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Debt and Borrowing Arrangements | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt and Borrowing Arrangements | Note 9. Debt and Borrowing Arrangements Short-Term Borrowings Our short-term borrowings and related weighted-average interest rates consisted of:
| As of December 31,
| 2023 |  | 2022
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions) |  |  |  | (in millions) |  |
Commercial paper | $ | 346 |  |  | 5.5 | % |  | $ | 2,209 |  |  | 4.7 | %
Bank loans | 74 |  |  | 17.2 | % |  | 90 |  |  | 9.1 | %
Total short-term borrowings | $ | 420 |  |  |  |  | $ | 2,299 |  |  |
Our uncommitted credit lines and committed credit lines available as of December 31, 2023 and December 31, 2022 include:
| As of December 31,
| 2023 |  | 2022
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities | $ | 1,389 |  |  | $ | 74 |  |  | $ | 1,335 |  |  | $ | 90 |
Credit facility expiry: |  |  |  |  |  |  |
February 22, 2023 (1) | — |  |  | — |  |  | 2,500 |  |  | — |
March 11, 2023 (1) | — |  |  | — |  |  | 2,000 |  |  | — |
February 21, 2024 (1) | 1,500 |  |  | — |  |  | — |  |  | — |
July 29, 2025 (1) (2) | — |  |  | — |  |  | 2,000 |  |  | 2,000 |
February 23, 2027 (1) | 4,500 |  |  | — |  |  | 4,500 |  |  | — |
Various (3) | 277 |  |  | 277 |  |  | — |  |  | — |
(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, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.3 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. Amounts borrowed and repaid under the facility may not be reborrowed. On July 29, 2022, we drew down $2.0 billion in term loans bearing interest at a variable annual rate based on SOFR plus an applicable margin. We repaid $1.0 billion on March 3, 2023, $0.3 billion on April 3, 2023 and $0.7 billion on May 3, 2023 in term loans. (3)On April 18, 2023, and subsequently amended on October 3, 2023, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bear a variable rate based on SOFR plus applicable margin. On April 25, 2023, we drew down $0.2 billion due July 26, 2025. On October 5, 2023, we drew down an additional $0.09 billion of which $0.02 billion is due on July 26, 2025 and $0.07 billion is due on August 26, 2028. Long-Term Debt Our long-term debt consisted of (interest rates are as of December 31, 2023):
| As of December 31,
| 2023 (1) |  | 2022
| (in millions)
U.S. dollar notes and term loans, 0.750% to 7.000% (weighted-average effective rate 3.018%), due through 2050 | $ | 9,562 |  |  | $ | 11,275 |
Euro notes, 0.000% to 2.375% (weighted-average effective rate 0.709%), due through 2041 | 7,916 |  |  | 7,666 |
Pound sterling notes, 3.875% to 4.500% (weighted-average effective rate 4.151%), due through 2045 | 333 |  |  | 316 |
Swiss franc notes, 0.615% to 1.125% (weighted-average effective rate 0.911%), due through 2025 | 386 |  |  | 638 |
Canadian dollar notes, 3.250% (effective rate 3.377%), due through 2025 | 452 |  |  | 442 |
Finance leases and other | 339 |  |  | 297 |
Total | 18,988 |  |  | 20,634 |
less: current portion of long-term debt | (2,101) |  |  | (383) |
Long-term debt | $ | 16,887 |  |  | $ | 20,251 |
(1) Amounts are shown net of unamortized premiums, discounts and bank fees of $(129) million and imputed interest on finance leases of $(33) million. Over the next five years, aggregate principal maturities, including finance leases, of our term loans and long-term debt are (in millions):
2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
$2,116 |  | $2,252 |  | $1,190 |  | $1,610 |  | $1,371 |  | $10,611 |  | $19,150
Tender Offers During 2023, we did not complete any tender offers. 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
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. Debt Redemptions During 2023, we did not complete any debt redemptions. 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
Debt Repayments During 2023, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
1.125% |  | December 2023 |  | Fr.265 |  | $306
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. Debt Issuances During 2023, we did not complete any 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
(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. Fair Value of Our Debt The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. 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,
| 2023 |  | 2022
| (in millions)
Fair Value | $ | 17,506 |  |  | $ | 20,217 |
Carrying Value | $ | 19,408 |  |  | $ | 22,933 |
Interest and Other Expense, net Interest and other expense, net within our results of continuing operations consisted of:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Interest expense, debt | $ | 550 |  |  | $ | 428 |  |  | $ | 365 |
Loss on debt extinguishment and related expenses | 1 |  |  | 129 |  |  | 137 |
Other income, net | (241) |  |  | (134) |  |  | (55) |
Interest and other expense, net | $ | 310 |  |  | $ | 423 |  |  | $ | 447 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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