XML 53 R37.htm IDEA: XBRL DOCUMENT v3.22.4

Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings

Our short-term borrowings and related weighted-average interest rates consisted of: 

			As of December 31,
			2022												2021
			Amount Outstanding						Weighted- Average Rate						Amount Outstanding						Weighted- Average Rate
			(in millions)												(in millions)
Commercial paper			$	2,209					4.7		%				$	192					0.2		%
Bank loans			90						9.1		%				24						8.6		%
Total short-term borrowings			$	2,299											$	216

Schedule of Uncommitted and Committed Credit Lines Available

Our uncommitted credit lines and committed credit lines available as of December 31, 2022 and December 31, 2021 include:

			As of December 31,
			2022												2021
			Facility Amount						Borrowed Amount						Facility Amount						Borrowed Amount
			(in millions)
Uncommitted credit facilities			$	1,335					$	90					$	1,367					$	24
Credit facility expiry (1) (2):
February 23, 2022			—						—						2,500						—
February 22, 2023			2,500						—						—						—
March 11, 2023 (3)			2,000						—						—						—
February 27, 2024			—						—						4,500						—
July 29, 2025 (4)			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 December 31, 2022, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $37.8 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)Capitalizable financing costs are classified in long-term other assets and were immaterial for all periods presented.

(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).

(4)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.

Schedule of Long-Term Debt

Our long-term debt consisted of (interest rates are as of December 31, 2022):

			As of December 31,
			2022 (1)						2021
			(in millions)
U.S. dollar notes and term loans, 0.750% to 7.000% (weighted-average effective rate 2.998%),    due through 2050			$	11,275					$	9,280
Euro notes, 0.000% to 2.375% (weighted-average effective rate 0.712%),    due through 2041			7,666						8,134
Pound sterling notes, 3.875% to 4.500% (weighted-average effective rate 4.151%),    due through 2045			316						354
Swiss franc notes, 0.615% to 1.125% (weighted-average effective rate 1.011%),    due through 2025			638						811
Canadian dollar notes, 3.250% (effective rate 3.377%),    due through 2025			442						473
Finance leases and other			297						244
Total			20,634						19,296
Less current portion of long-term debt			(383)						(1,746)
Long-term debt			$	20,251					$	17,550

(1) Amounts are shown net of unamortized premiums, discounts and bank fees of $(149) million and imputed interest on finance leases of $(28) million, were (in millions):

Schedule of Aggregate Maturities of Debt and Finance Leases

Over the next five years, aggregate principal maturities, including finance leases, of our term loans and long-term debt were (in millions):

2023						2024						2025						2026						2027						Thereafter						Total
$393						$2,041						$3,970						$1,149						$1,567						$11,691						$20,811

Schedule of Tender Offers and Debt Redemptions

During 2022, we completed a tender offer in cash and redeemed $987 million of long term U.S. dollar-denominated notes for the following amounts (in millions):

Interest Rate						Tender Date						Maturity Date						Amount Repurchased
3.625%						March 2022						February 2026						$130
4.125%						March 2022						May 2028						$211
2.750%						March 2022						April 2030						$500
6.500%						March 2022						November 2031						$17
7.000%						March 2022						August 2037						$10
6.875%						March 2022						February 2038						$21
6.875%						March 2022						January 2039						$8
6.500%						March 2022						February 2040						$36
4.625%						March 2022						May 2048						$54

During 2022, we completed an early redemption of 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

During 2021 we completed an early redemption 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 2022, we repaid the following notes (in millions):

Interest Rate						Maturity Date						Amount						USD Equivalent
2.125%						September 2022 (1)						$500						$500
0.650%						July 2022						Fr.150						$156
Various						Various (2)						€381						$431

(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

(2)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 twelve months ended December 31, 2022.

During 2021, we repaid the following notes or term loans (in millions):

Interest Rate						Maturity Date						Amount						USD Equivalent
0.625%						December 2021						Fr.300						$327
2.375%						January 2021						€679						827

Schedule of Debt Issuances

During 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

During 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)Notes issued by Mondelez International Holdings Netherlands B.V. (“MIHN”), a wholly owned Dutch subsidiary of Mondelēz 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 7, 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 10, 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 term loans was determined using quoted prices for similar instruments in markets that are not active (Level 2 valuation data) 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 December 31,
			2022						2021
			(in millions)
Fair Value			$	20,217					$	20,249
Carrying Value			$	22,933					$	19,512

Schedule of Interest and Other Expense, Net

Interest and other expense, net within our results of continuing operations consisted of:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Interest expense, debt			$	428					$	365					$	423
Loss on debt extinguishment and related expenses			129						137						185
Loss related to interest rate swaps			—						—						103
Other income, net			(134)						(55)						(103)
Interest and other expense, net			$	423					$	447					$	608

X

- Definition

Interest and Other Income and Expense Disclosure, Non Operating [Table Text Block]

+ References

No definition available.

+ Details

Name:	mdlz_InterestAndOtherIncomeAndExpenseDisclosureNonOperatingTextBlock
Namespace Prefix:	mdlz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule Of Debt Issuances

+ References

No definition available.

+ Details

Name:	mdlz_ScheduleOfDebtIssuancesTableTextBlock
Namespace Prefix:	mdlz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption.

+ References

No definition available.

+ Details

Name:	us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 50
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=7516071&loc=d3e13374-112631

+ Details

Name:	us-gaap_ScheduleOfExtinguishmentOfDebtTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

+ Details

Name:	us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration