Exhibit 99.1
U.S. GAAP to Non-GAAP Reconciliations
In addition to reporting our U.S. GAAP operating results, we have historically reported non-GAAP financial information. Refer also to our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K for the periods presented for additional information on our GAAP to non-GAAP adjustments.
Schedule 1.1
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended March 31, 2020 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 6,707 | $ | 6,707 | ||||||||||||
Cost of sales | 4,256 | 4,256 | ||||||||||||||
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Gross profit | 2,451 | 2,451 | ||||||||||||||
Gross profit margin | 36.5 | % | 36.5 | % | ||||||||||||
Selling, general and administrative expenses | 1,537 | 1,537 | ||||||||||||||
Asset impairment and exit costs | 15 | 15 | ||||||||||||||
Amortization of intangibles | 43 | 43 | ||||||||||||||
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Operating income | 856 | 856 | ||||||||||||||
Operating income margin | 12.8 | % | 12.8 | % | ||||||||||||
Benefit plan non-service income | (33 | ) | (33 | ) | ||||||||||||
Interest and other expense, net | 190 | 190 | ||||||||||||||
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Earnings before income taxes | 699 | 699 | ||||||||||||||
Provision for income taxes | (148 | ) | (148 | ) | ||||||||||||
Effective tax rate | 21.2 | % | 21.2 | % | ||||||||||||
Gain on equity method investment transactions | 71 | 71 | ||||||||||||||
Equity method investment net earnings | 138 | $ | (59 | ) | $ | 42 | 121 | |||||||||
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Net earnings | 760 | (59 | ) | 42 | 743 | |||||||||||
Noncontrolling interest earnings | (7 | ) | (7 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 753 | $ | (59 | ) | $ | 42 | $ | 736 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 0.53 | $ | 0.51 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 0.52 | $ | 0.51 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,434 | 1,434 | ||||||||||||||
Diluted | 1,445 | 1,445 |
Schedule 1.2
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, 2019 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 25,868 | $ | 25,868 | ||||||||||||
Cost of sales | 15,531 | 15,531 | ||||||||||||||
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Gross profit | 10,337 | 10,337 | ||||||||||||||
Gross profit margin | 40.0 | % | 40.0 | % | ||||||||||||
Selling, general and administrative expenses | 6,136 | 6,136 | ||||||||||||||
Asset impairment and exit costs | 228 | 228 | ||||||||||||||
Gain on divestitures | (44 | ) | (44 | ) | ||||||||||||
Amortization of intangibles | 174 | 174 | ||||||||||||||
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Operating income | 3,843 | 3,843 | ||||||||||||||
Operating income margin | 14.9 | % | 14.9 | % | ||||||||||||
Benefit plan non-service income | (60 | ) | (60 | ) | ||||||||||||
Interest and other expense, net | 456 | 456 | ||||||||||||||
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Earnings before income taxes | 3,447 | 3,447 | ||||||||||||||
Provision for income taxes | (2 | ) | (2 | ) | ||||||||||||
Effective tax rate | 0.1 | % | 0.1 | % | ||||||||||||
Loss on equity method investment transaction | (2 | ) | (2 | ) | ||||||||||||
Equity method investment net earnings | 442 | $ | (195 | ) | $ | 254 | 501 | |||||||||
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Net earnings | 3,885 | (195 | ) | 254 | 3,944 | |||||||||||
Noncontrolling interest earnings | (15 | ) | (15 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 3,870 | $ | (195 | ) | $ | 254 | $ | 3,929 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 2.68 | $ | 2.72 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 2.65 | $ | 2.69 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,445 | 1,445 | ||||||||||||||
Diluted | 1,458 | 1,458 |
Schedule 1.3
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended December 31, 2019 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 6,913 | $ | 6,913 | ||||||||||||
Cost of sales | 4,154 | 4,154 | ||||||||||||||
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Gross profit | 2,759 | 2,759 | ||||||||||||||
Gross profit margin | 39.9 | % | 39.9 | % | ||||||||||||
Selling, general and administrative expenses | 1,750 | 1,750 | ||||||||||||||
Asset impairment and exit costs | 59 | 59 | ||||||||||||||
Amortization of intangibles | 44 | 44 | ||||||||||||||
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Operating income | 906 | 906 | ||||||||||||||
Operating income margin | 13.1 | % | 13.1 | % | ||||||||||||
Benefit plan non-service income | (18 | ) | (18 | ) | ||||||||||||
Interest and other expense, net | 70 | 70 | ||||||||||||||
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Earnings before income taxes | 854 | 854 | ||||||||||||||
Provision for income taxes | (230 | ) | (230 | ) | ||||||||||||
Effective tax rate | 26.9 | % | 26.9 | % | ||||||||||||
Equity method investment net earnings | 105 | $ | (43 | ) | $ | 50 | 112 | |||||||||
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Net earnings | 729 | (43 | ) | 50 | 736 | |||||||||||
Noncontrolling interest earnings | (3 | ) | (3 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 726 | $ | (43 | ) | $ | 50 | $ | 733 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 0.50 | $ | 0.51 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 0.50 | $ | 0.50 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,441 | 1,441 | ||||||||||||||
Diluted | 1,453 | 1,453 |
Schedule 1.4
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended September 30, 2019 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 6,355 | $ | 6,355 | ||||||||||||
Cost of sales | 3,839 | 3,839 | ||||||||||||||
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Gross profit | 2,516 | 2,516 | ||||||||||||||
Gross profit margin | 39.6 | % | 39.6 | % | ||||||||||||
Selling, general and administrative expenses | 1,466 | 1,466 | ||||||||||||||
Asset impairment and exit costs | 134 | 134 | ||||||||||||||
Gain on divestitures | (3 | ) | (3 | ) | ||||||||||||
Amortization of intangibles | 43 | 43 | ||||||||||||||
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Operating income | 876 | 876 | ||||||||||||||
Operating income margin | 13.8 | % | 13.8 | % | ||||||||||||
Benefit plan non-service income | (13 | ) | (13 | ) | ||||||||||||
Interest and other expense, net | 205 | 205 | ||||||||||||||
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Earnings before income taxes | 684 | 684 | ||||||||||||||
Benefit for income taxes | 633 | 633 | ||||||||||||||
Effective tax rate | (92.5 | )% | (92.5 | )% | ||||||||||||
Equity method investment net earnings | 111 | $ | (49 | ) | $ | 52 | 114 | |||||||||
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Net earnings | 1,428 | (49 | ) | 52 | 1,431 | |||||||||||
Noncontrolling interest earnings | (5 | ) | (5 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 1,423 | $ | (49 | ) | $ | 52 | $ | 1,426 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 0.98 | $ | 0.99 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 0.98 | $ | 0.98 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,445 | 1,445 | ||||||||||||||
Diluted | 1,458 | 1,458 |
Schedule 1.5
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended June 30, 2019 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 6,062 | $ | 6,062 | ||||||||||||
Cost of sales | 3,593 | 3,593 | ||||||||||||||
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Gross profit | 2,469 | 2,469 | ||||||||||||||
Gross profit margin | 40.7 | % | 40.7 | % | ||||||||||||
Selling, general and administrative expenses | 1,427 | 1,427 | ||||||||||||||
Asset impairment and exit costs | 15 | 15 | ||||||||||||||
Gain on divestitures | (41 | ) | (41 | ) | ||||||||||||
Amortization of intangibles | 43 | 43 | ||||||||||||||
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Operating income | 1,025 | 1,025 | ||||||||||||||
Operating income margin | 16.9 | % | 16.9 | % | ||||||||||||
Benefit plan non-service income | (12 | ) | (12 | ) | ||||||||||||
Interest and other expense, net | 101 | 101 | ||||||||||||||
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Earnings before income taxes | 936 | 936 | ||||||||||||||
Provision for income taxes | (216 | ) | (216 | ) | ||||||||||||
Effective tax rate | 23.1 | % | 23.1 | % | ||||||||||||
Loss on equity method investment transaction | (25 | ) | (25 | ) | ||||||||||||
Equity method investment net earnings | 113 | $ | (53 | ) | $ | 49 | 109 | |||||||||
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Net earnings | 808 | (53 | ) | 49 | 804 | |||||||||||
Noncontrolling interest earnings | (1 | ) | (1 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 807 | $ | (53 | ) | $ | 49 | $ | 803 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 0.56 | $ | 0.56 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 0.55 | $ | 0.55 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,445 | 1,445 | ||||||||||||||
Diluted | 1,458 | 1,458 |
Schedule 1.6
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended March 31, 2019 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 6,538 | $ | 6,538 | ||||||||||||
Cost of sales | 3,945 | 3,945 | ||||||||||||||
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Gross profit | 2,593 | 2,593 | ||||||||||||||
Gross profit margin | 39.7 | % | 39.7 | % | ||||||||||||
Selling, general and administrative expenses | 1,493 | 1,493 | ||||||||||||||
Asset impairment and exit costs | 20 | 20 | ||||||||||||||
Amortization of intangibles | 44 | 44 | ||||||||||||||
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Operating income | 1,036 | 1,036 | ||||||||||||||
Operating income margin | 15.8 | % | 15.8 | % | ||||||||||||
Benefit plan non-service income | (17 | ) | (17 | ) | ||||||||||||
Interest and other expense, net | 80 | 80 | ||||||||||||||
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Earnings before income taxes | 973 | 973 | ||||||||||||||
Provision for income taxes | (189 | ) | (189 | ) | ||||||||||||
Effective tax rate | 19.4 | % | 19.4 | % | ||||||||||||
Gain on equity method investment transactions | 23 | 23 | ||||||||||||||
Equity method investment net earnings | 113 | $ | (50 | ) | $ | 103 | 166 | |||||||||
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Net earnings | 920 | (50 | ) | 103 | 973 | |||||||||||
Noncontrolling interest earnings | (6 | ) | (6 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 914 | $ | (50 | ) | $ | 103 | $ | 967 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 0.63 | $ | 0.67 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 0.63 | $ | 0.66 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,449 | 1,449 | ||||||||||||||
Diluted | 1,461 | 1,461 |
Schedule 1.7
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, 2018 | ||||||||||||||||
As Reported | Remove current period JDE results | Add prior period JDE results | As Recast | |||||||||||||
Net revenues | $ | 25,938 | $ | 25,938 | ||||||||||||
Cost of sales | 15,586 | 15,586 | ||||||||||||||
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Gross profit | 10,352 | 10,352 | ||||||||||||||
Gross profit margin | 39.9 | % | 39.9 | % | ||||||||||||
Selling, general and administrative expenses | 6,475 | 6,475 | ||||||||||||||
Asset impairment and exit costs | 389 | 389 | ||||||||||||||
Amortization of intangibles | 176 | 176 | ||||||||||||||
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Operating income | 3,312 | 3,312 | ||||||||||||||
Operating income margin | 12.8 | % | 12.8 | % | ||||||||||||
Benefit plan non-service income | (50 | ) | (50 | ) | ||||||||||||
Interest and other expense, net | 520 | 520 | ||||||||||||||
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Earnings before income taxes | 2,842 | 2,842 | ||||||||||||||
Provision for income taxes | (773 | ) | (773 | ) | ||||||||||||
Effective tax rate | 27.2 | % | 27.2 | % | ||||||||||||
Gain on equity method investment transactions | 778 | 778 | ||||||||||||||
Equity method investment net earnings | 548 | $ | (230 | ) | $ | 166 | 484 | |||||||||
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Net earnings | 3,395 | (230 | ) | 166 | 3,331 | |||||||||||
Noncontrolling interest earnings | (14 | ) | (14 | ) | ||||||||||||
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Net earnings attributable to Mondelēz International | $ | 3,381 | $ | (230 | ) | $ | 166 | $ | 3,317 | |||||||
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Per share data: | ||||||||||||||||
Basic earnings per share attributable to Mondelēz International | $ | 2.30 | $ | 2.25 | ||||||||||||
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Diluted earnings per share attributable to Mondelēz International | $ | 2.28 | $ | 2.23 | ||||||||||||
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Average shares outstanding: | ||||||||||||||||
Basic | 1,472 | 1,472 | ||||||||||||||
Diluted | 1,486 | 1,486 |
Schedule 2.1
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 856 | $ | (33 | ) | $ | 190 | $ | 699 | $ | 148 | 21.2 | % | $ | (71 | ) | $ | (121 | ) | $ | 7 | $ | 736 | $ | 0.51 | |||||||||||||||||||
Simplify to Grow Program | 58 | — | — | 58 | 13 | — | — | — | 45 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 185 | — | 1 | 184 | 32 | — | — | — | 152 | 0.11 | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 5 | — | — | 5 | 1 | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | — | — | 2 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.06 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (17 | ) | 71 | — | — | (54 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 1 | — | (8 | ) | — | 7 | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 203 | 19.3 | % | $ | — | $ | (127 | ) | $ | 7 | $ | 971 | $ | 0.67 | ||||||||||||||||||||
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Currency | 43 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 1,014 | $ | 0.70 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,445 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 1,036 | $ | (17 | ) | $ | 80 | $ | 973 | $ | 189 | 19.4 | % | $ | (23 | ) | $ | (166 | ) | $ | 6 | $ | 967 | $ | 0.66 | |||||||||||||||||||
Simplify to Grow Program | 70 | — | — | 70 | 19 | — | — | — | 51 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (16 | ) | — | — | (16 | ) | (3 | ) | — | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Divestiture-related costs | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | (4 | ) | — | — | (4 | ) | — | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax expense | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (5 | ) | 23 | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 4 | — | (17 | ) | — | 13 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (182 | ) | $ | 6 | $ | 1,000 | $ | 0.68 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,461 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 2.2
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Loss on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 3,843 | $ | (60 | ) | $ | 456 | $ | 3,447 | $ | 2 | 0.1 | % | $ | 2 | $ | (501 | ) | $ | 15 | $ | 3,929 | $ | 2.69 | ||||||||||||||||||||
Simplify to Grow Program | 442 | (6 | ) | — | 448 | 103 | — | — | — | 345 | 0.24 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (91 | ) | — | (1 | ) | (90 | ) | (19 | ) | — | — | — | (71 | ) | (0.05 | ) | ||||||||||||||||||||||||||||
Acquisition-related costs | 3 | — | — | 3 | 1 | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | 6 | — | — | 6 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (9 | ) | — | — | (9 | ) | — | — | — | — | (9 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (2 | ) | — | 6 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
Gain on divestitures | (44 | ) | — | — | (44 | ) | (3 | ) | — | — | — | (41 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
Remeasurement of net monetary position | (4 | ) | — | — | (4 | ) | — | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Impact from pension participation changes | (35 | ) | — | (6 | ) | (29 | ) | (8 | ) | — | — | — | (21 | ) | (0.02 | ) | ||||||||||||||||||||||||||||
Impact from resolution of tax matters | 85 | — | — | 85 | 21 | — | — | — | 64 | 0.05 | ||||||||||||||||||||||||||||||||||
CEO transition remuneration | 9 | — | — | 9 | — | — | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
Swiss tax reform net impacts | 2 | — | — | 2 | 769 | — | — | — | (767 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (5 | ) | — | — | — | 5 | — | |||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | (6 | ) | (2 | ) | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 11 | — | (56 | ) | — | 45 | 0.03 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 878 | 22.0 | % | $ | — | $ | (551 | ) | $ | 15 | $ | 3,650 | $ | 2.50 | ||||||||||||||||||||
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Currency | 222 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 3,872 | $ | 2.66 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,458 | |||||||||||||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 3,312 | $ | (50 | ) | $ | 520 | $ | 2,842 | $ | 773 | 27.2 | % | $ | (778 | ) | $ | (484 | ) | $ | 14 | $ | 3,317 | $ | 2.23 | |||||||||||||||||||
Simplify to Grow Program | 626 | (5 | ) | — | 631 | 156 | — | — | — | 475 | 0.32 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (141 | ) | — | 1 | (142 | ) | (10 | ) | — | — | — | (132 | ) | (0.09 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (1 | ) | — | — | (1 | ) | (2 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | (19 | ) | — | — | (19 | ) | — | — | — | — | (19 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (2 | ) | — | 8 | — | (6 | ) | — | ||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 11 | — | — | 11 | — | — | — | — | 11 | 0.01 | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 423 | — | (6 | ) | 429 | 108 | — | — | — | 321 | 0.22 | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | (15 | ) | — | (4 | ) | (11 | ) | 6 | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 22 | — | — | 22 | 5 | — | — | — | 17 | 0.01 | ||||||||||||||||||||||||||||||||||
Gain related to interest rate swaps | — | — | 10 | (10 | ) | (2 | ) | — | — | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (19 | ) | — | — | — | 19 | 0.01 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (192 | ) | 778 | — | — | (586 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | (16 | ) | — | 37 | — | (21 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (439 | ) | $ | 14 | $ | 3,542 | $ | 2.38 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,486 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 2.3
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 906 | $ | (18 | ) | $ | 70 | $ | 854 | $ | 230 | 26.9 | % | $ | — | $ | (112 | ) | $ | 3 | $ | 733 | $ | 0.50 | ||||||||||||||||||||
Simplify to Grow Program | 138 | — | — | 138 | 36 | — | — | — | 102 | 0.07 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (22 | ) | — | 1 | (23 | ) | (5 | ) | — | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (1 | ) | — | 2 | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | (6 | ) | — | — | (6 | ) | — | — | — | — | (6 | ) | — | |||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | 85 | — | — | 85 | 21 | — | — | — | 64 | 0.04 | ||||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (3 | ) | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 2 | — | (15 | ) | — | 13 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | —�� | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,101 | $ | (18 | ) | $ | 68 | $ | 1,051 | $ | 281 | 26.7 | % | $ | — | $ | (125 | ) | $ | 3 | $ | 892 | $ | 0.61 | ||||||||||||||||||||
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Currency | 35 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 927 | $ | 0.64 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,453 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 870 | $ | (3 | ) | $ | 106 | $ | 767 | $ | 111 | 14.5 | % | $ | (21 | ) | $ | (83 | ) | $ | 3 | $ | 757 | $ | 0.51 | |||||||||||||||||||
Simplify to Grow Program | 194 | (2 | ) | — | 196 | 45 | — | — | — | 151 | 0.10 | |||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 40 | — | 2 | 38 | 17 | — | — | — | 21 | 0.02 | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Divestiture-related costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (5 | ) | — | — | (5 | ) | 1 | — | — | — | (6 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | (2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
Impact from pension participation changes | 15 | — | (3 | ) | 18 | 4 | — | — | — | 14 | 0.01 | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | (26 | ) | — | — | (26 | ) | (9 | ) | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 4 | — | — | 4 | 1 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | 77 | — | — | — | (77 | ) | (0.05 | ) | ||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (8 | ) | 21 | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 7 | — | (40 | ) | — | 33 | 0.02 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,091 | $ | (5 | ) | $ | 105 | $ | 991 | $ | 246 | 24.8 | % | $ | — | $ | (122 | ) | $ | 3 | $ | 864 | $ | 0.59 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,470 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 2.4
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 876 | $ | (13 | ) | $ | 205 | $ | 684 | $ | (633 | ) | (92.5 | )% | $ | — | $ | (114 | ) | $ | 5 | $ | 1,426 | $ | 0.98 | |||||||||||||||||||
Simplify to Grow Program | 151 | (1 | ) | — | 152 | 29 | — | — | — | 123 | 0.08 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (20 | ) | — | (2 | ) | (18 | ) | (8 | ) | — | — | — | (10 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (4 | ) | — | — | (4 | ) | (1 | ) | — | — | — | (3 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
Gain on divestitures | (3 | ) | — | — | (3 | ) | 1 | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
Swiss tax reform net impacts | 2 | — | — | 2 | 769 | — | — | — | (767 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 2 | — | (12 | ) | — | 10 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 174 | 17.6 | % | $ | — | $ | (125 | ) | $ | 5 | $ | 936 | $ | 0.64 | ||||||||||||||||||||
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Currency | 46 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 982 | $ | 0.67 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,458 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 737 | $ | (19 | ) | $ | 86 | $ | 670 | $ | 310 | 46.3 | % | $ | (757 | ) | $ | (84 | ) | $ | 3 | $ | 1,198 | $ | 0.81 | |||||||||||||||||||
Simplify to Grow Program | 139 | — | — | 139 | 34 | — | — | — | 105 | 0.07 | ||||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 112 | — | (1 | ) | 113 | 12 | — | — | — | 101 | 0.07 | |||||||||||||||||||||||||||||||||
Acquisition integration costs | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (6 | ) | — | — | (6 | ) | — | — | — | — | (6 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (1 | ) | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 13 | — | — | 13 | — | — | — | — | 13 | 0.01 | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
CEO transition remuneration | 4 | — | — | 4 | 1 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Gain related to interest rate swaps | — | — | 1 | (1 | ) | — | — | — | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (9 | ) | — | — | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (184 | ) | 757 | — | — | (573 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 2 | — | (9 | ) | — | 7 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,068 | $ | (19 | ) | $ | 83 | $ | 1,004 | $ | 182 | 18.1 | % | $ | — | $ | (92 | ) | $ | 3 | $ | 911 | $ | 0.62 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,480 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 2.5
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Loss on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 1,025 | $ | (12 | ) | $ | 101 | $ | 936 | $ | 216 | 23.1 | % | $ | 25 | $ | (109 | ) | $ | 1 | $ | 803 | $ | 0.55 | ||||||||||||||||||||
Simplify to Grow Program | 83 | (5 | ) | — | 88 | 19 | — | — | — | 69 | 0.05 | |||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (33 | ) | — | — | (33 | ) | (3 | ) | — | — | — | (30 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | 11 | — | — | 11 | 1 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (5 | ) | — | — | (5 | ) | — | — | — | — | (5 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (1 | ) | — | 2 | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
Gain on divestitures | (41 | ) | — | — | (41 | ) | (3 | ) | — | — | — | (38 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
Remeasurement of net monetary position | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Impact from pension participation changes | (35 | ) | — | — | (35 | ) | (9 | ) | — | — | — | (26 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | (2 | ) | (25 | ) | — | — | 27 | 0.02 | ||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 3 | — | (12 | ) | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (119 | ) | $ | 1 | $ | 822 | $ | 0.56 | ||||||||||||||||||||
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Currency | 53 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 875 | $ | 0.60 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,458 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 481 | $ | (15 | ) | $ | 248 | $ | 248 | $ | 15 | 6.0 | % | $ | — | $ | (88 | ) | $ | 2 | $ | 319 | $ | 0.21 | ||||||||||||||||||||
Simplify to Grow Program | 179 | (3 | ) | — | 182 | 47 | — | — | — | 135 | 0.09 | |||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (88 | ) | — | — | (88 | ) | (14 | ) | — | — | — | (74 | ) | (0.05 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (2 | ) | — | — | (2 | ) | (2 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Impact from pension participation changes | 408 | — | — | 408 | 103 | — | — | — | 305 | 0.20 | ||||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | 11 | — | (4 | ) | 15 | 15 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
CEO transition remuneration | 10 | — | — | 10 | 2 | — | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (5 | ) | 5 | 1 | — | — | — | 4 | — | |||||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | 2 | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 1 | — | (8 | ) | — | 7 | 0.01 | |||||||||||||||||||||||||||||||||
Rounding | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,016 | $ | (18 | ) | $ | 99 | $ | 935 | $ | 207 | 22.1 | % | $ | — | $ | (96 | ) | $ | 2 | $ | 822 | $ | 0.55 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,488 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 2.6
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 1,036 | $ | (17 | ) | $ | 80 | $ | 973 | $ | 189 | 19.4 | % | $ | (23 | ) | $ | (166 | ) | $ | 6 | $ | 967 | $ | 0.66 | |||||||||||||||||||
Simplify to Grow Program | 70 | — | — | 70 | 19 | — | — | — | 51 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (16 | ) | — | — | (16 | ) | (3 | ) | — | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Divestiture-related costs | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | (4 | ) | — | — | (4 | ) | — | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
CEO transition remuneration | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (5 | ) | 23 | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 4 | — | (17 | ) | — | 13 | 0.01 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (182 | ) | $ | 6 | $ | 1,000 | $ | 0.68 | ||||||||||||||||||||
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Currency | 88 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 1,088 | $ | 0.74 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,461 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 1,224 | $ | (13 | ) | $ | 80 | $ | 1,157 | $ | 337 | 29.1 | % | $ | — | $ | (229 | ) | $ | 6 | $ | 1,043 | $ | 0.69 | ||||||||||||||||||||
Simplify to Grow Program | 114 | — | — | 114 | 30 | — | — | — | 84 | 0.06 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (206 | ) | — | — | (206 | ) | (25 | ) | — | — | — | (181 | ) | (0.12 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (3 | ) | — | — | (3 | ) | (2 | ) | — | — | — | (1 | ) | — | ||||||||||||||||||||||||||||||
Net earnings from divestitures | (6 | ) | — | — | (6 | ) | 1 | — | — | — | (7 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | — | — | 6 | — | (6 | ) | — | |||||||||||||||||||||||||||||||||
CEO transition remuneration | 4 | — | — | 4 | 1 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Gain related to interest rate swaps | — | — | 14 | (14 | ) | (3 | ) | — | — | — | (11 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (89 | ) | — | — | — | 89 | 0.06 | |||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | (26 | ) | — | 94 | — | (68 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,127 | $ | (13 | ) | $ | 94 | $ | 1,046 | $ | 224 | 21.4 | % | $ | — | $ | (129 | ) | $ | 6 | $ | 945 | $ | 0.63 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,505 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 2.7
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 3,312 | $ | (50 | ) | $ | 520 | $ | 2,842 | $ | 773 | 27.2 | % | $ | (778 | ) | $ | (484 | ) | $ | 14 | $ | 3,317 | $ | 2.23 | |||||||||||||||||||
Simplify to Grow Program | 626 | (5 | ) | — | 631 | 156 | — | — | — | 475 | 0.32 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (141 | ) | — | 1 | (142 | ) | (10 | ) | — | — | — | (132 | ) | (0.09 | ) | |||||||||||||||||||||||||||||
Acquisition integration costs | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (1 | ) | — | — | (1 | ) | (2 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | (19 | ) | — | — | (19 | ) | — | — | — | — | (19 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (2 | ) | — | 8 | — | (6 | ) | — | ||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 11 | — | — | 11 | — | — | — | — | 11 | 0.01 | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | 423 | — | (6 | ) | 429 | 108 | — | — | — | 321 | 0.22 | |||||||||||||||||||||||||||||||||
Impact from resolution of tax matters | (15 | ) | — | (4 | ) | (11 | ) | 6 | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 22 | — | — | 22 | 5 | — | — | — | 17 | 0.01 | ||||||||||||||||||||||||||||||||||
Gain related to interest rate swaps | — | — | 10 | (10 | ) | (2 | ) | — | — | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | (19 | ) | — | — | — | 19 | 0.01 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (192 | ) | 778 | — | — | (586 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | (16 | ) | — | 37 | — | (21 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (439 | ) | $ | 14 | $ | 3,542 | $ | 2.38 | ||||||||||||||||||||
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Currency | 35 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 3,577 | $ | 2.41 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,486 | |||||||||||||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Benefit plan non- service expense / (income) | Interest and other expense, net | Earnings before income taxes | Income taxes (1) | Effective tax rate | Gain on equity method investment transactions | Equity method investment net losses / (earnings) | Non- controlling interest earnings | Net Earnings attributable to Mondelēz International | Diluted EPS attributable to Mondelēz International | ||||||||||||||||||||||||||||||||||
Reported (GAAP) - As Recast | $ | 3,462 | $ | (44 | ) | $ | 382 | $ | 3,124 | $ | 666 | 21.3 | % | $ | (40 | ) | $ | (315 | ) | $ | 14 | $ | 2,799 | $ | 1.83 | |||||||||||||||||||
Simplify to Grow Program | 777 | (15 | ) | — | 792 | 190 | — | — | — | 602 | 0.39 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 109 | — | — | 109 | 30 | — | — | — | 79 | 0.05 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 96 | — | — | 96 | 6 | — | — | — | 90 | 0.06 | ||||||||||||||||||||||||||||||||||
Malware incident incremental expenses | 84 | — | — | 84 | 27 | — | — | — | 57 | 0.04 | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | 31 | — | (3 | ) | 34 | (8 | ) | — | — | — | 42 | 0.02 | ||||||||||||||||||||||||||||||||
Net earnings from divestitures | (92 | ) | — | — | (92 | ) | (16 | ) | — | 6 | — | (82 | ) | (0.06 | ) | |||||||||||||||||||||||||||||
Net earnings from divestitures - KDP | — | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
Gain on divestitures | (186 | ) | — | — | (186 | ) | (7 | ) | — | — | — | (179 | ) | (0.11 | ) | |||||||||||||||||||||||||||||
Impacts from resolution of tax matters | (209 | ) | — | 72 | (281 | ) | (75 | ) | — | — | — | (206 | ) | (0.13 | ) | |||||||||||||||||||||||||||||
CEO transition remuneration | 14 | — | — | 14 | 5 | — | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||||
Loss on debt extinguishment and related expenses | — | — | (11 | ) | 11 | 4 | — | — | — | 7 | — | |||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | — | — | — | 44 | — | — | — | (44 | ) | (0.03 | ) | ||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (15 | ) | 40 | — | — | (25 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 10 | — | (67 | ) | — | 57 | 0.04 | |||||||||||||||||||||||||||||||||
Rounding | (1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,088 | $ | (59 | ) | $ | 440 | $ | 3,707 | $ | 860 | 23.2 | % | $ | — | $ | (373 | ) | $ | 14 | $ | 3,206 | $ | 2.09 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,531 |
(1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
Schedule 3.1
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 0.51 | $ | 0.66 | $ | (0.15 | ) | (22.7 | )% | |||||||
Simplify to Grow Program | 0.03 | 0.03 | — | |||||||||||||
Mark-to-market (gains)/losses from derivatives | 0.11 | (0.01 | ) | 0.12 | ||||||||||||
Loss related to interest rate swaps | 0.06 | — | 0.06 | |||||||||||||
Gain on equity method investment transactions | (0.04 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | 0.01 | (0.01 | ) | ||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.67 | $ | 0.68 | $ | (0.01 | ) | (1.5 | )% | |||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.70 | $ | 0.68 | $ | 0.02 | 2.9 | % | ||||||||
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Schedule 3.2
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Twelve Months Ended December 31, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 2.69 | $ | 2.23 | $ | 0.46 | 20.6 | % | ||||||||
Simplify to Grow Program | 0.24 | 0.32 | (0.08 | ) | ||||||||||||
Intangible asset impairment charges | 0.03 | 0.03 | — | |||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.05 | ) | (0.09 | ) | 0.04 | |||||||||||
Acquisition-related costs | — | 0.01 | (0.01 | ) | ||||||||||||
Net earnings from divestitures | (0.01 | ) | (0.02 | ) | 0.01 | |||||||||||
Gain on divestitures | (0.03 | ) | — | (0.03 | ) | |||||||||||
Remeasurement of net monetary position | — | 0.01 | (0.01 | ) | ||||||||||||
Impact from pension participation changes | (0.02 | ) | 0.22 | (0.24 | ) | |||||||||||
Impact from resolution of tax matters | 0.05 | (0.01 | ) | 0.06 | ||||||||||||
CEO transition remuneration | 0.01 | 0.01 | — | |||||||||||||
(Gain)/loss related to interest rate swaps | 0.08 | (0.01 | ) | 0.09 | ||||||||||||
Loss on debt extinguishment and related expenses | — | 0.07 | (0.07 | ) | ||||||||||||
Swiss tax reform net impacts | (0.53 | ) | — | (0.53 | ) | |||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | 0.01 | (0.01 | ) | ||||||||||||
(Gain)/loss on equity method investment transactions | 0.01 | (0.39 | ) | 0.40 | ||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.03 | (0.01 | ) | 0.04 | ||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 2.50 | $ | 2.38 | $ | 0.12 | 5.0 | % | ||||||||
Impact of unfavorable currency | 0.16 | — | 0.16 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 2.66 | $ | 2.38 | $ | 0.28 | 11.8 | % | ||||||||
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Schedule 3.3
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended December 31, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 0.50 | $ | 0.51 | $ | (0.01 | ) | (2.0 | )% | |||||||
Simplify to Grow Program | 0.07 | 0.10 | (0.03 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.01 | ) | 0.02 | (0.03 | ) | |||||||||||
Impact from pension participation changes | — | 0.01 | (0.01 | ) | ||||||||||||
Impact from resolution of tax matters | 0.04 | (0.01 | ) | 0.05 | ||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | (0.05 | ) | 0.05 | ||||||||||||
Gain on equity method investment transactions | — | (0.01 | ) | 0.01 | ||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.01 | 0.02 | (0.01 | ) | ||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.61 | $ | 0.59 | $ | 0.02 | 3.4 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.64 | $ | 0.59 | $ | 0.05 | 8.5 | % | ||||||||
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Schedule 3.4
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended September 30, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 0.98 | $ | 0.81 | $ | 0.17 | 21.0 | % | ||||||||
Simplify to Grow Program | 0.08 | 0.07 | 0.01 | |||||||||||||
Intangible asset impairment charges | 0.03 | 0.03 | — | |||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.01 | ) | 0.07 | (0.08 | ) | |||||||||||
Remeasurement of net monetary position | — | 0.01 | (0.01 | ) | ||||||||||||
Loss related to interest rate swaps | 0.08 | — | 0.08 | |||||||||||||
Swiss tax reform net impacts | (0.53 | ) | — | (0.53 | ) | |||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | 0.01 | (0.01 | ) | ||||||||||||
Gain on equity method investment transactions | — | (0.39 | ) | 0.39 | ||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.01 | 0.01 | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.64 | $ | 0.62 | $ | 0.02 | 3.2 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.67 | $ | 0.62 | $ | 0.05 | 8.1 | % | ||||||||
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Schedule 3.5
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended June 30, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 0.55 | $ | 0.21 | $ | 0.34 | 161.9 | % | ||||||||
Simplify to Grow Program | 0.05 | 0.09 | (0.04 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.02 | ) | (0.05 | ) | 0.03 | |||||||||||
Acquisition-related costs | — | 0.01 | (0.01 | ) | ||||||||||||
Divestiture-related costs | 0.01 | — | 0.01 | |||||||||||||
Net earnings from divestitures | (0.01 | ) | — | (0.01 | ) | |||||||||||
Gain on divestitures | (0.03 | ) | — | (0.03 | ) | |||||||||||
Impact from pension participation changes | (0.02 | ) | 0.20 | (0.22 | ) | |||||||||||
CEO transition remuneration | — | 0.01 | (0.01 | ) | ||||||||||||
Loss on debt extinguishment and related expenses | — | 0.07 | (0.07 | ) | ||||||||||||
Net loss on equity method investment transactions | 0.02 | — | 0.02 | |||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.01 | 0.01 | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.56 | $ | 0.55 | $ | 0.01 | 1.8 | % | ||||||||
Impact of unfavorable currency | 0.04 | — | 0.04 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.60 | $ | 0.55 | $ | 0.05 | 9.1 | % | ||||||||
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Schedule 3.6
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 0.66 | $ | 0.69 | $ | (0.03 | ) | (4.3 | )% | |||||||
Simplify to Grow Program | 0.03 | 0.06 | (0.03 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.01 | ) | (0.12 | ) | 0.11 | |||||||||||
Net earnings from divestitures | — | (0.01 | ) | 0.01 | ||||||||||||
Gain related to interest rate swaps | — | (0.01 | ) | 0.01 | ||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | — | 0.06 | (0.06 | ) | ||||||||||||
Gain on equity method investment transactions | (0.01 | ) | — | (0.01 | ) | |||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.01 | (0.04 | ) | 0.05 | ||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.68 | $ | 0.63 | $ | 0.05 | 7.9 | % | ||||||||
Impact of unfavorable currency | 0.06 | — | 0.06 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.74 | $ | 0.63 | $ | 0.11 | 17.5 | % | ||||||||
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Schedule 3.7
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Twelve Months Ended December 31, | ||||||||||||||||
2018 | 2017 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) - As Recast | $ | 2.23 | $ | 1.83 | $ | 0.40 | 21.9 | % | ||||||||
Simplify to Grow Program | 0.32 | 0.39 | (0.07 | ) | ||||||||||||
Intangible asset impairment charges | 0.03 | 0.05 | (0.02 | ) | ||||||||||||
Mark-to-market (gains)/losses from derivatives | (0.09 | ) | 0.06 | (0.15 | ) | |||||||||||
Malware incident incremental expenses | — | 0.04 | (0.04 | ) | ||||||||||||
Acquisition-related costs | 0.01 | — | 0.01 | |||||||||||||
Divestiture-related costs | — | 0.02 | (0.02 | ) | ||||||||||||
Net earnings from divestitures | (0.02 | ) | (0.06 | ) | 0.04 | |||||||||||
Gain on divestitures | — | (0.11 | ) | 0.11 | ||||||||||||
Remeasurement of net monetary position | 0.01 | — | 0.01 | |||||||||||||
Impact from pension participation changes | 0.22 | — | 0.22 | |||||||||||||
Impact from resolution of tax matters | (0.01 | ) | (0.13 | ) | 0.12 | |||||||||||
CEO transition remuneration | 0.01 | 0.01 | — | |||||||||||||
Gain related to interest rate swaps | (0.01 | ) | — | (0.01 | ) | |||||||||||
Loss on debt extinguishment and related expenses | 0.07 | — | 0.07 | |||||||||||||
U.S. tax reform discrete net tax (benefit)/expense | 0.01 | (0.03 | ) | 0.04 | ||||||||||||
Gain on equity method investment transactions | (0.39 | ) | (0.02 | ) | (0.37 | ) | ||||||||||
Equity method investee acquisition-related or other charges/benefits, net | (0.01 | ) | 0.04 | (0.05 | ) | |||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 2.38 | $ | 2.09 | $ | 0.29 | 13.9 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 2.41 | $ | 2.09 | $ | 0.32 | 15.3 | % | ||||||||
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