Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mondelez International, Inc. | d515577d8k.htm |
Exhibit 99.1
Schedule 1
Mondelēz International, Inc. and Subsidiaries
Segment Realignment
Quarterly and Full Year 2012
($ in millions) (Unaudited)
| 2012 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Year | ||||||||||||||||
| Net Revenues - As Reported |
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| Developing Markets |
3,882 | 3,838 | 3,709 | 4,226 | 15,655 | |||||||||||||||
| Europe |
3,151 | 3,004 | 2,849 | 3,453 | 12,457 | |||||||||||||||
| North America |
1,634 | 1,685 | 1,768 | 1,816 | 6,903 | |||||||||||||||
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| Net Revenues - As Reported |
$ | 8,667 | $ | 8,527 | $ | 8,326 | $ | 9,495 | $ | 35,015 | ||||||||||
| Segment Realignment |
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| Developing Markets (to Europe, Latin America, Asia Pacific, Eastern Europe, Middle East & Africa) |
(3,882 | ) | (3,838 | ) | (3,709 | ) | (4,226 | ) | (15,655 | ) | ||||||||||
| Latin America (from Developing Markets) |
1,370 | 1,340 | 1,286 | 1,400 | 5,396 | |||||||||||||||
| Asia Pacific (from Developing Markets) |
1,320 | 1,222 | 1,228 | 1,394 | 5,164 | |||||||||||||||
| Eastern Europe, Middle East & Africa |
849 | 965 | 886 | 1,035 | 3,735 | |||||||||||||||
| Europe (from Developing Markets) |
343 | 311 | 309 | 397 | 1,360 | |||||||||||||||
| Net Revenues - As Revised |
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| Latin America |
1,370 | 1,340 | 1,286 | 1,400 | 5,396 | |||||||||||||||
| Asia Pacific |
1,320 | 1,222 | 1,228 | 1,394 | 5,164 | |||||||||||||||
| Eastern Europe, Middle East & Africa |
849 | 965 | 886 | 1,035 | 3,735 | |||||||||||||||
| Europe |
3,494 | 3,315 | 3,158 | 3,850 | 13,817 | |||||||||||||||
| North America |
1,634 | 1,685 | 1,768 | 1,816 | 6,903 | |||||||||||||||
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| Net Revenues - As Revised |
$ | 8,667 | $ | 8,527 | $ | 8,326 | $ | 9,495 | $ | 35,015 | ||||||||||
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Schedule 2
Mondelēz International, Inc. and Subsidiaries
Segment Realignment
Full Year 2010 and Quarterly and Full Year 2011
($ in millions) (Unaudited)
| 2010 | 2011 | |||||||||||||||||||||||
| Year | Q1 | Q2 | Q3 | Q4 | Year | |||||||||||||||||||
| Net Revenues - As Reported |
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| Developing Markets |
13,420 | 3,572 | 3,990 | 3,944 | 4,115 | 15,621 | ||||||||||||||||||
| Europe |
11,628 | 3,016 | 3,525 | 3,099 | 3,716 | 13,356 | ||||||||||||||||||
| North America |
6,441 | 1,602 | 1,648 | 1,735 | 1,848 | 6,833 | ||||||||||||||||||
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| Net Revenues - As Reported |
$ | 31,489 | $ | 8,190 | $ | 9,163 | $ | 8,778 | $ | 9,679 | $ | 35,810 | ||||||||||||
| Segment Realignment |
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| Developing Markets (to Europe, Latin America, Asia Pacific, Eastern Europe, Middle East & Africa) |
(13,420 | ) | (3,572 | ) | (3,990 | ) | (3,944 | ) | (4,115 | ) | (15,621 | ) | ||||||||||||
| Latin America (from Developing Markets) |
4,541 | 1,256 | 1,415 | 1,379 | 1,353 | 5,403 | ||||||||||||||||||
| Asia Pacific (from Developing Markets) |
4,042 | 1,190 | 1,172 | 1,249 | 1,253 | 4,864 | ||||||||||||||||||
| Eastern Europe, Middle East & Africa |
3,354 | 796 | 1,015 | 959 | 1,066 | 3,836 | ||||||||||||||||||
| Europe (from Developing Markets) |
1,483 | 330 | 388 | 357 | 443 | 1,518 | ||||||||||||||||||
| Net Revenues - As Revised |
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| Latin America |
4,541 | 1,256 | 1,415 | 1,379 | 1,353 | 5,403 | ||||||||||||||||||
| Asia Pacific |
4,042 | 1,190 | 1,172 | 1,249 | 1,253 | 4,864 | ||||||||||||||||||
| Eastern Europe, Middle East & Africa |
3,354 | 796 | 1,015 | 959 | 1,066 | 3,836 | ||||||||||||||||||
| Europe |
13,111 | 3,346 | 3,913 | 3,456 | 4,159 | 14,874 | ||||||||||||||||||
| North America |
6,441 | 1,602 | 1,648 | 1,735 | 1,848 | 6,833 | ||||||||||||||||||
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| Net Revenues - As Revised |
$ | 31,489 | $ | 8,190 | $ | 9,163 | $ | 8,778 | $ | 9,679 | $ | 35,810 | ||||||||||||
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Schedule 3
Mondelēz International, Inc. and Subsidiaries
Segment Realignment
Quarterly and Full Year 2012
($ in millions) (Unaudited)
| 2012 | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Year | ||||||||||||||||
| Operating Income - As Reported |
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| Developing Markets |
512 | 534 | 525 | 496 | 2,067 | |||||||||||||||
| Europe |
384 | 396 | 415 | 418 | 1,613 | |||||||||||||||
| North America |
173 | 209 | 263 | 228 | 873 | |||||||||||||||
| Unrealized G/(L) on hedging activities |
18 | 23 | 1 | (41 | ) | 1 | ||||||||||||||
| Certain U.S. pension plan costs |
(25 | ) | (25 | ) | (29 | ) | (13 | ) | (92 | ) | ||||||||||
| General corporate expenses |
(103 | ) | (147 | ) | (283 | ) | (181 | ) | (714 | ) | ||||||||||
| Amortization of intangibles |
(56 | ) | (53 | ) | (54 | ) | (54 | ) | (217 | ) | ||||||||||
| Gain/(Loss) on divestitures, net |
— | — | — | 107 | 107 | |||||||||||||||
| Acquisition-related costs |
— | — | — | (1 | ) | (1 | ) | |||||||||||||
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| Operating Income - As Reported |
$ | 903 | $ | 937 | $ | 838 | $ | 959 | $ | 3,637 | ||||||||||
| Segment Realignment |
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| Developing Markets (to Europe, Latin America, Asia Pacific, Eastern Europe, Middle East & Africa, General Corporate Expenses) |
(512 | ) | (534 | ) | (525 | ) | (496 | ) | (2,067 | ) | ||||||||||
| Latin America (from Developing Markets) |
163 | 206 | 187 | 213 | 769 | |||||||||||||||
| Asia Pacific (from Developing Markets) |
177 | 150 | 198 | 132 | 657 | |||||||||||||||
| Eastern Europe, Middle East & Africa |
138 | 141 | 107 | 120 | 506 | |||||||||||||||
| Europe (from Developing Markets) |
42 | 36 | 34 | 37 | 149 | |||||||||||||||
| General Corporate Expenses (from Developing Markets) |
(8 | ) | 1 | (1 | ) | (6 | ) | (14 | ) | |||||||||||
| Certain U.S. Pension Plan Costs Restatement |
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| Certain U.S. pension plan costs (to North America) |
25 | 25 | 29 | 13 | 92 | |||||||||||||||
| North America (from Certain U.S. pension plan costs) |
(25 | ) | (25 | ) | (29 | ) | (13 | ) | (92 | ) | ||||||||||
| Operating Income - As Revised |
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| Latin America |
163 | 206 | 187 | 213 | 769 | |||||||||||||||
| Asia Pacific |
177 | 150 | 198 | 132 | 657 | |||||||||||||||
| Eastern Europe, Middle East & Africa |
138 | 141 | 107 | 120 | 506 | |||||||||||||||
| Europe |
426 | 432 | 449 | 455 | 1,762 | |||||||||||||||
| North America |
148 | 184 | 234 | 215 | 781 | |||||||||||||||
| Unrealized G/(L) on hedging activities |
18 | 23 | 1 | (41 | ) | 1 | ||||||||||||||
| General corporate expenses |
(111 | ) | (146 | ) | (284 | ) | (187 | ) | (728 | ) | ||||||||||
| Amortization of intangibles |
(56 | ) | (53 | ) | (54 | ) | (54 | ) | (217 | ) | ||||||||||
| Gain/(Loss) on divestitures, net |
— | — | — | 107 | 107 | |||||||||||||||
| Acquisition-related costs |
— | — | — | (1 | ) | (1 | ) | |||||||||||||
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| Operating Income - As Revised |
$ | 903 | $ | 937 | $ | 838 | $ | 959 | $ | 3,637 | ||||||||||
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Schedule 4
Mondelēz International, Inc. and Subsidiaries
Segment Realignment
Full Year 2010 and Quarterly and Full Year 2011
($ in millions) (Unaudited)
| 2010 Year |
2011 | |||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Year | ||||||||||||||||||||
| Operating Income - As Reported |
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| Developing Markets |
1,533 | 393 | 506 | 570 | 534 | 2,003 | ||||||||||||||||||
| Europe |
1,115 | 308 | 415 | 334 | 349 | 1,406 | ||||||||||||||||||
| North America |
805 | 201 | 203 | 225 | 234 | 863 | ||||||||||||||||||
| Unrealized G/(L) on hedging activities |
38 | 65 | (72 | ) | 17 | (46 | ) | (36 | ) | |||||||||||||||
| Certain U.S. pension plan costs |
(56 | ) | (15 | ) | (19 | ) | (21 | ) | (21 | ) | (76 | ) | ||||||||||||
| General corporate expenses |
(511 | ) | (68 | ) | (61 | ) | (134 | ) | (174 | ) | (437 | ) | ||||||||||||
| Amortization of intangibles |
(210 | ) | (57 | ) | (57 | ) | (58 | ) | (53 | ) | (225 | ) | ||||||||||||
| Gain/(Loss) on divestitures, net |
— | — | — | — | — | — | ||||||||||||||||||
| Acquisition-related costs |
(218 | ) | — | — | — | — | — | |||||||||||||||||
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| Operating Income - As Reported |
$ | 2,496 | $ | 827 | $ | 915 | $ | 933 | $ | 823 | $ | 3,498 | ||||||||||||
| Segment Realignment |
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| Developing Markets (to Europe, Latin America, Asia Pacific, Eastern Europe, Middle East & Africa, General Corporate Expenses) |
(1,533 | ) | (393 | ) | (506 | ) | (570 | ) | (534 | ) | (2,003 | ) | ||||||||||||
| Latin America (from Developing Markets) |
506 | 156 | 214 | 200 | 189 | 759 | ||||||||||||||||||
| Asia Pacific (from Developing Markets) |
565 | 174 | 166 | 183 | 159 | 682 | ||||||||||||||||||
| Eastern Europe, Middle East & Africa |
350 | 27 | 101 | 146 | 159 | 433 | ||||||||||||||||||
| Europe (from Developing Markets) |
138 | 41 | 33 | 47 | 59 | 180 | ||||||||||||||||||
| General Corporate Expenses (from Developing Markets) |
(26 | ) | (5 | ) | (8 | ) | (6 | ) | (32 | ) | (51 | ) | ||||||||||||
| Certain U.S. Pension Plan Costs Restatement |
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| Certain U.S. pension plan costs (to North America) |
56 | 15 | 19 | 21 | 21 | 76 | ||||||||||||||||||
| North America (from Certain U.S. pension plan costs) |
(56 | ) | (15 | ) | (19 | ) | (21 | ) | (21 | ) | (76 | ) | ||||||||||||
| Operating Income - As Revised |
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| Latin America |
506 | 156 | 214 | 200 | 189 | 759 | ||||||||||||||||||
| Asia Pacific |
565 | 174 | 166 | 183 | 159 | 682 | ||||||||||||||||||
| Eastern Europe, Middle East & Africa |
350 | 27 | 101 | 146 | 159 | 433 | ||||||||||||||||||
| Europe |
1,253 | 349 | 448 | 381 | 408 | 1,586 | ||||||||||||||||||
| North America |
749 | 186 | 184 | 204 | 213 | 787 | ||||||||||||||||||
| Unrealized G/(L) on hedging activities |
38 | 65 | (72 | ) | 17 | (46 | ) | (36 | ) | |||||||||||||||
| General corporate expenses |
(537 | ) | (73 | ) | (69 | ) | (140 | ) | (206 | ) | (488 | ) | ||||||||||||
| Amortization of intangibles |
(210 | ) | (57 | ) | (57 | ) | (58 | ) | (53 | ) | (225 | ) | ||||||||||||
| Gain/(Loss) on divestitures, net |
— | — | — | — | — | — | ||||||||||||||||||
| Acquisition-related costs |
(218 | ) | — | — | — | — | — | |||||||||||||||||
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| Operating Income - As Revised |
$ | 2,496 | $ | 827 | $ | 915 | $ | 933 | $ | 823 | $ | 3,498 | ||||||||||||
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Schedule 5
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
For the Twelve Months Ended December 31,
($ in millions) (Unaudited)
| As Revised (GAAP) |
Impact
of Divestitures (1) |
Impact of Integration Program |
Impact of Accounting Calendar Changes (2) |
Impact of Currency |
Organic (Non-GAAP) |
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| 2012 |
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| Latin America |
$ | 5,396 | $ | — | $ | — | $ | — | $ | 469 | $ | 5,865 | ||||||||||||||||||||
| Asia Pacific |
5,164 | — | — | — | 82 | 5,246 | ||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
3,735 | — | — | — | 177 | 3,912 | ||||||||||||||||||||||||||
| Europe |
13,817 | (197 | ) | — | — | 838 | 14,458 | |||||||||||||||||||||||||
| North America |
6,903 | (47 | ) | — | — | 10 | 6,866 | |||||||||||||||||||||||||
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| Mondelēz International |
$ | 35,015 | $ | (244 | ) | $ | — | $ | — | $ | 1,576 | $ | 36,347 | |||||||||||||||||||
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| 2011 |
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| Latin America |
$ | 5,403 | $ | — | $ | — | $ | (24 | ) | $ | — | $ | 5,379 | |||||||||||||||||||
| Asia Pacific |
4,864 | — | — | — | — | 4,864 | ||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
3,836 | — | — | (96 | ) | — | 3,740 | |||||||||||||||||||||||||
| Europe |
14,874 | (255 | ) | 1 | (491 | ) | — | 14,129 | ||||||||||||||||||||||||
| North America |
6,833 | (61 | ) | — | (68 | ) | — | 6,704 | ||||||||||||||||||||||||
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| Mondelēz International |
$ | 35,810 | $ | (316 | ) | $ | 1 | $ | (679 | ) | $ | — | $ | 34,816 | ||||||||||||||||||
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| Organic Growth Drivers | ||||||||||||||||||||||||||||||||
| Vol / Mix | Price | |||||||||||||||||||||||||||||||
| % Change |
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| Latin America |
(0.1 | )% | — | pp | — | pp | 0.4 | pp | 8.7 | pp | 9.0 | % | (0.5 | )pp | 9.5 | pp | ||||||||||||||||
| Asia Pacific |
6.2 | % | — | — | — | 1.7 | 7.9 | % | 4.0 | 3.9 | ||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
(2.6 | )% | — | — | 2.6 | 4.6 | 4.6 | % | 2.5 | 2.1 | ||||||||||||||||||||||
| Europe |
(7.1 | )% | 0.3 | — | 3.4 | 5.7 | 2.3 | % | 1.5 | 0.8 | ||||||||||||||||||||||
| North America |
1.0 | % | 0.2 | — | 1.0 | 0.2 | 2.4 | % | (1.2 | ) | 3.6 | |||||||||||||||||||||
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| Mondelēz International |
(2.2 | )% | 0.2 | pp | — | pp | 2.0 | pp | 4.4 | pp | 4.4 | % | 1.1 | pp | 3.3 | pp | ||||||||||||||||
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| (1) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
| (2) | Reflects changes to accounting calendar close schedule and includes the 53rd week of shipments in 2011. |
Schedule 6
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
For the Three Months Ended December 31,
($ in millions) (Unaudited)
| As Revised (GAAP) |
Impact
of Divestitures (1) |
Impact of Integration Program |
Impact of Accounting Calendar Changes (2) |
Impact of Currency |
Organic (Non-GAAP) |
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| 2012 |
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| Latin America |
$ | 1,400 | $ | — | $ | — | $ | — | $ | 92 | $ | 1,492 | ||||||||||||||||||||
| Asia Pacific |
1,394 | — | — | — | (4 | ) | 1,390 | |||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
1,035 | — | — | — | 12 | 1,047 | ||||||||||||||||||||||||||
| Europe |
3,850 | (10 | ) | — | — | 72 | 3,912 | |||||||||||||||||||||||||
| North America |
1,816 | (4 | ) | — | — | (10 | ) | 1,802 | ||||||||||||||||||||||||
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| Mondelēz International |
$ | 9,495 | $ | (14 | ) | $ | — | $ | — | $ | 162 | $ | 9,643 | |||||||||||||||||||
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| 2011 |
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| Latin America |
$ | 1,353 | $ | — | $ | — | $ | — | $ | — | $ | 1,353 | ||||||||||||||||||||
| Asia Pacific |
1,253 | — | — | — | — | 1,253 | ||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
1,066 | — | — | (45 | ) | — | 1,021 | |||||||||||||||||||||||||
| Europe |
4,159 | (38 | ) | 1 | (217 | ) | — | 3,905 | ||||||||||||||||||||||||
| North America |
1,848 | (16 | ) | — | (68 | ) | — | 1,764 | ||||||||||||||||||||||||
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| Mondelēz International |
$ | 9,679 | $ | (54 | ) | $ | 1 | $ | (330 | ) | $ | — | $ | 9,296 | ||||||||||||||||||
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| Organic Growth Drivers | ||||||||||||||||||||||||||||||||
| Vol / Mix | Price | |||||||||||||||||||||||||||||||
| % Change |
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| Latin America |
3.5 | % | — | pp | — | pp | — | pp | 6.8 | pp | 10.3 | % | 1.9 | pp | 8.4 | pp | ||||||||||||||||
| Asia Pacific |
11.3 | % | — | — | — | (0.4 | ) | 10.9 | % | 6.8 | 4.1 | |||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
(2.9 | )% | — | — | 4.3 | 1.1 | 2.5 | % | 4.1 | (1.6 | ) | |||||||||||||||||||||
| Europe |
(7.4 | )% | 0.7 | (0.1 | ) | 5.3 | 1.7 | 0.2 | % | 1.7 | (1.5 | ) | ||||||||||||||||||||
| North America |
(1.7 | )% | 0.6 | — | 3.8 | (0.5 | ) | 2.2 | % | (1.0 | ) | 3.2 | ||||||||||||||||||||
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| Mondelēz International |
(1.9 | )% | 0.4 | pp | — | pp | 3.5 | pp | 1.7 | pp | 3.7 | % | 2.1 | pp | 1.6 | pp | ||||||||||||||||
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| (1) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
| (2) | Reflects changes to accounting calendar close schedule and includes the 53rd week of shipments in 2011. |
Schedule 7
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
For the Three Months Ended September 30,
($ in millions) (Unaudited)
| As Revised (GAAP) |
Impact
of Divestitures (1) |
Impact
of Accounting Calendar Changes (2) |
Impact of Currency |
Organic (Non-GAAP) |
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| 2012 |
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| Latin America |
$ | 1,286 | $ | — | $ | — | $ | 143 | $ | 1,429 | ||||||||||||||||||
| Asia Pacific |
1,228 | — | — | 45 | 1,273 | |||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
886 | — | — | 61 | 947 | |||||||||||||||||||||||
| Europe |
3,158 | (60 | ) | — | 318 | 3,416 | ||||||||||||||||||||||
| North America |
1,768 | (13 | ) | — | 6 | 1,761 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
$ | 8,326 | $ | (73 | ) | $ | — | $ | 573 | $ | 8,826 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 2011 |
||||||||||||||||||||||||||||
| Latin America |
$ | 1,379 | $ | — | $ | — | $ | — | $ | 1,379 | ||||||||||||||||||
| Asia Pacific |
1,249 | — | — | — | 1,249 | |||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
959 | — | — | — | 959 | |||||||||||||||||||||||
| Europe |
3,456 | (72 | ) | — | — | 3,384 | ||||||||||||||||||||||
| North America |
1,735 | (14 | ) | — | — | 1,721 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
$ | 8,778 | $ | (86 | ) | $ | — | $ | — | $ | 8,692 | |||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Organic Growth Drivers | ||||||||||||||||||||||||||||
| Vol / Mix | Price | |||||||||||||||||||||||||||
| % Change |
||||||||||||||||||||||||||||
| Latin America |
(6.7 | )% | — | pp | — | pp | 10.3 | pp | 3.6 | % | (4.5 | )pp | 8.1 | pp | ||||||||||||||
| Asia Pacific |
(1.7 | )% | — | — | 3.6 | 1.9 | % | (2.7 | ) | 4.6 | ||||||||||||||||||
| Eastern Europe, Middle East & Africa |
(7.6 | )% | — | — | 6.3 | (1.3 | )% | (1.4 | ) | 0.1 | ||||||||||||||||||
| Europe |
(8.6 | )% | 0.1 | — | 9.4 | 0.9 | % | 1.7 | (0.8 | ) | ||||||||||||||||||
| North America |
1.9 | % | 0.1 | — | 0.3 | 2.3 | % | (0.2 | ) | 2.5 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|||||||||||||||
| Mondelēz International |
(5.1 | )% | 0.0 | pp | — | pp | 6.6 | pp | 1.5 | % | (0.7 | )pp | 2.2 | pp | ||||||||||||||
|
|
|
|
|
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|
|
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|
|
|
|
|||||||||||||||
| (1) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
| (2) | Reflects changes to accounting calendar close schedule. |
Schedule 8
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
For the Three Months Ended June 30,
($ in millions) (Unaudited)
| As Revised (GAAP) |
Impact
of Divestitures (1) |
Impact
of Accounting Calendar Changes (2) |
Impact of Currency |
Organic (Non-GAAP) |
||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||
| Latin America |
$ | 1,340 | $ | — | $ | — | $ | 168 | $ | 1,508 | ||||||||||||||||||
| Asia Pacific |
1,222 | — | — | 56 | 1,278 | |||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
965 | — | — | 72 | 1,037 | |||||||||||||||||||||||
| Europe |
3,315 | (78 | ) | — | 341 | 3,578 | ||||||||||||||||||||||
| North America |
1,685 | (17 | ) | — | 13 | 1,681 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
$ | 8,527 | $ | (95 | ) | $ | — | $ | 650 | $ | 9,082 | |||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 2011 |
||||||||||||||||||||||||||||
| Latin America |
$ | 1,415 | $ | — | $ | (24 | ) | $ | — | $ | 1,391 | |||||||||||||||||
| Asia Pacific |
1,172 | — | — | — | 1,172 | |||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
1,015 | — | (51 | ) | — | 964 | ||||||||||||||||||||||
| Europe |
3,913 | (99 | ) | (274 | ) | — | 3,540 | |||||||||||||||||||||
| North America |
1,648 | (16 | ) | — | — | 1,632 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
$ | 9,163 | $ | (115 | ) | $ | (349 | ) | $ | — | $ | 8,699 | ||||||||||||||||
|
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|
|
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|
|
|||||||||||||||||||
| Organic Growth Drivers | ||||||||||||||||||||||||||||
| Vol / Mix | Price | |||||||||||||||||||||||||||
| % Change |
||||||||||||||||||||||||||||
| Latin America |
(5.3 | )% | — | pp | 1.8 | pp | 11.9 | pp | 8.4 | % | (1.6 | )pp | 10.0 | pp | ||||||||||||||
| Asia Pacific |
4.3 | % | — | — | 4.7 | 9.0 | % | 5.7 | 3.3 | |||||||||||||||||||
| Eastern Europe, Middle East & Africa |
(4.9 | )% | — | 5.4 | 7.1 | 7.6 | % | 4.5 | 3.1 | |||||||||||||||||||
| Europe |
(15.3 | )% | 0.2 | 7.3 | 8.9 | 1.1 | % | (1.7 | ) | 2.8 | ||||||||||||||||||
| North America |
2.2 | % | — | — | 0.8 | 3.0 | % | (2.4 | ) | 5.4 | ||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|
|||||||||||||||
| Mondelēz International |
(6.9 | )% | 0.1 | pp | 4.0 | pp | 7.2 | pp | 4.4 | % | (0.1 | )pp | 4.5 | pp | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
| (2) | Reflects changes to accounting calendar close schedule. |
Schedule 9
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
For the Three Months Ended March 31,
($ in millions) (Unaudited)
| As Revised (GAAP) |
Impact
of Divestitures (1) |
Impact
of Accounting Calendar Changes (2) |
Impact of Currency |
Organic (Non-GAAP) |
||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||
| Latin America |
$ | 1,370 | $ | — | $ | — | $ | 66 | $ | 1,436 | ||||||||||||||||||
| Asia Pacific |
1,320 | — | — | (15 | ) | 1,305 | ||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
849 | — | — | 32 | 881 | |||||||||||||||||||||||
| Europe |
3,494 | (49 | ) | — | 107 | 3,552 | ||||||||||||||||||||||
| North America |
1,634 | (13 | ) | — | 1 | 1,622 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
$ | 8,667 | $ | (62 | ) | $ | — | $ | 191 | $ | 8,796 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 2011 |
||||||||||||||||||||||||||||
| Latin America |
$ | 1,256 | $ | — | $ | — | $ | — | $ | 1,256 | ||||||||||||||||||
| Asia Pacific |
1,190 | — | — | — | 1,190 | |||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
796 | — | — | — | 796 | |||||||||||||||||||||||
| Europe |
3,346 | (46 | ) | — | — | 3,300 | ||||||||||||||||||||||
| North America |
1,602 | (15 | ) | — | — | 1,587 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
$ | 8,190 | $ | (61 | ) | $ | — | $ | — | $ | 8,129 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Organic Growth Drivers | ||||||||||||||||||||||||||||
| Vol / Mix | Price | |||||||||||||||||||||||||||
| % Change |
||||||||||||||||||||||||||||
| Latin America |
9.1 | % | — | pp | — | pp | 5.2 | pp | 14.3 | % | 2.7 | pp | 11.6 | pp | ||||||||||||||
| Asia Pacific |
10.9 | % | — | — | (1.2 | ) | 9.7 | % | 6.0 | 3.7 | ||||||||||||||||||
| Eastern Europe, Middle East & Africa |
6.7 | % | — | — | 4.0 | 10.7 | % | 2.7 | 8.0 | |||||||||||||||||||
| Europe |
4.4 | % | — | — | 3.2 | 7.6 | % | 4.7 | 2.9 | |||||||||||||||||||
| North America |
2.0 | % | 0.1 | — | 0.1 | 2.2 | % | (1.3 | ) | 3.5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Mondelēz International |
5.8 | % | 0.1 | pp | — | pp | 2.3 | pp | 8.2 | % | 3.2 | pp | 5.0 | pp | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
| (2) | Reflects changes to accounting calendar close schedule. |
Schedule 10
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
For the Twelve Months Ended December 31,
($ in millions) (Unaudited)
| As Revised (GAAP) |
Impact of Acquisitions |
Impact
of Divestitures (1) |
Impact of Integration |
Impact of Accounting Calendar Changes (2) |
Impact of Currency |
Organic (Non-GAAP) |
||||||||||||||||||||||||||||||
| 2011 |
||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 5,403 | $ | (104 | ) | $ | — | $ | — | $ | (24 | ) | $ | (88 | ) | $ | 5,187 | |||||||||||||||||||
| Asia Pacific |
4,864 | (200 | ) | — | — | — | (283 | ) | 4,381 | |||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
3,836 | (75 | ) | — | — | (96 | ) | 19 | 3,684 | |||||||||||||||||||||||||||
| Europe |
14,874 | (201 | ) | — | 1 | (466 | ) | (677 | ) | 13,531 | ||||||||||||||||||||||||||
| North America |
6,833 | (117 | ) | — | — | (69 | ) | (45 | ) | 6,602 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Mondelēz International |
$ | 35,810 | $ | (697 | ) | $ | — | $ | 1 | $ | (655 | ) | $ | (1,074 | ) | $ | 33,385 | |||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| 2010 |
||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 4,541 | $ | — | $ | — | $ | — | $ | (38 | ) | $ | — | $ | 4,503 | |||||||||||||||||||||
| Asia Pacific |
4,042 | — | — | — | (110 | ) | — | 3,932 | ||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
3,354 | — | — | 1 | — | — | 3,355 | |||||||||||||||||||||||||||||
| Europe |
13,111 | — | (105 | ) | — | (45 | ) | — | 12,961 | |||||||||||||||||||||||||||
| North America |
6,441 | — | — | — | — | — | 6,441 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Mondelēz International |
$ | 31,489 | $ | — | $ | (105 | ) | $ | 1 | $ | (193 | ) | $ | — | $ | 31,192 | ||||||||||||||||||||
|
|
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|
|
|||||||||||||||||||||||
| Organic Growth Drivers | ||||||||||||||||||||||||||||||||||||
| Vol / Mix | Price | |||||||||||||||||||||||||||||||||||
| % Change |
||||||||||||||||||||||||||||||||||||
| Latin America |
19.0 | % | (2.3 | )pp | — | pp | — | pp | 0.5 | pp | (2.0 | )pp | 15.2 | % | 4.4 | pp | 10.8 | pp | ||||||||||||||||||
| Asia Pacific |
20.3 | % | (5.1 | ) | — | — | 3.2 | (7.0 | ) | 11.4 | % | 8.6 | 2.8 | |||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
14.4 | % | (2.2 | ) | — | (0.1 | ) | (2.9 | ) | 0.6 | 9.8 | % | 1.8 | 8.0 | ||||||||||||||||||||||
| Europe |
13.4 | % | (1.6 | ) | 0.9 | 0.1 | (3.2 | ) | (5.2 | ) | 4.4 | % | (0.3 | ) | 4.7 | |||||||||||||||||||||
| North America |
6.1 | % | (1.8 | ) | — | — | (1.1 | ) | (0.7 | ) | 2.5 | % | (1.0 | ) | 3.5 | |||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||||
| Mondelēz International |
13.7 | % | (2.3 | )pp | 0.4 | pp | — | pp | (1.4 | )pp | (3.4 | )pp | 7.0 | % | 1.5 | pp | 5.5 | pp | ||||||||||||||||||
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) | Reflects divestitures that occurred in 2010; there were no divestitures that occurred in 2011. |
| (2) | Reflects changes to accounting calendar close schedule and includes the 53rd week of shipments in 2011. |
Schedule 11
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income
For the Twelve Months Ended December 31,
($ in millions) (Unaudited)
| % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Revised (GAAP) |
Integration Program costs (1) |
Spin-Off Costs and Related Adjust- ments (2) |
2012-2014 Restru- cturing Program costs (3) |
Operating income from divested busi- nesses (4) |
Gain
on dives- titures, net |
Acquisition- related costs |
As Adjusted (Non-GAAP) |
Impact of Currency |
As Adjusted @ Constant FX (Non-GAAP) |
As Revised (GAAP) |
As Adjusted (Non-GAAP) |
As Adjusted @ Constant FX (Non-GAAP) |
||||||||||||||||||||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 769 | $ | 30 | $ | 8 | $ | 7 | $ | — | $ | — | $ | — | $ | 814 | $ | 46 | $ | 860 | 1.3 | % | (1.2 | )% | 4.4 | % | ||||||||||||||||||||||||||||
| Asia Pacific |
657 | 40 | 19 | — | — | — | — | 716 | 6 | 722 | (3.7 | )% | (2.1 | )% | (1.2 | )% | ||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
506 | 13 | — | — | — | — | — | 519 | 19 | 538 | 16.9 | % | 9.0 | % | 13.0 | % | ||||||||||||||||||||||||||||||||||||||
| Europe |
1,762 | 47 | 1 | 6 | (51 | ) | — | — | 1,765 | 98 | 1,863 | 11.1 | % | (1.6 | )% | 3.8 | % | |||||||||||||||||||||||||||||||||||||
| North America |
781 | 6 | 77 | 98 | (7 | ) | — | — | 955 | 3 | 958 | (0.8 | )% | 1.9 | % | 2.2 | % | |||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
1 | — | — | — | — | — | — | 1 | — | 1 | 100.0+ | % | 100.0+ | % | 100.0+ | % | ||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(728 | ) | 4 | 407 | (1 | ) | — | — | — | (318 | ) | (8 | ) | (326 | ) | (49.2 | )% | 21.3 | % | 19.3 | % | |||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(217 | ) | — | — | — | — | — | — | (217 | ) | (11 | ) | (228 | ) | 3.6 | % | 3.6 | % | (1.3 | )% | ||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
107 | — | — | — | — | (107 | ) | — | — | — | — | 100.0 | % | — | — | |||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
(1 | ) | — | — | — | — | — | 1 | — | — | — | (100.0 | )% | — | — | |||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||
| Mondelēz |
$ | 3,637 | $ | 140 | $ | 512 | $ | 110 | $ | (58 | ) | $ | (107) | $ | 1 | $ | 4,235 | $ | 153 | $ | 4,388 | 4.0 | % | 3.4 | % | 7.1 | % | |||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
| 2011 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 759 | $ | 65 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 824 | $ | — | $ | 824 | ||||||||||||||||||||||||||||||||||
| Asia Pacific |
682 | 49 | — | — | — | — | — | 731 | — | 731 | ||||||||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
433 | 43 | — | — | — | — | — | 476 | — | 476 | ||||||||||||||||||||||||||||||||||||||||||||
| Europe |
1,586 | 260 | — | — | (52 | ) | — | — | 1,794 | — | 1,794 | |||||||||||||||||||||||||||||||||||||||||||
| North America |
787 | 66 | 91 | — | (7 | ) | — | — | 937 | — | 937 | |||||||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
(36 | ) | — | — | — | — | — | — | (36 | ) | — | (36 | ) | |||||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(488 | ) | 38 | 46 | — | — | — | — | (404 | ) | — | (404 | ) | |||||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(225 | ) | — | — | — | — | — | — | (225 | ) | — | (225 | ) | |||||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||
| Mondelēz |
$ | 3,498 | $ | 521 | $ | 137 | $ | — | $ | (59 | ) | $ | — | $ | — | $ | 4,097 | $ | — | $ | 4,097 | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to the pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 12
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income
For the Three Months Ended December 31,
($ in millions) (Unaudited)
| % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Revised (GAAP) |
Integration Program costs (1) |
Spin-Off Costs and Related Adjust- ments (2) |
2012-2014 Restru- cturing Program costs (3) |
Operating income from divested busi- nesses (4) |
Gain
on dives- titures, net |
Acquisition- related costs |
As Adjusted (Non-GAAP) |
Impact of Currency |
As Adjusted @ Constant FX (Non-GAAP) |
As Revised (GAAP) |
As Adjusted (Non-GAAP) |
As Adjusted @ Constant FX (Non-GAAP) |
||||||||||||||||||||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 213 | $ | 10 | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | 225 | $ | 16 | $ | 241 | 12.7 | % | 8.2 | % | 15.9 | % | ||||||||||||||||||||||||||||
| Asia Pacific |
132 | 17 | — | — | — | — | — | 149 | (3 | ) | 146 | (17.0 | )% | (13.4 | )% | (15.1 | )% | |||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
120 | 7 | — | — | — | — | — | 127 | 3 | 130 | (24.5 | )% | (24.0 | )% | (22.2 | )% | ||||||||||||||||||||||||||||||||||||||
| Europe |
455 | 38 | 1 | 6 | (5 | ) | — | — | 495 | 3 | 498 | 11.5 | % | 0.2 | % | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| North America |
215 | 2 | 9 | 37 | 1 | — | — | 264 | — | 264 | 0.9 | % | 1.9 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
(41 | ) | — | — | — | — | — | — | (41 | ) | — | (41 | ) | 10.9 | % | 10.9 | % | 10.9 | % | |||||||||||||||||||||||||||||||||||
| General corporate expenses |
(187 | ) | 2 | 67 | (2 | ) | 1 | — | — | (119 | ) | 4 | (115 | ) | 9.2 | % | 19.0 | % | 21.8 | % | ||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(54 | ) | — | — | — | — | — | — | (54 | ) | (3 | ) | (57 | ) | (1.9 | )% | (1.9 | )% | (7.5 | )% | ||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
107 | — | — | — | — | (107 | ) | — | — | — | — | 100.0 | % | — | — | |||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
(1 | ) | — | — | — | — | — | 1 | — | — | — | (100.0 | )% | — | — | |||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 959 | $ | 76 | $ | 79 | $ | 41 | $ | (3 | ) | $ | (107) | $ | 1 | $ | 1,046 | $ | 20 | $ | 1,066 | 16.5 | % | (0.8 | )% | 1.1 | % | |||||||||||||||||||||||||||
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| 2011 |
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| Latin America |
$ | 189 | $ | 19 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 208 | $ | — | $ | 208 | ||||||||||||||||||||||||||||||||||
| Asia Pacific |
159 | 13 | — | — | — | — | — | 172 | — | 172 | ||||||||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
159 | 8 | — | — | — | — | — | 167 | — | 167 | ||||||||||||||||||||||||||||||||||||||||||||
| Europe |
408 | 91 | — | — | (5 | ) | — | — | 494 | — | 494 | |||||||||||||||||||||||||||||||||||||||||||
| North America |
213 | 25 | 23 | — | (2 | ) | — | — | 259 | — | 259 | |||||||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
(46 | ) | — | — | — | — | — | — | (46 | ) | — | (46 | ) | |||||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(206 | ) | 13 | 46 | — | — | — | — | (147 | ) | — | (147 | ) | |||||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(53 | ) | — | — | — | — | — | — | (53 | ) | — | (53 | ) | |||||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 823 | $ | 169 | $ | 69 | $ | — | $ | (7 | ) | $ | — | $ | — | $ | 1,054 | $ | — | $ | 1,054 | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to the pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 13
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income
For the Three Months Ended September 30,
($ in millions) (Unaudited)
| % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As Revised (GAAP) |
Integration Program costs (1) |
Spin-Off Costs and Related Adjust- ments (2) |
2012-2014 Restru- cturing Program costs (3) |
Operating income from divested busi- nesses (4) |
Gain
on dives- titures, net |
As Adjusted (Non-GAAP) |
Impact of Currency |
As Adjusted @ Constant FX (Non-GAAP) |
As Revised (GAAP) |
As Adjusted (Non-GAAP) |
As Adjusted @ Constant FX (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 187 | $ | 5 | $ | 6 | $ | 2 | $ | — | $ | — | $ | 200 | $ | 15 | $ | 215 | (6.5 | )% | (5.7 | )% | 1.4 | % | ||||||||||||||||||||||||||
| Asia Pacific |
198 | 4 | 19 | — | — | — | 221 | 5 | 226 | 8.2 | % | 15.1 | % | 17.7 | % | |||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
107 | 2 | — | — | — | — | 109 | 5 | 114 | (26.7 | )% | (29.2 | )% | (26.0 | )% | |||||||||||||||||||||||||||||||||||
| Europe |
449 | (28 | ) | — | — | (19 | ) | — | 402 | 35 | 437 | 17.8 | % | (3.8 | )% | 4.5 | % | |||||||||||||||||||||||||||||||||
| North America |
234 | 3 | 23 | 15 | (3 | ) | — | 272 | (1 | ) | 271 | 14.7 | % | 11.5 | % | 11.1 | % | |||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
1 | — | — | — | — | — | 1 | — | 1 | (94.1 | )% | (94.1 | )% | (94.1 | )% | |||||||||||||||||||||||||||||||||||
| General corporate expenses |
(284 | ) | — | 200 | 1 | (1 | ) | — | (84 | ) | (3 | ) | (87 | ) | (100.0+ | )% | 37.3 | % | 35.1 | % | ||||||||||||||||||||||||||||||
| Amortization of intangibles |
(54 | ) | — | — | — | — | — | (54 | ) | (1 | ) | (55 | ) | 6.9 | % | 6.9 | % | 5.2 | % | |||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 838 | $ | (14 | ) | $ | 248 | $ | 18 | $ | (23) | $ | — | $ | 1,067 | $ | 55 | $ | 1,122 | (10.2 | )% | 2.1 | % | 7.4 | % | |||||||||||||||||||||||||
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| 2011 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 200 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 212 | $ | — | $ | 212 | ||||||||||||||||||||||||||||||||
| Asia Pacific |
183 | 9 | — | — | — | — | 192 | — | 192 | |||||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
146 | 8 | — | — | — | — | 154 | — | 154 | |||||||||||||||||||||||||||||||||||||||||
| Europe |
381 | 58 | — | — | (21 | ) | — | 418 | — | 418 | ||||||||||||||||||||||||||||||||||||||||
| North America |
204 | 19 | 22 | — | (1 | ) | — | 244 | — | 244 | ||||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
17 | — | — | — | — | — | 17 | — | 17 | |||||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(140 | ) | 6 | 1 | — | (1 | ) | — | (134 | ) | — | (134 | ) | |||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(58 | ) | — | — | — | — | — | (58 | ) | — | (58 | ) | ||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 933 | $ | 112 | $ | 23 | $ | — | $ | (23) | $ | — | $ | 1,045 | $ | — | $ | 1,045 | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to the pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 14
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income
For the Three Months Ended June 30,
($ in millions) (Unaudited)
| % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As Revised (GAAP) |
Integration Program costs (1) |
Spin-Off Costs and Related Adjust- ments (2) |
2012-2014 Restru- cturing Program costs (3) |
Operating income from divested busi- nesses (4) |
Gain
on dives- titures, net |
As Adjusted (Non-GAAP) |
Impact of Currency |
As Adjusted @ Constant FX (Non-GAAP) |
As Revised (GAAP) |
As Adjusted (Non-GAAP) |
As Adjusted @ Constant FX (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 206 | $ | 6 | $ | — | $ | 5 | $ | — | $ | — | $ | 217 | $ | 21 | $ | 238 | (3.7 | )% | (6.9 | )% | 2.1 | % | ||||||||||||||||||||||||||
| Asia Pacific |
150 | 9 | — | — | — | — | 159 | 5 | 164 | (9.6 | )% | (12.6 | )% | (9.9 | )% | |||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
141 | 2 | — | — | — | — | 143 | 11 | 154 | 39.6 | % | 18.2 | % | 27.3 | % | |||||||||||||||||||||||||||||||||||
| Europe |
432 | 18 | — | — | (16 | ) | — | 434 | 45 | 479 | (3.6 | )% | (10.9 | )% | (1.6 | )% | ||||||||||||||||||||||||||||||||||
| North America |
184 | (2 | ) | 22 | 23 | (2 | ) | — | 225 | 4 | 229 | — | 1.8 | % | 3.6 | % | ||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
23 | — | — | — | — | — | 23 | — | 23 | 100.0+ | % | 100.0+ | % | 100.0+ | % | |||||||||||||||||||||||||||||||||||
| General corporate expenses |
(146 | ) | 2 | 101 | 1 | — | — | (42 | ) | (8 | ) | (50 | ) | (100.0+ | )% | 31.1 | % | 18.0 | % | |||||||||||||||||||||||||||||||
| Amortization of intangibles |
(53 | ) | — | — | — | — | — | (53 | ) | (8 | ) | (61 | ) | 7.0 | % | 7.0 | % | (7.0 | )% | |||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 937 | $ | 35 | $ | 123 | $ | 29 | $ | (18) | $ | — | $ | 1,106 | $ | 70 | $ | 1,176 | 2.4 | % | 4.9 | % | 11.6 | % | ||||||||||||||||||||||||||
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| 2011 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 214 | $ | 19 | $ | — | $ | — | $ | — | $ | — | $ | 233 | $ | — | $ | 233 | ||||||||||||||||||||||||||||||||
| Asia Pacific |
166 | 16 | — | — | — | — | 182 | — | 182 | |||||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
101 | 20 | — | — | — | — | 121 | — | 121 | |||||||||||||||||||||||||||||||||||||||||
| Europe |
448 | 58 | — | — | (19 | ) | — | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||||
| North America |
184 | 14 | 23 | — | — | — | 221 | — | 221 | |||||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
(72 | ) | — | — | — | — | — | (72 | ) | — | (72 | ) | ||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(69 | ) | 9 | (1 | ) | — | — | — | (61 | ) | — | (61 | ) | |||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(57 | ) | — | — | — | — | — | (57 | ) | — | (57 | ) | ||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 915 | $ | 136 | $ | 22 | $ | — | $ | (19) | $ | — | $ | 1,054 | $ | — | $ | 1,054 | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to the pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 15
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income
For the Three Months Ended March 31,
($ in millions) (Unaudited)
| % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As Revised (GAAP) |
Integration Program costs (1) |
Spin-Off Costs and Related Adjust- ments (2) |
2012-2014 Restru- cturing Program costs (3) |
Operating income from divested busi- nesses (4) |
Gain
on dives- titures, net |
As Adjusted (Non-GAAP) |
Impact of Currency |
As Adjusted @ Constant FX (Non-GAAP) |
As Revised (GAAP) |
As Adjusted (Non-GAAP) |
As Adjusted @ Constant FX (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| 2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 163 | $ | 9 | $ | — | $ | — | $ | — | $ | — | $ | 172 | $ | (6 | ) | $ | 166 | 4.5 | % | 0.6 | % | (2.9 | )% | |||||||||||||||||||||||||
| Asia Pacific |
177 | 10 | — | — | — | — | 187 | (1 | ) | 186 | 1.7 | % | 1.1 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
138 | 2 | — | — | — | — | 140 | — | 140 | 100.0+ | % | 100.0+ | % | 100.0+ | % | |||||||||||||||||||||||||||||||||||
| Europe |
426 | 19 | — | — | (11 | ) | — | 434 | 15 | 449 | 22.1 | % | 9.9 | % | 13.7 | % | ||||||||||||||||||||||||||||||||||
| North America |
148 | 3 | 23 | 23 | (3 | ) | — | 194 | — | 194 | (20.4 | )% | (8.9 | )% | (8.9 | )% | ||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
18 | — | — | — | — | — | 18 | — | 18 | (72.3 | )% | (72.3 | )% | (72.3 | )% | |||||||||||||||||||||||||||||||||||
| General corporate expenses |
(111 | ) | — | 39 | (1 | ) | — | — | (73 | ) | (1 | ) | (74 | ) | (52.1 | )% | (17.7 | )% | (19.4 | )% | ||||||||||||||||||||||||||||||
| Amortization of intangibles |
(56 | ) | — | — | — | — | — | (56 | ) | 1 | (55 | ) | 1.8 | % | 1.8 | % | 3.5 | % | ||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 903 | $ | 43 | $ | 62 | $ | 22 | $ | (14) | $ | — | $ | 1,016 | $ | 8 | $ | 1,024 | 9.2 | % | 7.6 | % | 8.5 | % | ||||||||||||||||||||||||||
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| 2011 |
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| Latin America |
$ | 156 | $ | 15 | $ | — | $ | — | $ | — | $ | — | $ | 171 | $ | — | $ | 171 | ||||||||||||||||||||||||||||||||
| Asia Pacific |
174 | 11 | — | — | — | — | 185 | — | 185 | |||||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
27 | 7 | — | — | — | — | 34 | — | 34 | |||||||||||||||||||||||||||||||||||||||||
| Europe |
349 | 53 | — | — | (7 | ) | — | 395 | — | 395 | ||||||||||||||||||||||||||||||||||||||||
| North America |
186 | 8 | 23 | — | (4 | ) | — | 213 | — | 213 | ||||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
65 | — | — | — | — | — | 65 | — | 65 | |||||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(73 | ) | 10 | — | — | 1 | — | (62 | ) | — | (62 | ) | ||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(57 | ) | — | — | — | — | — | (57 | ) | — | (57 | ) | ||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 827 | $ | 104 | $ | 23 | $ | — | $ | (10) | $ | — | $ | 944 | $ | — | $ | 944 | ||||||||||||||||||||||||||||||||
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| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to the pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 16
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income
For the Twelve Months Ended December 31,
($ in millions) (Unaudited)
| % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As Revised (GAAP) |
Integration Program costs (1) |
Spin-Off Costs and Related Adjust- ments (2) |
Operating income from divested busi- nesses (3) |
Gain
on dives- titures, net |
Acquisition- related costs |
As Adjusted (Non-GAAP) |
Impact of Currency |
As Adjusted @ Constant FX (Non-GAAP) |
As Revised (GAAP) |
As Adjusted (Non-GAAP) |
As Adjusted @ Constant FX (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| 2011 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 759 | $ | 65 | $ | — | $ | — | $ | — | $ | — | $ | 824 | $ | (41 | ) | $ | 783 | 50.0 | % | 46.9 | % | 39.6 | % | |||||||||||||||||||||||||
| Asia Pacific |
682 | 49 | — | — | — | — | 731 | (49 | ) | 682 | 20.7 | % | 13.2 | % | 5.6 | % | ||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
433 | 43 | — | — | — | — | 476 | 2 | 478 | 23.7 | % | 20.5 | % | 21.0 | % | |||||||||||||||||||||||||||||||||||
| Europe |
1,586 | 260 | — | — | — | — | 1,846 | (80 | ) | 1,766 | 26.6 | % | 18.9 | % | 13.7 | % | ||||||||||||||||||||||||||||||||||
| North America |
787 | 66 | 91 | — | — | — | 944 | (7 | ) | 937 | 5.1 | % | 4.8 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
(36 | ) | — | — | — | — | — | (36 | ) | — | (36 | ) | (100.0+ | )% | (100.0+ | )% | (100.0+ | )% | ||||||||||||||||||||||||||||||||
| General corporate expenses |
(488 | ) | 38 | 46 | — | — | — | (404 | ) | 4 | (400 | ) | 9.1 | % | (5.8 | )% | (4.7 | )% | ||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(225 | ) | — | — | — | — | — | (225 | ) | 12 | (213 | ) | (7.1 | )% | (7.1 | )% | (1.4 | )% | ||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | — | — | — | — | — | 100.0 | % | — | — | |||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 3,498 | $ | 521 | $ | 137 | $ | — | $ | — | $ | — | $ | 4,156 | $ | (159 | ) | $ | 3,997 | 40.1 | % | 18.7 | % | 14.1 | % | |||||||||||||||||||||||||
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| 2010 |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Latin America |
$ | 506 | $ | 47 | $ | — | $ | — | $ | — | $ | 8 | $ | 561 | $ | — | $ | 561 | ||||||||||||||||||||||||||||||||
| Asia Pacific |
565 | 72 | — | — | — | 9 | 646 | — | 646 | |||||||||||||||||||||||||||||||||||||||||
| Eastern Europe, Middle East & Africa |
350 | 39 | — | — | — | 6 | 395 | — | 395 | |||||||||||||||||||||||||||||||||||||||||
| Europe |
1,253 | 279 | — | (4 | ) | — | 25 | 1,553 | — | 1,553 | ||||||||||||||||||||||||||||||||||||||||
| North America |
749 | 54 | 91 | — | — | 7 | 901 | — | 901 | |||||||||||||||||||||||||||||||||||||||||
| Unrealized G/(L) on hedging activities |
38 | — | — | — | — | — | 38 | — | 38 | |||||||||||||||||||||||||||||||||||||||||
| General corporate expenses |
(537 | ) | 155 | — | — | — | — | (382 | ) | — | (382 | ) | ||||||||||||||||||||||||||||||||||||||
| Amortization of intangibles |
(210 | ) | — | — | — | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
(218 | ) | — | — | — | — | 218 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
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| Mondelēz |
$ | 2,496 | $ | 646 | $ | 91 | $ | (4 | ) | $ | — | $ | 273 | $ | 3,502 | $ | — | $ | 3,502 | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to the pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off. |
| (3) | Reflects divestitures that occurred in 2010; there were no divestitures that occurred in 2011. |
Schedule 17
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Twelve Months Ended December 31, 2012
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
2012-2014 Restructuring Program Costs (3) |
Operating Income from Divested Businesses |
Gain on Divestitures, net |
Acquisition- Related Costs |
As Adjusted (Non-GAAP) |
|||||||||||||||||||||||||||||||
| Operating income |
$ | 3,637 | $ | 140 | $ | 444 | $ | 68 | $ | — | $ | 110 | $ | (58 | ) | $ | (107 | ) | $ | 1 | $ | 4,235 | ||||||||||||||||||
| Operating income margin |
10.4 | % | 12.2 | % | ||||||||||||||||||||||||||||||||||||
| Interest and other expense, net |
1,863 | — | (609 | ) | — | (161 | ) | — | — | — | — | 1,093 | ||||||||||||||||||||||||||||
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| Earnings from continuing operations before income taxes |
1,774 | 140 | 1,053 | 68 | 161 | 110 | (58 | ) | (107 | ) | 1 | 3,142 | ||||||||||||||||||||||||||||
| Provision for income taxes |
207 | 6 | 347 | 26 | 60 | 40 | (13 | ) | (48 | ) | — | 625 | ||||||||||||||||||||||||||||
| Effective tax rate |
11.7 | % | 19.9 | % | ||||||||||||||||||||||||||||||||||||
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| Earnings from continuing operations |
$ | 1,567 | $ | 134 | $ | 706 | $ | 42 | $ | 101 | $ | 70 | $ | (45 | ) | $ | (59 | ) | $ | 1 | $ | 2,517 | ||||||||||||||||||
| Noncontrolling interest |
27 | — | — | — | — | — | — | — | — | 27 | ||||||||||||||||||||||||||||||
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| Net earnings attributable to Mondelēz International |
$ | 1,540 | $ | 134 | $ | 706 | $ | 42 | $ | 101 | $ | 70 | $ | (45 | ) | $ | (59 | ) | $ | 1 | $ | 2,490 | ||||||||||||||||||
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|||||||||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.86 | $ | 0.08 | $ | 0.39 | $ | 0.02 | $ | 0.06 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | $ | — | $ | 1.39 | ||||||||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
| Diluted |
1,789 | |||||||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012. |
Schedule 18
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended December 31, 2012
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
2012-2014 Restructuring Program Costs (3) |
Operating Income from Divested Businesses (4) |
Gain on Divestitures, net |
Acquisition- Related Costs |
As Adjusted (Non-GAAP) |
|||||||||||||||||||||||||||||||
| Operating income |
$ | 959 | $ | 76 | $ | 79 | $ | — | $ | — | $ | 41 | $ | (3 | ) | $ | (107 | ) | $ | 1 | $ | 1,046 | ||||||||||||||||||
| Operating income margin |
10.1 | % | 11.0 | % | ||||||||||||||||||||||||||||||||||||
| Interest and other expense, net |
295 | — | 10 | — | (26 | ) | — | — | — | — | 279 | |||||||||||||||||||||||||||||
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| Earnings from continuing operations before income taxes |
664 | 76 | 69 | — | 26 | 41 | (3 | ) | (107 | ) | 1 | 767 | ||||||||||||||||||||||||||||
| Provision for income taxes |
103 | 10 | 17 | — | 10 | 15 | (1 | ) | (48 | ) | — | 106 | ||||||||||||||||||||||||||||
| Effective tax rate |
15.5 | % | 13.8 | % | ||||||||||||||||||||||||||||||||||||
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| Earnings from continuing operations |
$ | 561 | $ | 66 | $ | 52 | $ | — | $ | 16 | $ | 26 | $ | (2 | ) | $ | (59 | ) | $ | 1 | $ | 661 | ||||||||||||||||||
| Noncontrolling interest |
9 | — | — | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||
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| Net earnings attributable to Mondelēz International |
$ | 552 | $ | 66 | $ | 52 | $ | — | $ | 16 | $ | 26 | $ | (2 | ) | $ | (59 | ) | $ | 1 | $ | 652 | ||||||||||||||||||
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| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| Per share data: |
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| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.31 | $ | 0.03 | $ | 0.03 | $ | — | $ | 0.01 | $ | 0.01 | $ | — | $ | (0.03 | ) | $ | — | $ | 0.36 | |||||||||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
| Diluted |
1,793 | |||||||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012. |
Schedule 19
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended September 30, 2012
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
2012-2014 Restructuring Program Costs (3) |
Operating Income from Divested Businesses (4) |
Gain on Divestitures, net |
Acquisition- Related Costs |
As Adjusted (Non-GAAP) |
|||||||||||||||||||||||||||||||
| Operating income |
$ | 838 | $ | (14 | ) | $ | 226 | $ | 22 | $ | — | $ | 18 | $ | (23 | ) | $ | — | $ | — | $ | 1,067 | ||||||||||||||||||
| Operating income margin |
10.1 | % | 12.9 | % | ||||||||||||||||||||||||||||||||||||
| Interest and other expense, net |
737 | — | (457 | ) | — | (26 | ) | — | — | — | — | (254 | ) | |||||||||||||||||||||||||||
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| Earnings from continuing operations before income taxes |
101 | (14 | ) | 683 | 22 | 26 | 18 | (23 | ) | — | — | 813 | ||||||||||||||||||||||||||||
| Provision for income taxes |
(76 | ) | (9 | ) | 231 | 8 | 10 | 7 | (5 | ) | — | — | 166 | |||||||||||||||||||||||||||
| Effective tax rate |
-75.2 | % | 20.4 | % | ||||||||||||||||||||||||||||||||||||
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| Earnings from continuing operations |
$ | 177 | $ | (5 | ) | $ | 452 | $ | 14 | $ | 16 | $ | 11 | $ | (18 | ) | $ | — | $ | — | $ | 647 | ||||||||||||||||||
| Noncontrolling interest |
7 | — | — | — | — | — | — | — | — | 7 | ||||||||||||||||||||||||||||||
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| Net earnings attributable to Mondelēz International |
$ | 170 | $ | (5 | ) | $ | 452 | $ | 14 | $ | 16 | $ | 11 | $ | (18 | ) | $ | — | $ | — | $ | 640 | ||||||||||||||||||
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|||||||||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.10 | $ | — | $ | 0.25 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | (0.01 | ) | $ | — | $ | — | $ | 0.36 | * | ||||||||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
| Diluted |
1,789 | |||||||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012. |
| * | Does not foot across due to rounding |
Schedule 20
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended June 30, 2012
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
2012-2014 Restructuring Program Costs (3) |
Operating Income from Divested Businesses (4) |
Gain on Divestitures, net |
Acquisition- Related Costs |
As Adjusted (Non-GAAP) |
|||||||||||||||||||||||||||||||
| Operating income |
$ | 937 | $ | 35 | $ | 100 | $ | 23 | $ | — | $ | 29 | $ | (18 | ) | $ | — | $ | — | $ | 1,106 | |||||||||||||||||||
| Operating income margin |
11.0 | % | 13.1 | % | ||||||||||||||||||||||||||||||||||||
| Interest and other expense, net |
344 | — | (28 | ) | — | (36 | ) | — | — | — | — | 280 | ||||||||||||||||||||||||||||
|
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|
|
|
|||||||||||||||||||||
| Earnings from continuing operations before income taxes |
593 | 35 | 128 | 23 | 36 | 29 | (18 | ) | — | — | 826 | |||||||||||||||||||||||||||||
| Provision for income taxes |
103 | 2 | 39 | 9 | 13 | 10 | (4 | ) | — | — | 172 | |||||||||||||||||||||||||||||
| Effective tax rate |
17.4 | % | 20.8 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|||||||||||||||||||||
| Earnings from continuing operations |
$ | 490 | $ | 33 | $ | 89 | $ | 14 | $ | 23 | $ | 19 | $ | (14 | ) | $ | — | $ | — | $ | 654 | |||||||||||||||||||
| Noncontrolling interest |
5 | — | — | — | — | — | — | — | — | 5 | ||||||||||||||||||||||||||||||
|
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|
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|
|||||||||||||||||||||
| Net earnings attributable to Mondelēz International |
$ | 485 | $ | 33 | $ | 89 | $ | 14 | $ | 23 | $ | 19 | $ | (14 | ) | $ | — | $ | — | $ | 649 | |||||||||||||||||||
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|
|||||||||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.27 | $ | 0.02 | $ | 0.05 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | (0.01 | ) | $ | — | $ | — | $ | 0.36 | |||||||||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
| Diluted |
1,786 | |||||||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012. |
Schedule 21
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended March 31, 2012
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
2012-2014 Restructuring Program Costs (3) |
Operating Income from Divested Businesses (4) |
Gain on Divestitures, net |
Acquisition- Related Costs |
As Adjusted (Non-GAAP) |
|||||||||||||||||||||||||||||||
| Operating income |
$ | 903 | $ | 43 | $ | 39 | $ | 23 | $ | — | $ | 22 | $ | (14 | ) | $ | — | $ | — | $ | 1,016 | |||||||||||||||||||
| Operating income margin |
10.4 | % | 11.8 | % | ||||||||||||||||||||||||||||||||||||
| Interest and other expense, net |
487 | — | (134 | ) | — | (73 | ) | — | — | — | — | 280 | ||||||||||||||||||||||||||||
|
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|
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|
|
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|
|
|
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|
|
|
|
|||||||||||||||||||||
| Earnings from continuing operations before income taxes |
416 | 43 | 173 | 23 | 73 | 22 | (14 | ) | — | — | 736 | |||||||||||||||||||||||||||||
| Provision for income taxes |
77 | 3 | 60 | 9 | 27 | 8 | (3 | ) | — | — | 181 | |||||||||||||||||||||||||||||
| Effective tax rate |
18.5 | % | 24.6 | % | ||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
| Earnings from continuing operations |
$ | 339 | $ | 40 | $ | 113 | $ | 14 | $ | 46 | $ | 14 | $ | (11 | ) | $ | — | $ | — | $ | 555 | |||||||||||||||||||
| Noncontrolling interest |
6 | — | — | — | — | — | — | — | — | 6 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
| Net earnings attributable to Mondelēz International |
$ | 333 | $ | 40 | $ | 113 | $ | 14 | $ | 46 | $ | 14 | $ | (11 | ) | $ | — | $ | — | $ | 549 | |||||||||||||||||||
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|
|||||||||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.19 | $ | 0.02 | $ | 0.06 | $ | 0.01 | $ | 0.03 | $ | 0.01 | $ | (0.01 | ) | $ | — | $ | — | $ | 0.31 | |||||||||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
| Diluted |
1,783 | |||||||||||||||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) an interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Restructuring Program costs represent restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related costs. |
| (4) | Reflects divestitures that occurred in 2012. |
Schedule 22
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Twelve Months Ended December 31, 2011
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
Operating Income from Divested Businesses (3) |
As Adjusted (Non-GAAP) |
||||||||||||||||||||||
| Operating income |
$ | 3,498 | $ | 521 | $ | 46 | $ | 91 | $ | — | $ | (59 | ) | $ | 4,097 | |||||||||||||
| Operating income margin |
9.8 | % | 11.5 | % | ||||||||||||||||||||||||
| Interest and other expense, net |
1,618 | — | — | — | (310 | ) | — | 1,308 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations before income taxes |
1,880 | 521 | 46 | 91 | 310 | (59 | ) | 2,789 | ||||||||||||||||||||
| Provision for income taxes |
143 | 24 | 13 | 34 | 117 | (14 | ) | 317 | ||||||||||||||||||||
| Effective tax rate |
7.6 | % | 11.4 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations |
$ | 1,737 | $ | 497 | $ | 33 | $ | 57 | $ | 193 | $ | (45 | ) | $ | 2,472 | |||||||||||||
| Noncontrolling interest |
20 | — | — | — | — | — | 20 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net earnings attributable to Mondelēz International |
$ | 1,717 | $ | 497 | $ | 33 | $ | 57 | $ | 193 | $ | (45 | ) | $ | 2,452 | |||||||||||||
|
|
|
|
|
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|
|
|
|||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.97 | $ | 0.28 | $ | 0.02 | $ | 0.03 | $ | 0.11 | $ | (0.03 | ) | $ | 1.38 | |||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||
| Diluted |
1,772 | |||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) and interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 23
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended December 31, 2011
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
Operating Income from Divested Businesses (3) |
As Adjusted (Non-GAAP) |
||||||||||||||||||||||
| Operating income |
$ | 823 | $ | 169 | $ | 46 | $ | 23 | $ | — | $ | (7 | ) | $ | 1,054 | |||||||||||||
| Operating income margin |
8.5 | % | 10.9 | % | ||||||||||||||||||||||||
| Interest and other expense, net |
504 | — | — | — | (77 | ) | — | 427 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations before income taxes |
319 | 169 | 46 | 23 | 77 | (7 | ) | 627 | ||||||||||||||||||||
| Provision for income taxes |
(140 | ) | 17 | 13 | 8 | 29 | (3 | ) | (76 | ) | ||||||||||||||||||
| Effective tax rate |
-43.9 | % | -12.1 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations |
$ | 459 | $ | 152 | $ | 33 | $ | 15 | $ | 48 | $ | (4 | ) | $ | 703 | |||||||||||||
| Noncontrolling interest |
12 | — | — | — | — | — | 12 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net earnings attributable to Mondelēz International |
$ | 447 | $ | 152 | $ | 33 | $ | 15 | $ | 48 | $ | (4 | ) | $ | 691 | |||||||||||||
|
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|
|
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|
|
|||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.25 | $ | 0.08 | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | — | $ | 0.39 | ||||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||
| Diluted |
1,779 | |||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) and interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 24
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended September 30, 2011
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
Operating Income from Divested Businesses (3) |
As Adjusted (Non-GAAP) |
||||||||||||||||||||||
| Operating income |
$ | 933 | $ | 112 | $ | — | $ | 23 | $ | — | $ | (23 | ) | $ | 1,045 | |||||||||||||
| Operating income margin |
10.6 | % | 12.0 | % | ||||||||||||||||||||||||
| Interest and other expense, net |
359 | — | — | — | (78 | ) | — | 281 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations before income taxes |
574 | 112 | — | 23 | 78 | (23 | ) | 764 | ||||||||||||||||||||
| Provision for income taxes |
66 | 1 | — | 9 | 30 | (5 | ) | 101 | ||||||||||||||||||||
| Effective tax rate |
11.5 | % | 13.2 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations |
$ | 508 | $ | 111 | $ | — | $ | 14 | $ | 48 | $ | (18 | ) | $ | 663 | |||||||||||||
| Noncontrolling interest |
5 | — | — | — | — | — | 5 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net earnings attributable to Mondelēz International |
$ | 503 | $ | 111 | $ | — | $ | 14 | $ | 48 | $ | (18 | ) | $ | 658 | |||||||||||||
|
|
|
|
|
|
|
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|
|
|
|||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.28 | $ | 0.06 | $ | — | $ | 0.01 | $ | 0.03 | $ | (0.01 | ) | $ | 0.37 | |||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||
| Diluted |
1,777 | |||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) and interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 25
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended June 30, 2011
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
Operating Income from Divested Businesses (3) |
As Adjusted (Non-GAAP) |
||||||||||||||||||||||
| Operating income |
$ | 915 | $ | 136 | $ | — | $ | 22 | $ | — | $ | (19 | ) | $ | 1,054 | |||||||||||||
| Operating income margin |
10.0 | % | 11.6 | % | ||||||||||||||||||||||||
| Interest and other expense, net |
375 | — | — | — | (77 | ) | — | 298 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations before income taxes |
540 | 136 | — | 22 | 77 | (19 | ) | 756 | ||||||||||||||||||||
| Provision for income taxes |
95 | 16 | — | 8 | 29 | (4 | ) | 144 | ||||||||||||||||||||
| Effective tax rate |
17.6 | % | 19.0 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings from continuing operations |
$ | 445 | $ | 120 | $ | — | $ | 14 | $ | 48 | $ | (15 | ) | $ | 612 | |||||||||||||
| Noncontrolling interest |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net earnings attributable to Mondelēz International |
$ | 445 | $ | 120 | $ | — | $ | 14 | $ | 48 | $ | (15 | ) | $ | 612 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| As Reported (GAAP) |
Operating (Non-GAAP) |
|||||||||||||||||||||||||||
| Per share data: |
||||||||||||||||||||||||||||
| Diluted earnings per share attributable to Mondelēz International: |
||||||||||||||||||||||||||||
| - Continuing operations |
$ | 0.25 | $ | 0.07 | $ | — | $ | 0.01 | $ | 0.03 | $ | (0.01 | ) | $ | 0.35 | |||||||||||||
| Average shares outstanding: |
||||||||||||||||||||||||||||
| Diluted |
1,771 | |||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) and interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |
Schedule 26
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Operating Income/Net Earnings/Earnings per Share
For the Three Months Ended March 31, 2011
(in millions of dollars, except per share data) (Unaudited)
| As Reported (GAAP) |
Integration Program Costs (1) |
Spin-Off Costs (2) |
Spin-Off Pension Adjustment (2) |
Spin-Off Interest Adjustment (2) |
Operating Income from Divested Businesses (3) |
As Adjusted (Non-GAAP) |
||||||||||||||||||||||
| Operating income |
$ | 827 | $ | 104 | $ | — | $ | 23 | $ | — | $ | (10 | ) | $ | 944 | |||||||||||||
| Operating income margin |
10.1 | % | 11.6 | % | ||||||||||||||||||||||||
| Interest and other expense, net |
380 | — | — | — | (78 | ) | — | 302 | ||||||||||||||||||||
|
|
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| Earnings from continuing operations before income taxes |
447 | 104 | — | 23 | 78 | (10 | ) | 642 | ||||||||||||||||||||
| Provision for income taxes |
122 | (10 | ) | — | 9 | 29 | (2 | ) | 148 | |||||||||||||||||||
| Effective tax rate |
27.3 | % | 23.1 | % | ||||||||||||||||||||||||
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| Earnings from continuing operations |
$ | 325 | $ | 114 | $ | — | $ | 14 | $ | 49 | $ | (8 | ) | $ | 494 | |||||||||||||
| Noncontrolling interest |
3 | — | — | — | — | — | 3 | |||||||||||||||||||||
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| Net earnings attributable to Mondelēz International |
$ | 322 | $ | 114 | $ | — | $ | 14 | $ | 49 | $ | (8 | ) | $ | 491 | |||||||||||||
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| As Reported (GAAP) |
Operating (Non-GAAP) |
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| Per share data: |
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| Diluted earnings per share attributable to Mondelēz International: |
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| - Continuing operations |
$ | 0.18 | $ | 0.06 | $ | — | $ | 0.01 | $ | 0.03 | $ | — | $ | 0.28 | ||||||||||||||
| Average shares outstanding: |
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| Diluted |
1,760 | |||||||||||||||||||||||||||
| (1) | Integration Program costs are defined as the costs associated with combining the Mondelēz International and Cadbury businesses, and are separate from those costs associated with the acquisition. |
| (2) | Spin-Off Costs represent transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the Kraft Foods Group business and the Mondelēz International business. Spin-Off related adjustments refers to: (a) a pension adjustment defined as the estimated benefit plan expense based on market conditions and benefit plan assumptions as of January 1, 2012, associated with certain benefit plan obligations transferred to Kraft Foods Group in the Spin-Off; and (b) and interest adjustment defined as the interest expense associated with the assumed reduction of the $6 billion of our debt on January 1, 2011, from the utilization of funds received from the $6 billion of notes Kraft Foods Group issued directly and cash proceeds distributed to us in June 2012 in connection with our Spin-Off capitalization plan. |
| (3) | Reflects divestitures that occurred in 2012; there were no divestitures that occurred in 2011. |