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Debt and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt and Borrowing Arrangements | Note 8. Debt and Borrowing Arrangements Short-Term Borrowings: Our short-term borrowings and related weighted-average interest rates consisted of:
| As of September 30, 2021 |  | As of December 31, 2020
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions, except percentages)
Commercial paper | $ | 184 |  |  | 0.1 | % |  | $ | — |  |  | — | %
Bank loans | 50 |  |  | 8.6 | % |  | 29 |  |  | 4.8 | %
Total short-term borrowings | $ | 234 |  |  |  |  | $ | 29 |  |  |
Our uncommitted credit lines and committed credit lines available as of September 30, 2021 and December 31, 2020 include:
| As of September 30, 2021 |  | As of December 31, 2020
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities | $ | 1,463 |  |  | $ | 50 |  |  | $ | 1,487 |  |  | $ | 29 |
Credit facility expiry(1): |  |  |  |  |  |  |
February 24, 2021 | — |  |  | — |  |  | 1,500 |  |  | — |
February 23, 2022 | 2,500 |  |  | — |  |  | — |  |  | — |
February 27, 2024 | 4,500 |  |  | — |  |  | 4,500 |  |  | — |
(1) We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $24.6 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At September 30, 2021, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $38.6 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security. Long-Term Debt: Redemptions: During the nine months ended September 30, 2021, we completed early redemptions of euro and U.S. dollar denominated notes for the following amounts (in millions):
Interest Rate |  | Redemption Date |  | Maturity Date |  | Amount Redeemed |  | USD Equivalent
2.000% |  | September 2021 |  | October 2021 |  | $1,500 |  | $1,500
3M LIBOR + 0.700% |  | September 2021 |  | October 2022 |  | $500 |  | $500
3M LIBOR + 0.800% |  | September 2021 |  | October 2024 |  | $500 |  | $500
1.000% |  | March 2021 |  | March 2022 |  | €500 |  | $587
1.625% |  | March 2021 |  | January 2023 |  | €700 |  | $821
2.125% |  | March 2021 |  | April 2023 |  | $500 |  | $500
4.000% |  | March 2021 |  | February 2024 |  | $492 |  | $492
We recorded $137 million of extinguishment loss and debt-related expenses within interest and other expense, net related to $110 million paid in excess of carrying value of the debt and recognizing unamortized discounts and deferred financing in earnings and $27 million foreign currency derivative loss related to the redemption payment at the time of the debt extinguishment. The cash payments related to the redemption were classified as cash outflows from financing activities in the consolidated statement of cash flows. Repayments: During the nine months ended September 30, 2021, we repaid the following note (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
2.375% |  | January 2021 |  | €679 |  | $827
Issuances: During the nine months ended September 30, 2021, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Gross Proceeds (1) |  | Gross Proceeds USD Equivalent
September 2021(2) |  | 0.750% |  | September 2024 |  | $500 |  | $500
September 2021(2) |  | 1.250% |  | September 2026 |  | $350 |  | $350
September 2021(2)(3) |  | 0.000% |  | September 2024 |  | €300 |  | $352
September 2021(2)(4) |  | 0.250% |  | September 2029 |  | €650 |  | $769
September 2021(2)(4) |  | 0.625% |  | September 2032 |  | €650 |  | $769
September 2021(2)(4) |  | 1.250% |  | September 2041 |  | €700 |  | $828
March 2021 |  | 0.250% |  | March 2028 |  | €750 |  | $896
March 2021 |  | 0.750% |  | March 2033 |  | €600 |  | $717
March 2021 |  | 1.375% |  | March 2041 |  | €650 |  | $777
(1) Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums. (2) Issued by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelez International, Inc. (3) Issuance of exchangeable bonds that were issued at 102% of their principal amount and are redeemable for cash or existing ordinary shares of JDE Peet's at our option (see Note 6, Equity Method Investments). Bondholders have an option to redeem bonds before maturity subject to exchange periods. We have identified our option to settle in either cash or existing ordinary shares of JDE Peet's as an embedded derivative that is bifurcated and accounted for separately from the bond. See Note 9, Financial Instruments. (4) Issuance of green bonds where we have committed to allocate an amount equal to the €1.97 billion total net proceeds from the offering over time to eligible projects that align with our sustainability priorities in the areas of building a thriving ingredient supply chain and reducing our environmental impact. Fair Value of Our Debt: The fair value of our short-term borrowings at September 30, 2021 and December 31, 2020 reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.
| As of September 30, 2021 |  | As of December 31, 2020
| (in millions)
Fair Value | $ | 20,795 |  |  | $ | 21,568 |
Carrying Value | $ | 19,987 |  |  | $ | 20,046 |
Interest and Other Expense, net: Interest and other expense, net consisted of:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (in millions)
Interest expense, debt | $ | 87 |  |  | $ | 104 |  |  | $ | 275 |  |  | $ | 322 |
Loss on debt extinguishment and related expenses | — |  |  | — |  |  | 137 |  |  |
Loss related to interest rate swaps | — |  |  | — |  |  | — |  |  | 103 |
Other (income)/expense, net | (5) |  |  | (15) |  |  | (54) |  |  | (61) |
Interest and other expense, net | $ | 82 |  |  | $ | 89 |  |  | $ | 358 |  |  | $ | 364 |
Other income includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts that totaled $19 million and $58 million in the three and nine months ended September 30, 2021 and $28 million and $92 million for the three and nine months ended September 30, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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