Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - Mondelez International, Inc. | d67165dex992.htm |
| 8-K - 8-K - Mondelez International, Inc. | d67165d8k.htm |
Exhibit 99.1
U.S. GAAP to Non-GAAP Reconciliations
In addition to reporting our U.S. GAAP operating results, we have historically reported non-GAAP financial information. Refer also to our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K for the periods presented for additional information on our GAAP to non-GAAP adjustments.
Schedule 1.a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
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| Reported (GAAP) |
$ | 2,704 | $ | (102 | ) | $ | 364 | $ | 2,442 | $ | 880 | 36.0 | % | $ | (537 | ) | $ | (311 | ) | $ | 11 | $ | 2,399 | $ | 1.66 | |||||||||||||||||||
| Simplify to Grow Program |
248 | (4 | ) | — | 252 | 55 | — | — | — | 197 | 0.14 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
144 | — | — | 144 | 33 | — | — | — | 111 | 0.08 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
42 | — | 4 | 38 | 5 | — | — | — | 33 | 0.03 | ||||||||||||||||||||||||||||||||||
| Acquisition integration costs |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
15 | — | — | 15 | — | — | — | — | 15 | 0.01 | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
4 | — | — | 4 | — | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
— | — | — | — | — | — | 16 | — | (16 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
| Costs associated with JDE Peet’s transaction |
48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
7 | — | — | 7 | — | — | — | — | 7 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (9 | ) | 9 | 2 | — | — | — | 7 | 0.01 | |||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.05 | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (94 | ) | 537 | — | — | (443 | ) | (0.31 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 11 | — | (82 | ) | — | 71 | 0.05 | |||||||||||||||||||||||||||||||||
| Rounding |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 3,213 | $ | (106 | ) | $ | 256 | $ | 3,063 | $ | 655 | 21.4 | % | $ | — | $ | (377 | ) | $ | 11 | $ | 2,774 | $ | 1.92 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (5 | ) | — | 18 | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (2 | ) | — | 7 | — | (5 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 3,213 | $ | (106 | ) | $ | 256 | $ | 3,063 | $ | 648 | 21.2 | % | $ | — | $ | (352 | ) | $ | 11 | $ | 2,756 | $ | 1.91 | ||||||||||||||||||||
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| Currency |
74 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 2,830 | $ | 1.96 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,442 | |||||||||||||||||||||||||||||||||||||||||||
| For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Loss on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
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| Reported (GAAP) |
$ | 2,937 | $ | (42 | ) | $ | 386 | $ | 2,593 | $ | (228 | ) | (8.8 | )% | $ | 2 | $ | (389 | ) | $ | 12 | $ | 3,196 | $ | 2.19 | |||||||||||||||||||
| Simplify to Grow Program |
304 | (6 | ) | — | 310 | 67 | — | — | — | 243 | 0.17 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(69 | ) | — | (2 | ) | (67 | ) | (14 | ) | — | — | — | (53 | ) | (0.04 | ) | ||||||||||||||||||||||||||||
| Acquisition-related costs |
2 | — | — | 2 | 1 | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
6 | — | — | 6 | — | — | — | — | 6 | 0.01 | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(9 | ) | — | — | (9 | ) | (1 | ) | — | 32 | — | (40 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Net gain on divestiture |
(44 | ) | — | — | (44 | ) | (2 | ) | — | — | — | (42 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
(35 | ) | — | (3 | ) | (32 | ) | (9 | ) | — | — | — | (23 | ) | (0.02 | ) | ||||||||||||||||||||||||||||
| CEO transition remuneration |
9 | — | — | 9 | — | — | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
| Swiss tax reform net impacts |
2 | — | — | 2 | 769 | — | — | — | (767 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax expense |
— | — | — | — | (2 | ) | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
| Loss on equity method investment transactions |
— | — | — | — | (7 | ) | (2 | ) | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 9 | — | (40 | ) | — | 31 | 0.02 | |||||||||||||||||||||||||||||||||
| Rounding |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 3,163 | $ | (48 | ) | $ | 270 | $ | 2,941 | $ | 597 | 20.3 | % | $ | — | $ | (397 | ) | $ | 12 | $ | 2,729 | $ | 1.87 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (4 | ) | — | 16 | — | (12 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (2 | ) | — | 6 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 3,163 | $ | (48 | ) | $ | 270 | $ | 2,941 | $ | 591 | 20.1 | % | $ | — | $ | (375 | ) | $ | 12 | $ | 2,713 | $ | 1.86 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,459 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
5
Schedule 1.b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
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| Reported (GAAP) |
$ | 1,135 | $ | (38 | ) | $ | 89 | $ | 1,084 | $ | 391 | 36.1 | % | $ | (345 | ) | $ | (84 | ) | $ | 3 | $ | 1,119 | $ | 0.78 | |||||||||||||||||||
| Simplify to Grow Program |
114 | — | — | 114 | 22 | — | — | — | 92 | 0.06 | ||||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
54 | — | — | 54 | 12 | — | — | — | 42 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(145 | ) | — | 3 | (148 | ) | (27 | ) | — | — | — | (121 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
| Acquisition-related costs |
— | — | — | — | (3 | ) | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
| Divestiture-related costs |
6 | — | — | 6 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (77 | ) | 345 | — | — | (268 | ) | (0.19 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 3 | — | (41 | ) | — | 38 | 0.03 | |||||||||||||||||||||||||||||||||
| Rounding |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,165 | $ | (38 | ) | $ | 89 | $ | 1,114 | $ | 322 | 28.9 | % | $ | — | $ | (125 | ) | $ | 3 | $ | 914 | $ | 0.63 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (3 | ) | — | 7 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (1 | ) | — | 2 | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,165 | $ | (38 | ) | $ | 89 | $ | 1,114 | $ | 318 | 28.5 | % | $ | — | $ | (116 | ) | $ | 3 | $ | 909 | $ | 0.63 | ||||||||||||||||||||
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| Currency |
4 | — | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 913 | $ | 0.63 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,442 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Loss on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
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| Reported (GAAP) |
$ | 876 | $ | (13 | ) | $ | 205 | $ | 684 | $ | (633 | ) | (92.5 | )% | $ | — | $ | (114 | ) | $ | 5 | $ | 1,426 | $ | 0.98 | |||||||||||||||||||
| Simplify to Grow Program |
151 | (1 | ) | — | 152 | 29 | — | — | — | 123 | 0.08 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(20 | ) | — | (2 | ) | (18 | ) | (8 | ) | — | — | — | (10 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
| Acquisition-related costs |
1 | — | — | 1 | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
(4 | ) | — | — | (4 | ) | (1 | ) | — | — | — | (3 | ) | — | ||||||||||||||||||||||||||||||
| Net earnings from divestitures |
— | — | — | — | — | — | 8 | — | (8 | ) | — | |||||||||||||||||||||||||||||||||
| Net gain on divestiture |
(3 | ) | — | — | (3 | ) | 1 | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
| CEO transition remuneration |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
| Swiss tax reform net impacts |
2 | — | — | 2 | 769 | — | — | — | (767 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 2 | — | (11 | ) | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
| Rounding |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 174 | 17.6 | % | $ | — | $ | (117 | ) | $ | 5 | $ | 928 | $ | 0.64 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (2 | ) | — | 6 | — | (4 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (1 | ) | — | 2 | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 171 | 17.3 | % | $ | — | $ | (109 | ) | $ | 5 | $ | 923 | $ | 0.63 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,458 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
6
Schedule 1.c
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
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| Reported (GAAP) |
$ | 713 | $ | (31 | ) | $ | 85 | $ | 659 | $ | 341 | 51.7 | % | $ | (121 | ) | $ | (106 | ) | $ | 1 | $ | 544 | $ | 0.38 | |||||||||||||||||||
| Simplify to Grow Program |
76 | (4 | ) | — | 80 | 20 | — | — | — | 60 | 0.04 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
90 | — | — | 90 | 21 | — | — | — | 69 | 0.05 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Acquisition integration costs |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
10 | — | — | 10 | 2 | — | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
(2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
| Net earnings from divestitures |
— | — | — | — | — | — | 8 | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
| Costs associated with JDE Peet’s transaction |
48 | — | — | 48 | (261 | ) | — | — | — | 309 | 0.21 | |||||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | — | 121 | — | — | (121 | ) | (0.08 | ) | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 7 | — | (34 | ) | — | 27 | 0.02 | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 130 | 14.5 | % | $ | — | $ | (132 | ) | $ | 1 | $ | 896 | $ | 0.62 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | — | — | 3 | — | (3 | ) | — | |||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Adjusted (Non-GAAP) - As Recast |
$ | 942 | $ | (35 | ) | $ | 82 | $ | 895 | $ | 129 | 14.4 | % | $ | — | $ | (124 | ) | $ | 1 | $ | 889 | $ | 0.62 | ||||||||||||||||||||
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| Currency |
27 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||
| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 916 | $ | 0.64 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,439 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Loss on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 1,025 | $ | (12 | ) | $ | 101 | $ | 936 | $ | 216 | 23.1 | % | $ | 25 | $ | (109 | ) | $ | 1 | $ | 803 | $ | 0.55 | ||||||||||||||||||||
| Simplify to Grow Program |
83 | (5 | ) | — | 88 | 19 | — | — | — | 69 | 0.05 | |||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(33 | ) | — | — | (33 | ) | (3 | ) | — | — | — | (30 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
| Acquisition-related costs |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
11 | — | — | 11 | 1 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(5 | ) | — | — | (5 | ) | (1 | ) | — | 9 | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| Net gain on divestiture |
(41 | ) | — | — | (41 | ) | (3 | ) | — | — | — | (38 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
| Impact from pension participation changes |
(35 | ) | — | — | (35 | ) | (9 | ) | — | — | — | (26 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
| CEO transition remuneration |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax expense |
— | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
| Loss on equity method investment transactions |
— | — | — | — | (2 | ) | (25 | ) | — | — | 27 | 0.02 | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 3 | — | (12 | ) | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (112 | ) | $ | 1 | $ | 815 | $ | 0.56 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 219 | 23.7 | % | $ | — | $ | (106 | ) | $ | 1 | $ | 810 | $ | 0.56 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,458 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
7
Schedule 1.d
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 856 | $ | (33 | ) | $ | 190 | $ | 699 | $ | 148 | 21.2 | % | $ | (71 | ) | $ | (121 | ) | $ | 7 | $ | 736 | $ | 0.51 | |||||||||||||||||||
| Simplify to Grow Program |
58 | — | — | 58 | 13 | — | — | — | 45 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
185 | — | 1 | 184 | 32 | — | — | — | 152 | 0.11 | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
5 | — | — | 5 | 1 | — | — | — | 4 | — | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
— | — | — | — | — | — | 8 | — | (8 | ) | — | |||||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (103 | ) | 103 | 24 | — | — | — | 79 | 0.06 | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (17 | ) | 71 | — | — | (54 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 1 | — | (7 | ) | — | 6 | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 203 | 19.3 | % | $ | — | $ | (120 | ) | $ | 7 | $ | 964 | $ | 0.67 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (2 | ) | — | 8 | — | (6 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,106 | $ | (33 | ) | $ | 85 | $ | 1,054 | $ | 201 | 19.1 | % | $ | — | $ | (112 | ) | $ | 7 | $ | 958 | $ | 0.66 | ||||||||||||||||||||
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| Currency |
43 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||
| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 1,001 | $ | 0.69 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,445 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 1,036 | $ | (17 | ) | $ | 80 | $ | 973 | $ | 189 | 19.4 | % | $ | (23 | ) | $ | (166 | ) | $ | 6 | $ | 967 | $ | 0.66 | |||||||||||||||||||
| Simplify to Grow Program |
70 | — | — | 70 | 19 | — | — | — | 51 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(16 | ) | — | — | (16 | ) | (3 | ) | — | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| Divestiture-related costs |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(4 | ) | — | — | (4 | ) | — | — | 15 | — | (19 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| CEO transition remuneration |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax expense |
— | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (5 | ) | 23 | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 4 | — | (17 | ) | — | 13 | 0.01 | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (168 | ) | $ | 6 | $ | 986 | $ | 0.67 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 201 | 19.6 | % | $ | — | $ | (160 | ) | $ | 6 | $ | 980 | $ | 0.67 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,461 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
8
Schedule 1.e
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Twelve Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Loss on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 3,843 | $ | (60 | ) | $ | 456 | $ | 3,447 | $ | 2 | 0.1 | % | $ | 2 | $ | (501 | ) | $ | 15 | $ | 3,929 | $ | 2.69 | ||||||||||||||||||||
| Simplify to Grow Program |
442 | (6 | ) | — | 448 | 103 | — | — | — | 345 | 0.24 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(91 | ) | — | (1 | ) | (90 | ) | (19 | ) | — | — | — | (71 | ) | (0.05 | ) | ||||||||||||||||||||||||||||
| Acquisition-related costs |
3 | — | — | 3 | 1 | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
6 | — | — | 6 | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(9 | ) | — | — | (9 | ) | (2 | ) | — | 40 | — | (47 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Gain on divestitures |
(44 | ) | — | — | (44 | ) | (3 | ) | — | — | — | (41 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
(4 | ) | — | — | (4 | ) | — | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
| Impact from pension participation changes |
(35 | ) | — | (6 | ) | (29 | ) | (8 | ) | — | — | — | (21 | ) | (0.02 | ) | ||||||||||||||||||||||||||||
| Impact from resolution of tax matters |
85 | — | — | 85 | 21 | — | — | — | 64 | 0.05 | ||||||||||||||||||||||||||||||||||
| CEO transition remuneration |
9 | — | — | 9 | — | — | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
| Swiss tax reform net impacts |
2 | — | — | 2 | 769 | — | — | — | (767 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (5 | ) | — | — | — | 5 | — | |||||||||||||||||||||||||||||||||
| Loss on equity method investment transactions |
— | — | — | — | (6 | ) | (2 | ) | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 11 | — | (55 | ) | — | 44 | 0.03 | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Adjusted (Non-GAAP) |
$ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 878 | 22.0 | % | $ | — | $ | (516 | ) | $ | 15 | $ | 3,615 | $ | 2.48 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (5 | ) | — | 22 | — | (17 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (2 | ) | — | 7 | — | (5 | ) | — | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Adjusted (Non-GAAP) - As Recast |
$ | 4,264 | $ | (66 | ) | $ | 338 | $ | 3,992 | $ | 871 | 21.8 | % | $ | — | $ | (487 | ) | $ | 15 | $ | 3,593 | $ | 2.46 | ||||||||||||||||||||
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| Currency |
220 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||
|
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|||||||||||||||||||||||||||||||||||||||||
| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 3,813 | $ | 2.62 | ||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||
| Diluted Average Shares Outstanding |
1,458 | |||||||||||||||||||||||||||||||||||||||||||
| For the Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 3,312 | $ | (50 | ) | $ | 520 | $ | 2,842 | $ | 773 | 27.2 | % | $ | (778 | ) | $ | (484 | ) | $ | 14 | $ | 3,317 | $ | 2.23 | |||||||||||||||||||
| Simplify to Grow Program |
626 | (5 | ) | — | 631 | 156 | — | — | — | 475 | 0.32 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(141 | ) | — | 1 | (142 | ) | (10 | ) | — | — | — | (132 | ) | (0.09 | ) | |||||||||||||||||||||||||||||
| Acquisition integration costs |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
(1 | ) | — | — | (1 | ) | (2 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(19 | ) | — | — | (19 | ) | (2 | ) | — | 30 | — | (47 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
11 | — | — | 11 | — | — | — | — | 11 | 0.01 | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
423 | — | (6 | ) | 429 | 108 | — | — | — | 321 | 0.22 | |||||||||||||||||||||||||||||||||
| Impact from resolution of tax matters |
(15 | ) | — | (4 | ) | (11 | ) | 6 | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| CEO transition remuneration |
22 | — | — | 22 | 5 | — | — | — | 17 | 0.01 | ||||||||||||||||||||||||||||||||||
| Gain related to interest rate swaps |
— | — | 10 | (10 | ) | (2 | ) | — | — | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Loss on debt extinguishment and related expenses |
— | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (19 | ) | — | — | — | 19 | 0.01 | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (192 | ) | 778 | — | — | (586 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | (16 | ) | — | 41 | — | (25 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (413 | ) | $ | 14 | $ | 3,516 | $ | 2.37 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (7 | ) | — | 29 | — | (22 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | 1 | — | (9 | ) | — | 8 | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 853 | 21.5 | % | $ | — | $ | (393 | ) | $ | 14 | $ | 3,502 | $ | 2.36 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,486 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
9
Schedule 1.f
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 906 | $ | (18 | ) | $ | 70 | $ | 854 | $ | 230 | 26.9 | % | $ | — | $ | (112 | ) | $ | 3 | $ | 733 | $ | 0.50 | ||||||||||||||||||||
| Simplify to Grow Program |
138 | — | — | 138 | 36 | — | — | — | 102 | 0.07 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(22 | ) | — | 1 | (23 | ) | (5 | ) | — | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| Acquisition-related costs |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
— | — | — | — | (1 | ) | — | 8 | — | (7 | ) | — | ||||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
(6 | ) | — | — | (6 | ) | — | — | — | — | (6 | ) | — | |||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
| Impact from resolution of tax matters |
85 | — | — | 85 | 21 | — | — | — | 64 | 0.04 | ||||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (3 | ) | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 2 | — | (15 | ) | — | 13 | 0.01 | |||||||||||||||||||||||||||||||||
| Rounding |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,101 | $ | (18 | ) | $ | 68 | $ | 1,051 | $ | 281 | 26.7 | % | $ | — | $ | (119 | ) | $ | 3 | $ | 886 | $ | 0.61 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 6 | — | (5 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,101 | $ | (18 | ) | $ | 68 | $ | 1,051 | $ | 280 | 26.6 | % | $ | — | $ | (112 | ) | $ | 3 | $ | 880 | $ | 0.61 | ||||||||||||||||||||
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| Currency |
34 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 914 | $ | 0.63 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,453 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 870 | $ | (3 | ) | $ | 106 | $ | 767 | $ | 111 | 14.5 | % | $ | (21 | ) | $ | (83 | ) | $ | 3 | $ | 757 | $ | 0.51 | |||||||||||||||||||
| Simplify to Grow Program |
194 | (2 | ) | — | 196 | 45 | — | — | — | 151 | 0.10 | |||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
40 | — | 2 | 38 | 17 | — | — | — | 21 | 0.02 | ||||||||||||||||||||||||||||||||||
| Acquisition integration costs |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
| Divestiture-related costs |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(5 | ) | — | — | (5 | ) | 1 | — | 6 | — | (12 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
(2 | ) | — | — | (2 | ) | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||
| Impact from pension participation changes |
15 | — | (3 | ) | 18 | 4 | — | — | — | 14 | 0.01 | |||||||||||||||||||||||||||||||||
| Impact from resolution of tax matters |
(26 | ) | — | — | (26 | ) | (9 | ) | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| CEO transition remuneration |
4 | — | — | 4 | 1 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | 77 | — | — | — | (77 | ) | (0.05 | ) | ||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (8 | ) | 21 | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 7 | — | (38 | ) | — | 31 | 0.02 | |||||||||||||||||||||||||||||||||
| Rounding |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,091 | $ | (5 | ) | $ | 105 | $ | 991 | $ | 246 | 24.8 | % | $ | — | $ | (115 | ) | $ | 3 | $ | 857 | $ | 0.58 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (2 | ) | — | 4 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,091 | $ | (5 | ) | $ | 105 | $ | 991 | $ | 243 | 24.5 | % | $ | — | $ | (108 | ) | $ | 3 | $ | 853 | $ | 0.58 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,470 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
10
Schedule 1.g
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 876 | $ | (13 | ) | $ | 205 | $ | 684 | $ | (633 | ) | (92.5 | )% | $ | — | $ | (114 | ) | $ | 5 | $ | 1,426 | $ | 0.98 | |||||||||||||||||||
| Simplify to Grow Program |
151 | (1 | ) | — | 152 | 29 | — | — | — | 123 | 0.08 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
57 | — | — | 57 | 14 | — | — | — | 43 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(20 | ) | — | (2 | ) | (18 | ) | (8 | ) | — | — | — | (10 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
| Acquisition-related costs |
1 | — | — | 1 | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
(4 | ) | — | — | (4 | ) | (1 | ) | — | — | — | (3 | ) | — | ||||||||||||||||||||||||||||||
| Net earnings from divestitures |
— | — | — | — | — | — | 8 | — | (8 | ) | — | |||||||||||||||||||||||||||||||||
| Gain on divestitures |
(3 | ) | — | — | (3 | ) | 1 | — | — | — | (4 | ) | — | |||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||
| CEO transition remuneration |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (111 | ) | 111 | — | — | — | — | 111 | 0.08 | |||||||||||||||||||||||||||||||||
| Swiss tax reform net impacts |
2 | — | — | 2 | 769 | — | — | — | (767 | ) | (0.53 | ) | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 2 | — | (11 | ) | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
| Rounding |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 174 | 17.6 | % | $ | — | $ | (117 | ) | $ | 5 | $ | 928 | $ | 0.64 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (2 | ) | — | 6 | — | (4 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (1 | ) | — | 2 | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,065 | $ | (14 | ) | $ | 89 | $ | 990 | $ | 171 | 17.3 | % | $ | — | $ | (109 | ) | $ | 5 | $ | 923 | $ | 0.63 | ||||||||||||||||||||
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| Currency |
47 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 975 | $ | 0.67 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,458 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 737 | $ | (19 | ) | $ | 86 | $ | 670 | $ | 310 | 46.3 | % | $ | (757 | ) | $ | (84 | ) | $ | 3 | $ | 1,198 | $ | 0.81 | |||||||||||||||||||
| Simplify to Grow Program |
139 | — | — | 139 | 34 | — | — | — | 105 | 0.07 | ||||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
112 | — | (1 | ) | 113 | 12 | — | — | — | 101 | 0.07 | |||||||||||||||||||||||||||||||||
| Acquisition integration costs |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
| Acquisition-related costs |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(6 | ) | — | — | (6 | ) | (1 | ) | — | 6 | — | (11 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
13 | — | — | 13 | — | — | — | — | 13 | 0.01 | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
— | — | (3 | ) | 3 | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||||||
| CEO transition remuneration |
4 | — | — | 4 | 1 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Gain related to interest rate swaps |
— | — | 1 | (1 | ) | — | — | — | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (9 | ) | — | — | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (184 | ) | 757 | — | — | (573 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 2 | — | (9 | ) | — | 7 | 0.01 | |||||||||||||||||||||||||||||||||
| Rounding |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,068 | $ | (19 | ) | $ | 83 | $ | 1,004 | $ | 182 | 18.1 | % | $ | — | $ | (87 | ) | $ | 3 | $ | 906 | $ | 0.61 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | — | — | 2 | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (2 | ) | — | 3 | — | (1 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,068 | $ | (19 | ) | $ | 83 | $ | 1,004 | $ | 180 | 17.9 | % | $ | — | $ | (82 | ) | $ | 3 | $ | 903 | $ | 0.61 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,480 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
11
Schedule 1.h
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Loss on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 1,025 | $ | (12 | ) | $ | 101 | $ | 936 | $ | 216 | 23.1 | % | $ | 25 | $ | (109 | ) | $ | 1 | $ | 803 | $ | 0.55 | ||||||||||||||||||||
| Simplify to Grow Program |
83 | (5 | ) | — | 88 | 19 | — | — | — | 69 | 0.05 | |||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(33 | ) | — | — | (33 | ) | (3 | ) | — | — | — | (30 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
| Acquisition-related costs |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
11 | — | — | 11 | 1 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(5 | ) | — | — | (5 | ) | (1 | ) | — | 9 | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| Gain on divestitures |
(41 | ) | — | — | (41 | ) | (3 | ) | — | — | — | (38 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
| Impact from pension participation changes |
(35 | ) | — | — | (35 | ) | (9 | ) | — | — | — | (26 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
| CEO transition remuneration |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
| Loss on equity method investment transactions |
— | — | — | — | (2 | ) | (25 | ) | — | — | 27 | 0.02 | ||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 3 | — | (12 | ) | — | 9 | 0.01 | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 220 | 23.8 | % | $ | — | $ | (112 | ) | $ | 1 | $ | 815 | $ | 0.56 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | — | — | 1 | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,008 | $ | (17 | ) | $ | 101 | $ | 924 | $ | 219 | 23.7 | % | $ | — | $ | (106 | ) | $ | 1 | $ | 810 | $ | 0.56 | ||||||||||||||||||||
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| Currency |
52 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 862 | $ | 0.59 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,458 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 481 | $ | (15 | ) | $ | 248 | $ | 248 | $ | 15 | 6.0 | % | $ | — | $ | (88 | ) | $ | 2 | $ | 319 | $ | 0.21 | ||||||||||||||||||||
| Simplify to Grow Program |
179 | (3 | ) | — | 182 | 47 | — | — | — | 135 | 0.09 | |||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(88 | ) | — | — | (88 | ) | (14 | ) | — | — | — | (74 | ) | (0.05 | ) | |||||||||||||||||||||||||||||
| Acquisition integration costs |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(2 | ) | — | — | (2 | ) | (3 | ) | — | 6 | — | (5 | ) | — | ||||||||||||||||||||||||||||||
| Impact from pension participation changes |
408 | — | — | 408 | 103 | — | — | — | 305 | 0.20 | ||||||||||||||||||||||||||||||||||
| Impact from resolution of tax matters |
11 | — | (4 | ) | 15 | 15 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| CEO transition remuneration |
10 | — | — | 10 | 2 | — | — | — | 8 | 0.01 | ||||||||||||||||||||||||||||||||||
| Loss related to interest rate swaps |
— | — | (5 | ) | 5 | 1 | — | — | — | 4 | — | |||||||||||||||||||||||||||||||||
| Loss on debt extinguishment and related expenses |
— | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | 2 | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 1 | — | (8 | ) | — | 7 | 0.01 | |||||||||||||||||||||||||||||||||
| Rounding |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,016 | $ | (18 | ) | $ | 99 | $ | 935 | $ | 207 | 22.1 | % | $ | — | $ | (90 | ) | $ | 2 | $ | 816 | $ | 0.55 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | 1 | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,016 | $ | (18 | ) | $ | 99 | $ | 935 | $ | 207 | 22.1 | % | $ | — | $ | (87 | ) | $ | 2 | $ | 813 | $ | 0.55 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,488 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
12
Schedule 1.i
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 1,036 | $ | (17 | ) | $ | 80 | $ | 973 | $ | 189 | 19.4 | % | $ | (23 | ) | $ | (166 | ) | $ | 6 | $ | 967 | $ | 0.66 | |||||||||||||||||||
| Simplify to Grow Program |
70 | — | — | 70 | 19 | — | — | — | 51 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(16 | ) | — | — | (16 | ) | (3 | ) | — | — | — | (13 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| Divestiture-related costs |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(4 | ) | — | — | (4 | ) | — | — | 15 | — | (19 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
2 | — | — | 2 | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||
| CEO transition remuneration |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (1 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (5 | ) | 23 | — | — | (18 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 4 | — | (17 | ) | — | 13 | 0.01 | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 203 | 19.8 | % | $ | — | $ | (168 | ) | $ | 6 | $ | 986 | $ | 0.67 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (1 | ) | — | 5 | — | (4 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (1 | ) | — | 3 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,090 | $ | (17 | ) | $ | 80 | $ | 1,027 | $ | 201 | 19.6 | % | $ | — | $ | (160 | ) | $ | 6 | $ | 980 | $ | 0.67 | ||||||||||||||||||||
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| Currency |
87 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 1,067 | $ | 0.73 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,461 | |||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 1,224 | $ | (13 | ) | $ | 80 | $ | 1,157 | $ | 337 | 29.1 | % | $ | — | $ | (229 | ) | $ | 6 | $ | 1,043 | $ | 0.69 | ||||||||||||||||||||
| Simplify to Grow Program |
114 | — | — | 114 | 30 | — | — | — | 84 | 0.06 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(206 | ) | — | — | (206 | ) | (25 | ) | — | — | — | (181 | ) | (0.12 | ) | |||||||||||||||||||||||||||||
| Acquisition integration costs |
1 | — | — | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
(3 | ) | — | — | (3 | ) | (2 | ) | — | — | — | (1 | ) | — | ||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(6 | ) | — | — | (6 | ) | 1 | — | 12 | — | (19 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| CEO transition remuneration |
4 | — | — | 4 | 1 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Gain related to interest rate swaps |
— | — | 14 | (14 | ) | (3 | ) | — | — | — | (11 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (89 | ) | — | — | — | 89 | 0.06 | |||||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | (26 | ) | — | 96 | — | (70 | ) | (0.05 | ) | |||||||||||||||||||||||||||||||
| Rounding |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 1,127 | $ | (13 | ) | $ | 94 | $ | 1,046 | $ | 224 | 21.4 | % | $ | — | $ | (121 | ) | $ | 6 | $ | 937 | $ | 0.62 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (5 | ) | — | 21 | — | (16 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | 4 | — | (16 | ) | — | 12 | 0.01 | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 1,127 | $ | (13 | ) | $ | 94 | $ | 1,046 | $ | 223 | 21.3 | % | $ | — | $ | (116 | ) | $ | 6 | $ | 933 | $ | 0.62 | ||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,505 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
13
Schedule 1.j
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
| For the Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 3,312 | $ | (50 | ) | $ | 520 | $ | 2,842 | $ | 773 | 27.2 | % | $ | (778 | ) | $ | (484 | ) | $ | 14 | $ | 3,317 | $ | 2.23 | |||||||||||||||||||
| Simplify to Grow Program |
626 | (5 | ) | — | 631 | 156 | — | — | — | 475 | 0.32 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
68 | — | — | 68 | 16 | — | — | — | 52 | 0.03 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(141 | ) | — | 1 | (142 | ) | (10 | ) | — | — | — | (132 | ) | (0.09 | ) | |||||||||||||||||||||||||||||
| Acquisition integration costs |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Acquisition-related costs |
13 | — | — | 13 | 3 | — | — | — | 10 | 0.01 | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
(1 | ) | — | — | (1 | ) | (2 | ) | — | — | — | 1 | — | |||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(19 | ) | — | — | (19 | ) | (2 | ) | — | 30 | — | (47 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Remeasurement of net monetary position |
11 | — | — | 11 | — | — | — | — | 11 | 0.01 | ||||||||||||||||||||||||||||||||||
| Impact from pension participation changes |
423 | — | (6 | ) | 429 | 108 | — | — | — | 321 | 0.22 | |||||||||||||||||||||||||||||||||
| Impact from resolution of tax matters |
(15 | ) | — | (4 | ) | (11 | ) | 6 | — | — | — | (17 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
| CEO transition remuneration |
22 | — | — | 22 | 5 | — | — | — | 17 | 0.01 | ||||||||||||||||||||||||||||||||||
| Gain related to interest rate swaps |
— | — | 10 | (10 | ) | (2 | ) | — | — | — | (8 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Loss on debt extinguishment and related expenses |
— | — | (140 | ) | 140 | 35 | — | — | — | 105 | 0.07 | |||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | (19 | ) | — | — | — | 19 | 0.01 | |||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (192 | ) | 778 | — | — | (586 | ) | (0.39 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | (16 | ) | — | 41 | — | (25 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) |
$ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 859 | 21.6 | % | $ | — | $ | (413 | ) | $ | 14 | $ | 3,516 | $ | 2.37 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (7 | ) | — | 29 | — | (22 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | 1 | — | (9 | ) | — | 8 | — | |||||||||||||||||||||||||||||||||
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| Adjusted (Non-GAAP) - As Recast |
$ | 4,302 | $ | (55 | ) | $ | 381 | $ | 3,976 | $ | 853 | 21.5 | % | $ | — | $ | (393 | ) | $ | 14 | $ | 3,502 | $ | 2.36 | ||||||||||||||||||||
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| Currency |
35 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
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| Adjusted @ Constant FX (Non-GAAP) - As Recast |
$ | 3,537 | $ | 2.38 | ||||||||||||||||||||||||||||||||||||||||
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| Diluted Average Shares Outstanding |
1,486 | |||||||||||||||||||||||||||||||||||||||||||
| For the Twelve Months Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income |
Benefit plan non- service expense / (income) |
Interest and other expense, net |
Earnings before income taxes |
Income taxes (1) |
Effective tax rate |
Gain on equity method investment transactions |
Equity method investment net losses / (earnings) |
Non- controlling interest earnings |
Net Earnings attributable to Mondelēz International |
Diluted EPS attributable to Mondelēz International |
||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
$ | 3,462 | $ | (44 | ) | $ | 382 | $ | 3,124 | $ | 666 | 21.3 | % | $ | (40 | ) | $ | (315 | ) | $ | 14 | $ | 2,799 | $ | 1.83 | |||||||||||||||||||
| Simplify to Grow Program |
777 | (15 | ) | — | 792 | 190 | — | — | — | 602 | 0.39 | |||||||||||||||||||||||||||||||||
| Intangible asset impairment charges |
109 | — | — | 109 | 30 | — | — | — | 79 | 0.05 | ||||||||||||||||||||||||||||||||||
| Mark-to-market (gains)/losses from derivatives |
96 | — | — | 96 | 6 | — | — | — | 90 | 0.06 | ||||||||||||||||||||||||||||||||||
| Malware incident incremental expenses |
84 | — | — | 84 | 27 | — | — | — | 57 | 0.04 | ||||||||||||||||||||||||||||||||||
| Acquisition integration costs |
3 | — | — | 3 | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
| Divestiture-related costs |
31 | — | (3 | ) | 34 | (8 | ) | — | — | — | 42 | 0.02 | ||||||||||||||||||||||||||||||||
| Net earnings from divestitures |
(92 | ) | — | — | (92 | ) | (17 | ) | — | 22 | — | (97 | ) | (0.06 | ) | |||||||||||||||||||||||||||||
| Gain on divestitures |
(186 | ) | — | — | (186 | ) | (7 | ) | — | — | — | (179 | ) | (0.11 | ) | |||||||||||||||||||||||||||||
| Impacts from resolution of tax matters |
(209 | ) | — | 72 | (281 | ) | (75 | ) | — | — | — | (206 | ) | (0.13 | ) | |||||||||||||||||||||||||||||
| CEO transition remuneration |
14 | — | — | 14 | 5 | — | — | — | 9 | 0.01 | ||||||||||||||||||||||||||||||||||
| Loss on debt extinguishment and related expenses |
— | — | (11 | ) | 11 | 4 | — | — | — | 7 | — | |||||||||||||||||||||||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | — | — | — | 44 | — | — | — | (44 | ) | (0.03 | ) | ||||||||||||||||||||||||||||||||
| Gain on equity method investment transactions |
— | — | — | — | (15 | ) | 40 | — | — | (25 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
| Equity method investee items |
— | — | — | — | 10 | — | (61 | ) | — | 51 | 0.03 | |||||||||||||||||||||||||||||||||
| Rounding |
(1 | ) | — | — | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Adjusted (Non-GAAP) |
$ | 4,088 | $ | (59 | ) | $ | 440 | $ | 3,707 | $ | 860 | 23.2 | % | $ | — | $ | (354 | ) | $ | 14 | $ | 3,187 | $ | 2.08 | ||||||||||||||||||||
| Net earnings from divestitures - KDP |
— | — | — | — | (5 | ) | — | 13 | — | (8 | ) | — | ||||||||||||||||||||||||||||||||
| Change in equity method investee items |
— | — | — | — | (2 | ) | — | 4 | — | (2 | ) | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Adjusted (Non-GAAP) - As Recast |
$ | 4,088 | $ | (59 | ) | $ | 440 | $ | 3,707 | $ | 853 | 23.0 | % | $ | — | $ | (337 | ) | $ | 14 | $ | 3,177 | $ | 2.08 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Diluted Average Shares Outstanding |
1,531 | |||||||||||||||||||||||||||||||||||||||||||
| (1) | Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item. |
14
Schedule 2.a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Nine Months Ended September 30, |
||||||||||||||||
| 2020 | 2019 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 1.66 | $ | 2.19 | $ | (0.53 | ) | (24.2 | )% | |||||||
| Simplify to Grow Program |
0.14 | 0.17 | (0.03 | ) | ||||||||||||
| Intangible asset impairment charges |
0.08 | 0.03 | 0.05 | |||||||||||||
| Mark-to-market (gains)/losses from derivatives |
0.03 | (0.04 | ) | 0.07 | ||||||||||||
| Acquisition-related costs |
0.01 | — | 0.01 | |||||||||||||
| Divestiture-related costs |
— | 0.01 | (0.01 | ) | ||||||||||||
| Net earnings from divestitures |
(0.01 | ) | (0.03 | ) | 0.02 | |||||||||||
| Net gain on divestiture |
— | (0.03 | ) | 0.03 | ||||||||||||
| Costs associated with JDE Peet’s transaction |
0.21 | — | 0.21 | |||||||||||||
| Impact from pension participation changes |
0.01 | (0.02 | ) | 0.03 | ||||||||||||
| CEO transition remuneration |
— | 0.01 | (0.01 | ) | ||||||||||||
| Loss related to interest rate swaps |
0.05 | 0.08 | (0.03 | ) | ||||||||||||
| Swiss tax reform net impacts |
— | (0.53 | ) | 0.53 | ||||||||||||
| (Gain)/loss on equity method investment transactions |
(0.31 | ) | 0.01 | (0.32 | ) | |||||||||||
| Equity method investee items |
0.05 | 0.02 | 0.03 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 1.92 | $ | 1.87 | $ | 0.05 | 2.7 | % | ||||||||
| Net earnings from divestitures - KDP |
(0.01 | ) | (0.01 | ) | — | |||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 1.91 | $ | 1.86 | $ | 0.05 | 2.7 | % | ||||||||
| Impact of unfavorable currency |
0.05 | — | 0.05 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 1.96 | $ | 1.86 | $ | 0.10 | 5.4 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
15
Schedule 2.b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended September 30, |
||||||||||||||||
| 2020 | 2019 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.78 | $ | 0.98 | $ | (0.20 | ) | (20.4 | )% | |||||||
| Simplify to Grow Program |
0.06 | 0.08 | (0.02 | ) | ||||||||||||
| Intangible asset impairment charges |
0.03 | 0.03 | — | |||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.08 | ) | (0.01 | ) | (0.07 | ) | ||||||||||
| Loss related to interest rate swaps |
— | 0.08 | (0.08 | ) | ||||||||||||
| Swiss tax reform net impacts |
— | (0.53 | ) | 0.53 | ||||||||||||
| Gain on equity method investment transactions |
(0.19 | ) | — | (0.19 | ) | |||||||||||
| Equity method investee items |
0.03 | 0.01 | 0.02 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.63 | $ | 0.64 | $ | (0.01 | ) | (1.6 | )% | |||||||
| Net earnings from divestitures - KDP |
— | (0.01 | ) | 0.01 | ||||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.63 | $ | 0.63 | $ | — | 0.0 | % | ||||||||
| Impact of unfavorable currency |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.63 | $ | 0.63 | $ | — | 0.0 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
16
Schedule 2.c
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended June 30, |
||||||||||||||||
| 2020 | 2019 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.38 | $ | 0.55 | $ | (0.17 | ) | (30.9 | )% | |||||||
| Simplify to Grow Program |
0.04 | 0.05 | (0.01 | ) | ||||||||||||
| Intangible asset impairment charges |
0.05 | — | 0.05 | |||||||||||||
| Mark-to-market (gains)/losses from derivatives |
— | (0.02 | ) | 0.02 | ||||||||||||
| Acquisition-related costs |
0.01 | — | 0.01 | |||||||||||||
| Divestiture-related costs |
— | 0.01 | (0.01 | ) | ||||||||||||
| Net earnings from divestitures |
(0.01 | ) | (0.01 | ) | — | |||||||||||
| Net gain on divestiture |
— | (0.03 | ) | 0.03 | ||||||||||||
| Costs associated with JDE Peet’s transaction |
0.21 | — | 0.21 | |||||||||||||
| Impact from pension participation changes |
— | (0.02 | ) | 0.02 | ||||||||||||
| (Gain)/loss on equity method investment transactions |
(0.08 | ) | 0.02 | (0.10 | ) | |||||||||||
| Equity method investee items |
0.02 | 0.01 | 0.01 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.62 | $ | 0.56 | $ | 0.06 | 10.7 | % | ||||||||
| Net earnings from divestitures - KDP |
— | — | — | |||||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.62 | $ | 0.56 | $ | 0.06 | 10.7 | % | ||||||||
| Impact of unfavorable currency |
0.02 | — | 0.02 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.64 | $ | 0.56 | $ | 0.08 | 14.3 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
17
Schedule 2.d
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended March 31, |
||||||||||||||||
| 2020 | 2019 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.51 | $ | 0.66 | $ | (0.15 | ) | (22.7 | )% | |||||||
| Simplify to Grow Program |
0.03 | 0.03 | — | |||||||||||||
| Mark-to-market (gains)/losses from derivatives |
0.11 | (0.01 | ) | 0.12 | ||||||||||||
| Net earnings from divestitures |
— | (0.01 | ) | 0.01 | ||||||||||||
| Loss related to interest rate swaps |
0.06 | — | 0.06 | |||||||||||||
| Gain on equity method investment transactions |
(0.04 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
| Equity method investee items |
— | 0.01 | (0.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.67 | $ | 0.67 | $ | — | 0.0 | % | ||||||||
| Net earnings from divestitures - KDP |
(0.01 | ) | — | (0.01 | ) | |||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.66 | $ | 0.67 | $ | (0.01 | ) | (1.5 | )% | |||||||
| Impact of unfavorable currency |
0.03 | — | 0.03 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.69 | $ | 0.67 | $ | 0.02 | 3.0 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
18
Schedule 2.e
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Twelve Months Ended December 31, |
||||||||||||||||
| 2019 | 2018 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 2.69 | $ | 2.23 | $ | 0.46 | 20.6 | % | ||||||||
| Simplify to Grow Program |
0.24 | 0.32 | (0.08 | ) | ||||||||||||
| Intangible asset impairment charges |
0.03 | 0.03 | — | |||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.05 | ) | (0.09 | ) | 0.04 | |||||||||||
| Acquisition-related costs |
— | 0.01 | (0.01 | ) | ||||||||||||
| Net earnings from divestitures |
(0.03 | ) | (0.03 | ) | — | |||||||||||
| Gain on divestitures |
(0.03 | ) | — | (0.03 | ) | |||||||||||
| Remeasurement of net monetary position |
— | 0.01 | (0.01 | ) | ||||||||||||
| Impact from pension participation changes |
(0.02 | ) | 0.22 | (0.24 | ) | |||||||||||
| Impact from resolution of tax matters |
0.05 | (0.01 | ) | 0.06 | ||||||||||||
| CEO transition remuneration |
0.01 | 0.01 | — | |||||||||||||
| (Gain)/loss related to interest rate swaps |
0.08 | (0.01 | ) | 0.09 | ||||||||||||
| Loss on debt extinguishment and related expenses |
— | 0.07 | (0.07 | ) | ||||||||||||
| Swiss tax reform net impacts |
(0.53 | ) | — | (0.53 | ) | |||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | 0.01 | (0.01 | ) | ||||||||||||
| (Gain)/loss on equity method investment transactions |
0.01 | (0.39 | ) | 0.40 | ||||||||||||
| Equity method investee items |
0.03 | (0.01 | ) | 0.04 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 2.48 | $ | 2.37 | $ | 0.11 | 4.6 | % | ||||||||
| Net earnings from divestitures - KDP |
(0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 2.46 | $ | 2.36 | $ | 0.10 | 4.2 | % | ||||||||
| Impact of unfavorable currency |
0.16 | — | 0.16 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 2.62 | $ | 2.36 | $ | 0.26 | 11.0 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
19
Schedule 2.f
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended December 31, |
||||||||||||||||
| 2019 | 2018 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.50 | $ | 0.51 | $ | (0.01 | ) | (2.0 | )% | |||||||
| Simplify to Grow Program |
0.07 | 0.10 | (0.03 | ) | ||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.01 | ) | 0.02 | (0.03 | ) | |||||||||||
| Net earnings from divestitures |
— | (0.01 | ) | 0.01 | ||||||||||||
| Impact from pension participation changes |
— | 0.01 | (0.01 | ) | ||||||||||||
| Impact from resolution of tax matters |
0.04 | (0.01 | ) | 0.05 | ||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | (0.05 | ) | 0.05 | ||||||||||||
| Gain on equity method investment transactions |
— | (0.01 | ) | 0.01 | ||||||||||||
| Equity method investee items |
0.01 | 0.02 | (0.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.61 | $ | 0.58 | $ | 0.03 | 5.2 | % | ||||||||
| Net earnings from divestitures - KDP |
— | — | — | |||||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.61 | $ | 0.58 | $ | 0.03 | 5.2 | % | ||||||||
| Impact of unfavorable currency |
0.02 | — | 0.02 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.63 | $ | 0.58 | $ | 0.05 | 8.6 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
20
Schedule 2.g
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended September 30, |
||||||||||||||||
| 2019 | 2018 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.98 | $ | 0.81 | $ | 0.17 | 21.0 | % | ||||||||
| Simplify to Grow Program |
0.08 | 0.07 | 0.01 | |||||||||||||
| Intangible asset impairment charges |
0.03 | 0.03 | — | |||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.01 | ) | 0.07 | (0.08 | ) | |||||||||||
| Net earnings from divestitures |
— | (0.01 | ) | 0.01 | ||||||||||||
| Remeasurement of net monetary position |
— | 0.01 | (0.01 | ) | ||||||||||||
| Loss related to interest rate swaps |
0.08 | — | 0.08 | |||||||||||||
| Swiss tax reform net impacts |
(0.53 | ) | — | (0.53 | ) | |||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | 0.01 | (0.01 | ) | ||||||||||||
| Gain on equity method investment transactions |
— | (0.39 | ) | 0.39 | ||||||||||||
| Equity method investee items |
0.01 | 0.01 | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.64 | $ | 0.61 | $ | 0.03 | 4.9 | % | ||||||||
| Net earnings from divestitures - KDP |
(0.01 | ) | — | (0.01 | ) | |||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.63 | $ | 0.61 | $ | 0.02 | 3.3 | % | ||||||||
| Impact of unfavorable currency |
0.04 | — | 0.04 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.67 | $ | 0.61 | $ | 0.06 | 9.8 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
21
Schedule 2.h
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended June 30, |
||||||||||||||||
| 2019 | 2018 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.55 | $ | 0.21 | $ | 0.34 | 161.9 | % | ||||||||
| Simplify to Grow Program |
0.05 | 0.09 | (0.04 | ) | ||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.02 | ) | (0.05 | ) | 0.03 | |||||||||||
| Acquisition-related costs |
— | 0.01 | (0.01 | ) | ||||||||||||
| Divestiture-related costs |
0.01 | — | 0.01 | |||||||||||||
| Net earnings from divestitures |
(0.01 | ) | — | (0.01 | ) | |||||||||||
| Gain on divestitures |
(0.03 | ) | — | (0.03 | ) | |||||||||||
| Impact from pension participation changes |
(0.02 | ) | 0.20 | (0.22 | ) | |||||||||||
| CEO transition remuneration |
— | 0.01 | (0.01 | ) | ||||||||||||
| Loss on debt extinguishment and related expenses |
— | 0.07 | (0.07 | ) | ||||||||||||
| Net loss on equity method investment transactions |
0.02 | — | 0.02 | |||||||||||||
| Equity method investee items |
0.01 | 0.01 | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.56 | $ | 0.55 | $ | 0.01 | 1.8 | % | ||||||||
| Net earnings from divestitures - KDP |
— | — | — | |||||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.56 | $ | 0.55 | $ | 0.01 | 1.8 | % | ||||||||
| Impact of unfavorable currency |
0.03 | — | 0.03 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.59 | $ | 0.55 | $ | 0.04 | 7.3 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
22
Schedule 2.i
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Three Months Ended March 31, |
||||||||||||||||
| 2019 | 2018 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 0.66 | $ | 0.69 | $ | (0.03 | ) | (4.3 | )% | |||||||
| Simplify to Grow Program |
0.03 | 0.06 | (0.03 | ) | ||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.01 | ) | (0.12 | ) | 0.11 | |||||||||||
| Net earnings from divestitures |
(0.01 | ) | (0.01 | ) | — | |||||||||||
| Gain related to interest rate swaps |
— | (0.01 | ) | 0.01 | ||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
— | 0.06 | (0.06 | ) | ||||||||||||
| Gain on equity method investment transactions |
(0.01 | ) | — | (0.01 | ) | |||||||||||
| Equity method investee items |
0.01 | (0.05 | ) | 0.06 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) |
$ | 0.67 | $ | 0.62 | $ | 0.05 | 8.1 | % | ||||||||
| Net earnings from divestitures - KDP |
— | (0.01 | ) | 0.01 | ||||||||||||
| Change in equity method investee items |
— | 0.01 | (0.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS (Non-GAAP) - As Recast |
$ | 0.67 | $ | 0.62 | $ | 0.05 | 8.1 | % | ||||||||
| Impact of unfavorable currency |
0.06 | — | 0.06 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 0.73 | $ | 0.62 | $ | 0.11 | 17.7 | % | ||||||||
|
|
|
|
|
|
|
|||||||||||
23
Schedule 2.j
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
| For the Twelve Months Ended December 31, |
||||||||||||||||
| 2018 | 2017 | $ Change | % Change | |||||||||||||
| Diluted EPS attributable to Mondelēz International (GAAP) |
$ | 2.23 | $ | 1.83 | $ | 0.40 | 21.9 | % | ||||||||
| Simplify to Grow Program |
0.32 | 0.39 | (0.07 | ) | ||||||||||||
| Intangible asset impairment charges |
0.03 | 0.05 | (0.02 | ) | ||||||||||||
| Mark-to-market (gains)/losses from derivatives |
(0.09 | ) | 0.06 | (0.15 | ) | |||||||||||
| Malware incident incremental expenses |
— | 0.04 | (0.04 | ) | ||||||||||||
| Acquisition-related costs |
0.01 | — | 0.01 | |||||||||||||
| Divestiture-related costs |
— | 0.02 | (0.02 | ) | ||||||||||||
| Net earnings from divestitures |
(0.03 | ) | (0.06 | ) | 0.03 | |||||||||||
| Gain on divestitures |
— | (0.11 | ) | 0.11 | ||||||||||||
| Remeasurement of net monetary position |
0.01 | — | 0.01 | |||||||||||||
| Impact from pension participation changes |
0.22 | — | 0.22 | |||||||||||||
| Impact from resolution of tax matters |
(0.01 | ) | (0.13 | ) | 0.12 | |||||||||||
| CEO transition remuneration |
0.01 | 0.01 | — | |||||||||||||
| Gain related to interest rate swaps |
(0.01 | ) | — | (0.01 | ) | |||||||||||
| Loss on debt extinguishment and related expenses |
0.07 | — | 0.07 | |||||||||||||
| U.S. tax reform discrete net tax (benefit)/expense |
0.01 | (0.03 | ) | 0.04 | ||||||||||||
| Gain on equity method investment transactions |
(0.39 | ) | (0.02 | ) | (0.37 | ) | ||||||||||
| Equity method investee items |
(0.01 | ) | 0.03 | (0.04 | ) | |||||||||||
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| Adjusted EPS (Non-GAAP) |
$ | 2.37 | $ | 2.08 | $ | 0.29 | 13.9 | % | ||||||||
| Net earnings from divestitures - KDP |
(0.01 | ) | — | (0.01 | ) | |||||||||||
| Change in equity method investee items |
— | — | — | |||||||||||||
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| Adjusted EPS (Non-GAAP) - As Recast |
$ | 2.36 | $ | 2.08 | $ | 0.28 | 13.5 | % | ||||||||
| Impact of unfavorable currency |
0.02 | — | 0.02 | |||||||||||||
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| Adjusted EPS @ Constant FX (Non-GAAP) - As Recast |
$ | 2.38 | $ | 2.08 | $ | 0.30 | 14.4 | % | ||||||||
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