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Debt and Borrowing Arrangements
 9 Months Ended
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, 2022As 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 loans57 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, 2022As of December 31, 2021
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities$1,276 $57 $1,367 $24 
Credit facility expiry (1):
February 23, 2022— — 2,500 — 
February 22, 20232,500 — — — 
March 11, 2023 (3)
2,000 — — — 
February 27, 2024— — 4,500 — 
July 29, 2025 (2)
2,000 2,000 — — 
February 23, 20274,500 — — — 

(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 RateRedemption DateMaturity DateAmount RedeemedUSD Equivalent
3.625%March 2022February 2026$130$130
4.125%March 2022May 2028$211$211
2.750%March 2022April 2030$500$500
6.500%March 2022November 2031$17$17
7.000%March 2022August 2037$10$10
6.875%March 2022February 2038$21$21
6.875%March 2022January 2039$8$8
6.500%March 2022February 2040$36$36
4.625%March 2022May 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 RateRedemption DateMaturity DateAmount RedeemedUSD Equivalent
0.625%March 2022July 2022$1,000$1,000

Debt Repayments
During the nine months ended September 30, 2022, we repaid the following notes (in millions):
Interest RateMaturity DateAmountUSD Equivalent
Various
Various(1)
€381$431
2.125%
September 2022(2)
$500$500
0.650%July 2022Fr.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 DateInterest RateMaturity Date
Gross Proceeds (1)
Gross Proceeds USD Equivalent
September 2022(2)
4.250%September 2025$500$500
March 20222.125%March 2024$500$500
March 20222.625%March 2027$750$750
March 20223.000%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, 2022As 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,
 2022202120222021
 (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.