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v3.22.2.2

Debt and Borrowing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022 |  | As of December 31, 2021
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions, except percentages)
Commercial paper | $ | 1,696 |  |  | 3.3 | % |  | $ | 192 |  |  | 0.2 | %
Bank loans | 57 |  |  | 10.6 | % |  | 24 |  |  | 8.6 | %
Total short-term borrowings | $ | 1,753 |  |  |  |  | $ | 216 |  |  |
Schedule of Uncommitted and Committed Credit Lines Available | Our uncommitted credit lines and committed credit lines available as of September 30, 2022 and December 31, 2021 include:
| As of September 30, 2022 |  | As of December 31, 2021
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities | $ | 1,276 |  |  | $ | 57 |  |  | $ | 1,367 |  |  | $ | 24 |
Credit facility expiry (1): |  |  |  |  |  |  |
February 23, 2022 | — |  |  | — |  |  | 2,500 |  |  | — |
February 22, 2023 | 2,500 |  |  | — |  |  | — |  |  | — |
March 11, 2023 (3) | 2,000 |  |  | — |  |  | — |  |  | — |
February 27, 2024 | — |  |  | — |  |  | 4,500 |  |  | — |
July 29, 2025 (2) | 2,000 |  |  | 2,000 |  |  | — |  |  | — |
February 23, 2027 | 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 $25.0 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, 2022, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $37.9 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. (2)On March 31, 2022, we entered into a supplemental term loan credit facility that can be utilized for general corporate purposes, including acquisitions. Under this agreement we may draw up to a total of $2.0 billion in term loans from the facility. On July 29, 2022, we drew down $2.0 billion in term loans, due July 29, 2025, bearing interest at a variable annual rate based on SOFR plus an applicable margin. (3)On July 11, 2022, we entered into a supplemental term loan credit facility that can be utilized for general corporate purposes, including acquisitions. Under this agreement we may draw up to a total of $2.0 billion in term loans from the facility. The maturity dates of any loans drawn under this facility will be eighteen months after the funding date of the applicable loan(s).
Schedule of Debt Redemptions | On March 18, 2022, we completed a tender offer in cash and redeemed long term U.S. dollar denominated notes for the following amounts (in millions):
Interest Rate |  | Redemption Date |  | Maturity Date |  | Amount Redeemed |  | USD Equivalent
3.625% |  | March 2022 |  | February 2026 |  | $130 |  | $130
4.125% |  | March 2022 |  | May 2028 |  | $211 |  | $211
2.750% |  | March 2022 |  | April 2030 |  | $500 |  | $500
6.500% |  | March 2022 |  | November 2031 |  | $17 |  | $17
7.000% |  | March 2022 |  | August 2037 |  | $10 |  | $10
6.875% |  | March 2022 |  | February 2038 |  | $21 |  | $21
6.875% |  | March 2022 |  | January 2039 |  | $8 |  | $8
6.500% |  | March 2022 |  | February 2040 |  | $36 |  | $36
4.625% |  | March 2022 |  | May 2048 |  | $54 |  | $54
On March 18, 2022, we completed a redemption of long term U.S. dollar denominated notes for the following amounts (in millions):
Interest Rate |  | Redemption Date |  | Maturity Date |  | Amount Redeemed |  | USD Equivalent
0.625% |  | March 2022 |  | July 2022 |  | $1,000 |  | $1,000
Schedule of Debt Repayments | During the nine months ended September 30, 2022, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
Various |  | Various(1) |  | €381 |  | $431
2.125% |  | September 2022(2) |  | $500 |  | $500
0.650% |  | July 2022 |  | Fr.150 |  | $156
(1) On January 3, 2022, we closed on our acquisition of Chipita and assumed and entirely paid down €0.4 billion ($0.4 billion) of Chipita's debt during the nine months ended September 30, 2022. (2) Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelez International, Inc.
Schedule of Debt Issuances | During the nine months ended September 30, 2022, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Gross Proceeds (1) |  | Gross Proceeds USD Equivalent
September 2022(2) |  | 4.250% |  | September 2025 |  | $500 |  | $500
March 2022 |  | 2.125% |  | March 2024 |  | $500 |  | $500
March 2022 |  | 2.625% |  | March 2027 |  | $750 |  | $750
March 2022 |  | 3.000% |  | March 2032 |  | $750 |  | $750
(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.
Schedule of Fair Value of Debt | The fair value of our short-term borrowings at September 30, 2022 and December 31, 2021 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, 2022 |  | As of December 31, 2021
| (in millions)
Fair Value | $ | 18,824 |  |  | $ | 20,249 |
Carrying Value | $ | 21,664 |  |  | $ | 19,512 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Interest expense, debt | $ | 114 |  |  | $ | 87 |  |  | $ | 294 |  |  | $ | 275 |
Loss on debt extinguishment and related expenses | — |  |  | — |  |  | 129 |  |  | 137 |
Other expense/(income), net | (43) |  |  | (5) |  |  | (86) |  |  | (54) |
Interest and other expense, net | $ | 71 |  |  | $ | 82 |  |  | $ | 337 |  |  | $ | 358 |

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