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v3.22.2.2

Debt and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2022
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, 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 |  |  |
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). Long-Term Debt: Tender Offers: 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
We recorded a $129 million loss on debt extinguishment and related expenses within interest and other expense, net, consisting of $38 million paid in excess of carrying value of the debt and from recognizing unamortized discounts and deferred financing costs in earnings and $91 million from recognizing unamortized forward starting swap losses in earnings at the time of the debt extinguishment. The cash payments related to the debt extinguishment were classified as cash outflows from financing activities in the consolidated statement of cash flows. Redemptions: 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
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. 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. Fair Value of Our 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 |
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,
| 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 |
Other expense/(income) includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts and early settlement of forecasted currency derivative transactions due to changes in related future cash flows. Refer to Note 9, Financial Instruments.

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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