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Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings and Related Weighted-Average Interest Rates

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

Schedule of Uncommitted and Committed Credit Lines Available

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.

Schedule of 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

Schedule of Debt 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

Schedule of Debt 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.

Schedule of Fair Value of 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

Schedule of Interest and Other Expense

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

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