月4.625%2031年7月C$650$473
2024年8月4.750%2034年8月$500$500

(1)債務発行コスト、割引、およびプレミアムを除いたノートの発行から得られる総収入を表します。.

2023年9月30日までの9か月間で、私たちは行いませんでした なし債務発行を完了しました。

私たちの債務の公正価値
短期の借入金の公正価値は現在の市場金利を反映しており、当社の連結貸借対照表に記録されている金額に近いです。長期債務の公正価値は、上場されている債務義務のための活発な市場における上場価格（レベル1の評価データ）を使用して決定されました。

 2024年9月30日現在2023年12月31日時点
(百万単位)
公正価値$18,164 $17,506 
帳簿価額$19,804 $19,408 

利息およびその他の費用、ネット
利息その他の費用、純額は次の通りです：
終了した3ヶ月間
9月30日、		9か月間の終了のために
9月30日、
 2024202320242023
 (百万単位)(百万単位)
利息費用、債務$129 $134 $381 $432 
債務消滅による損失および関連費用
— — — 1 
その他の収益、当期純利益
(83)(68)(235)(175)
利息およびその他の費用、純額$46 $66 $146 $258 

その他の収入、純額には、当社の純投資ヘッジ派生商品契約に関連してヘッジ効果から除外された金額や、特定の外国通貨建て資産および負債、関連する経済的ヘッジにおける外国為替レートの変動が含まれます。ノート9を参照してください、 金融商品。

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注 9. 金融商品

デリバティブ商品の公正価値
デリバティブ商品は、以下のように簡易的な連結貸借対照表に公正価値で記録されました：
 2024年9月30日現在2023年12月31日時点
資産
デリバティブ		負債
デリバティブ		資産
デリバティブ		負債
デリバティブ
 (百万単位)
デリバティブは次のように指定されています
会計ヘッジとして:
金利契約$81 $81 $120 $57 
ネット投資ヘッジデリバティブ契約 (1)
166 391 163 382 
$247 $472 $283 $439 
指定されていないデリバティブ
会計ヘッジ：
為替取引契約$210 $97 $195 $134 
商品契約2,093 2,073 1,119 984 
金利契約1 3 — 2 
$2,304 $2,173 $1,314 $1,120 
総公正価値$2,551 $2,645 $1,597 $1,559 

(1)ネット投資ヘッジデリバティブ契約は、クロスカレンシー金利スワップ、フォワード契約、オプションで構成されています。また、一部の非米ドル建て債務を指定して、非米国事業におけるネット投資の一部をヘッジします。この債務は上の表には反映されていませんが、注8で説明されている長期債務に含まれています。 債務および借入れ契約ネット投資ヘッジデリバティブ契約と非米ドル建て債務がネット投資ヘッジとして機能することも、 デリバティブ出来高 の表と 国際事業におけるネット投資のヘッジ に関するセクションは、この脚注の後に表示されます。



連結財務諸表の圧縮バランスシートにおいて、当社のデリバティブの公正価値を以下のように記録しました。

 2024年9月30日現在2023年12月31日時点
 (百万単位)
その他の流動資産
$2,225 $1,347 
その他の資産
326 250 
その他の流動負債
2,242 1,209 
その他の負債
403 350 

当社のデリバティブ金融商品に関する公正価値（資産および負債）は、以下の方法で算定されました：
 2024年9月30日現在
 合計
正味の公正価値
資産/(負債)		市場での価格引用
アクティブな市場
同一の
資産
(レベル 1)		重要な
その他の観察可能な
入力
(レベル 2)		重要な
観察不可能な
入力
(レベル 3)
 (百万単位)
為替取引契約$113 $— $113 $— 
商品契約20 (69)89 — 
金利契約(2)— (2)— 
ネット投資ヘッジ契約(225)— (225)— 
総デリバティブ$(94)$(69)$(25)$— 

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 2023年12月31日時点
 合計
純資産の公正価値
資産/(負債)		同一の
活発な市場における
価格の見積もり
資産
(レベル 1)		重要
その他の観察可能な
入力
(レベル 2)		重要
観察不可能な
入力
(レベル3)
 (百万単位)
為替取引契約$61 $— $61 $— 
商品契約135 28 107 — 
金利契約61 — 61 — 
ネット投資ヘッジ契約(219)— (219)— 
総デリバティブ$38 $28 $10 $— 

レベル1の金融資産と負債は、取引所で取引されるベンチマーク先物および上場オプションで構成されています。これらの金融商品公正価値は、ベンチマーク取引所での市場価格に基づいて決定されます。

レベル2の金融資産と負債は、主にOTC（店頭取引）の為替先渡し、オプションおよびスワップ、商品先渡しおよびオプション、ネット投資ヘッジ契約、及び金利スワップで構成されています。私たちの為替取引契約は、観察可能な市場の先渡しレートから契約レートを引き、その結果を名目額で掛け算した収益アプローチを使用して評価されます。商品デリバティブは、観察可能な市場の商品インデックス価格から契約レートを引き、その結果を名目額で掛け算した収益アプローチや、市場で観察可能な入力（商品価格など）に基づく価格モデルを使用して評価されます。金利スワップの公正価値の計算は、契約の条件と観察可能な市場金利曲線に基づく割引キャッシュフロー分析から導き出されます。金融商品公正価値の計算には、相手方信用リスクを含む履行不能のリスクが考慮されます。私たちのOTCデリバティブ取引は、国際スワップ販売代理店協会の契約およびその他の業種の標準契約によって governed されています。これらの契約の下で、私たちは担保を投稿することも、相手方から担保を要求することもありません。私たちのデリバティブ契約の大部分には、相殺の法的権利がありません。これらおよび全てのデリバティブに関連する信用リスクは、投資適格の信用格付けを持つ相手方との取引を行うこと、各相手方へのエクスポージャーの限度を設けること、および相手方の財務状況の監視によって管理されています。

Derivative Volume
The notional values of our hedging instruments were:
 Notional Amount
 As of September 30,
2024		As of December 31, 2023
 (in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments
$7,712 $2,860 
Forecasted transactions
9,213 5,550 
Commodity contracts
15,467 16,631 
Interest rate contracts5,836 2,384 
Net investment hedges:
Net investment hedge derivative contracts8,878 7,456 
Non-U.S. dollar debt designated as net investment hedges:
Euro notes
3,547 3,516 
Swiss franc notes
237 386 
Canadian dollar notes
924 453 

Cash Flow Hedges
Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses). Refer to Note 13, Reclassifications from Accumulated Other Comprehensive Income for additional information on current period activity. Based on current market conditions, we would expect to transfer losses of $70 million (net of taxes) for interest rate cash flow hedges to earnings during the next 12 months.

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Cash Flow Hedge Coverage
As of September 30, 2024, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 4 years, 3 months.

Hedges of Net Investments in International Operations

Net investment hedge ("NIH") derivative contracts
We enter into cross-currency interest rate swaps, forwards and options to hedge certain investments in our non-U.S. operations against movements in exchange rates. The aggregate notional value as of September 30, 2024 was $8.9 billion.

Net investment hedge derivative contract impacts on other comprehensive earnings and net earnings were:
 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)
After-tax (loss)/gain on NIH contracts (1)
$(250)$72 $(65)$89 

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings. The cash flows from the settled contracts are reported within other investing activities in the condensed consolidated statement of cash flows.
 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Amounts excluded from the assessment of hedge effectiveness (1)
$45 $38 $132 $110 

(1)We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

Non-U.S. dollar debt designated as net investment hedges
After-tax gains/(losses) related to hedges of net investments in international operations were recorded within the cumulative translation adjustment section of other comprehensive income and were:

 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Euro notes$(102)$82 $(23)$32 
Swiss franc notes(18)11 1 (5)
Canadian notes(9)9 2 1 
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Economic Hedges
Pre-tax gains/(losses) recorded in net earnings for economic hedges were:

 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,		Location of Gain/(Loss) Recognized in Earnings
 2024202320242023
 (in millions) 
Currency exchange contracts:
Intercompany loans and forecasted interest payments$(67)$— $1 $47 Interest and other expense, net
Forecasted transactions
(13)15 10 44 Cost of sales
Forecasted transactions
(1)— (3)13 Interest and other expense, net
Forecasted transactions
1 (3)2 (9)Selling, general and administrative expenses
Commodity contracts14 72 943 176 Cost of sales
Equity method investment contracts (1)
— 4 — 7 Gain on equity method investment transactions
Total$(66)$88 $953 $278 

(1) Equity method investment contracts consisted of the bifurcated embedded derivative option that were a component of the September 20, 2021 €300 million exchangeable bonds issuance and expired on September 20, 2024. Refer to Note 6, Investments.
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Fair Value of Contingent Consideration
The following is a summary of our contingent consideration liability activity:

 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Liability at beginning of period$661 $567 $680 $642 
Changes in fair value (1)
(350)35 (315)50 
Payments(93)— (147)(90)
Liability at end of period$218 $602 $218 $602 

Contingent consideration was recorded at fair value in the condensed consolidated balance sheets as follows:

 As of September 30, 2024
 Total Fair Value of
Liability		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Clif Bar (1)
$218 $— $— $218 
Total contingent consideration$218 $— $— $218 

 As of December 31, 2023
 Total Fair Value of
Liability		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Clif Bar (1)
$548 $— $— $548 
Other (2)
132 — — 132 
Total contingent consideration$680 $— $— $680 

(1)In connection with the Clif Bar acquisition, we entered into a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain net revenue, gross profit and EBITDA targets in 2025 and 2026 that exceed our base financial projections for the business implied in the upfront purchase price. The contingent consideration liabilities are recorded at fair value within long-term liabilities. The estimated fair value of the contingent consideration obligation is determined using a Monte Carlo simulation. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and EBITDA, as well as discount and volatility rates. Fair value adjustments are primarily recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. During the three months ended September 30, 2024, the expected forecast for 2025 and 2026 has been updated to reflect recent trends in business performance and market outlook which resulted in a reduction in the fair value of the contingent consideration.
(2)The other contingent consideration liabilities were recorded at fair value, with $132 million classified as other current liabilities at December 31, 2023. Fair value adjustments were recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings through the second quarter of 2024. Payments on outstanding amounts as of December 31, 2023 were made in the second and third quarter of 2024, and the majority was classified within cash flows provided by operating activities in the consolidated statement of cash flows.
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Note 10. Benefit Plans

Pension Plans

Components of Net Periodic Pension Cost
Net periodic pension cost/(benefit) consisted of the following:
 U.S. PlansNon-U.S. Plans
 For the Three Months Ended
September 30,		For the Three Months Ended
September 30,
 2024202320242023
 (in millions)
Service cost$— $— $16 $13 
Interest cost15 16 72 76 
Expected return on plan assets(23)(24)(108)(101)
Amortization:
Net loss from experience differences— — 16 10 
Prior service cost
1 — — — 
Settlement losses and other expenses3 5 — — 
  Net periodic pension benefit
$(4)$(3)$(4)$(2)
 U.S. PlansNon-U.S. Plans
 For the Nine Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Service cost$2 $2 $46 $40 
Interest cost45 48 214 228 
Expected return on plan assets(69)(73)(324)(303)
Amortization:
Net loss from experience differences— — 48 31 
Prior service cost
1 1 — — 
Settlement losses and other expenses9 13 — — 
  Net periodic pension benefit
$(12)$(9)$(16)$(4)

Employer Contributions
During the nine months ended September 30, 2024, we contributed $2 million to our U.S. pension plans and $61 million to our non-U.S. pension plans. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of September 30, 2024, we plan to make further contributions of approximately $2 million to our U.S. plans and $18 million to our non-U.S. plans for the remainder of 2024. Our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or interest rates.

As of October 2024, we intend to terminate the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), pending completion of applicable regulatory approvals. The MDLZ Global Plan is the pension plan for US salaried employees and the termination process is part of a pension buyout transaction which is expected to be completed in 2025. The participants have been notified of the Company’s intent to terminate the MDLZ Global Plan.

Multiemployer Pension Plans
On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Bakery and Confectionery Union and Industry International Pension Fund totaling $491 million requiring pro-rata monthly payments over 20 years beginning in the third quarter of 2019. In connection with the discounted long-term liability, we recorded accreted interest of $2 million for the three months ended September 30, 2024 and $3 million for the three months ended September 30, 2023 and $7 million for the nine months ended September 30, 2024 and $8 million for the
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nine months ended September 30, 2023, within Interest and other expense, net in the condensed consolidated statement of earnings. As of September 30, 2024, the remaining discounted withdrawal liability was $316 million, with $16 million recorded in Other current liabilities and $300 million recorded in Long-term other liabilities in the condensed consolidated balance sheet.

Postretirement and Postemployment Benefit Plans
The net periodic postretirement (benefit)/cost was $(3) million for the three months ended September 30, 2024 and $(8) million for the nine months ended September 30, 2024 and $(2) million for the three months ended September 30, 2023 and $(4) million for the nine months ended September 30, 2023. The net periodic postemployment cost was $5 million for the three months ended September 30, 2024 and $16 million for the nine months ended September 30, 2024 and $2 million for the three months ended September 30, 2023 and $3 million for the nine months ended September 30, 2023.

Note 11. Stock Plans

On May 22, 2024, our shareholders approved the 2024 Performance Incentive Plan (the “2024 PIP”), which replaces our Amended and Restated 2005 Performance Incentive Plan (the “2005 Plan”). Under the 2024 PIP, we are now authorized to issue a maximum of 50.7 million shares of our Common Stock. As of May 22, 2024, we may not make any grants under the 2005 Plan. As of September 30, 2024, there were 50.7 million shares available to be granted under the 2024 PIP.

Stock Options
Stock option activity is reflected below:
 Shares Subject
to Option		Weighted-
Average
Exercise or
Grant Price
Per Share		Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Balance at January 1, 202418,678,120 $49.965 years$420  million
Annual grant to eligible employees2,261,810 73.13
Additional options issued31,780 66.11
Total options granted2,293,590 73.03
Options exercised (1)
(3,966,626)43.20$118  million
Options canceled(330,110)62.48
Balance at September 30, 202416,674,974 54.505 years$320  million

(1)Cash received from options exercised was $74 million in the three months and $170 million in the nine months ended September 30, 2024. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $8 million in the three months and $19 million in the nine months ended September 30, 2024.




















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Performance Share Units and Other Stock-Based Awards
Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:
Number
of Shares		Grant Date
Weighted-Average
Fair Value
Per Share (4)
Weighted-Average
Aggregate
Fair Value (3)
Balance at January 1, 20244,553,166 $62.53
Annual grant to eligible employees:Feb 27, 2024
Performance share units787,110 75.05
Deferred stock units571,490 73.13
Additional shares granted (1)
1,062,871 Various63.35
Total shares granted2,421,471 69.46$168  million
Vested (2) (3)
(2,004,358)58.72$118  million
Forfeited (2)
(306,770)66.22
Balance at September 30, 20244,663,509 67.52

(1)Includes PSUs and DSUs.
(2)Includes PSUs, DSUs and other stock-based awards.
(3)The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested was zero in the three months and $7 million in the nine months ended September 30, 2024.
(4)The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.


Share Repurchase Program
Effective January 1, 2023, our Board of Directors approved a program authorizing the repurchase of $6.0 billion of our Common Stock through December 31, 2025. During the year ended December 31, 2023, we repurchased approximately $1.6 billion of Common Stock pursuant to this authorization. Repurchases under the program are determined by management and are wholly discretionary.

During the nine months ended September 30, 2024, we repurchased approximately 17 million shares of Common Stock at an average cost of $70.09 per share, or an aggregate cost of approximately $1.2 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of September 30, 2024, we have approximately $3.2 billion in remaining share repurchase capacity.

Note 12. Commitments and Contingencies

Legal Proceedings
We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position.

On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois
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(the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated in the United States District Court for the Northern District of Illinois as case number 15-cv-2937, Harry Ploss et al. v. Kraft Foods Group, Inc. and Mondelēz Global LLC. On January 3, 2020, the District Court granted plaintiffs' request to certify a class. In November 2022, the District Court adjourned the trial date it had previously set for November 30, 2022 and ordered the parties to brief Kraft’s motions to decertify the class and for summary judgment, which has been completed. It is not possible to predict the outcome of these matters; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action.

As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. On January 28, 2021, the European Commission announced it had taken the next procedural step in its investigation and opened formal proceedings. As previously disclosed, we have cooperated with the investigation. In the fourth quarter of 2022, we had accrued (in accordance with U.S. GAAP), on a pre-tax basis, a liability of €300 million ($321 million) within other current liabilities in the consolidated balance sheet and selling, general and administrative expenses in the consolidated statement of earnings as an estimate of the possible cost to resolve this matter. During the fourth quarter of 2023, we adjusted our accrual to a liability of €340 million ($375 million). In the second quarter of 2024, we reached a negotiated resolution in this matter and adjusted our accrual from a liability of €340 million to €337.5 million ($376 million), on a pre-tax basis. Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024. We do not anticipate any modification of our business practices and agreements that would have a material impact on our ongoing business operations within the European Union.

Third-Party Guarantees
We enter into third-party guarantees primarily to cover long-term obligations of our vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. As of September 30, 2024 and December 31, 2023, we had no material third-party guarantees recorded on our condensed consolidated balance sheet.

Tax Matters
We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position.
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Note 13. Reclassifications from Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net (losses)/gains of $(71) million in the third quarter of 2024 and $35 million in the third quarter of 2023 and $(50) million in the first nine months of 2024 and $(6) million in the first nine months of 2023.
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2024202320242023
(in millions)
Currency Translation Adjustments:
Balance at beginning of period$(10,177)$(9,505)$(9,574)$(9,808)
Currency translation adjustments(18)(582)(608)(270)
Tax (expense)/benefit18 12 (3)(3)
Other comprehensive earnings/(losses)— (570)(611)(273)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests(10)6 (2)12 
Balance at end of period(10,187)(10,069)(10,187)(10,069)
Pension and Other Benefit Plans:
Balance at beginning of period$(1,277)$(1,133)$(1,323)$(1,105)
Net actuarial gain/(loss) arising during period— (20)(6)(19)
Tax (expense)/benefit on net actuarial gain/(loss)— 3 1 3 
Losses/(gains) reclassified into net earnings:
Amortization of experience losses and prior service costs (1)
14 7 40 20 
Settlement losses and other expenses (1)
3 5 9 13 
Tax expense/(benefit) on reclassifications (3)
(3)(2)(11)(8)
Currency impact(66)39 (39)(5)
Other comprehensive earnings/(losses)(52)32 (6)4 
Balance at end of period(1,329)(1,101)(1,329)(1,101)
Derivative Cash Flow Hedges:
Balance at beginning of period$(61)$(72)$(49)$(34)
Net derivative gains/(losses)(58)56 (32)(10)
Tax (expense)/benefit on net derivative gain/(loss)— — 6 1 
Losses/(gains) reclassified into net earnings:
Currency exchange contracts(2)
4 — 4 — 
Interest rate contracts (2)
48 (43)5 (20)
Tax expense/(benefit) on reclassifications (3)
5 (2)3 1 
Currency impact(1)(1)— — 
Other comprehensive earnings/(losses)(2)10 (14)(28)
Balance at end of period(63)(62)(63)(62)
Accumulated other comprehensive income attributable to Mondelēz International:
Balance at beginning of period$(11,515)$(10,710)$(10,946)$(10,947)
Total other comprehensive earnings/(losses)(54)(528)(631)(297)
Less: other comprehensive (earnings)/loss attributable to noncontrolling interests(10)6 (2)12 
Other comprehensive earnings/(losses) attributable to Mondelēz International(64)(522)(633)(285)
Balance at end of period$(11,579)$(11,232)$(11,579)$(11,232)

(1)These reclassified losses are included in net periodic benefit costs disclosed in Note 10, Benefit Plans.
(2)These reclassified gains or losses are recorded within interest and other expense, net.
(3)Taxes reclassified to earnings are recorded within the provision for income taxes.

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Note 14. Income Taxes

As of the third quarter of 2024, our estimated annual effective tax rate, which excludes discrete tax impacts, was 27.3%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. Our 2024 third quarter effective tax rate was 28.8% and includes discrete tax impacts in connection with unrealized gains and losses on hedging activities. Excluding these impacts, our effective tax rate for the three months ended September 30, 2024 was 25.6%. The 25.6% reflects the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. Our effective tax rate for the nine months ended September 30, 2024 of 26.9% also includes discrete tax impacts in connection with unrealized gains and losses on hedging activities. Excluding these impacts, our effective tax rate for the nine months ended September 30, 2024 was 26.6%. The 26.6% reflects the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates.

As of the third quarter of 2023, our estimated annual effective tax rate, which excluded discrete tax impacts, was 25.9%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws partially offset by favorable impacts from the mix of pre-tax income as well as applicable tax rates in various non-U.S. jurisdictions. Our 2023 third quarter effective tax rate of 26.6% included a net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax benefits. Our effective tax rate for the nine months ended September 30, 2023 of 27.1% was higher due to a $127 million net tax expense incurred in connection with the KDP share sale during the first quarter (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes). Excluding this impact, our effective tax rate for the nine months ended September 30, 2023 was 24.4%. The 24.4% rate also included net tax expense related to gains and losses on KDP marketable securities as well as the associated pre-tax impacts.

Note 15. Earnings per Share

Basic and diluted earnings per share (EPS) were calculated as follows:
 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2024202320242023
 (in millions, except per share data)
Net earnings$856 $988 $2,875 $4,018 
less: Noncontrolling interest earnings
(3)(4)(9)(9)
Net earnings attributable to Mondelēz International$853 $984 $2,866 $4,009 
Weighted-average shares for basic EPS1,339 1,363 1,343 1,364 
Plus incremental shares from assumed conversions
   of stock options and long-term incentive plan shares		5 7 6 8 
Weighted-average shares for diluted EPS1,344 1,370 1,349 1,372 
Basic earnings per share attributable to
   Mondelēz International		$0.64 $0.72 $2.13 $2.94 
Diluted earnings per share attributable to
   Mondelēz International		$0.63 $0.72 $2.12 $2.92 

We exclude antidilutive Mondelēz International stock options and long-term incentive plan shares from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options and performance share units of 3.7 million for the three months ended September 30, 2024 and 2.5 million for the three months ended September 30, 2023 and 3.3 million for the nine months ended September 30, 2024 and 2.8 million for the nine months ended September 30, 2023.


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Note 16. Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages. We manage our global business and report operating results through geographic units. 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.

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

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. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that management reviews.

Our reconciliation of segment net revenues and earnings to consolidated financial statement totals were:
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2024202320242023
(in millions)
Net revenues:
Latin America$1,204 $1,305 $3,755 $3,744 
AMEA1,851 1,791 5,388 5,339 
Europe3,323 3,086 9,565 9,319 
North America2,826 2,847 8,129 8,300 
Net revenues$9,204 $9,029 $26,837 $26,702 

Earnings before income taxes:
Segment operating income:
Latin America$125 $156 $426 $429 
AMEA335 302 1,036 869 
Europe605 494 1,746 1,450 
North America918 532 2,012 1,678 
Unrealized (losses)/gains on hedging activities
(mark-to-market impacts)		(710)19 (157)239 
General corporate expenses(78)(86)(212)(242)
Amortization of intangible assets(40)(38)(115)(114)
Acquisition-related costs(2)— (2)— 
Operating income1,153 1,379 4,734 4,309 
Benefit plan non-service income25 19 76 60 
Interest and other expense, net(46)(66)(146)(258)
(Loss)/gain on marketable securities— (1)— 606 
Earnings before income taxes$1,132 $1,331 $4,664 $4,717 
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Items impacting our segment operating results are discussed in Note 1, Basis of Presentation, Note 2, Acquisitions and Divestitures, Note 3, Inventories, Note 4, Property, Plant and Equipment, Note 5, Goodwill and Intangible Assets, and Note 7, Restructuring Program. Also see Note 8, Debt and Borrowing Arrangements, and Note 9, Financial Instruments, for additional information on our interest and other expense, net for each period.

Net revenues by product category were:
For the Three Months Ended September 30, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$312 $661 $1,162 $2,470 $4,605 
Chocolate299 752 1,640 92 2,783 
Gum & Candy374 240 145 264 1,023 
Beverages104 105 28 — 237 
Cheese & Grocery115 93 348 — 556 
Total net revenues$1,204 $1,851 $3,323 $2,826 $9,204 
For the Three Months Ended September 30, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$313 $642 $1,120 $2,409 $4,484 
Chocolate347 701 1,428 83 2,559 
Gum & Candy408 233 199 355 1,195 
Beverages112 118 29 — 259 
Cheese & Grocery125 97 310 — 532 
  Total net revenues
$1,305 $1,791 $3,086 $2,847 $9,029 
For the Nine Months Ended September 30, 2024
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$908 $1,865 $3,285 $7,203 $13,261 
Chocolate985 2,102 4,703 240 8,030 
Gum & Candy1,148 711 491 686 3,036 
Beverages348 418 90 — 856 
Cheese & Grocery366 292 996 — 1,654 
  Total net revenues
$3,755 $5,388 $9,565 $8,129 $26,837 
For the Nine Months Ended September 30, 2023
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits$898 $1,881 $3,311 $7,105 $13,195 
Chocolate1,031 2,011 4,339 223 7,604 
Gum & Candy1,124 674 652 972 3,422 
Beverages335 476 88 — 899 
Cheese & Grocery356 297 929 — 1,582 
Total net revenues$3,744 $5,339 $9,319 $8,300 $26,702 


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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview of Business and Strategy

Our core business is making and selling chocolate, biscuits and baked snacks, with additional businesses in adjacent, locally relevant categories including gum & candy, cheese & grocery and powdered beverages around the world.

We aim to be the global leader in snacking. Our strategy is to drive long-term growth by focusing on four strategic priorities: accelerating consumer-centric growth, driving operational excellence, creating a winning growth culture and scaling sustainable snacking. We believe the successful implementation of our strategic priorities and leveraging of our attractive global footprint, strong core of iconic global and local brands, marketing, sales, distribution and cost excellence capabilities, and top talent with a growth mindset, will drive consistent top- and bottom-line growth, enabling us to continue to create long-term value for our shareholders.

Recent Developments and Significant Items Affecting Comparability

Macroeconomic environment

We continue to observe significant market and geopolitical uncertainty, fluctuating consumer demand, inflationary pressures, supply constraints and exchange rate volatility. As a result, we experienced significantly higher operating costs, including higher overall raw material, labor and energy costs that have continued to rise. In particular, we expect to continue to face higher cocoa costs, as the market price for cocoa beans has increased significantly year-over-year and it is likely that prices will remain elevated for some time. Refer to Commodity Trends for additional information.

Our overall outlook for future snacks revenue growth remains strong; however, we anticipate ongoing volatility. We will continue to proactively manage our business in response to the evolving global economic environment, related uncertainty and business risks while also prioritizing and supporting our employees and customers. We continue to take steps to mitigate impacts to our supply chain, operations, technology and assets.

War in Ukraine

In February 2022, following the Russian military invasion of Ukraine, we stopped production and closed our facilities in Ukraine; since then we have taken steps to protect the safety of our employees and to fully restore operations at our two manufacturing facilities, which were significantly damaged in March 2022. See Note 1, Basis of Presentation - War in Ukraine, to the condensed consolidated financial statements, and refer to Items Affecting Comparability of Financial Results for additional information.

We have suspended new capital investments and our advertising spending in Russia, but as a food company with more than 2,500 employees in the country, we have not ceased operations given we believe we play a role in the continuity of the food supply. We continue to evaluate the situation in Ukraine and Russia and our ability to control our operating activities and businesses on an ongoing basis and comply with applicable international sanctions. We continue to consolidate both our Ukrainian and Russian subsidiaries. During the third quarter of 2024, Ukraine generated 0.4% and Russia generated 2.9% of consolidated net revenue and during the third quarter of 2023, Ukraine generated 0.4% and Russia generated 2.7% of consolidated net revenue. The profitability of and the assets held by our Russian business continue to remain above historical levels. We cannot predict if the recent performance of our Russian business will continue in the future.

Our operations in Russia are subject to risks, including the temporary or permanent loss of assets due to expropriation or further curtailment of our ability to conduct business operations in Russia. In the event this were to occur, this could lead to the partial or full impairment of our Russian assets or deconsolidation of the operations in Russia in future periods, or the termination of our business operations, based on actions taken by Russia, other parties or us. For additional information, see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2023, including the risk entitled “The war in Ukraine has impacted and could continue to impact our business operations, financial performance and results of operations.”


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Developments in the Middle East

In October 2023, conflict developed in the Middle East between Hamas and Israel, and has expanded to other parts of the region. In the third quarter of 2024, we experienced sales impacts related to this conflict in certain AMEA markets, but this did not have a material impact on our business, results of operations or financial condition. We continue to evaluate the impacts of these developments on our business and we cannot predict if it will have a significant impact in the future.

ERP System Implementation

In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems (the “ERP System Implementation”). The ERP System Implementation spending comprises both capital expenditures and operating expenses, of which a majority is expected to relate to operating expenses. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. The ERP System Implementation program will be implemented by region in several phases with spending occurring over the next five years, with expected completion by year-end 2028. Refer to Non-GAAP financial measures for additional information.

Extreme Price Growth in Argentina

During December 2023, the Argentinean peso significantly devalued. The peso's devaluation and potential resulting distortion on our non-GAAP Organic Net Revenue, Organic Net Revenue growth and other constant currency growth rate measures resulted in our decision to exclude the impact of pricing in excess of 26% year-over-year ("extreme pricing") in Argentina, from these measures beginning in Q1 2024. The benchmark of 26% represents the minimum annual inflation rate for each year over a 3-year period which would result in a cumulative inflation rate in excess of 100%, the level at which an economy is considered hyperinflationary under U.S. GAAP. Throughout the following MD&A discussion, we now exclude, on a prospective basis, the impact of extreme pricing in Argentina from the net pricing impact of Organic Net Revenue and Organic Net Revenue growth and its related impact on our other non-GAAP financial constant currency growth measures with a corresponding adjustment in changes in currency translation rates. Additionally within the MD&A discussion, "currency-related items" totals the impact of extreme pricing and the currency translation rate changes. Refer to Non-GAAP financial measures for additional information.

Currency-related items impacted our non-GAAP financial measures for the three months ended September 30, 2024 as follows:
•Organic Net Revenue: In total, unfavorable currency-related items of $120 million (1.4 pp) were driven by unfavorable currency translation rate changes of $393 million (4.4 pp), partially offset by the adjustment for extreme pricing of $273 million (3.0 pp). In Emerging Markets, unfavorable currency-related items of $170 million (4.8 pp) were driven by unfavorable currency translation rate changes of $443 million (12.6 pp), partially offset by the adjustment for extreme pricing of $273 million (7.8 pp). In Developed Markets, favorable currency-related items of $50 million (1.0 pp) were driven by favorable currency translation rate changes.
•Adjusted Operating Income: Unfavorable currency-related items of $16 million were driven by unfavorable currency translation rate changes of $64 million, partially offset by the adjustment for extreme pricing of $48 million.
•Adjusted EPS: Unfavorable currency-related items were flat as unfavorable currency translation rate changes of $0.04 were offset by the adjustment for extreme pricing of $0.04.

Currency-related items impacted our non-GAAP financial measures for the nine months ended September 30, 2024 as follows:
•Organic Net Revenue: In total, unfavorable currency-related items of $468 million (1.7 pp) were driven by unfavorable currency translation rate changes of $1,450 million (5.5 pp), partially offset by the adjustment for extreme pricing of $982 million (3.8 pp). In Emerging Markets, unfavorable currency-related items of $529 million (5.1 pp) were driven by unfavorable currency translation rate changes of $1,511 million (14.5 pp), partially offset by the adjustment for extreme pricing of $982 million (9.4 pp). In Developed Markets, favorable currency-related items of $61 million (0.4 pp) were driven by favorable currency translation rate changes.
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•Adjusted Operating Income: Unfavorable currency-related items of $143 million were driven by unfavorable currency translation rate changes of $373 million, partially offset by the adjustment for extreme pricing of $230 million.
•Adjusted EPS: Unfavorable currency-related items of $0.09 were driven by unfavorable currency translation rate changes of $0.26, partially offset by the adjustment for extreme pricing of $0.17.

Acquisitions and Divestitures

In the third quarter of 2024, we announced a signed agreement to acquire a majority stake of Evirth (Shanghai) Industrial Co., Ltd, a leading manufacturer of cakes and pastries in China. Refer to Note 2, Acquisitions and Divestitures, for additional details.

In 2022, we announced our intention to divest our developed market gum and global Halls candy businesses and in the fourth quarter of 2022, we announced an agreement to sell the developed market gum business. On October 1, 2023, we completed the sale of our developed market gum business to Perfetti Van Melle Group, excluding the Portugal business which we retained pending regulatory approval. We completed the sale of the Portugal business to Perfetti Van Melle Group on October 23, 2023. Refer to Note 2, Acquisitions and Divestitures, for additional details.

Investment Transactions

Keurig Dr Pepper Transactions (Nasdaq: "KDP")
During the first quarter of 2023, we sold approximately 30 million shares of KDP, which reduced our ownership interest to 3.2%. We recorded a pre-tax gain on equity method transactions of $493 million (or $368 million after-tax). Our reduction in ownership to below 5% resulted in a change of accounting from equity method investment accounting to accounting for equity interests with readily determinable fair values ("marketable securities"). On June 8, 2023, we sold 23 million shares of KDP, which reduced our ownership to 1.6%. On July 13, 2023, we sold our remaining 23 million shares and received approximately $704 million in proceeds.

JDE Peet’s Transactions (Euronext Amsterdam: “JDEP”)
During the first quarter of 2023, we sold approximately 7.7 million shares of JDEP, which reduced our ownership to 18.1%. We recorded a loss of €18 million ($19 million) on this sale. On March 30, 2023, we issued options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares, exercisable at maturity during the third quarter of 2023. During the three months ended September 30, 2023, options were exercised on 2.2 million shares, which reduced our ownership percentage by 0.4 percentage point, from 18.1% to 17.7% of the total outstanding shares. We recorded a loss of €3 million ($4 million) on this sale.

During the first quarter of 2024, we determined there was an other-than-temporary impairment of our investment in JDEP, resulting in an impairment charge of €612 million ($665 million). On October 21, 2024, we announced the sale of our remaining 85.9 million shares in JDEP to JAB Holdings Company for approximately €2.2 billion ($2.4 billion). The sale transaction is expected to be completed in the fourth quarter of 2024.

For additional information, refer to Note 6, Investments and Note 9, Financial Instruments.

Benefit Plans

As of October 2024, the Company intends to terminate the Mondelēz Global LLC Retirement Plan. The termination process is expected to be completed as of June 30, 2025. Refer to Note 10, Benefit Plans for additional information.

Taxes

We continue to monitor existing and potential future tax reform around the world. As of September 30, 2024, numerous countries have now enacted the Organization of Economic Cooperation and Development’s model rules on a global minimum tax with the earliest effective date being for taxable years beginning after December 31, 2023. Based on the guidance available thus far, we do not expect this legislation to have a material impact on our consolidated financial statements but we will continue to evaluate it as additional guidance and clarification becomes available.


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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 U.S. GAAP results. Refer to Non-GAAP Financial Measures for the definitions of our non-GAAP financial measures and Consolidated Results of Operations for the respective reconciliations.

In addition to monitoring our key operating metrics, we monitor developments and trends that could impact our revenue and profitability objectives, as highlighted in our most recently filed Annual Report on Form 10-K for the year ended December 31, 2023.
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Summary of Results

•Net revenues increased 1.9% to $9.2 billion in the third quarter of 2024 and increased 0.5% to $26.8 billion in the first nine months of 2024 as compared to the same periods in the prior year.
–Net revenue growth in the third quarter of 2024 was driven by higher net pricing and favorable volume mix, partially offset by the impact of our 2023 divestiture of the developed market gum business and unfavorable currency-related items, as the U.S. dollar strengthened relative to most currencies we operate in compared to exchange rates in the prior year.
–Net revenue growth in the first nine months of 2024 was driven by higher net pricing and incremental net revenue from a short-term distributor agreement related to the sale of our developed market gum business, partially offset by the impact of our 2023 divestiture of the developed market gum business, unfavorable currency-related items, as the U.S. dollar strengthened relative to most currencies we operate in compared to exchange rates in the prior year and unfavorable volume/mix.
•Organic Net Revenue, a non-GAAP financial measure, increased 5.4% to $9.3 billion in the third quarter of 2024 and increased 4.0% to $27.3 billion in the first nine months of 2024 as compared to the same periods in the prior year. During the third quarter Organic Net Revenue grew due to higher net pricing and favorable volume/mix. During the first nine months of 2024, Organic Net Revenue grew due to higher net pricing, partially offset by unfavorable volume/mix. Organic Net Revenue is on a constant currency basis and excludes revenue from acquisitions and divestitures. Refer to Non-GAAP Financial Measures for the definition of Organic Net Revenue and Consolidated Results of Operations for our reconciliation with net revenues.
•Diluted EPS attributable to Mondelēz International decreased (12.5)% to $0.63 in the third quarter of 2024 and decreased (27.4)% to $2.12 in the first nine months of 2024 as compared to the same periods in the prior year.
–Diluted EPS decreased in the third quarter of 2024, driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and currency derivatives, higher intangible asset impairment charges, lapping prior-year operating results from the developed market gum business divested in 2023, costs incurred for the ERP Systems Implementation program and lapping prior-year gain on marketable securities. These unfavorable items were partially offset by an increase in Adjusted EPS, favorable year-over-year change in acquisition integration costs and contingent consideration adjustments, lower equity method investee items, favorable year-over-year change in initial impacts from enacted tax law changes and lower loss on remeasurement of net monetary position.
–Diluted EPS decreased in the first nine months of 2024, driven by an impairment charge on our JDEP equity method investment in 2024, lapping prior-year net gains on marketable securities and equity method investment transactions primarily related to our former KDP investment, unfavorable year-over-year change in mark-to-market impacts from commodity and currency derivatives, lapping prior-year operating results from the developed market gum business divested in 2023, higher intangible asset impairment charges, costs incurred for the ERP Systems Implementation program and higher costs incurred from our Simplify to Grow program. These unfavorable items were partially offset by an increase in Adjusted EPS, favorable year-over-year change in acquisition integration costs and contingent consideration adjustments, lower divestiture-related costs, lower loss on remeasurement of net monetary position and lower equity method investee items.
•Adjusted EPS, a non-GAAP financial measure, increased 28.6% to $0.99 in the third quarter of 2024 and increased 19.1% to $2.80 in the first nine months of 2024 as compared to the same periods in the prior year. On a constant currency basis, Adjusted EPS increased 28.6% to $0.99 in the third quarter of 2024 and increased 23.0% to $2.89 in the first nine months of 2024 as compared to the same periods in the prior year. Refer to Non-GAAP Financial Measures for the definition of Adjusted EPS and Consolidated Results of Operations for our reconciliation with diluted EPS.
–Adjusted EPS increased in the third quarter of 2024, driven by operating gains, fewer shares outstanding, lower interest expense and lower taxes.
–Adjusted EPS increased in the first nine months of 2024, driven by operating gains, fewer shares outstanding, lower interest expense and higher benefit plan non-service income, partially offset by unfavorable currency-related items, higher taxes and lapping prior year dividend income related to our former KDP investment.
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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 condensed consolidated financial statements indicated below for additional information. Refer also to the Consolidated Results of Operations – Net Earnings and Earnings per Share Attributable to Mondelēz International table for the after-tax per share impacts of these items.

  For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 See Note2024202320242023
  (in millions, except percentages)
Simplify to Grow ProgramNote 7
Restructuring charges$5 $(16)$(40)$(48)
Implementation charges(17)(4)(40)(13)
Intangible asset impairment chargesNote 5(153)(26)(153)(26)
Mark-to-market (losses)/gains from derivatives (1)
Note 9(707)20 (156)236 
Acquisition and divestiture-related costs:Note 2
Acquisition integration costs and
   contingent consideration adjustments
328 (68)249 (143)
Acquisition-related costs(2)— (2)— 
Divestiture-related costs2 (14)(2)(66)
Incremental costs due to war in Ukraine (2)
Note 1— (1)(2)2 
European Commission legal matterNote 12— — 3 — 
ERP System Implementation costs (3)

(29)— (38)— 
Remeasurement of net monetary positionNote 1(9)(22)(26)(60)
Impact from pension participation changes
Note 10(2)(3)(7)(8)
Loss on debt extinguishment and related expensesNote 8— — — (1)
Initial impacts from enacted tax law changesNote 1411 (13)(12)(15)
Gain on marketable securities
Note 6— — — 593 
(Loss)/gain on equity method investment transactions including impairments (4)
Note 6(4)— (669)462 
Equity method investee items (5)
(5)(38)(52)(82)
Effective tax rateNote 1428.8 %26.6 %26.9 %27.1 %
 
(1)Includes impacts recorded in operating income and interest expense and other, net. Mark-to-market gains/(losses) above also include our equity method investment-related derivative contract mark-to-market gains/(losses) (refer to Note 9, Financial Instruments) that are recorded in the (loss)/gain (including non-cash impairment charges) on equity method investment transactions on our condensed consolidated statement of earnings.
(2)Incremental costs due to the war in Ukraine include direct charges such as asset impairments due to damaged facilities and inventory, higher expected allowances for uncollectible accounts receivable and committed compensation. Please see the Non-GAAP Financial Measures section at the end of this item and Note 1, Basis of Presentation – War in Ukraine, for additional information.
(3)ERP System Implementation program costs represent incremental operating expenses above the normal ongoing level of spending on information technology to support operations. These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of our existing SAP financial systems and various other expenses, all associated with the implementation of our information technology upgrades.
(4)(Loss)/gain (including non-cash impairment charges) on equity method investment transactions is recorded outside pre-tax operating results on the condensed consolidated statement of earnings. See footnote (1) as mark-to-market gains/(losses) on our equity method-investment-related derivative contracts are presented in the table above within mark-to-market gains/(losses) from derivatives.
(5)Includes our proportionate share of significant operating and non-operating items recorded by our JDE Peet's equity method investee, including acquisition and divestiture-related costs, restructuring program costs and intangible asset impairment charges.


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Consolidated Results of Operations
Three Months Ended September 30
For the Three Months Ended
September 30,
 20242023
$ Change
% Change
 (in millions, except per share data) 
Net revenues$9,204 $9,029 $175 1.9 %
Operating income1,153 1,379 (226)(16.4)%
Net earnings attributable to
   Mondelēz International
853 984 (131)(13.3)%
Diluted earnings per share attributable to
   Mondelēz International
0.63 0.72 (0.09)(12.5)%

Net Revenues – Net revenues increased $175 million (1.9%) to $9,204 million in the third quarter of 2024, and Organic Net Revenue (1) increased $474 million (5.4%) to $9,324 million. Emerging markets net revenues increased 0.1% and emerging markets Organic Net Revenue increased 4.9% (1). Developed markets net revenues increased 3.1% and developed markets Organic Net Revenue increased 5.6% (1). The underlying changes in net revenues and Organic Net Revenue are detailed below:
Emerging
Markets		Developed
Markets		Mondelēz
International
Three Months Ended September 30, 2024
Reported (GAAP)$3,530 $5,674 $9,204 
Currency-related items
170 (50)120 
Organic (Non-GAAP)$3,700 $5,624 $9,324 
Three Months Ended September 30, 2023
Reported (GAAP)$3,527 $5,502 $9,029 
Divestitures(1)(178)(179)
Organic (Non-GAAP)$3,526 $5,324 $8,850 
% Change
Reported (GAAP)0.1  %3.1  %1.9  %
Divestitures- pp3.5 pp2.1 pp
Currency-related items
4.8 (1.0)1.4 pp
Organic (Non-GAAP)4.9 %5.6 %5.4 %
Vol/Mix(1.0)pp1.0 pp0.3 pp
Pricing5.9 4.6 5.1 
(1)Please see the Non-GAAP Financial Measures section at the end of this item.

Net revenue increase of 1.9% was driven by our underlying Organic Net Revenue growth of 5.4%, partially offset by the impact of our 2023 divestiture of the developed market gum business and unfavorable currency-related items. Organic Net Revenue growth was driven by higher net pricing and favorable volume/mix. Higher net pricing in all regions was due to the benefit of carryover pricing from 2023 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2024. Overall, positive volume/mix reflected improved volume trends in North America due to increased consumer demand in the U.S. as well as Europe rebounding from last quarter's customer price negotiation disruptions. Favorable volume/mix was driven by gains in North America, Europe and AMEA, partially offset by unfavorable volume/mix in Latin America. The impact of our 2023 divestiture of the developed market gum business resulted in a year-over-year reduction in net revenues of $179 million for the third quarter of 2024. Refer to Note 2, Acquisitions and Divestitures, for additional information. Currency-related items decreased net revenues by $120 million, driven by unfavorable currency translation rate changes, partially offset by the adjustment for extreme pricing in Argentina. Refer to Recent Developments and Significant Items Affecting Comparability for additional information. Unfavorable currency translation rate changes were due to the strength of the U.S. dollar relative to several currencies, primarily the Argentinean peso, as well as the Brazilian real, Mexican peso, Nigerian naira, Egyptian pound and Turkish lira, partially offset by the strength of several currencies relative to the U.S. dollar, including the British pound sterling, euro, Russian ruble, Polish zloty, Australian dollar and Chinese yuan.
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Operating Income – Operating income decreased $226 million (16.4%) to $1,153 million in the third quarter of 2024. Adjusted Operating Income (1) increased $300 million (20.9%) to $1,738 million and Adjusted Operating Income on a constant currency basis (1) increased $316 million (22.0%) to $1,754 million due to the following:
 For the Three Months Ended
September 30,		  
 20242023$ Change% Change
 (in millions) 
Operating Income$1,153 $1,379 $(226)(16.4)%
Simplify to Grow Program (2)
12 20 (8)
Intangible asset impairment charges (3)
153 26 127 
Mark-to-market losses/(gains) from derivatives (4)
710 (19)729 
Acquisition integration costs and
   contingent consideration adjustments (5)
(328)68 (396)
Acquisition-related costs (5)
2 — 2 
Divestiture-related costs (5)
(2)14 (16)
Operating results from divestitures (5)
— (73)73 
Incremental costs due to war in Ukraine (6)
— 1 (1)
ERP System Implementation costs (7)
29 — 29 
Remeasurement of net monetary position (6)
9 22 (13)
Adjusted Operating Income (1)
$1,738 $1,438 $300 20.9 %
Currency-related items
16 — 16 
Adjusted Operating Income (constant currency) (1)
$1,754 $1,438 $316 22.0 %

Key Drivers of Adjusted Operating Income (constant currency)$ Change
   Higher net pricing
$455 
Higher input costs
(85)
Favorable volume/mix8 
Higher selling, general and administrative expenses
(53)
Higher amortization of intangible assets
(1)
   Higher asset impairment charges
(8)
Total change in Adjusted Operating Income (constant currency) (1)
$316 

(1)Refer to the Non-GAAP Financial Measures section.
(2)Refer to Note 7, Restructuring Program, for additional information.
(3)Refer to Note 5, Goodwill and Intangible Assets, for more information.
(4)Refer to Note 9, Financial Instruments, and the Non-GAAP Financial Measures section at the end of this item for additional information on the unrealized gains/losses on commodity and forecasted currency transaction derivatives.
(5)Refer to Note 2, Acquisitions and Divestitures, for additional information on the October 1, 2023 sale of the developed market gum business. Refer to Note 2, Acquisitions and Divestitures in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on our 2022 acquisitions.
(6)Refer to Note 1, Basis of Presentation, for information on our accounting for the war in Ukraine and our application of highly inflationary accounting for Argentina and Türkiye.
(7)Refer to MD&A Headlines, ERP System Implementation, for more information.

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During the third quarter of 2024, we realized higher net pricing and favorable volume/mix, which were partially offset by increased input costs. Higher net pricing, which included the carryover impact of pricing actions taken in 2023 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2024, was reflected across all regions. Favorable volume/mix was driven by gains in Europe and North America, partially offset by declines in Latin America and AMEA. The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs due to productivity. Higher raw material costs were in part due to higher cocoa, sugar, nuts, dairy and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower energy, edible oils, packaging, and grains costs.

Total selling, general and administrative expenses decreased $389 million from the third quarter of 2023, which was net of benefits from a number of factors noted in the table above, including in part, a favorable contingent consideration adjustment related to the Clif Bar acquisition and lower acquisition integration costs, the elimination of costs from the developed market gum business divested in 2023, a favorable currency translation impact related to expenses, lower divestiture-related costs and lower remeasurement loss of net monetary position, partially offset by costs incurred for the ERP System Implementation program and higher implementation costs incurred for the Simplify to Grow program. Excluding these factors, selling, general and administrative expenses increased $53 million from the third quarter of 2023. The increase was driven primarily by higher advertising and consumer promotion costs and higher overhead costs in part due to increased investments in route to market capabilities.

Unfavorable currency-related items, net of the adjustment for extreme pricing in Argentina, decreased operating income by $16 million primarily due to the strength of the U.S. dollar relative to several currencies, including the Argentinean peso, Brazilian real, Egyptian pound and Mexican peso, partially offset by the strength of several currencies relative to the U.S. dollar, primarily the British pound sterling, Russian ruble and euro.

Operating income margin decreased from 15.3% in the third quarter of 2023 to 12.5% in the third quarter of 2024. The decrease in operating income margin was driven primarily by the unfavorable year-over-year change in mark-to-market gains/(losses) from commodity and currency hedging activities, higher intangible asset impairment charges, the impact from the developed market gum business divested in 2023 and costs incurred for the ERP System Implementation program, partially offset by favorable year-over-year change in acquisition integration costs and contingent consideration adjustments, higher Adjusted Operating Income margin, lower divestiture-related costs, lower remeasurement loss of net monetary position and lower costs incurred for the Simplify to Grow program. Adjusted Operating Income margin increased from 16.2% for the third quarter of 2023 to 18.9% for the third quarter of 2024. The increase was driven primarily by higher net pricing, lower manufacturing costs driven by productivity and overhead cost leverage, partially offset by higher raw material costs.

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Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $853 million decreased by $131 million (13.3%) in the third quarter of 2024. Diluted EPS attributable to Mondelēz International was $0.63 in the third quarter of 2024, down $0.09 (12.5%) from the third quarter of 2023. Adjusted EPS (1) was $0.99 in the third quarter of 2024, up $0.22 (28.6%) from the third quarter of 2023. Adjusted EPS on a constant currency basis (1) was $0.99 in the third quarter of 2024, up $0.22 (28.6%) from the third quarter of 2023.
 For the Three Months Ended
September 30,		  
 20242023$ Change% Change
Diluted EPS attributable to Mondelēz International$0.63 $0.72 $(0.09)(12.5)%
Simplify to Grow Program (2)
0.01 0.01 — 
Intangible asset impairment charges (2)
0.08 0.02 0.06 
Mark-to-market losses/(gains) from derivatives (2)
0.42 (0.01)0.43 
Acquisition integration costs and
   contingent consideration adjustments (2)
(0.18)0.04 (0.22)
Operating results from divestitures (2)
— (0.05)0.05 
ERP System Implementation costs (2)
0.02 — 0.02 
Remeasurement of net monetary position (2)
0.01 0.02 (0.01)
Initial impacts from enacted tax law changes (3)
(0.01)0.01 (0.02)
Gain on marketable securities (4)
— (0.02)0.02 
Equity method investee items (5)
0.01 0.03 (0.02)
Adjusted EPS (1)
$0.99 $0.77 $0.22 28.6 %
Currency-related items
— — — 
Adjusted EPS (constant currency) (1)
$0.99 $0.77 $0.22 28.6 %

Key Drivers of Adjusted EPS (constant currency)$ Change
Increase in operations$0.17 
Change in interest and other expense, net (6)
0.01 
Change in equity method investment net earnings0.01 
Change in income taxes (3)
0.01 
Change in shares outstanding (7)
0.02 
Total change in Adjusted EPS (constant currency) (1)
$0.22 
(1)Refer to the Non-GAAP Financial Measures section appearing later in this section. The tax expense/(benefit) of each of the pre-tax items excluded from our U.S. 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.
•For the three months ended September 30, 2024, taxes for the: Simplify to Grow Program were $(2) million, intangible asset impairment charges were $(40) million, mark-to-market losses from derivatives were $(144) million, acquisition integration costs and contingent consideration adjustments were $84 million, ERP System Implementation program were $(6) million, remeasurement of net monetary position were zero, initial impacts from enacted tax law changes were $(11) million and equity method investee items were zero.
•For the three months ended September 30, 2023, taxes for the: Simplify to Grow Program were $(2) million, intangible asset impairment charges were $(6) million, mark-to-market gains from derivatives were $9 million, acquisition integration costs and contingent consideration adjustments were $(17) million, divestiture-related costs were $(14) million, operating results from divestitures were $17 million, remeasurement of net monetary position were zero, initial impacts from enacted tax law changes were $13 million, gain on marketable securities were $(21) million and equity method investee items were zero.
(2)See the Operating Income table above and the related footnotes for additional information.
(3)Refer to Note 14, Income Taxes, for additional information on the items affecting income taxes.
(4)Refer to Note 6, Investments, for additional information on gains/losses (including non-cash impairment charges) on equity method investment transactions and marketable securities.
(5)Includes our proportionate share of significant operating and non-operating items recorded by our JDE Peet's equity method investee, such as acquisition and divestiture-related costs and restructuring program costs.
(6)Excludes the currency impact on interest expense related to non-U.S. dollar-denominated debt, which is included in currency translation.
(7)Refer to Note 11, Stock Plans, for additional information on our equity compensation programs and share repurchase program and Note 15, Earnings per Share, for earnings per share weighted-average share information.


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Nine Months Ended September 30:
For the Nine Months Ended
September 30,
 20242023
$ Change
% Change
 (in millions, except per share data) 
Net revenues$26,837 $26,702 $135 0.5 %
Operating income4,734 4,309 425 9.9 %
Net earnings attributable to
   Mondelēz International
2,866 4,009 (1,143)(28.5)%
Diluted earnings per share attributable to
   Mondelēz International
2.12 2.92 (0.80)(27.4)%

Net Revenues – Net revenues increased $135 million (0.5%) to $26,837 million in the first nine months of 2024, and Organic Net Revenue (1) increased $1,061 million (4.0%) to $27,280 million. Emerging markets net revenues increased 0.9% and emerging markets Organic Net Revenue increased 6.0% (1). Developed markets net revenues increased 0.3% and developed markets Organic Net Revenue increased 2.8% (1). The underlying changes in net revenues and Organic Net Revenue are detailed below:
Emerging
Markets		Developed
Markets		Mondelēz
International
Nine Months Ended September 30, 2024
Reported (GAAP)$10,523 $16,314 $26,837 
Short-term distributor agreements
(3)(22)(25)
Currency-related items
529 (61)468 
Organic (Non-GAAP)$11,049 $16,231 $27,280 
Nine Months Ended September 30, 2023
Reported (GAAP)$10,431 $16,271 $26,702 
Divestitures(4)(479)(483)
Organic (Non-GAAP)$10,427 $15,792 $26,219 
% Change
Reported (GAAP)0.9  %0.3  %0.5  %
Divestitures- pp3.0 pp1.9 pp
Short-term distributor agreements
—(0.1)(0.1)
Currency-related items
5.1(0.4)1.7 
Organic (Non-GAAP)6.0 %2.8 %4.0 %
Vol/Mix(1.0)pp(1.6)pp(1.4)pp
Pricing7.0 4.4 5.4 
(1)Please see the Non-GAAP Financial Measures section at the end of this item.

Net revenue increase of 0.5% was driven by our underlying Organic Net Revenue growth of 4.0% and the impact of a short-term distributor agreement, partially offset by the impact of our 2023 divestiture of the developed market gum business and unfavorable currency-related items. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix. Higher net pricing in all regions was due to the benefit of carryover pricing from 2023 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2024. Overall, unfavorable volume/mix was driven by volume declines, due to the impact of expected customer price negotiation disruptions in Europe, softer consumer demand in the U.S. and Mexico and geopolitical impacts in parts of AMEA, which were partially offset by favorable product mix. Unfavorable volume/mix was reflected across all regions. The short-term distributor agreement related to the October 1, 2023 sale of our developed market gum business added incremental net revenues of $25 million for the first nine months of 2024. The impact of our 2023 divestiture of the developed market gum business resulted in a year-over-year reduction in net revenues of $483 million for the first nine months of 2024. Refer to Note 2, Acquisitions and Divestitures, for additional information. Currency-related items decreased net revenues by $468 million, driven by unfavorable currency translation rate changes, partially offset by the adjustment for extreme pricing in Argentina. Refer to Recent Developments and Significant Items Affecting Comparability for additional information. Unfavorable currency translation rate changes were due to the strength of the U.S. dollar relative to several currencies, primarily the
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Argentinean peso, as well as the Nigerian naira, Turkish Lira, Russian ruble, Brazilian real, Egyptian pound and Chinese yuan, partially offset by the strength of several currencies relative to the U.S. dollar, including the British pound sterling, Polish zloty, euro, Colombian peso and Mexican peso.

Operating Income – Operating income increased $425 million (9.9%) to $4,734 million in the first nine months of 2024. Adjusted Operating Income (1) increased $709 million (16.8%) to $4,940 million and Adjusted Operating Income on a constant currency basis (1) increased $852 million (20.1%) to $5,083 million due to the following:
 For the Nine Months Ended
September 30,		  
 20242023$ Change% Change
 (in millions) 
Operating Income$4,734 $4,309 $425 9.9 %
Simplify to Grow Program (2)
80 61 19 
Intangible asset impairment charges (3)
153 26 127 
Mark-to-market losses/(gains) from derivatives (4)
157 (239)396 
Acquisition integration costs and
   contingent consideration adjustments (5)
(249)143 (392)
Acquisition-related costs (5)
2 — 2 
Divestiture-related costs (5)
2 66 (64)
Operating results from divestitures (5)
— (193)193 
Operating income from short-term distributor agreements
(2)— (2)
European Commission legal matter
(3)— (3)
Incremental costs due to war in Ukraine (6)
2 (2)4 
ERP System Implementation costs (7)
38 — 38 
Remeasurement of net monetary position (6)
26 60 (34)
Adjusted Operating Income (1)
$4,940 $4,231 $709 16.8 %
Currency-related items
143 — 143 
Adjusted Operating Income (constant currency) (1)
$5,083 $4,231 $852 20.1 %

Key Drivers of Adjusted Operating Income (constant currency)$ Change
   Higher net pricing
$1,417 
Higher input costs
(190)
Unfavorable volume/mix(113)
Higher selling, general and administrative expenses
(270)
Higher amortization of intangible assets
(2)
    Lower asset impairment charges
10 
Total change in Adjusted Operating Income (constant currency) (1)
$852 

(1)Refer to the Non-GAAP Financial Measures section at the end of this item.
(2)Refer to Note 7, Restructuring Program, for more information.
(3)Refer to Note 5, Goodwill and Intangible Assets, for more information.
(4)Refer to Note 9, Financial Instruments, Note 16,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 additional information on the October 1, 2023 sale of the developed market gum business. Refer to Note 2, Acquisitions and Divestitures in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on our 2022 acquisitions.
(6)Refer to Note 1, Basis of Presentation, for information on our accounting for the war in Ukraine and our application of highly inflationary accounting for Argentina and Türkiye.
(7)Refer to MD&A Headlines, ERP System Implementation, for more information.


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During the first nine months of 2024, we realized higher net pricing, which was partially offset by increased input costs and unfavorable volume/mix. Higher net pricing, which included the carryover impact of pricing actions taken in 2023 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2024, was reflected across all regions. The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs driven by productivity. Higher raw material costs were in part due to higher cocoa, sugar, nuts and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower energy, dairy, edible oils, grains and packaging costs. Overall, unfavorable volume/mix was due to volume declines partially offset by favorable product mix. Unfavorable volume/mix was experienced in all regions.

Total selling, general and administrative expenses decreased $284 million from the first nine months of 2023, which was net of benefits from a number of factors noted in the table above, including in part, a favorable contingent consideration adjustment related to the Clif Bar acquisition and lower acquisition integration costs, the elimination of costs from the developed market gum business divested in 2023, lower divestiture-related costs, lower remeasurement loss of net monetary position and a favorable currency translation impact related to expenses, marginally offset by costs incurred for the ERP System Implementation program and higher implementation costs incurred for the Simplify to Grow program. Excluding these factors, selling, general and administrative expenses increased $270 million from the first nine months of 2023. The increase was driven primarily by higher advertising and consumer promotion costs and higher overhead costs in part due to increased investments in route to market capabilities.

Unfavorable currency changes, net of the adjustment for extreme pricing in Argentina, decreased operating income by $143 million primarily due to the strength of the U.S. dollar relative to most currencies, including the Argentinean peso, Russian ruble, Egyptian pound, Chinese yuan, Turkish lira and Nigerian naira, partially offset by the strength of a few currencies relative to the U.S. dollar, primarily the British pound sterling, Polish zloty, euro and Mexican peso.

Operating income margin increased from 16.1% in the first nine months of 2023 to 17.6% in the first nine months of 2024. The increase was driven primarily by higher Adjusted Operating Income margin, favorable year-over-year change in acquisition integration costs and contingent consideration adjustments, lower divestiture-related costs and lower remeasurement loss of net monetary position, partially offset by unfavorable year-over-year change in mark-to-market gains/(losses) from commodity and currency hedging activities, the impact from the developed market gum business divested in 2023, costs incurred for the ERP System Implementation program and higher costs incurred for the Simplify to Grow program. Adjusted Operating Income margin increased from 16.1% for the first nine months of 2023 to 18.4% for the first nine months of 2024. The increase was driven primarily by higher net pricing, lower manufacturing costs driven by productivity and overhead leverage, partially offset by higher raw material costs and higher advertising and consumer promotion costs.
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Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $2,866 million decreased by $1,143 million (28.5%) in the first nine months of 2024. Diluted EPS attributable to Mondelēz International was $2.12 in the first nine months of 2024, down $0.80 (27.4%) from the first nine months of 2023. Adjusted EPS (1) was $2.80 in the first nine months of 2024, up $0.45 (19.1%) from the first nine months of 2023. Adjusted EPS on a constant currency basis (1) was $2.89 in the first nine months of 2024, up $0.54 (23.0%) from the first nine months of 2023.
 For the Nine Months Ended
September 30,		  
 20242023$ Change% Change
Diluted EPS attributable to Mondelēz International$2.12 $2.92 $(0.80)(27.4)%
Simplify to Grow Program (2)
0.05 0.04 0.01 
Intangible asset impairment charges (2)
0.08 0.02 0.06 
Mark-to-market losses/(gains) from derivatives (2)
0.09 (0.14)0.23 
Acquisition integration costs and
   contingent consideration adjustments (2)
(0.13)0.08 (0.21)
Divestiture-related costs (2)
— 0.03 (0.03)
Operating results from divestitures (2)
— (0.13)0.13 
ERP System Implementation costs (2)
0.02 — 0.02 
Remeasurement of net monetary position (2)
0.02 0.04 (0.02)
Initial impacts from enacted tax law changes (3)
0.01 0.01 — 
Gain on marketable securities (4)
— (0.33)0.33 
Losses/(gains) on equity method investment transactions including impairments (4)
0.50 (0.25)0.75 
Equity method investee items (5)
0.04 0.06 (0.02)
Adjusted EPS (1)
$2.80 $2.35 $0.45 19.1 %
Currency-related items
0.09 — 0.09 
Adjusted EPS (constant currency) (1)
$2.89 $2.35 $0.54 23.0 %
Key Drivers of Adjusted EPS (constant currency)$ Change
       Increase in operations$0.47 
       Change in benefit plan non-service income0.01 
       Change in interest and other expense, net (6)
0.04 
       Dividend income from marketable securities(0.01)
       Change in equity method investment net earnings (4)
0.01 
       Change in income taxes (3)
(0.03)
       Change in shares outstanding (7)
0.05 
Total change in Adjusted EPS (constant currency) (1)
$0.54 
(1)Refer to the Non-GAAP Financial Measures section appearing later in this section. The tax expense/(benefit) of each of the pre-tax items excluded from our U.S. 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.
•For the nine months ended September 30, 2024, taxes for the: Simplify to Grow Program were $(19) million, intangible asset impairment charges were $(40) million, mark-to-market losses from derivatives were $(28) million, acquisition integration costs and contingent consideration adjustments were $67 million, ERP System Implementation program were $(8) million, remeasurement of net monetary position were zero, initial impacts from enacted tax law changes were $12 million, loss on equity method investment transactions were zero and equity method investee items were zero.
•For the nine months ended September 30, 2023, taxes for the: Simplify to Grow Program were $(9) million, intangible asset impairment charges were $(6) million, mark-to-market gains from derivatives were $38 million, acquisition integration costs and contingent consideration adjustments were $(39) million, divestiture-related costs were $(22) million, operating results from divestitures were $45 million, remeasurement of net monetary position were zero, initial impacts from enacted tax law changes were $15 million, gain on marketable securities were $135 million, gain on equity method investment transactions were $124 million and equity method investee items were zero.
(2)See the Operating Income table above and the related footnotes for more information.
(3)Refer to Note 14, Income Taxes, on the items affecting income taxes.
(4)Refer to Note 6, Investments, for more information on the gain/(loss) on equity method investment transactions and marketable securities.
(5)Includes our proportionate share of significant operating and non-operating items recorded by our JDE Peet's equity method investee, such as acquisition and divestiture-related costs and restructuring program costs.
(6)Excludes the currency impact on interest expense related to our non-U.S. dollar-denominated debt, which is included in currency translation.
(7)Refer to Note 11, Stock Plans, for more information on our equity compensation programs and share repurchase program and Note 15, Earnings per Share, for earnings per share weighted-average share information.
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Results of Operations by Reportable 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 16, 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 reconciliation of segment net revenues and earnings to consolidated financial statement totals were:
 For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Net revenues:
Latin America$1,204 $1,305 $3,755 $3,744 
AMEA1,851 1,791 5,388 5,339 
Europe3,323 3,086 9,565 9,319 
North America2,826 2,847 8,129 8,300 
Net revenues$9,204 $9,029 $26,837 $26,702 

Earnings before income taxes:
Segment operating income:
Latin America$125 $156 $426 $429 
AMEA335 302 1,036 869 
Europe605 494 1,746 1,450 
North America918 532 2,012 1,678 
Unrealized (losses)/gains on hedging activities
(mark-to-market impacts)		(710)19 (157)239 
General corporate expenses(78)(86)(212)(242)
Amortization of intangible assets(40)(38)(115)(114)
Acquisition-related costs(2)— (2)— 
Operating income1,153 1,379 4,734 4,309 
Benefit plan non-service income25 19 76 60 
Interest and other expense, net(46)(66)(146)(258)
(Loss)/gain on marketable securities— (1)— 606 
Earnings before income taxes$1,132 $1,331 $4,664 $4,717 



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Latin America
For the Three Months Ended
September 30,
 20242023
$ Change
% Change
(in millions)
Net revenues$1,204 $1,305 $(101)(7.7)%
Segment operating income125 156 (31)(19.9)%
 For the Nine Months Ended
September 30,
 20242023
$ Change
% Change
 (in millions)
Net revenues$3,755 $3,744 $11 0.3 %
Segment operating income426 429 (3)(0.7)%

Three Months Ended September 30:

Net revenues decreased $101 million (7.7%), due to an unfavorable impact of currency-related items (9.7 pp) and unfavorable volume/mix (3.9 pp), partially offset by higher net pricing (5.9 pp). Currency-related items were unfavorable, net of the adjustment for extreme pricing in Argentina, due to currency translation rate changes. Unfavorable currency translation impacts were primarily due to the strength of the U.S. dollar relative to most currencies in the region, primarily the Argentinean peso, Brazilian real and Mexican peso. Overall, unfavorable volume/mix reflected consumer softness, primarily in Mexico. Unfavorable volume/mix was driven by declines in chocolate, candy, cheese & grocery and refreshment beverages, partially offset by gains in biscuits & baked snacks and gum. Higher net pricing, net of the adjustment for extreme pricing in Argentina, was driven by input cost-driven pricing actions and reflected across all categories, primarily in Argentina, Mexico and Brazil.

Segment operating income decreased $31 million (19.9%), primarily due to higher raw material costs, unfavorable currency-related items, unfavorable volume/mix, higher advertising and consumer promotion costs, higher other selling, general and administrative expenses, costs incurred for the ERP Systems Implementation program and intangible asset impairment charges incurred in 2024. These unfavorable items were partially offset by higher net pricing, lower manufacturing costs driven by productivity, lower remeasurement loss on net monetary position and lower acquisition integration costs.

Nine Months Ended September 30:

Net revenues increased $11 million (0.3%), due to higher net pricing (7.2 pp), partially offset by unfavorable impact of currency-related items (4.2 pp) and unfavorable volume/mix (2.7 pp). Higher net pricing, net of the adjustment for extreme pricing in Argentina, was driven by input cost-driven pricing actions and reflected across all categories, primarily in Argentina, Mexico and Brazil. Currency-related items were unfavorable, net of the adjustment for extreme pricing in Argentina, due to currency translation rate changes. Unfavorable currency translation impacts were primarily due to the strength of the U.S. dollar relative to several currencies in the region, primarily the Argentinean peso, Brazilian real and Chilean peso, partially offset by the strength of several currencies relative to the U.S. dollar, primarily the Colombian peso and Mexican peso. Unfavorable volume/mix reflected consumer softness, primarily in Mexico. Overall, unfavorable volume/mix was driven by declines in chocolate, candy, cheese & grocery and gum, partially offset by gains in refreshment beverages and biscuits & baked snacks.

Segment operating income decreased $3 million (0.7%), primarily due to higher raw material costs, unfavorable currency-related items, unfavorable volume/mix, higher advertising and consumer promotion costs, higher costs incurred for the Simplify to Grow Program, costs incurred for the ERP Systems Implementation program and intangible asset impairment charges incurred in 2024. These unfavorable items were mostly offset by higher net pricing, lower manufacturing costs driven by productivity and lower remeasurement loss on net monetary position.




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AMEA
For the Three Months Ended
September 30,
 20242023
$ Change
% Change
(in millions)
Net revenues$1,851 $1,791 $60 3.4 %
Segment operating income335 302 33 10.9 %
   
 For the Nine Months Ended
September 30,		  
 20242023
$ Change
% Change
 (in millions) 
Net revenues$5,388 $5,339 $49 0.9 %
Segment operating income1,036 869 167 19.2 %

Three Months Ended September 30:

Net revenues increased $60 million (3.4%), due to higher net pricing (5.1 pp) and favorable volume/mix (0.7 pp), partially offset by unfavorable currency translation rate changes (2.4 pp). Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories. Favorable volume/mix was driven by gains in biscuits & baked snacks and gum, partially offset by declines in refreshment beverages, cheese & grocery, candy and chocolate. Unfavorable currency translation impacts were due to the strength of the U.S. dollar relative to several currencies in the region, including the Nigerian naira, Egyptian pound and Indian rupee, partially offset by the strength of several currencies relative to the U.S. dollar, primarily the Australian dollar, Chinese yuan and South African rand.

Segment operating income increased $33 million (10.9%), primarily due to higher net pricing and lower manufacturing costs driven by productivity. These favorable items were partially offset by higher advertising and consumer promotion costs, higher raw material costs, higher other selling, general and administrative expenses, unfavorable currency translation rate changes, unfavorable volume/mix, an intangible asset impairment charge incurred in 2024 and costs incurred for the ERP Systems Implementation program.


Nine Months Ended September 30:

Net revenues increased $49 million (0.9%), due to higher net pricing (5.8 pp), mostly offset by unfavorable currency translation rate changes (4.5 pp) and unfavorable volume/mix (0.4 pp). Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories. Unfavorable currency translation impacts were due to the strength of the U.S. dollar relative to most currencies in the region, including the Nigerian naira, Egyptian pound, Chinese yuan, Indian rupee and Japanese yen. Overall, unfavorable volume/mix was impacted by geopolitical events in the Middle East and Southeast Asia. Unfavorable volume/mix was driven by declines in refreshment beverages, cheese & grocery, biscuits & baked snacks, chocolate and candy, partially offset by a gain in gum.

Segment operating income increased $167 million (19.2%), primarily due to higher net pricing and lower manufacturing costs driven by productivity. These favorable items were partially offset by higher raw material costs, higher advertising and consumer promotion costs, unfavorable currency translation rate changes, unfavorable volume/mix, higher other selling, general and administrative expenses, an intangible asset impairment charge incurred in 2024 and costs incurred for the ERP Systems Implementation program.

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Europe
For the Three Months Ended
September 30,
 20242023
$ Change
% Change
(in millions)
Net revenues$3,323 $3,086 $237 7.7 %
Segment operating income605 494 111 22.5 %
   
 For the Nine Months Ended
September 30,		  
 20242023
$ Change
% Change
 (in millions) 
Net revenues$9,565 $9,319 $246 2.6 %
Segment operating income1,746 1,450 296 20.4 %

Three Months Ended September 30:

Net revenues increased $237 million (7.7%), due to higher net pricing (7.6 pp), favorable currency translation rate changes (1.7 pp) and favorable volume/mix (0.5 pp), partially offset by the impact of divestitures (2.1 pp). Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories except cheese & grocery. Favorable currency translation rate changes reflected the strength of several currencies relative to the U.S. dollar, including the British pound sterling, euro, Russian ruble and Polish zloty, partially offset by the strength of the U.S. dollar relative to a few currencies across the region, primarily the Turkish lira and Ukrainian hryvnya. Overall, favorable volume/mix reflected improved product mix as volume trends rebounded from last quarter's customer price negotiation disruptions. Favorable volume/mix was driven by gains in cheese & grocery and gum, partially offset by declines in refreshment beverages, candy, chocolate and biscuits & baked snacks. The impact of our 2023 divestiture of the developed market gum business resulted in a year-over-year reduction in net revenues of $60 million.

Segment operating income increased $111 million (22.5%), primarily due to higher net pricing, favorable volume/mix, favorable currency translation rate changes, lower other selling, general and administrative expenses, lower divestiture-related costs and lower costs incurred for the Simplify to Grow Program. These favorable items were partially offset by intangible asset impairment charges in 2024, higher manufacturing costs, lapping prior-year operating results from the developed market gum business divested in 2023, costs incurred for the ERP Systems Implementation program and higher fixed asset impairment charges.


Nine Months Ended September 30:

Net revenues increased $246 million (2.6%), due to higher net pricing (7.2 pp) and the impact from short-term distributor agreements (0.3 pp), partially offset by unfavorable volume/mix (2.1 pp), the impact of divestitures (2.0 pp) and unfavorable currency translation rate changes (0.8 pp). Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories except cheese & grocery. The short-term distributor agreement related to the October 1, 2023 sale of our developed market gum business added incremental net revenues of $25 million. Overall, unfavorable volume/mix reflected volume declines due to the impact from customer price negotiation disruptions in the second quarter, partially offset by favorable product mix. Unfavorable volume/mix was driven by declines in biscuits & baked snacks, chocolate, candy, refreshment beverages and gum, partially offset by a gain in cheese & grocery. The impact of our 2023 divestiture of the developed market gum business resulted in a year-over-year reduction in net revenues of $174 million. Unfavorable currency translation rate changes reflected the strength of the U.S. dollar relative to several currencies across the region, including the Turkish lira and Russian ruble, partially offset by the strength of a few currencies relative to the U.S. dollar, including the British pound sterling, Polish zloty and euro.

Segment operating income increased $296 million (20.4%), primarily due to higher net pricing, lower divestiture-related costs, lower remeasurement loss on net monetary position and lower acquisition integration costs. These favorable items were partially offset by intangible asset impairment charges in 2024, higher other selling, general
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and administrative expenses, lapping prior-year operating results from the developed market gum business divested in 2023, higher advertising and consumer promotion costs, unfavorable volume/mix, higher manufacturing costs, higher costs incurred for the Simplify to Grow Program, higher fixed asset impairment costs, unfavorable currency translation rate changes, costs incurred for the ERP Systems Implementation program and higher raw material costs.

North America
For the Three Months Ended
September 30,
 20242023
$ Change
% Change
(in millions)
Net revenues$2,826 $2,847 $(21)(0.7)%
Segment operating income918 532 386 72.6 %
   
 For the Nine Months Ended
September 30,		  
 20242023
$ Change
% Change
 (in millions) 
Net revenues$8,129 $8,300 $(171)(2.1)%
Segment operating income2,012 1,678 334 19.9 %

Three Months Ended September 30:

Net revenues decreased $21 million (0.7%), due to the impact of divestitures (4.3 pp) and unfavorable currency translation rate changes (0.1 pp), partially offset by higher net pricing (2.0 pp) and favorable volume/mix (1.7 pp). The impact of our 2023 divestiture of the developed market gum business resulted in a year-over-year reduction in net revenues of $119 million. Overall, favorable volume/mix reflected improved volume trends due to increased consumer demand in the U.S. Favorable volume/mix was driven by gains in biscuits & baked snacks, candy and chocolate. Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories.

Segment operating income increased $386 million (72.6%), primarily due to a favorable contingent consideration adjustment related to Clif Bar as well as lower acquisition integration costs, higher net pricing, lapping prior-year intangible asset impairment charges, lower manufacturing costs due to productivity and favorable volume/mix. These favorable items were partially offset by lapping prior-year operating results from the developed market gum business divested in 2023, higher raw material costs and costs incurred for the ERP Systems Implementation program.

Nine Months Ended September 30:

Net revenues decreased $171 million (2.1%), due to the impact of divestitures (3.8 pp), unfavorable volume/mix (0.5 pp) and unfavorable currency translation rate changes (0.1 pp), partially offset by higher net pricing (2.3 pp). The impact of our 2023 divestiture of the developed market gum business resulted in a year-over-year reduction in net revenues of $309 million. Overall, unfavorable volume/mix reflected consumer softness in the U.S in the first half of 2024 though volume trends have improved in the third quarter of the year. Unfavorable volume/mix was driven by declines in biscuits & baked snacks and candy, partially offset by a gain in chocolate. Unfavorable currency translation rate changes were due to the strength of the U.S. dollar relative to the Canadian dollar. Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories.

Segment operating income increased $334 million (19.9%), primarily due to a favorable contingent consideration adjustment related to Clif Bar as well as lower acquisition integration costs, higher net pricing, lower manufacturing costs due to productivity, lapping prior-year intangible asset impairment charges, lower other selling, general and administrative expenses, lower divestiture-related costs and lower fixed asset impairment charges. These favorable items were partially offset by lapping prior-year operating results from the developed market gum business divested in 2023, higher raw material costs, higher advertising and consumer promotion costs, unfavorable volume/mix and costs incurred for the ERP Systems Implementation program.

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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. We expect to continue to utilize our commercial paper program and international credit lines as needed. We continually 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. Our investment in JDE Peet's provides us additional flexibility. Overall, we do not expect negative effects to our funding sources that would have a material effect on our liquidity, and we continue to monitor our global operations including the impact of ongoing or new developments in Ukraine and the Middle East. To date, we have been successful in generating cash and raising financing as needed. However, if a serious economic or credit market crisis ensues or other adverse developments arise, it could have a material adverse effect on our liquidity, results of operations and financial condition.

Our most significant ongoing short-term cash requirements relate primarily to funding operations (including expenditures for raw materials, labor, manufacturing and distribution, trade and promotions, advertising and marketing, tax liabilities, benefit plan obligations and lease expenses) as well as periodic expenditures for acquisitions, shareholder returns (such as dividend payments and share repurchases), property, plant and equipment and any significant one-time non-operating items.

Long-term cash requirements primarily relate to funding long-term debt repayments (refer to Note 8, Debt and Borrowing Arrangements), our U.S. tax reform transition tax liability and deferred taxes (refer to Note 16, Income Taxes, in our Annual Report on Form 10-K for the year ended December 31, 2023), our long-term benefit plan obligations (refer to Note 10, Benefit Plans, and Note 11, Benefit Plans, in our Annual report on Form 10-K for the year ended December 31, 2023) and commodity-related purchase commitments and derivative contracts (refer to Note 9, Financial Instruments).

We generally fund short- and long-term cash requirements with cash from operating activities as well as cash proceeds from short- and long-term debt financing (refer to Debt below). We generally do not use equity to fund our ongoing obligations.

Cash Flow
We believe our ability to generate substantial cash from operating activities and readily access capital markets and secure financing at competitive rates are key strengths and give us significant flexibility to meet our short- and long-term financial commitments. Our cash flow activity is noted below:

For the Nine Months Ended
September 30,
2024
2023
(in millions)
Net cash provided by/(used in):
Operating activities$3,451 $3,150 
Investing activities(1,170)1,786 
Financing activities(2,558)(5,074)

Net Cash Provided by Operating Activities
The increase in net cash provided by operating activities was primarily due to an increase in cash-basis net earnings, largely due to operating gains, partially offset by unfavorable year-over-year working capital movements, including the payment of the European Commission matter. Refer to Note 12, Commitments and Contingencies for additional information.

Net Cash (Used in)/Provided by Investing Activities
The reduction in net cash used in/provided by investing activities was largely driven by lapping prior year proceeds from the KDP and JDEP share sales (refer to Note 6, Investments) combined with higher capital expenditures. We continue to make capital expenditures primarily to modernize manufacturing facilities, implement new product manufacturing and support productivity initiatives. We expect 2024 capital expenditures to be up to $1.5 billion,
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including capital expenditures in connection with our Simplify to Grow Program and for funding our strategic priorities. We expect to continue to fund these expenditures with cash from operations.

Net Cash Used in Financing Activities
The decrease in cash used in financing activities was primarily due to higher debt proceeds combined with lower debt repayments, partially offset by higher share repurchases and higher dividends paid in the first nine months of 2024 compared to the same prior year period.

Dividends
We paid dividends of $1,722 million in the first nine months of 2024 and $1,581 million in the first nine months of 2023. The third quarter 2024 dividend of $0.470 per share, declared on July 30, 2024 for shareholders of record as of September 30, 2024, was paid on October 14, 2024. 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.

We anticipate that the 2024 distributions will be characterized as dividends under U.S. federal income tax rules. The final determination will be made on an IRS Form 1099–DIV issued in early 2025.

Guarantees
As discussed in Note 12, 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. As of September 30, 2024 and December 31, 2023, we had no material third-party guarantees recorded on our condensed consolidated balance sheet. Guarantees do not have, and we do not expect them to have, a material effect on our liquidity.

Debt
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. As such, we may issue commercial paper or secure other forms of financing throughout the year to meet our short-term working capital or other financing needs.

At its July 2024 meeting, our Board of Directors approved a new $2 billion long-term financing authorization that replaced the prior long-term financing authorization of $2 billion. As of September 30, 2024, $1.5 billion of the long-term financing authorization remained available.

Our total debt was $19.8 billion as of September 30, 2024 and $19.4 billion as of December 31, 2023. Our debt-to-capitalization ratio was 0.42 at September 30, 2024 and 0.41 at December 31, 2023. At September 30, 2024, the weighted-average term of our outstanding long-term debt was 7.9 years. Our average daily commercial paper borrowings outstanding were $1.0 billion in the first nine months of 2024 and $2.7 billion in the first nine months of 2023.

One of our subsidiaries, Mondelez International Holdings Netherlands B.V. (“MIHN”), has outstanding debt. The operations held by MIHN generated approximately 72.8% (or $19.5 billion) of the $26.8 billion of consolidated net revenue for the nine months ended September 30, 2024. The operations held by MIHN represented approximately 82.8% (or $23.1 billion) of the $27.9 billion of net assets as of September 30, 2024.

Refer to Note 8, Debt and Borrowing Arrangements, for additional 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 the first nine months of 2024, the primary drivers of the increase in our aggregate commodity costs were higher cocoa, sugar, nuts, and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower energy, dairy, edible oils, grains and packaging costs. While the costs of our principal raw materials fluctuate, generally we believe there will continue to be an adequate supply of the raw materials we use and that they will broadly remain available.

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A number of external factors such as the current macroeconomic environment, including global inflation, effects of geopolitical uncertainty, climate and weather conditions, commodity, transportation and labor market conditions, exchange rate volatility and the effects of local and global regulations, governmental agricultural or other programs affect the availability and cost of raw materials and agricultural materials used in our products. In particular, the supply of cocoa is exposed to many of these factors, including climate change and weather events, local regulations in cocoa-producing countries, and global regulations such as the EU Deforestation Regulation (which requires companies to ensure that the products they place on the EU market or export from it are not associated with deforestation). These factors could impact the supply of cocoa, which could potentially limit our ability to produce our products and significantly impact profitability.

During the first nine months of 2024, price volatility and the higher aggregate cost environment increased due to international supply chain and labor market disruptions and generally higher commodity, transportation and labor costs. We expect these conditions to continue to impact our aggregate commodity costs. In particular, we expect to face higher cocoa costs in the near- and medium-term due to these factors. For example, the market price for cocoa beans on the Intercontinental Exchange in London was 79% higher on the last trading day of the third quarter of 2024 compared to the same day in the third quarter of 2023 and it is likely that prices will remain elevated for some time. It is possible that we may not be able to increase prices sufficiently to fully cover the incremental costs of cocoa prices in this environment and/or our hedging strategies may not protect us from increases in cocoa costs, which could result in a significant impact on our profitability.

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. Our commodity procurement practices are intended to mitigate price volatility and provide visibility to future costs, but also may potentially limit our ability to benefit from possible future price decreases. Additionally, our costs for major raw materials will not necessarily reflect market price fluctuations because of our forward purchasing and hedging practices. 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.

Significant Accounting Estimates

We prepare our condensed 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. Our significant accounting policies and estimates are described in Note 1 to our consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations, respectively, in our Annual Report on Form 10-K for the year ended December 31, 2023. Also refer to Note 1, Basis of Presentation, in this report.

Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words, and variations of words, “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “potential,” “commitment,” “outlook,” “continue” or any other similar words.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are
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subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:
•weakness in macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation) and the instability of certain financial institutions;
•volatility of commodity and other input costs and availability of commodities, including but not limited to cocoa;
•geopolitical uncertainty, including the impact of ongoing or new developments in Ukraine and the Middle East, related current and future sanctions imposed by governments and other authorities and related impacts, including on our business operations, employees, reputation, brands, financial condition and results of operations;
•competition and our response to channel shifts and pricing and other competitive pressures;
•pricing actions and customer and consumer responses to such actions;
•promotion and protection of our reputation and brand image;
•weakness in consumer spending and/or changes in consumer preferences and demand and our ability to predict, identify, interpret and meet these changes;
•risks from operating globally, including in emerging markets, such as political, economic and regulatory risks;
•the outcome and effects on us of legal and tax proceedings and government investigations;
•use of information technology and third party service providers;
•unanticipated disruptions to our business, such as malware incidents, cyberattacks or other security breaches, and supply, commodity, labor and transportation constraints;
•our ability to identify, complete, implement, manage and realize the full extent of the benefits, cost savings, efficiencies and/or synergies presented by strategic transactions and initiatives, such as our ERP System Implementation program;
•our investments and our ownership interests in those investments, including JDE Peet's;
•the restructuring program and our other transformation initiatives not yielding the anticipated benefits;
•changes in the assumptions on which the restructuring program is based;
•the impact of climate change on our supply chain and operations;
•global or regional health pandemics or epidemics;
•consolidation of retail customers and competition with retailer and other economy brands;
•changes in our relationships with customers, suppliers or distributors;
•management of our workforce and shifts in labor availability or labor costs;
•compliance with legal, regulatory, tax and benefit laws and related changes, claims or actions;
•perceived or actual product quality issues or product recalls;
•failure to maintain effective internal control over financial reporting or disclosure controls and procedures;
•our ability to protect our intellectual property and intangible assets;
•tax matters including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes;
•changes in currency exchange rates, controls and restrictions;
•volatility of and access to capital or other markets, rising interest rates, the effectiveness of our cash management programs and our liquidity;
•pension costs;
•significant changes in valuation factors that may adversely affect our impairment testing of goodwill and intangible assets; and
•the risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q.

There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report except as required by applicable law or regulation. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.



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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 and 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 along with a discussion of our underlying GAAP results throughout our Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-Q.

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 (the most comparable U.S. GAAP financial measure) excluding the impacts of acquisitions, divestitures (2), short-term distributor agreements related to the sale of business (3) and currency rate fluctuations (4). 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 Organic Net Revenue growth from emerging markets and developed markets, and these underlying measures are also reconciled to U.S. GAAP above.
•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, Türkiye, Kazakhstan, 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 (the most comparable U.S. GAAP financial measure) excluding the impacts of the Simplify to Grow Program (5); gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture (2) or acquisition gains or losses, divestiture-related costs (6), acquisition-related costs (7), and acquisition integration costs and contingent consideration adjustments (8); inventory step-up charges (9); the operating results of divestitures (2); operating results from short-term distributor agreements related to the sale of a business (3); remeasurement of net monetary position (10); mark-to-market impacts from commodity, forecasted currency and equity method investment transaction derivative contracts (11); impact from resolution of tax matters (12); 2017 malware incident net recoveries; incremental costs due to the war in Ukraine (13); impact from the European Commission legal matter (14); the impact from pension participation changes (15); and operating costs from the ERP System Implementation program (16). 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 (4). We believe these measures provide improved comparability of underlying operating results.

•“Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International (the most comparable U.S. GAAP financial measure) 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 interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; mark-to-market unrealized gains or losses and realized gains or losses from marketable securities (17); initial impacts from enacted tax law changes (18); and gains or losses on equity method investment transactions including impairments. Similarly, within Adjusted EPS, our equity method
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investment net earnings exclude our proportionate share of our investee's significant operating and non-operating items (19). We also evaluate growth in our Adjusted EPS on a constant currency basis (4). We believe Adjusted EPS provides improved comparability of underlying operating results.

(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. Beginning in Q1 2024, due to a significant devaluation of the Argentinean peso that occurred in December 2023 and the resulting distortion it would cause on our non-GAAP constant currency growth rate measures, we now exclude the impact of pricing in excess of 26% year-over-year ("extreme pricing") in Argentina, which is the level at which hyperinflation generally occurs cumulatively over a 3-year period. We have excluded the impact of extreme pricing in Argentina from our calculation of Organic Net Revenue, Organic Net Revenue growth and other non-GAAP financial constant currency growth measures with a corresponding adjustment to changes in currency exchange rates. We made this change on a prospective basis due to the distorting effect expected in the current period and future periods following the Argentinian peso devaluation that occurred in December 2023 and did not revise our historical non-GAAP constant currency growth measures. Beginning in Q2 2024, we added to the non-GAAP definitions the exclusion of operating expenses associated with the ERP System Implementation program as they represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations (see footnote (16) below).
(2)Divestitures include completed sales of businesses, exits of major product lines upon completion of a sale or licensing agreement, the partial or full sale of an equity method investment and changes from equity method investment accounting to accounting for marketable securities. As we record our share of JDE Peet’s ongoing earnings on a one-quarter lag basis, any JDE Peet’s ownership reductions are reflected as divestitures within our non-GAAP results the following quarter.
(3)In the fourth quarter of 2023, we began to exclude the operating results from short-term distributor agreements that have been executed in conjunction with the sale of a business. We exclude this item to better facilitate comparisons of our underlying operating performance across periods.
(4)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. Beginning in the first quarter of 2024, we also now include within our currency-related impacts a corresponding adjustment associated with the impact of extreme pricing in Argentina.
(5)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.
(6)Divestiture-related costs, which includes costs incurred in relation to the preparation and completion (including one-time costs such as severance related to elimination of stranded costs) of our divestitures as defined in footnote (2), also includes costs incurred associated with our publicly announced processes to sell businesses. We exclude these items to better facilitate comparisons of our underlying operating performance across periods.
(7)Acquisition-related costs, which includes transaction costs such as third party advisor, investment banking and legal fees, also includes one-time compensation expense related to the buyout of non-vested ESOP shares and realized gains or losses from hedging activities associated with acquisition funds. We exclude these items to better facilitate comparisons of our underlying operating performance across periods.
(8)Acquisition integration costs and contingent consideration adjustments include one-time costs related to the integration of acquisitions as well as any adjustments made to the fair market value of contingent compensation liabilities that have been previously booked for earn-outs related to acquisitions that do not relate to recurring employee compensation expense. We exclude these items to better facilitate comparisons of our underlying operating performance across periods.
(9)In the third quarter of 2022, we began to exclude the one-time inventory step-up charges associated with acquired companies related to the fair market valuation of the acquired inventory. We exclude this item to better facilitate comparisons of our underlying operating performance across periods.
(10)In connection with our applying highly inflationary accounting (refer to Note 1, Basis of Presentation) for Argentina (beginning in the third quarter of 2018) and Türkiye (beginning in the second quarter of 2022), we exclude the related remeasurement gains or losses related to remeasuring net monetary assets or liabilities denominated in the local currency to the U.S. dollar during the periods presented and the realized gains and losses from derivatives that mitigate the foreign currency volatility related to the remeasurement of the respective net monetary assets or liabilities during the periods presented.
(11)We exclude unrealized gains and losses (mark-to-market impacts) from outstanding commodity and forecasted currency and equity method investment transaction derivatives from our non-GAAP earnings measures. The mark-to-market impacts of commodity and forecasted currency transaction derivatives are excluded 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 make 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 exclude equity method investment transaction derivative contract settlements as they represent protection of value for future divestitures.
(12)See Note 12, Commitments and Contingencies, in this report, and Note 14, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2023.
(13)In February 2022, Russia began a military invasion of Ukraine and we stopped our production and closed our facilities in Ukraine for a period of time due to damage incurred to our facilities during the invasion. We began to incur incremental costs directly related to the war including asset impairments, such as property and inventory losses, higher expected allowances for uncollectible accounts receivable and committed compensation. We have isolated and exclude these costs and related impacts as well as subsequent recoveries from our operating results to facilitate evaluation and comparisons of our ongoing results. Incremental costs related to increasing operations in other primarily European facilities are not included with these costs.
(14)In the fourth quarter of 2022, we began to exclude the impact from the European Commission legal matter. In November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. On January 28, 2021, the European Commission announced it had taken the next procedural step in its investigation and opened formal proceedings. As of December 31. 2022, we recorded an estimate of the possible cost to resolve this matter. We have cooperated with the investigation and have reached a negotiated resolution to this matter. We subsequently adjusted our accrual accordingly and fulfilled our payment obligation in August 2024. Due to the unique nature of this matter, we believe it to be infrequent and
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unusual and therefore exclude it to better facilitate comparisons of our underlying operating performance across periods. Refer to Note 12, Commitments and Contingencies, for additional information.
(15)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 10, Benefit Plans, for additional information on the multiemployer pension plan withdrawal.
(16)In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems (the “ERP System Implementation”), which is comprised of both capital expenditures and operating expenses, of which a majority is expected to be operating expenses. The ERP System Implementation program will be implemented in several phases with spending occurring over the next five years, with expected completion by year-end 2028. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of our existing SAP financial systems and various other expenses, all associated with the implementation of our information technology upgrades. These operating expenses will be excluded from our non-GAAP financial measures as they are nonrecurring and excluding those costs will better facilitate comparisons of our underlying operating performance across periods.
(17)In the first quarter of 2023, we began to exclude mark-to-market unrealized gains or losses, as well as realized gains or losses, associated with our marketable securities from our non-GAAP earnings measures. These marketable securities gains or losses are not indicative of underlying operations and are excluded to better facilitate comparisons of our underlying operating performance across periods.
(18)We have excluded the initial impacts from enacted tax law changes. Initial impacts include items such as the remeasurement of deferred tax balances and the transition tax from the 2017 U.S. tax reform. We exclude initial impacts from enacted tax law changes from our Adjusted EPS as they do not reflect our ongoing tax obligations under the enacted tax law changes.
(19)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 initial impacts from enacted tax law changes, 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 Mondelēz 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 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 measures. A limitation of these non-GAAP financial measures is they exclude items 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 tables that reconcile U.S. GAAP reported figures to the non-GAAP financial measures in this Form 10-Q, which can be found above under Consolidated Results of Operations.



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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

As we operate globally, we are primarily exposed to currency exchange rate, commodity price and interest rate market risks. We monitor and manage these exposures as part of our overall risk management program. Our risk management program focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results.

We principally utilize derivative instruments to reduce significant, unanticipated earnings fluctuations that may arise from volatility in currency exchange rates, commodity prices and interest rates. Additionally, we periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of variable versus fixed rate debt based on current and projected market conditions. For additional information on our derivative activity and the types of derivative instruments we use to hedge our currency exchange, commodity price and interest rate exposures, see Note 9, Financial Instruments and for additional information on our debt activity, see Note 8, Debt and Borrowing Arrangements.

For additional information on our strategies, policies and practices on an ongoing basis, refer to our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure. Management, together with our CEO and CFO, evaluated the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2024. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control Over Financial Reporting

Management, together with our CEO and CFO, evaluated the changes in our internal control over financial reporting during the quarter ended September 30, 2024. There were no material changes in our internal control over financial reporting during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.

Information regarding legal proceedings is available in Note 12, Commitments and Contingencies, to the condensed consolidated financial statements in this report.

Item 1A. Risk Factors.

There were no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Our stock repurchase activity for each of the three months in the quarter ended September 30, 2024 was:
 Issuer Purchases of Equity Securities
Period
Total
Number
of Shares
Purchased (1)
Average
Price Paid
per Share (1)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (2) (3)
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
July 1-31, 20241,633,585 $66.12 1,626,064 $3,266 
August 1-31, 20243,537 66.19 600 3,266 
September 1-30, 2024694 72.05 — 3,266 
For the Quarter Ended September 30, 20241,637,816 $66.12 1,626,664 
 
(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares tendered to us by employees who used shares to exercise options and to pay the related taxes for grants of deferred stock that vested, totaling 7,521 shares, 2,937 shares and 694 shares for the fiscal months of July, August and September 2024, respectively.
(2)Dollar values stated in millions. Effective January 1, 2023, our Board of Directors authorized a program for the repurchase of $6.0 billion of our Common Stock through December 31, 2025, excluding excise tax. During the year ended December 31, 2023, we repurchased approximately $1.6 billion of Common Stock pursuant to this authorization. During the nine months ended September 30, 2024, we repurchased $1.2 billion, and as of September 30, 2024, we had approximately $3.2 billion share repurchase authorization remaining. See related information in Note 11, Stock Plans.
(3)Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. Any excise tax incurred on share repurchases is recognized as part of the cost basis of the shares acquired in the consolidated statements of equity.

Item 5. Other Information.

(c) Insider Trading Arrangements
Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended September 30, 2024, no such plans or other arrangements were adopted or terminated.
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Item 6. Exhibits.
 
Exhibit
Number		Description
4.1
The Registrant agrees to furnish to the SEC upon request copies of any instruments defining the rights of holders of long-term debt of the Registrant and its consolidated subsidiaries that does not exceed 10 percent of the total assets of the Registrant and its consolidated subsidiaries.
31.1
31.2
32.1
101
The following materials from Mondelēz International’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statements of Cash Flows, (vi) Notes to Condensed Consolidated Financial Statements and (vii) Part II, Item 5.
104
The cover page from Mondelēz International’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL (included as Exhibit 101).


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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
MONDELĒZ INTERNATIONAL, INC.
By: /s/ LUCA ZARAMELLA
Luca Zaramella
Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer)
October 29, 2024

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