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Debt and Borrowing Arrangements
 12 Months Ended
Dec. 31, 2024
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,
 20242023
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions)(in millions)
Commercial paper$— — %$346 5.5 %
Bank loans71 12.1 %74 17.2 %
Total short-term borrowings$71 $420 

Our uncommitted credit lines and committed credit lines available include:
 As of December 31,
 20242023
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities (1)
$784 $71 $906 $74 
Credit facilities:
February 21, 2024 (2)
— — 1,500 — 
February 19, 2025 (2)
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 December 31, 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.

During 2023, we repaid $2.0 billion in term loans related to 2022 credit facility borrowings.
Long-Term Debt
Our long-term debt consisted of (interest rates are as of December 31, 2024):
 As of December 31,
 
2024 (1)
2023
 (in millions)
U.S. dollar notes and term loans, 1.250% to 7.000% (weighted-average effective rate 3.143%), due through 2050
$8,834 $9,562 
Euro notes, 0.000% to 2.375% (weighted-average effective rate 0.975%),
   due through 2041
7,122 7,916 
Pound sterling notes, 3.875% to 4.500% (weighted-average effective rate 4.151%),
   due through 2045
327 333 
Swiss franc notes, 1.125% (effective rate 1.061%),
   due through 2025
221 386 
Canadian dollar notes, 3.250% to 4.625% (weighted-average effective rate 4.048%),
   due through 2030
864 452 
Finance leases and other310 339 
Total17,678 18,988 
less: current portion of long-term debt
(2,014)(2,101)
Long-term debt$15,664 $16,887 

(1) Amounts are shown net of unamortized premiums, discounts and bank fees of $(119) million and imputed interest on finance leases of $(28) million.


Over the next five years, aggregate principal maturities, including finance leases, of our long-term debt are (in millions):
 
20252026202720282029ThereafterTotal
$2,027$1,187$1,576$1,263$2,011$9,761$17,825

Debt Repayments
During 2024, we repaid the following notes (in millions):

Interest RateMaturity DateAmountUSD 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 2024Fr.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 10, Financial Instruments for additional detail on these exchangeable bonds.

During 2023, we repaid the following notes (in millions):
Interest RateMaturity DateAmountUSD Equivalent
1.125%December 2023Fr.265$306
Debt Issuances
During 2024, we issued the following notes (in millions):

Issuance DateInterest RateMaturity Date
Gross Proceeds (1)
Gross Proceeds USD Equivalent
February 20244.750%February 2029$550$550
July 20244.625%July 2031C$650$473
August 20244.750%August 2034$500$500
(1)Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

During 2023, we did not complete any debt issuances.

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 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,
 20242023
(in millions)
Fair Value$15,846 $17,506 
Carrying Value17,749 19,408 

Interest and Other Expense, net
Interest and other expense, net within our results of continuing operations consisted of:
 For the Years Ended December 31,
 202420232022
 (in millions)
Interest expense, debt$508 $550 $428 
Loss on debt extinguishment and related expenses— 1 129 
Other income, net(328)(241)(134)
Interest and other expense, net$180 $310 $423 

Other income, net includes amounts excluded from the assessment of hedge effectiveness related to our net investment hedge derivative contracts and movement in foreign currency exchange rates on certain foreign currency denominated assets and liabilities, related economic hedges and other items. Refer to Note 10, Financial Instruments.