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Debt and Borrowing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 |  | As of December 31, 2023
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions, except percentages)
Commercial paper | $ | 1,441 |  |  | 5.2 | % |  | $ | 346 |  |  | 5.5 | %
Bank loans | 43 |  |  | 14.7 | % |  | 74 |  |  | 17.2 | %
Total short-term borrowings | $ | 1,484 |  |  |  |  | $ | 420 |  |  |
Schedule of Uncommitted and Committed Credit Lines Available | Our uncommitted credit lines and committed credit lines available as of September 30, 2024 and December 31, 2023 include:
| As of September 30, 2024 |  | As of December 31, 2023
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities (1) | $ | 893 |  |  | $ | 43 |  |  | $ | 906 |  |  | $ | 74 |
Credit facilities: |  |  |  |  |  |  |
February 19, 2025 (2) | 1,500 |  |  | — |  |  | 1,500 |  |  | — |
February 23, 2027 (2) | 4,500 |  |  | — |  |  | 4,500 |  |  | — |
Various (3) | — |  |  | — |  |  | 277 |  |  | 277 |
(1)Prior year facility amount has been revised. (2)We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include 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, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.4 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. (3)On April 18, 2023, and subsequently amended on October 3, 2023 and April 4, 2024, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bore a variable rate based on SOFR plus applicable margin. On August 13, 2024, we repaid all amounts borrowed and terminated this credit facility.
Schedule of Debt Repayments | Debt Repayments During the nine months ended September 30, 2024, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
2.125% |  | March 2024 |  | $500 |  | $500
2.250% |  | September 2024 (1) |  | $500 |  | $500
0.000% |  | September 2024 (1) (2) |  | €300 |  | $333
0.750% |  | September 2024 (1) |  | $500 |  | $500
0.617% |  | September 2024 |  | Fr.125 |  | $148
(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc. (2)Repayment of €300 million exchangeable bonds. Refer to Note 6, Investments for additional detail on these exchangeable bonds.
Schedule of Debt Issuances | During the nine months ended September 30, 2024, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Gross Proceeds (1) |  | Gross Proceeds USD Equivalent
February 2024 |  | 4.750% |  | February 2029 |  | $550 |  | $550
July 2024 |  | 4.625% |  | July 2031 |  | C$650 |  | $473
August 2024 |  | 4.750% |  | August 2034 |  | $500 |  | $500
(1)Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.
Schedule of Fair Value of 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 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, 2024 |  | As of December 31, 2023
| (in millions)
Fair Value | $ | 18,164 |  |  | $ | 17,506 |
Carrying Value | $ | 19,804 |  |  | $ | 19,408 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions) |  | (in millions)
Interest expense, debt | $ | 129 |  |  | $ | 134 |  |  | $ | 381 |  |  | $ | 432 |
Loss on debt extinguishment and related expenses | — |  |  | — |  |  | — |  |  | 1 |
Other income, net | (83) |  |  | (68) |  |  | (235) |  |  | (175) |
Interest and other expense, net | $ | 46 |  |  | $ | 66 |  |  | $ | 146 |  |  | $ | 258 |

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