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
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 Six Months Ended June 30, 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) | $ | 1,569 | $ | (64 | ) | $ | 275 | $ | 1,358 | $ | 489 | 36.0 | % | $ | (192 | ) | $ | (227 | ) | $ | 8 | $ | 1,280 | $ | 0.89 | |||||||||||||||||||
Simplify to Grow Program | 134 | (4 | ) | — | 138 | 33 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 90 | — | — | 90 | 21 | — | — | — | 69 | 0.05 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 187 | — | 1 | 186 | 32 | — | — | — | 154 | 0.11 | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 15 | — | — | 15 | 3 | — | — | — | 12 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
Net earnings from divestitures | — | — | — | — | — | — | 2 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
Costs associated with JDE Peet’s transaction | 48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 5 | — | — | 5 | — | — | — | — | 5 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (6 | ) | 6 | 1 | — | — | — | 5 | — | |||||||||||||||||||||||||||||||||
Loss related to interest rate swaps | — | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.06 | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | (17 | ) | 192 | — | — | (175 | ) | (0.12 | ) | |||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 8 | — | (42 | ) | — | 34 | 0.02 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 2,048 | $ | (68 | ) | $ | 167 | $ | 1,949 | $ | 333 | 17.1 | % | $ | — | $ | (267 | ) | $ | 8 | $ | 1,875 | $ | 1.30 | ||||||||||||||||||||
Net earnings from divestitures—JDE | — | — | — | — | — | — | 14 | — | (14 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 2,048 | $ | (68 | ) | $ | 167 | $ | 1,949 | $ | 333 | 17.1 | % | $ | — | $ | (252 | ) | $ | 8 | $ | 1,860 | $ | 1.29 | ||||||||||||||||||||
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Currency | 70 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 1,930 | $ | 1.34 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,442 | |||||||||||||||||||||||||||||||||||||||||||
| For the Six 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) | $ | 2,061 | $ | (29 | ) | $ | 181 | $ | 1,909 | $ | 405 | 21.2 | % | $ | 2 | $ | (275 | ) | $ | 7 | $ | 1,770 | $ | 1.21 | ||||||||||||||||||||
Simplify to Grow Program | 153 | (5 | ) | — | 158 | 38 | — | — | — | 120 | 0.08 | |||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | (49 | ) | — | — | (49 | ) | (6 | ) | — | — | — | (43 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
Acquisition-related costs | 1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | 10 | — | — | 10 | 1 | — | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||||
Net earnings from divestitures | (9 | ) | — | — | (9 | ) | (1 | ) | — | 3 | — | (11 | ) | — | ||||||||||||||||||||||||||||||
Net gain on divestiture | (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 | 6 | — | — | 6 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
U.S. tax reform discrete net tax expense | — | — | — | — | (2 | ) | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
Loss on equity method investment transactions | — | — | — | — | (7 | ) | (2 | ) | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 7 | — | (29 | ) | — | 22 | 0.02 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 2,098 | $ | (34 | ) | $ | 181 | $ | 1,951 | $ | 423 | 21.7 | % | $ | — | $ | (301 | ) | $ | 7 | $ | 1,822 | $ | 1.25 | ||||||||||||||||||||
Net earnings from divestitures—JDE | — | — | — | — | — | — | 21 | — | (21 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 2,098 | $ | (34 | ) | $ | 181 | $ | 1,951 | $ | 423 | 21.7 | % | $ | — | $ | (280 | ) | $ | 7 | $ | 1,801 | $ | 1.23 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,460 | |||||||||||||||||||||||||||||||||||||||||||
| (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 1.2
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 Three Months Ended June 30, 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) | $ | 713 | $ | (31 | ) | $ | 85 | $ | 659 | $ | 341 | 51.7 | % | $ | (121 | ) | $ | (106 | ) | $ | 1 | $ | 544 | $ | 0.38 | |||||||||||||||||||
Simplify to Grow Program | 76 | (4 | ) | — | 80 | 20 | — | — | — | 60 | 0.04 | |||||||||||||||||||||||||||||||||
Intangible asset impairment charges | 90 | — | — | 90 | 21 | — | — | — | 69 | 0.05 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gains)/losses from derivatives | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition integration costs | 2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | 10 | — | — | 10 | 2 | — | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||||
Divestiture-related costs | (2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
Costs associated with JDE Peet’s transaction | 48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
Remeasurement of net monetary position | 3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Impact from pension participation changes | — | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Gain on equity method investment transactions | — | — | — | — | — | 121 | — | — | (121 | ) | (0.08 | ) | ||||||||||||||||||||||||||||||||
Equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | 7 | — | (34 | ) | — | 27 | 0.02 | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) | $ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 130 | 14.5 | % | $ | — | $ | (140 | ) | $ | 1 | $ | 904 | $ | 0.63 | ||||||||||||||||||||
Net earnings from divestitures—JDE | — | — | — | — | — | — | 8 | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 130 | 14.5 | % | $ | — | $ | (132 | ) | $ | 1 | $ | 896 | $ | 0.62 | ||||||||||||||||||||
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Currency | 27 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP)—As Recast | $ | 923 | $ | 0.64 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,439 | |||||||||||||||||||||||||||||||||||||||||||
| 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) | $ | 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 | ) | (1 | ) | — | 2 | — | (6 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Net gain on divestiture | (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 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) | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (119 | ) | $ | 1 | $ | 822 | $ | 0.56 | ||||||||||||||||||||
Net earnings from divestitures—JDE | — | — | — | — | — | — | 7 | — | (7 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP)—As Recast | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (112 | ) | $ | 1 | $ | 815 | $ | 0.56 | ||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,458 | |||||||||||||||||||||||||||||||||||||||||||
| (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 1.3
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 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) | $ | 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 | ��� | — | — | — | — | — | 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) | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 203 | 19.3 | % | $ | — | $ | (127 | ) | $ | 7 | $ | 971 | $ | 0.67 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 6 | — | (6 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 203 | 19.3 | % | $ | — | $ | (120 | ) | $ | 7 | $ | 964 | $ | 0.67 | ||||||||||||||||||||
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Currency | 43 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 1,007 | $ | 0.70 | ||||||||||||||||||||||||||||||||||||||||
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Diluted Average Shares Outstanding | 1,445 | |||||||||||||||||||||||||||||||||||||||||||
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| 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) | $ | 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 | ) | — | — | 1 | — | (5 | ) | — | |||||||||||||||||||||||||||||||
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) | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (182 | ) | $ | 6 | $ | 1,000 | $ | 0.68 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 14 | — | (14 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (168 | ) | $ | 6 | $ | 986 | $ | 0.67 | ||||||||||||||||||||
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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 1.4
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 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) | $ | 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 | ) | (2 | ) | — | 6 | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
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) | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 878 | 22.0 | % | $ | — | $ | (551 | ) | $ | 15 | $ | 3,650 | $ | 2.50 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 34 | — | (34 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 878 | 22.0 | % | $ | — | $ | (516 | ) | $ | 15 | $ | 3,615 | $ | 2.48 | ||||||||||||||||||||
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Currency | 220 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 3,835 | $ | 2.63 | ||||||||||||||||||||||||||||||||||||||||
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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) | $ | 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 | ) | (2 | ) | — | 8 | — | (25 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
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) | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (439 | ) | $ | 14 | $ | 3,542 | $ | 2.38 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 22 | — | (22 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 4 | — | (4 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (413 | ) | $ | 14 | $ | 3,516 | $ | 2.37 | ||||||||||||||||||||
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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 1.5
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 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) | $ | 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 | — | — | — | — | (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) | $ | 1,101 | $ | (18 | ) | $ | 68 | $ | 1,051 | $ | 281 | 26.7 | % | $ | — | $ | (125 | ) | $ | 3 | $ | 892 | $ | 0.61 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 6 | — | (6 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,101 | $ | (18) | $ | 68 | $ | 1,051 | $ | 281 | 26.7 | % | $ | — | $ | (119 | ) | $ | 3 | $ | 886 | $ | 0.61 | |||||||||||||||||||||
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Currency | 34 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 920 | $ | 0.63 | ||||||||||||||||||||||||||||||||||||||||
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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) | $ | 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 | — | 1 | — | (7 | ) | — | |||||||||||||||||||||||||||||||
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) | $ | 1,091 | $ | (5 | ) | $ | 105 | $ | 991 | $ | 246 | 24.8 | % | $ | — | $ | (122 | ) | $ | 3 | $ | 864 | $ | 0.59 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 5 | — | (5 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 2 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,091 | $ | (5 | ) | $ | 105 | $ | 991 | $ | 246 | 24.8 | % | $ | — | $ | (115 | ) | $ | 3 | $ | 857 | $ | 0.58 | ||||||||||||||||||||
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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 1.6
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 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) | $ | 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 | — | — | — | — | — | — | 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) | $ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 174 | 17.6 | % | $ | — | $ | (125 | ) | $ | 5 | $ | 936 | $ | 0.64 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 7 | — | (7 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 174 | 17.6 | % | $ | — | $ | (117 | ) | $ | 5 | $ | 928 | $ | 0.64 | ||||||||||||||||||||
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Currency | 47 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 975 | $ | 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) | $ | 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 | ) | (1 | ) | — | 1 | — | (6 | ) | — | ||||||||||||||||||||||||||||||
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) | $ | 1,068 | $ | (19 | ) | $ | 83 | $ | 1,004 | $ | 182 | 18.1 | % | $ | — | $ | (92 | ) | $ | 3 | $ | 911 | $ | 0.62 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 5 | — | (5 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,068 | $ | (19 | ) | $ | 83 | $ | 1,004 | $ | 182 | 18.1 | % | $ | — | $ | (87 | ) | $ | 3 | $ | 906 | $ | 0.61 | ||||||||||||||||||||
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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 1.7
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 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) | $ | 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 | ) | (1 | ) | — | 2 | — | (6 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
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) | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (119 | ) | $ | 1 | $ | 822 | $ | 0.56 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 7 | — | (7 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (112 | ) | $ | 1 | $ | 815 | $ | 0.56 | ||||||||||||||||||||
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Currency | 52 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 867 | $ | 0.59 | ||||||||||||||||||||||||||||||||||||||||
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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) | $ | 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 | ) | (3 | ) | — | — | — | 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) | $ | 1,016 | $ | (18 | ) | $ | 99 | $ | 935 | $ | 207 | 22.1 | % | $ | — | $ | (96 | ) | $ | 2 | $ | 822 | $ | 0.55 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 6 | — | (6 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,016 | $ | (18 | ) | $ | 99 | $ | 935 | $ | 207 | 22.1 | % | $ | — | $ | (90 | ) | $ | 2 | $ | 816 | $ | 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 1.8
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) | $ | 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 | ) | — | — | 1 | — | (5 | ) | — | |||||||||||||||||||||||||||||||
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) | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (182 | ) | $ | 6 | $ | 1,000 | $ | 0.68 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 14 | — | (14 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (168 | ) | $ | 6 | $ | 986 | $ | 0.67 | ||||||||||||||||||||
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Currency | 87 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 1,073 | $ | 0.73 | ||||||||||||||||||||||||||||||||||||||||
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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) | $ | 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 | — | 6 | — | (13 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
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) | $ | 1,127 | $ | (13 | ) | $ | 94 | $ | 1,046 | $ | 224 | 21.4 | % | $ | — | $ | (129 | ) | $ | 6 | $ | 945 | $ | 0.63 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 6 | — | (6 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 2 | — | (2 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 1,127 | $ | (13 | ) | $ | 94 | $ | 1,046 | $ | 224 | 21.4 | % | $ | — | $ | (121 | ) | $ | 6 | $ | 937 | $ | 0.62 | ||||||||||||||||||||
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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 1.9
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) | $ | 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 | ) | (2 | ) | — | 8 | — | (25 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
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) | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (439 | ) | $ | 14 | $ | 3,542 | $ | 2.38 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 22 | — | (22 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 4 | — | (4 | ) | — | |||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (413 | ) | $ | 14 | $ | 3,516 | $ | 2.37 | ||||||||||||||||||||
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Currency | 36 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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Adjusted @ Constant FX (Non-GAAP) - As Recast | $ | 3,552 | $ | 2.39 | ||||||||||||||||||||||||||||||||||||||||
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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) | $ | 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 | ) | (17 | ) | — | 9 | — | (84 | ) | (0.06 | ) | |||||||||||||||||||||||||||||
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) | $ | 4,088 | $ | (59 | ) | $ | 440 | $ | 3,707 | $ | 860 | 23.2 | % | $ | — | $ | (373 | ) | $ | 14 | $ | 3,206 | $ | 2.09 | ||||||||||||||||||||
Net earnings from divestitures - JDE | — | — | — | — | — | — | 13 | — | (13 | ) | — | |||||||||||||||||||||||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | — | — | — | 6 | — | (6 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
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Adjusted (Non-GAAP) - As Recast | $ | 4,088 | $ | (59 | ) | $ | 440 | $ | 3,707 | $ | 860 | 23.2 | % | $ | — | $ | (354 | ) | $ | 14 | $ | 3,187 | $ | 2.08 | ||||||||||||||||||||
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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 2.1
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Six Months Ended June 30, | ||||||||||||||||
| 2020 | 2019 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.89 | $ | 1.21 | $ | (0.32 | ) | (26.4 | )% | |||||||
Simplify to Grow Program | 0.07 | 0.08 | (0.01 | ) | ||||||||||||
Intangible asset impairment charges | 0.05 | — | 0.05 | |||||||||||||
Mark-to-market (gains)/losses from derivatives | 0.11 | (0.03 | ) | 0.14 | ||||||||||||
Acquisition-related costs | 0.01 | — | 0.01 | |||||||||||||
Divestiture-related costs | — | 0.01 | (0.01 | ) | ||||||||||||
Net gain on divestiture | — | (0.03 | ) | 0.03 | ||||||||||||
Costs associated with JDE Peet’s transaction | 0.21 | — | 0.21 | |||||||||||||
Impact from pension participation changes | — | (0.02 | ) | 0.02 | ||||||||||||
Loss related to interest rate swaps | 0.06 | — | 0.06 | |||||||||||||
(Gain)/loss on equity method investment transactions | (0.12 | ) | 0.01 | (0.13 | ) | |||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.02 | 0.02 | — | |||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 1.30 | $ | 1.25 | $ | 0.05 | 4.0 | % | ||||||||
Net earnings from divestitures - JDE | (0.01 | ) | (0.02 | ) | 0.01 | |||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 1.29 | $ | 1.23 | $ | 0.06 | 4.9 | % | ||||||||
Impact of unfavorable currency | 0.05 | — | 0.05 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 1.34 | $ | 1.23 | $ | 0.11 | 8.9 | % | ||||||||
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Schedule 2.2
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended June 30, | ||||||||||||||||
| 2020 | 2019 | $ Change | % Change | |||||||||||||
Diluted EPS attributable to Mondelēz International (GAAP) | $ | 0.38 | $ | 0.55 | $ | (0.17 | ) | (30.9 | )% | |||||||
Simplify to Grow Program | 0.04 | 0.05 | (0.01 | ) | ||||||||||||
Intangible asset impairment charges | 0.05 | — | 0.05 | |||||||||||||
Mark-to-market (gains)/losses from derivatives | — | (0.02 | ) | 0.02 | ||||||||||||
Acquisition-related costs | 0.01 | — | 0.01 | |||||||||||||
Divestiture-related costs | — | 0.01 | (0.01 | ) | ||||||||||||
Net earnings from divestitures | — | (0.01 | ) | 0.01 | ||||||||||||
Net gain on divestiture | — | (0.03 | ) | 0.03 | ||||||||||||
Costs associated with JDE Peet’s transaction | 0.21 | — | 0.21 | |||||||||||||
Impact from pension participation changes | — | (0.02 | ) | 0.02 | ||||||||||||
(Gain)/loss on equity method investment transactions | (0.08 | ) | 0.02 | (0.10 | ) | |||||||||||
Equity method investee acquisition-related or other charges/benefits, net | 0.02 | 0.01 | 0.01 | |||||||||||||
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Adjusted EPS (Non-GAAP) | $ | 0.63 | $ | 0.56 | $ | 0.07 | 12.5 | % | ||||||||
Net earnings from divestitures - JDE | (0.01 | ) | — | (0.01 | ) | |||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.62 | $ | 0.56 | $ | 0.06 | 10.7 | % | ||||||||
Impact of unfavorable currency | 0.02 | — | 0.02 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.64 | $ | 0.56 | $ | 0.08 | 14.3 | % | ||||||||
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Schedule 2.3
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) | $ | 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) | $ | 0.67 | $ | 0.68 | $ | (0.01 | ) | (1.5 | )% | |||||||
Net earnings from divestitures - JDE | — | (0.01 | ) | 0.01 | ||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.67 | $ | 0.67 | $ | — | 0.0 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.70 | $ | 0.67 | $ | 0.03 | 4.5 | % | ||||||||
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Schedule 2.4
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) | $ | 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) | $ | 2.50 | $ | 2.38 | $ | 0.12 | 5.0 | % | ||||||||
Net earnings from divestitures - JDE | (0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 2.48 | $ | 2.37 | $ | 0.11 | 4.6 | % | ||||||||
Impact of unfavorable currency | 0.15 | — | 0.15 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 2.63 | $ | 2.37 | $ | 0.26 | 11.0 | % | ||||||||
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Schedule 2.5
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) | $ | 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) | $ | 0.61 | $ | 0.59 | $ | 0.02 | 3.4 | % | ||||||||
Net earnings from divestitures - JDE | — | (0.01 | ) | 0.01 | ||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.61 | $ | 0.58 | $ | 0.03 | 5.2 | % | ||||||||
Impact of unfavorable currency | 0.02 | — | 0.02 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.63 | $ | 0.58 | $ | 0.05 | 8.6 | % | ||||||||
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Schedule 2.6
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) | $ | 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) | $ | 0.64 | $ | 0.62 | $ | 0.02 | 3.2 | % | ||||||||
Net earnings from divestitures - JDE | — | (0.01 | ) | 0.01 | ||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.64 | $ | 0.61 | $ | 0.03 | 4.9 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.67 | $ | 0.61 | $ | 0.06 | 9.8 | % | ||||||||
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Schedule 2.7
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) | $ | 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) | $ | 0.56 | $ | 0.55 | $ | 0.01 | 1.8 | % | ||||||||
Net earnings from divestitures - JDE | — | — | — | |||||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | — | — | |||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 0.56 | $ | 0.55 | $ | 0.01 | 1.8 | % | ||||||||
Impact of unfavorable currency | 0.03 | — | 0.03 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.59 | $ | 0.55 | $ | 0.04 | 7.3 | % | ||||||||
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Schedule 2.8
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) | $ | 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) | $ | 0.68 | $ | 0.63 | $ | 0.05 | 7.9 | % | ||||||||
Net earnings from divestitures - JDE | (0.01 | ) | — | (0.01 | ) | |||||||||||
Change in 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 | $ | 0.62 | $ | 0.05 | 8.1 | % | ||||||||
Impact of unfavorable currency | 0.06 | — | 0.06 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 0.73 | $ | 0.62 | $ | 0.11 | 17.7 | % | ||||||||
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Schedule 2.9
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) | $ | 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) | $ | 2.38 | $ | 2.09 | $ | 0.29 | 13.9 | % | ||||||||
Net earnings from divestitures - JDE | (0.01 | ) | — | (0.01 | ) | |||||||||||
Change in equity method investee acquisition-related or other charges/benefits, net | — | (0.01 | ) | 0.01 | ||||||||||||
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Adjusted EPS (Non-GAAP) - As Recast | $ | 2.37 | $ | 2.08 | $ | 0.29 | 13.9 | % | ||||||||
Impact of unfavorable currency | 0.02 | — | 0.02 | |||||||||||||
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Adjusted EPS @ Constant FX (Non-GAAP) - As Recast | $ | 2.39 | $ | 2.08 | $ | 0.31 | 14.9 | % | ||||||||
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