Mondelez International, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mondelez International, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Mondelez International, Inc. (MDLZ) filed a Annual Report (10-K) with the SEC on February 2, 2024. Mondelez International, Inc. filed its 2023 Form 10-K on February 2, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 905 West Fulton Market, Suite 200, Chicago, IL 60607. Mondelez International, Inc. was formerly known as Kraft Foods Inc. until January 21, 2000. The filing includes references to various financial statement line items such as Accounts Payable, Property, Plant and Equipment, and Long-Term Debt.

Why It Matters

For investors and stakeholders tracking Mondelez International, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Mondelez International's financial health, operational structure, and strategic direction for investors and stakeholders. The detailed financial information within the report is crucial for understanding the company's performance, risks, and future outlook in the food and kindred products industry.

Risk Assessment

Risk Level: medium — Mondelez International, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains significant financial data, it does not present immediate, urgent risks or opportunities that would classify it as high risk, nor is it devoid of material information, making it medium risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Mondelez International's performance and potential investment viability.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-02 — Filing Date (Filed as of date)
• 001-16483 — SEC File Number (SEC file number)
• 522284372 — IRS Number (IRS number)

Key Players & Entities

• Mondelez International, Inc. (company) — Filer name
• Kraft Foods Inc. (company) — Former company name
• Chicago, IL (location) — Business address city and state

Forward-Looking Statements

• Mondelez will continue to manage its debt effectively, leveraging its diverse maturity profile. (Mondelez International, Inc.) — high confidence, target: 2025-12-31
• The company's borrowing costs will remain competitive due to its strong market position and creditworthiness. (Mondelez International, Inc.) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Mondelez International operates within the Food & Kindred Products industry, a sector characterized by consumer staples, brand loyalty, and global supply chains.

Regulatory Implications

As a publicly traded company, Mondelez International is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and debt levels.
2. Review the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosures regarding executive compensation or significant business segments.

Key Dates

• 2024-02-02: 10-K Filing — Filing of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Mondelez International to report its annual financial results and business activities.)

Fiscal Year

The period an organization uses for financial accounting and reporting. (The 10-K covers Mondelez International's performance over its specific fiscal year, ending December 31, 2023.)

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K. Comparative data from the previous year's 10-K would be found within the document itself.

Key Financial Figures

• $36.0 billion — k companies with global net revenues of $36.0 billion and net earnings of $5.0 billion in 202
• $5.0 billion — es of $36.0 billion and net earnings of $5.0 billion in 2023. Our core business is making an

Filing Documents

• mdlz-20231231.htm (10-K) — 4014KB
• ex211_123123.htm (EX-21.1) — 157KB
• ex231_123123.htm (EX-23.1) — 3KB
• ex311_123123.htm (EX-31.1) — 15KB
• ex312_123123.htm (EX-31.2) — 15KB
• ex321_123123.htm (EX-32.1) — 7KB
• ex971_123123.htm (EX-97.1) — 22KB
• ex972_123123.htm (EX-97.2) — 15KB
• imagea.jpg (GRAPHIC) — 8KB
• image.jpg (GRAPHIC) — 8KB
• mdlz-20231231_g1.jpg (GRAPHIC) — 39KB
• mdlz-20231231_g2.jpg (GRAPHIC) — 35KB
• mdlz-20231231_g3.jpg (GRAPHIC) — 74KB
• 0001103982-24-000019.txt (&nbsp;) — 22652KB
• mdlz-20231231.xsd (EX-101.SCH) — 122KB
• mdlz-20231231_cal.xml (EX-101.CAL) — 177KB
• mdlz-20231231_def.xml (EX-101.DEF) — 857KB
• mdlz-20231231_lab.xml (EX-101.LAB) — 1548KB
• mdlz-20231231_pre.xml (EX-101.PRE) — 1223KB
• mdlz-20231231_htm.xml (XML) — 4319KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

C ybersecurity

Item 1C. C ybersecurity 27

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Reserved

Item 6. Reserved 31

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations: 32 Recent Developments and Significant Items Affecting Comparability 32 Financial Outlook 34 Summary of Results 35 Discussion and Analysis of Historical Results 36 Liquidity and Capital Resources 52 Commodity Trends 54 Non-GAAP Financial Measures 55 Critical Accounting Estimates 58

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 61

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data: 63 Report of Independent Registered Public Accounting Firm 63 Consolidated Statements of Earnings for the Years Ended December 31, 2023, 2022 and 2021 65 Consolidated Statements of Comprehensive Earnings for the Years Ended December 31, 2023, 2022 and 2021 66 Consolidated Balance Sheets as of December 31, 2023 and 2022 67 Consolidated Statements of Equity for the Years Ended December 31, 2023, 2022 and 2021 68 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 69

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 70

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 122

Controls and Procedures

Item 9A. Controls and Procedures 122

Other Information

Item 9B. Other Information 123

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 123 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 124

Executive Compensation

Item 11. Executive Compensation 124 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 124

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 124

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 124 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 125

Form 10-K Summary

Item 16. Form 10-K Summary 129

Signatures

Signatures 130 In this report, for all periods presented, "we," "us," "our," "the Company" and "Mondelz International" refer to Mondelz International, Inc. and subsidiaries. References to "Common Stock" refer to our Class A Common Stock. Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words, and variations of words, "will," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "likely," "estimate," "anticipate," "objective," "predict," "project," "drive," "seek," "aim," "target," "potential," "commitment," "outlook," "continue" or any other similar words. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following: weakness in macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in

Business

Item 1. Business. General Mondelz International's purpose is to empower people to snack right. We sell our products in over 150 countries around the world. We are one of the world's largest snack companies with global net revenues of $36.0 billion and net earnings of $5.0 billion in 2023. Our core business is making and selling chocolate, biscuits and baked snacks. We also have additional businesses in adjacent, locally relevant categories including gum & candy, cheese & grocery and powdered beverages. Our portfolio includes iconic global and local brands such as Oreo, Ritz, LU, CLIF Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. We strive to create a positive impact on the world and communities in which we operate while driving business performance. Our goal is to lead the future of snacking around the world by offering the right snack, for the right moment, made the right way. We aim to deliver a broad range of delicious, high-quality snacks that nourish life's moments, made with sustainable ingredients and packaging that consumers can feel good about. We remain committed to helping to drive longstanding, enduring, positive change in the world. Strategy We aim to be the global leader in snacking by focusing on growth, execution, culture and sustainability. We are optimizing our portfolio of leading brands and have refined our strategy to accelerate growth, prioritizing our fast-growing core categories of chocolate, biscuits and baked snacks. Our strategic plan builds on our strong foundations, including leadership in attractive categories, an attractive global footprint, a strong core of iconic global and local brands, marketing, sales, distribution and cost excellence capabilities, and top talent with a growth mindset. Our plan to drive long-term growth includes four strategic priorities: Accelerate consumer-centric growth. Our consumers are the reason we want to be the best snacking

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View this 10-K filing on SEC EDGAR