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Item 5. Market for Registrant’s Common Equity

2021-02-05 compared with 2020-02-07 · 32 added, 25 removed, 78 unchanged (42% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

We have listed our Common Stock on The Nasdaq Global Select Market under the symbol “MDLZ.” At January 31, 2020 , there were 44,764 holders of record of our Common Stock.

We are proud members of the Standard and Poor's 500 and Nasdaq 100.

Our Common Stock is listed on The Nasdaq Global Select Market under the symbol “MDLZ.” At January 29, 2021, there were 43,367 holders of record of our Common Stock.

Comparison of Five-Year Cumulative Total Return

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The cumulative total return reflects market prices at the end of each year and the reinvestment of dividends each year.

As of December 31,

International

As of December 31, Mondelēz

International S&P 500 Performance

2015 $ 100.00 $ 100.00 $ 100.00

2016 100.57 111.96 104.70

2017 98.98 136.40 121.55

2018 94.75 130.42 114.36

2019 133.06 171.49 145.00

2020 144.48 203.04 158.62

The Mondelēz International performance peer group consists of the following companies considered our market competitors or that have been selected on the basis of industry, global focus or industry leadership:

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Our stock repurchase activity for each of the three months in the quarter ended December 31, 2020 was:

Total Number of Shares Purchased (1)

Period Total Number of Shares Purchased (1)

Average Price Paid per Share (1)

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December 31, 2020

12,252,837 57.71 12,153,459

(1) The total number of shares purchased (and the average price paid per share) reflects:

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Our Board of Directors has authorized the repurchase of $23.7 billion of our Common Stock through December 31, 2023.

Specifically, on March 12, 2013, our Board of Directors authorized the repurchase of up to the lesser of 40 million shares or $1.2 billion of our Common Stock through March 12, 2016.

On August 6, 2013, our Audit Committee, with authorization delegated from our Board of Directors, increased the repurchase program capacity to $6.0 billion of Common Stock repurchases and extended the expiration date to December 31, 2016.

On December 3, 2013, our Board of Directors approved an increase of $1.7 billion to the program related to a new accelerated share repurchase program, which concluded in May 2014.

On July 29, 2015, our Finance Committee, with authorization delegated from our Board of Directors, approved a $6.0 billion increase that raised the repurchase program capacity to $13.7 billion and extended the program through December 31, 2018.

On January 31, 2018, our Finance Committee, with authorization delegated from our Board of Directors, approved an increase of $6.0 billion in the share repurchase program, raising the authorization to $19.7 billion of Common Stock repurchases, and extended the program through December 31, 2020.

See related information in Note 13, Capital Stock .

Authorizations to increase and extend the program duration included:

$4.0 billion on December 2, 2020, $6.0 billion on January 31, 2018, $6.0 billion on July 29, 2015, $1.7 billion on December 3, 2013, $6.0 billion on August 6, 2013 (cumulatively including amounts authorized on March 12, 2013) and the lesser of 40 million shares and $1.2 billion on March 12, 2013.

Since the program inception on March 12, 2013 through December 31, 2020, we have repurchased $17.9 billion, and as of December 31, 2020, we had $5.8 billion share repurchase authorization remaining.

See related information in Note 13, Capital Stock and in Management's Discussion and Analysis of Financial Condition and Results of Operations – Equity and Dividends .

Selected Financial Data

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Selected Financial Data – Five Year Review (1)

2020 2019 2018 2017 2016

(in millions, except per share and employee data)

Continuing Operations (2)

Net revenues $ 26,581 $ 25,868 $ 25,938 $ 25,896 $ 25,923

Earnings from continuing operations,

net of taxes 3,569 3,944 3,331 2,813 1,683

Net earnings attributable to

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Property, plant and equipment, net 9,026 8,733 8,482 8,677 8,229

Total assets 67,810 64,515 62,618 62,907 61,460

Long-term debt 17,276 14,207 12,532 12,972 13,217

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Shares outstanding at year end (4)

1,419 1,435 1,451 1,488 1,528

Per Share and Other Data

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Dividends declared per share (5)

$ 1.20 $ 1.09 $ 0.96 $ 0.82 $ 0.72

Common Stock closing price at year end $ 58.47 $ 55.08 $ 40.03 $ 42.80 $ 44.33

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(1) The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K and Annual Reports on Form 10-K for earlier periods.

During 2018, we moved to a quarter lag for recording Keurig Green Mountain, Inc.

("Keurig") and Keurig Dr Pepper Inc.

("KDP") results and we recast all prior periods since the inception of our investment in Keurig in 2016 on the same quarter lag basis.

During 2020, we moved to a quarter lag for recording Jacobs Douwe Egberts ("JDE") and JDE Peet's N.V.

("JDE Peet's") results and we recast all prior periods since the inception of our investment in JDE in 2015 on the same quarter lag basis.

Please see Note 7, Equity Method Investments , for more information.

During 2018, we adopted the new revenue recognition accounting standard update, and it did not have a material impact on any reported periods.

See Note 1, Summary of Significant Accounting Policies , for more information.

During 2019, we adopted the new lease accounting standard and related updates, and we disclose the impacts to our 2019 financial statements in Note 1, Summary of Significant Accounting Policies .

During 2019, we adopted the new lease accounting standard and related updates.

Please also refer to our previously filed Annual Reports on Form 10-K for additional information.

A significant portion of our business is exposed to currency exchange rate fluctuation as a large portion of our assets, liabilities, revenue and expenses must be translated into U.S.

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the Simplify to Grow Program;

the contribution of our global coffee businesses and investment in Jacobs Douwe Egberts ("JDE") and related gain in 2015;

gain on equity method investment transactions in 2016-2018;

costs associated with JDE Peet's transaction in 2020, gain/loss on equity method investment transactions in 2016-2020;

other divestitures and sales of property in 2016-2020;

acquisitions in 2016 and 2018-2020;

losses on debt extinguishment in 2015-2018;

unrealized gains on the coffee business transaction currency hedges in 2015;

losses on debt extinguishment in 2016-2018 and 2020;

debt tender offers completed in 2016, 2018 and 2020;

loss on deconsolidation of Venezuela in 2015;

the remeasurement of net monetary assets in Venezuela in 2015 and Argentina in 2018-2019;

accounting calendar changes in 2015;

the remeasurement of net monetary position in Argentina in 2018-2020;

impairment charges related to intangible assets in 2016-2020;

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Please refer to Note 1, Summary of Significant Accounting Policies ;

Note 2, Divestitures and Acquisitions ;

Note 2, Acquisitions and Divestitures ;

Note 5, Leases ;

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and Note 18, Segment Reporting , and our Annual Reports on Form 10-K for earlier periods for additional information regarding items affecting comparability of our results from continuing operations.

Items impacting comparability primarily relate to the Keurig and JDE coffee business transactions in 2015-2016 and the loss on deconsolidation of Venezuela in 2015.

Please also refer to our previously filed Annual Reports on Form 10-K for additional information.

(3) Items impacting comparability primarily relate to and acquisitions and divestitures during 2016-2020 and the Keurig and JDE coffee business transactions in 2016.

Please refer to Note 2, Acquisitions and Divestitures, and our previously filed Annual Reports on Form 10-K for additional information.

(4) Refer to Note 13, Capital Stock , for additional information on our share repurchase program activity.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity