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2019-06-30 xbrli:pure mdlz:brand mdlz:director mdlz:country iso4217:USD xbrli:shares iso4217:USD xbrli:shares mdlz:claim iso4217:INR mdlz:arrangement mdlz:segment

Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission file number 1-16483
mdlzlogoa05.jpg
Mondelēz International, Inc.
(Exact name of registrant as specified in its charter)
Mondelez International, Inc.
(Exact name of registrant as registered with the SEC)
Virginia
52-2284372
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
Three Parkway North,
 
Deerfield,
Illinois
60015
(Address of principal executive offices)
(Zip Code)
(Registrant’s telephone number, including area code) (847) 943-4000
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Tile of each class
 
Trading
Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, no par value
 
MDLZ
 
The Nasdaq Global Select Market
2.375% Notes due 2021
 
MDLZ21
 
The Nasdaq Stock Market LLC
1.000% Notes due 2022
 
MDLZ22
 
The Nasdaq Stock Market LLC
1.625% Notes due 2023
 
MDLZ23
 
The Nasdaq Stock Market LLC
1.625% Notes due 2027
 
MDLZ27
 
The Nasdaq Stock Market LLC
2.375% Notes due 2035
 
MDLZ35
 
The Nasdaq Stock Market LLC
4.500% Notes due 2035
 
MDLZ35A
 
The Nasdaq Stock Market LLC
3.875% Notes due 2045
 
MDLZ45
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  T    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  T    No  ¨



Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
T
 
 
Accelerated filer  
Non-accelerated filer
 
 
Smaller reporting company 
 
 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    
No  T

At July 26, 2019, there were 1,442,150,501 shares of the registrant’s Class A Common Stock outstanding.
 



Table of Contents

Mondelēz International, Inc.
Table of Contents
 
 
 
Page No.
PART I - 
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II -
OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 

In this report, for all periods presented, “we,” “us,” “our,” “the Company” and “Mondelēz International” refer to Mondelēz International, Inc. and subsidiaries. References to “Common Stock” refer to our Class A Common Stock.




Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars, except per share data)
(Unaudited)
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net revenues
$
6,062

 
$
6,112

 
$
12,600

 
$
12,877

Cost of sales
3,593

 
3,572

 
7,538

 
7,488

Gross profit
2,469

 
2,540

 
5,062

 
5,389

Selling, general and administrative expenses
1,427

 
1,904

 
2,920

 
3,431

Asset impairment and exit costs
15

 
111

 
35

 
165

Net gain on divestiture
(41
)
 

 
(41
)
 

Amortization of intangibles
43

 
44

 
87

 
88

Operating income
1,025

 
481

 
2,061

 
1,705

Benefit plan non-service income
(12
)
 
(15
)
 
(29
)
 
(28
)
Interest and other expense, net
101

 
248

 
181

 
328

Earnings before income taxes
936

 
248

 
1,909

 
1,405

Provision for income taxes
(216
)
 
(15
)
 
(405
)
 
(352
)
Net loss on equity method investment transactions
(25
)
 

 
(2
)
 

Equity method investment net earnings
113

 
87

 
226

 
319

Net earnings
808

 
320

 
1,728

 
1,372

Noncontrolling interest earnings
(1
)
 
(2
)
 
(7
)
 
(8
)
Net earnings attributable to
   Mondelēz International
$
807

 
$
318

 
$
1,721

 
$
1,364

Per share data:
 
 
 
 
 
 
 
Basic earnings per share attributable to
   Mondelēz International
$
0.56

 
$
0.22

 
$
1.19

 
$
0.92

Diluted earnings per share attributable to
   Mondelēz International
$
0.55

 
$
0.21

 
$
1.18

 
$
0.91


See accompanying notes to the condensed consolidated financial statements.


1


Table of Contents

Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of U.S. dollars)
(Unaudited)
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net earnings
$
808

 
$
320

 
$
1,728

 
$
1,372

Other comprehensive earnings/(losses), net of tax:
 
 
 
 
 
 
 
Currency translation adjustment
(33
)
 
(876
)
 
157

 
(666
)
Pension and other benefit plans
54

 
169

 
64

 
163

Derivative cash flow hedges
(62
)
 
26

 
(131
)
 
(20
)
Total other comprehensive earnings/(losses)
(41
)
 
(681
)
 
90

 
(523
)
Comprehensive earnings/(losses)
767

 
(361
)
 
1,818

 
849

less: Comprehensive earnings/(losses) attributable to noncontrolling interests
3

 
(10
)
 
8

 
11

Comprehensive earnings/(losses) attributable to Mondelēz International
$
764

 
$
(351
)
 
$
1,810

 
$
838


See accompanying notes to the condensed consolidated financial statements.


2


Table of Contents

Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars, except share data)
(Unaudited)
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Cash and cash equivalents
$
1,248

 
$
1,100

Trade receivables (net of allowances of $38 at June 30, 2019
 and $40 at December 31, 2018)
2,179

 
2,262

Other receivables (net of allowances of $49 at June 30, 2019
     and $47 at December 31, 2018)
712

 
744

Inventories, net
2,731

 
2,592

Other current assets
966

 
906

Total current assets
7,836

 
7,604

Property, plant and equipment, net
8,550

 
8,482

Operating lease right of use assets
637

 

Goodwill
20,701

 
20,725

Intangible assets, net
17,943

 
18,002

Prepaid pension assets
136

 
132

Deferred income taxes
263

 
255

Equity method investments
7,095

 
7,123

Other assets
412

 
406

TOTAL ASSETS
$
63,573

 
$
62,729

LIABILITIES
 
 
 
Short-term borrowings
$
3,780

 
$
3,192

Current portion of long-term debt
3,675

 
2,648

Accounts payable
5,312

 
5,794

Accrued marketing
1,638

 
1,756

Accrued employment costs
611

 
701

Other current liabilities
2,782

 
2,646

Total current liabilities
17,798

 
16,737

Long-term debt
11,764

 
12,532

Long-term operating lease liabilities
447

 

Deferred income taxes
3,591

 
3,552

Accrued pension costs
1,057

 
1,221

Accrued postretirement health care costs
355

 
351

Other liabilities
2,387

 
2,623

TOTAL LIABILITIES
37,399

 
37,016

Commitments and Contingencies (Note 13)

 

EQUITY
 
 
 
Common Stock, no par value (5,000,000,000 shares authorized and
  1,996,537,778 shares issued at June 30, 2019 and December 31, 2018)

 

Additional paid-in capital
31,970

 
31,961

Retained earnings
25,348

 
24,491

Accumulated other comprehensive losses
(10,541
)
 
(10,630
)
Treasury stock, at cost (554,035,528 shares at June 30, 2019 and
   545,537,923 shares at December 31, 2018)
(20,684
)
 
(20,185
)
Total Mondelēz International Shareholders’ Equity
26,093

 
25,637

Noncontrolling interest
81

 
76

TOTAL EQUITY
26,174

 
25,713

TOTAL LIABILITIES AND EQUITY
$
63,573

 
$
62,729

See accompanying notes to the condensed consolidated financial statements.

3


Table of Contents

Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 
Mondelēz International Shareholders’ Equity
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Earnings/
(Losses)
 
Treasury
Stock
 
Non-controlling
Interest
 
Total
Equity
Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at April 1, 2019
$

 
$
31,933

 
$
24,954

 
$
(10,498
)
 
$
(20,561
)
 
$
81

 
$
25,909

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
807

 

 

 
1

 
808

Other comprehensive earnings/(losses),
   net of income taxes

 

 

 
(43
)
 

 
2

 
(41
)
Exercise of stock options and issuance of other stock awards

 
37

 
(35
)
 

 
153

 

 
155

Common Stock repurchased

 

 

 

 
(276
)
 

 
(276
)
Cash dividends declared ($0.26 per share)

 

 
(378
)
 

 

 

 
(378
)
Dividends paid on noncontrolling interest
     and other activities

 

 

 

 

 
(3
)
 
(3
)
Balances at June 30, 2019
$

 
$
31,970

 
$
25,348

 
$
(10,541
)
 
$
(20,684
)
 
$
81

 
$
26,174

Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at January 1, 2019
$

 
$
31,961

 
$
24,491

 
$
(10,630
)
 
$
(20,185
)
 
$
76

 
$
25,713

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
1,721

 

 

 
7

 
1,728

Other comprehensive earnings/(losses),
   net of income taxes

 

 

 
89

 

 
1

 
90

Exercise of stock options and issuance of other stock awards

 
9

 
(111
)
 

 
442

 

 
340

Common Stock repurchased

 

 

 

 
(941
)
 

 
(941
)
Cash dividends declared ($0.52 per share)

 

 
(753
)
 

 

 

 
(753
)
Dividends paid on noncontrolling interest
     and other activities

 

 

 

 

 
(3
)
 
(3
)
Balances at June 30, 2019
$

 
$
31,970

 
$
25,348

 
$
(10,541
)
 
$
(20,684
)
 
$
81

 
$
26,174

Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at April 1, 2018
$

 
$
31,876

 
$
23,305

 
$
(9,854
)
 
$
(18,881
)
 
$
98

 
$
26,544

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
318

 

 

 
2

 
320

Other comprehensive earnings/(losses),
   net of income taxes

 

 

 
(669
)
 

 
(12
)
 
(681
)
Exercise of stock options and issuance of other stock awards

 
37

 
(9
)
 

 
42

 

 
70

Common Stock repurchased

 

 

 

 
(650
)
 

 
(650
)
Cash dividends declared ($0.22 per share)

 

 
(324
)
 

 

 

 
(324
)
Dividends paid on noncontrolling interest
     and other activities

 

 

 

 

 
(4
)
 
(4
)
Balances at June 30, 2018
$

 
$
31,913

 
$
23,290

 
$
(10,523
)
 
$
(19,489
)
 
$
84

 
$
25,275

Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at January 1, 2018
$

 
$
31,915

 
$
22,631

 
$
(9,997
)
 
$
(18,555
)
 
$
80

 
$
26,074

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
1,364

 

 

 
8

 
1,372

Other comprehensive earnings/(losses),
   net of income taxes

 

 

 
(526
)
 

 
3

 
(523
)
Exercise of stock options and issuance of other stock awards

 
(2
)
 
(60
)
 

 
216

 

 
154

Common Stock repurchased

 

 

 

 
(1,150
)
 

 
(1,150
)
Cash dividends declared ($0.44 per share)

 

 
(651
)
 

 

 

 
(651
)
Dividends paid on noncontrolling interest
     and other activities

 

 
6

 

 

 
(7
)
 
(1
)
Balances at June 30, 2018
$

 
$
31,913

 
$
23,290

 
$
(10,523
)
 
$
(19,489
)
 
$
84

 
$
25,275



See accompanying notes to the condensed consolidated financial statements.

4


Table of Contents

Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited)
 
For the Six Months Ended
June 30,
 
2019
 
2018
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
 
 
 
Net earnings
$
1,728

 
$
1,372

Adjustments to reconcile net earnings to operating cash flows:
 
 
 
Depreciation and amortization
517

 
407

Stock-based compensation expense
71

 
67

U.S. tax reform transition tax
2

 
86

Deferred income tax provision/(benefit)
36

 
(15
)
Asset impairments and accelerated depreciation
4

 
43

Loss on early extinguishment of debt

 
140

Net gain on divestiture
(41
)
 

Net loss on equity method investment transactions
2

 

Equity method investment net earnings
(226
)
 
(319
)
Distributions from equity method investments
188

 
151

Other non-cash items, net
(46
)
 
366

Change in assets and liabilities, net of acquisitions and divestitures:
 
 
 
Receivables, net
135

 
112

Inventories, net
(145
)
 
(240
)
Accounts payable
(430
)
 
(325
)
Other current assets
(20
)
 
(41
)
Other current liabilities
(638
)
 
(481
)
Change in pension and postretirement assets and liabilities, net
(91
)
 
(141
)
Net cash provided by operating activities
1,046

 
1,182

CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
 
 
 
Capital expenditures
(465
)
 
(532
)
Acquisition, net of cash received

 
(528
)
Proceeds from divestiture, net of disbursements
163

 

Proceeds from sale of property, plant and equipment and other
35

 
19

Net cash used in investing activities
(267
)
 
(1,041
)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
 
 
 
Issuances of commercial paper, maturities greater than 90 days
809

 
1,315

Repayments of commercial paper, maturities greater than 90 days
(2,169
)
 
(1,020
)
Net issuances of other short-term borrowings
1,958

 
298

Long-term debt proceeds
597

 
2,948

Long-term debt repaid
(409
)
 
(1,442
)
Repurchase of Common Stock
(940
)
 
(1,177
)
Dividends paid
(756
)
 
(657
)
Other
271

 
124

Net cash (used in)/provided by financing activities
(639
)
 
389

Effect of exchange rate changes on cash and cash equivalents
8

 
(45
)
Cash and cash equivalents:
 
 
 
Increase
148

 
485

Balance at beginning of period
1,100

 
761

Balance at end of period
$
1,248

 
$
1,246


See accompanying notes to the condensed consolidated financial statements.

5


Table of Contents

Mondelēz International, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2018.

Principles of Consolidation:
The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments over which we do not have significant influence or control are not material and are carried at cost as there is no readily determinable fair value for the equity interests.

Currency Translation and Highly Inflationary Accounting:
We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings.

Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings. As discussed below, beginning on July 1, 2018, we began to apply highly inflationary accounting for our operations in Argentina.

Argentina. During the second quarter of 2018, primarily based on published estimates that indicated that Argentina's three-year cumulative inflation rate exceeded 100%, we concluded that Argentina b