EX-12.1 5 d466496dex121.htm EX-12.1

EXHIBIT 12.1

Mondelēz International, Inc. and Subsidiaries

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars, except ratio)

|  | Years Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Earnings from continuing operations before income taxes |  | $ | 3,124 |  |  | $ | 1,454 |  |  | $ | 7,884 |  |  | $ | 2,554 |  |  | $ | 2,392 |
Add / (Deduct): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in net earnings of less than 50% owned affiliates (1) |  |  | – |  |  |  | – |  |  |  | (56 | ) |  |  | (112 | ) |  |  | (107 | )
Distributed income from less than 50% owned affiliates |  |  | 152 |  |  |  | 75 |  |  |  | 58 |  |  |  | 61 |  |  |  | 66 |
Fixed charges |  |  | 491 |  |  |  | 721 |  |  |  | 825 |  |  |  | 965 |  |  |  | 1,145 |
Interest capitalized, net of amortization |  |  | (5 | ) |  |  | (6 | ) |  |  | (7 | ) |  |  | (3 | ) |  |  | (2 | )
Earnings available for fixed charges |  | $ | 3,762 |  |  | $ | 2,244 |  |  | $ | 8,704 |  |  | $ | 3,465 |  |  | $ | 3,494 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest incurred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (2) |  | $ | 391 |  |  | $ | 609 |  |  | $ | 714 |  |  | $ | 882 |  |  | $ | 1,031 |
Capitalized interest |  |  | 5 |  |  |  | 6 |  |  |  | 7 |  |  |  | 3 |  |  |  | 2 |
|  |  | 396 |  |  |  | 615 |  |  |  | 721 |  |  |  | 885 |  |  |  | 1,033 |
Portion of rent expense deemed to represent interest factor |  |  | 95 |  |  |  | 106 |  |  |  | 104 |  |  |  | 80 |  |  |  | 112 |
Fixed charges |  | $ | 491 |  |  | $ | 721 |  |  | $ | 825 |  |  | $ | 965 |  |  | $ | 1,145 |
Ratio of earnings to fixed charges |  |  | 7.7 |  |  |  | 3.1 |  |  |  | 10.6 |  |  |  | 3.6 |  |  |  | 3.1 |

Notes:

(1) | With the deconsolidation of our global coffee businesses on July 2, 2015, we began to recognize predominantly coffee-related equity method investment earnings outside of pre-tax earnings within earnings from continuing operations after income taxes. Refer to Note 1, Summary of Significant Accounting Policies – Principles of Consolidation.

(2) | Excludes interest related to uncertain tax positions, which is recorded in our tax provision.