MONDELEZ INTERNATIONAL, INC.

(MDLZ)
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MONDELEZ INTERNATIONAL, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

01/11/2022 | 04:13pm EDT

Item 7.01. Regulation FD Disclosure.



Mondel?z International, Inc. and subsidiaries (collectively, "we," "our" or
"Mondel?z International") are furnishing this current report to provide
supplemental non-GAAP financial information related to the retrospective impact
of (1) our sale of Keurig Dr Pepper Inc. ("KDP") shares on August 2, 2021, and
(2) our sale of MaxFoods Pty Ltd ("MaxFoods"), an Australian packaged seafood
business on November 1, 2021.

Due to our reporting of KDP's results on a one-quarter lag basis, the impact of
the sale of the KDP shares will affect our non-GAAP financial results beginning
with our fourth quarter ended December 31, 2021. Consistent with our definitions
of our non-GAAP financial measures, we will reflect the partial sale of our
equity method investment in KDP as well as the sale of MaxFoods as divestitures.
These changes will result in the recasting of our historical non-GAAP financial
results and 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.

Change to our Historical Non-GAAP Financial Results in Connection with our Sale of KDP Shares


As previously disclosed in our Quarterly Report on Form 10-Q for the three
months ended September 30, 2021, we sold approximately 14.7 million shares of
KDP on August 2, 2021, which reduced our ownership interest by 1.0% to 5.3% of
the total outstanding shares. We received $500 million of proceeds and recorded
a pre-tax gain of $248 million (or $189 million after tax) during the third
quarter of 2021.

We consider the 1.0% ownership reduction resulting from this sale of shares a
partial sale of our equity method investment in KDP. Consistent with our
definitions of our non-GAAP financial measures, we consider this sale to be a
divestiture. Due to our reporting of KDP's results on a one-quarter lag basis,
the impact of the sale of these shares will affect our non-GAAP financial
results beginning with the fourth quarter ended December 31, 2021. Therefore, we
will remove the equity method investment net earnings results related to this
partial sale of our equity method investment in KDP from our non-GAAP financial
results for Adjusted EPS for all historical periods presented. Our U.S. GAAP
results, which include our historical equity method investment net earnings from
KDP, will not change from what was previously reported.

Change to our Historical Non-GAAP Financial Results in Connection with our Sale of MaxFoods


On November 1, 2021, we completed the sale of MaxFoods, an Australian packaged
foods business that we had recently acquired as part of our April 1, 2021
acquisition of Gourmet Foods Holdings Pty Ltd. As a result of this divestiture,
consistent with the definitions of our non-GAAP financial measures, we will
remove the results of this operation from our non-GAAP financial results for
Adjusted Gross Profit, Adjusted Operating Income and Adjusted EPS for the second
and third quarters of 2021 only, as these are the only quarters' results
impacted by this divestiture. Our non-GAAP financial measure for Organic Net
Revenue for these periods will not change, as the net revenue from this business
was previously included as net revenue from acquisitions which is already
excluded from our Organic Net Revenue financial measure. Our U.S. GAAP results,
which include the results of the divested operation through the divestiture
closing date noted above, will not change from what was previously reported.

Recast Amounts Reflecting Changes in Historical Non-GAAP Results


See the summary chart below and Exhibit 99.1 for the unaudited GAAP and recast
non-GAAP financial information for the first three quarters of 2021, all
quarters of 2020 and 2019, the first nine months of 2021 and the years ended
December 31, 2020 and 2019. This supplemental disclosure does not amend any
disclosure contained in any of our prior SEC filings.

                 Mondel?z International, Inc. and Subsidiaries

              Recast Amounts Reflecting Change Due to Divestiture

              (in millions of U.S. dollars, except per share data)

                                  (Unaudited)





                                     2019         2020         2021                           2019                                            2020                                      2021
                                      FY           FY        Sep YTD        Q1          Q2          Q3           Q4          Q1          Q2          Q3          Q4          Q1          Q2          Q3
Reported (GAAP)
Gross Profit                       $ 10,337$ 10,446$  8,421$ 2,593$ 2,469$ 2,516$ 2,759$ 2,451$ 2,331$ 2,792$ 2,872$ 2,966$ 2,631$ 2,824
Operating Income                      3,843        3,853        3,449       

1,036 1,025 876 906 856 713 1,135 1,149 1,283 872 1,294 Equity method investment net earnings

                                501          421          290       

166 109 114 112 121 106 84 110 78 107 105 Provision for income taxes

                2        1,224          952       

189 216 (633 ) 230 148 341 391 344 212 398 342 Net earnings attributable to Mondel?z International

                3,929        3,555        3,297         967         803       1,426          733         736         544       1,119       1,156         961       1,078       1,258
Diluted earnings per share
attributable to Mondel?z
International                      $   2.69$   2.47$   2.33     $ 

0.66 $ 0.55$ 0.98$ 0.50$ 0.51$ 0.38$ 0.78$ 0.80$ 0.68$ 0.76$ 0.89


Adjusted (Non-GAAP) - As Recast
Gross Profit                       $ 10,333$ 10,521$  8,261$ 2,591$ 2,452$ 2,525$ 2,765$ 2,656$ 2,347$ 2,659$ 2,859$ 2,866$ 2,648$ 2,747
Operating Income                      4,264        4,401        3,600      

1,090 1,008 1,065 1,101 1,106 942 1,165 1,188 1,292 1,075 1,233 Equity method investment net earnings

                                354          384          318          96          84          86           88          96         101          

90 97 121 102 95 Provision for income taxes

              839          878          760       

198 201 163 277 194 125 279 280 250 233 277 Net earnings attributable to Mondel?z International

                3,492        3,694        3,054         919         806         908          859         949         870         922         953       1,123         930       1,001
Diluted earnings per share
attributable to Mondel?z
International                      $   2.40$   2.56$   2.16$  0.63$  0.55$  0.62$  0.59$  0.66$  0.60$  0.64$  0.66$  0.79$  0.66$  0.71


Numbers in bold represent our non-GAAP financial measures that were recast due
to the items noted above. See GAAP to non-GAAP reconciliation schedules provided
in Exhibit 99.1.

--------------------------------------------------------------------------------

Financial Schedules


Exhibit 99.1 to this Form 8-K contains financial schedules that provide the
reconciliations for our recast non-GAAP financial results for Adjusted Gross
Profit and Adjusted Operating Income, due to the sale of MaxFoods, for the
second quarter, third quarter and first nine months of 2021, and for Adjusted
EPS, due to the partial sale of our equity method investment in KDP and the sale
of Max Foods, for the first three quarters of 2021, all quarters of 2020 and
2019, the first nine months of 2021 and the years ended December 31, 2020 and
2019.


• Schedule 1 provides reconciliations of the differences between reported Gross

Profit and Operating Income (GAAP) and the recast Adjusted Gross Profit and

      Adjusted Operating Income (non-GAAP) measures.



• Schedule 2 provides reconciliations of the differences between the reported

Operating Income (GAAP) and the recast Adjusted Operating Income (non-GAAP)

      by reportable segment.



• Schedule 3 provides reconciliations of the differences between the reported

(GAAP) financial measures for Operating Income to Net Earnings Attributable

to Mondel?z International and the recast Adjusted (non-GAAP) financial

measures for these items. Equity method investment net earnings and provision

for income taxes are components used to calculate net earnings and diluted

      earnings per share attributable to Mondel?z International.




  •   Schedule 4 provides reconciliations between the reported Diluted EPS
      attributable to Mondel?z International (GAAP) and the recast Adjusted EPS
      (non-GAAP) for comparative periods.

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. For
additional information regarding our non-GAAP financial measures, see Exhibit
99.2.


Item 9.01. Financial Statements and Exhibits.

(d) The following exhibits are being furnished with this Current Report on Form 8-K.

99.1 Financial schedules - Unaudited GAAP and Non-GAAP Financial Information.

99.2 Non-GAAP Financial Measures - Additional Information.

104 The cover page from Mondel?z International, Inc.'s Current Report on Form

8-K, formatted in Inline XBRL (included as Exhibit 101).

--------------------------------------------------------------------------------

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