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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, 2020
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
mdlzlogoa07.jpg
Mondelēz International, Inc.
(Exact name of registrant as specified in its charter)

Virginia
52-2284372
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
905 West Fulton Market, Suite 200
 
Chicago,
Illinois
60607
(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  x    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  x    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
x
 
 
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  x

At July 24, 2020, there were 1,428,338,344 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,
 
2020
 
2019
 
2020
 
2019
Net revenues
$
5,911

 
$
6,062

 
$
12,618

 
$
12,600

Cost of sales
3,580

 
3,593

 
7,836

 
7,538

Gross profit
2,331

 
2,469

 
4,782

 
5,062

Selling, general and administrative expenses
1,453

 
1,427

 
2,990

 
2,920

Asset impairment and exit costs
115

 
15

 
130

 
35

Net gain on divestiture

 
(41
)
 

 
(41
)
Amortization of intangibles
50

 
43

 
93

 
87

Operating income
713

 
1,025

 
1,569

 
2,061

Benefit plan non-service income
(31
)
 
(12
)
 
(64
)
 
(29
)
Interest and other expense, net
85

 
101

 
275

 
181

Earnings before income taxes
659

 
936

 
1,358

 
1,909

Provision for income taxes
(341
)
 
(216
)
 
(489
)
 
(405
)
Gain/(loss) on equity method investment
   transactions
121

 
(25
)
 
192

 
(2
)
Equity method investment net earnings
106

 
109

 
227

 
275

Net earnings
545

 
804

 
1,288

 
1,777

Noncontrolling interest earnings
(1
)
 
(1
)
 
(8
)
 
(7
)
Net earnings attributable to
   Mondelēz International
$
544

 
$
803

 
$
1,280

 
$
1,770

Per share data:
 
 
 
 
 
 
 
Basic earnings per share attributable to
   Mondelēz International
$
0.38

 
$
0.56

 
$
0.89

 
$
1.22

Diluted earnings per share attributable to
   Mondelēz International
$
0.38

 
$
0.55

 
$
0.89

 
$
1.21


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,
 
2020
 
2019
 
2020
 
2019
Net earnings
$
545

 
$
804

 
$
1,288

 
$
1,777

Other comprehensive earnings/(losses), net of tax:
 
 
 
 
 
 
 
Currency translation adjustment
81

 
30

 
(1,290
)
 
193

Pension and other benefit plans
5

 
38

 
65

 
55

Derivative cash flow hedges
1

 
(62
)
 
59

 
(127
)
Total other comprehensive earnings/(losses)
87

 
6

 
(1,166
)
 
121

Comprehensive earnings/(losses)
632

 
810

 
122

 
1,898

less: Comprehensive earnings/(losses) attributable to
   noncontrolling interests
5

 
3

 
7

 
8

Comprehensive earnings/(losses) attributable to Mondelēz International
$
627

 
$
807

 
$
115

 
$
1,890


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,
2020
 
December 31,
2019
ASSETS
 
 
 
Cash and cash equivalents
$
1,602

 
$
1,291

Trade receivables (net of allowances of $40 at June 30, 2020
   and $35 at December 31, 2019)
1,979

 
2,212

Other receivables (net of allowances of $40 at June 30, 2020
   and $44 at December 31, 2019)
631

 
715

Inventories, net
2,710

 
2,546

Other current assets
1,073

 
866

Total current assets
7,995

 
7,630

Property, plant and equipment, net
8,365

 
8,733

Operating lease right of use assets
645

 
568

Goodwill
20,997

 
20,848

Intangible assets, net
17,877

 
17,957

Prepaid pension assets
586

 
516

Deferred income taxes
785

 
726

Equity method investments
6,659

 
7,178

Other assets
285

 
359

TOTAL ASSETS
$
64,194

 
$
64,515

LIABILITIES
 
 
 
Short-term borrowings
$
2,755

 
$
2,638

Current portion of long-term debt
945

 
1,581

Accounts payable
5,466

 
5,853

Accrued marketing
1,804

 
1,836

Accrued employment costs
639

 
769

Other current liabilities
2,930

 
2,645

Total current liabilities
14,539

 
15,322

Long-term debt
16,004

 
14,207

Long-term operating lease liabilities
479

 
403

Deferred income taxes
3,383

 
3,338

Accrued pension costs
1,108

 
1,190

Accrued postretirement health care costs
371

 
387

Other liabilities
2,213

 
2,351

TOTAL LIABILITIES
38,097

 
37,198

Commitments and Contingencies (Note 12)

 

EQUITY
 
 
 
Common Stock, no par value (5,000,000,000 shares authorized and
   1,996,537,778 shares issued at June 30, 2020 and December 31, 2019)

 

Additional paid-in capital
32,022

 
32,019

Retained earnings
27,040

 
26,615

Accumulated other comprehensive losses
(11,419
)
 
(10,254
)
Treasury stock, at cost (568,483,191 shares at June 30, 2020 and
   561,531,524 shares at December 31, 2019)
(21,625
)
 
(21,139
)
Total Mondelēz International Shareholders’ Equity
26,018

 
27,241

Noncontrolling interest
79

 
76

TOTAL EQUITY
26,097

 
27,317

TOTAL LIABILITIES AND EQUITY
$
64,194

 
$
64,515

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, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at April 1, 2020
$

 
$
31,990

 
$
26,906

 
$
(11,502
)
 
$
(21,652
)
 
$
78

 
$
25,820

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
544

 

 

 
1

 
545

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

 

 

 
83

 

 
4

 
87

Exercise of stock options and issuance of
   other stock awards

 
32

 
(3
)
 

 
27

 

 
56

Cash dividends declared ($0.285 per share)

 

 
(409
)
 

 

 

 
(409
)
Dividends paid on noncontrolling interest
   and other activities

 

 
2

 

 

 
(4
)
 
(2
)
Balances at June 30, 2020
$

 
$
32,022

 
$
27,040

 
$
(11,419
)
 
$
(21,625
)
 
$
79

 
$
26,097

Six Months Ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at January 1, 2020
$

 
$
32,019

 
$
26,615

 
$
(10,254
)
 
$
(21,139
)
 
$
76

 
$
27,317

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
1,280

 

 

 
8

 
1,288

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

 

 

 
(1,165
)
 

 
(1
)
 
(1,166
)
Exercise of stock options and issuance of
   other stock awards

 
3

 
(41
)
 

 
215

 

 
177

Common Stock repurchased

 

 

 

 
(701
)
 

 
(701
)
Cash dividends declared ($0.57 per share)

 

 
(817
)
 

 

 

 
(817
)
Dividends paid on noncontrolling interest
   and other activities

 

 
3

 

 

 
(4
)
 
(1
)
Balances at June 30, 2020
$

 
$
32,022

 
$
27,040

 
$
(11,419
)
 
$
(21,625
)
 
$
79

 
$
26,097

Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at April 1, 2019
$

 
$
31,933

 
$
24,910

 
$
(10,528
)
 
$
(20,561
)
 
$
81

 
$
25,835

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
803

 

 

 
1

 
804

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

 

 

 
4

 

 
2

 
6

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

 
$
25,300

 
$
(10,524
)
 
$
(20,684
)
 
$
81

 
$
26,143

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

 
$
31,961

 
$
24,394

 
$
(10,644
)
 
$
(20,185
)
 
$
76

 
$
25,602

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings

 

 
1,770

 

 

 
7

 
1,777

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

 

 

 
120

 

 
1

 
121

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

 
$
25,300

 
$
(10,524
)
 
$
(20,684
)
 
$
81

 
$
26,143



See accompanying notes to the condensed consolidated financial statements.

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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,
 
2020
 
2019
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
 
 
 
Net earnings
$
1,288

 
$
1,777

Adjustments to reconcile net earnings to operating cash flows:
 
 
 
Depreciation and amortization
528

 
517

Stock-based compensation expense
63

 
71

U.S. tax reform transition tax

 
2

Deferred income tax (benefit)/provision
(110
)
 
36

Asset impairments and accelerated depreciation
99

 
4

Net gain on divestiture

 
(41
)
(Gain)/loss on equity method investment transactions
(192
)
 
2

Equity method investment net earnings
(227
)
 
(275
)
Distributions from equity method investments
193

 
188

Other non-cash items, net
154

 
(46
)
Change in assets and liabilities, net of acquisitions and divestitures:
 
 
 
Receivables, net
328

 
135

Inventories, net
(233
)
 
(145
)
Accounts payable
75

 
(430
)
Other current assets
(62
)
 
(20
)
Other current liabilities
(224
)
 
(638
)
Change in pension and postretirement assets and liabilities, net
(122
)
 
(91
)
Net cash provided by operating activities
1,558

 
1,046

CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
 
 
 
Capital expenditures
(445
)
 
(465
)
Acquisition, net of cash received
(1,141
)
 

Proceeds from divestitures including equity method investments
579

 
163

Other
(30
)
 
35

Net cash used in investing activities
(1,037
)
 
(267
)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
 
 
 
Issuances of commercial paper, maturities greater than 90 days
677

 
809

Repayments of commercial paper, maturities greater than 90 days
(654
)
 
(2,169
)
Net issuances of other short-term borrowings
109

 
1,958

Long-term debt proceeds
2,533

 
597

Long-term debt repaid
(1,430
)
 
(409
)
Repurchase of Common Stock
(720
)
 
(940
)
Dividends paid
(819
)
 
(756
)
Other
123

 
271

Net cash used in financing activities
(181
)
 
(639
)
Effect of exchange rate changes on cash, cash equivalents and
   restricted cash
(37
)
 
8

Cash, cash equivalents and restricted cash:
 
 
 
Increase
303

 
148

Balance at beginning of period
1,328

 
1,100

Balance at end of period
$
1,631

 
$
1,248


See accompanying notes to the condensed consolidated financial statements.

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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, 2019.

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 became a highly inflationary economy for accounting purposes. As of July 1, 2018, we began to apply highly inflationary accounting for our Argentinian subsidiaries and changed their functional currency from the Argentinian peso to the U.S. dollar. On July 1, 2018, both monetary and non-monetary assets and liabilities denominated in Argentinian pesos were remeasured into U.S. dollars using the exchange rate as of the balance sheet date, with remeasurement and other transaction gains and losses recorded in net earnings. As of June 30, 2020, our Argentinian operations had $3 million of Argentinian peso denominated net monetary assets. Our Argentinian operations contributed $76 million, or 1.3% of consolidated net revenues in the three months and $174 million, or 1.4% of consolidated net revenues in the six months ended June 30, 2020. Within selling, general and administrative expenses, we recorded a remeasurement loss of $3 million during the three months and $5 million during the six months ended June 30, 2020 as well as a remeasurement gain of $1 million during the three months and a remeasurement loss of $1 million during the six months ended June 30, 2019 related to the revaluation of the Argentinian peso denominated net monetary position over these periods.

Brexit. In the six months ended June 30, 2020, we generated 8.8% of our consolidated net revenues in the United Kingdom. On January 31, 2020, the United Kingdom began the withdrawal process from the European Union under the European and U.K. Parliament approved Withdrawal Agreement. During a transition period scheduled to end on December 31, 2020, the United Kingdom will effectively remain in the E.U.’s customs union and single market while a trade deal with the European Union is negotiated. The deadline for extending the transition period was June 30, 2020 and the United Kingdom did not seek an extension. As a result, on December 31, 2020, the United Kingdom will either exit the European Union and begin a new trade relationship with the European Union or will exit without a trade deal. During the transition period, we continue to take protective measures in response to the potential impacts on our results of operations and financial condition. If the ultimate terms of the United Kingdom’s separation from the European Union negatively impact the U.K. economy or result in disruptions to sales or our supply chain,

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the impact to our results of operations and financial condition could be material. We are taking measures to increase our resources in customer service & logistics together with increasing our inventory levels of imported raw materials, packaging and finished goods in the United Kingdom to help us manage through the Brexit transition and the inherent risks.

Other Countries. Since we sell our products in over 150 countries and have operations in approximately 80 countries, we monitor economic and currency-related risks and seek to take protective measures in response to these exposures, including the impacts related to the global outbreak of the novel coronavirus (“COVID-19”) in 2020. Most countries in which we do business have recently experienced periods of significant economic uncertainty as well as exchange rate volatility. We continue to monitor COVID-19 and other impacts to our business operations, currencies and net monetary exposures in the countries in which we operate. At this time, except for Argentina which is accounted for as a highly inflationary economy, we do not anticipate any other countries in which we operate to be at risk of becoming highly inflationary countries.

Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We also have restricted cash that is recorded within other current assets and which was $29 million as of June 30, 2020 and $37 million as of December 31, 2019. Total cash, cash equivalents and restricted cash was $1,631 million as of June 30, 2020 and $1,328 million as of December 31, 2019.

Allowances for Credit Losses:
The allowances for credit losses are recorded against our receivables. They are developed at a country and region level based on historical collection experiences, current economic condition of specific customers and the forecasted economic condition of countries using various factors such as bond default rates and consumption indexes. We write off receivables once it is determined that the receivables are no longer collectible and as allowed by local laws.

Changes in allowances for credit losses consisted of: