What changed in this filing

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Item 1. Business

2022-02-04 compared with 2021-02-05 · 154 added, 109 removed, 221 unchanged (54% of the section changed)

Mondelēz 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 $28.7 billion and net earnings of $4.3 billion in 2021.

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Trident gum and Tang powdered beverages.

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 driving longstanding and enduring positive change in the world.

Mondelēz International at a Glance

We aim to be the global leader in snacking by focusing on growth, execution and culture.

In 2020, while the COVID-19 pandemic significantly affected economies, marketplaces, communities and businesses around the world, including ours, we prioritized our employees, customers and communities and largely continued to execute against our strategic priorities and positioned ourselves to emerge stronger.

Please refer to our COVID-19 discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations .

Our strategic plan builds on our strong foundations, including our unique portfolio of iconic global and local brands, our attractive global footprint, our market leadership in developed and emerging markets, our deep innovation, marketing and distribution capabilities, and our margin expansion in recent years that allows us to make ongoing investments in our brands and capabilities.

Our strategic plan builds on our strong foundations, including our unique portfolio of iconic global and local brands, our attractive global footprint, our market leadership in developed and emerging markets, our deep innovation, marketing and distribution capabilities, and our profit dollar expansion in recent years that allows us to make ongoing investments in our brands and capabilities.

Our plan to drive long-term growth includes three strategic priorities:

accelerating consumer-centric growth, driving operational excellence and creating a winning growth culture.

• Accelerate consumer-centric growth.

As demands on consumers’ time increase and consumer eating habits evolve, we aim to meet consumers' snacking needs by providing the right snack, for the right moment, made the right way.

We have developed innovative approaches to identify and address how consumers snack across different emotional and functional needs and occasions that we believe will allow us to meet their needs and identify new innovation and renovation opportunities.

Our consumers are the reason we want to be the best snacking company in the world, and we put them at the heart of everything we do.

With our consumers in mind, we are focused on accelerating growth by investing in both our global and local brands.

We are working to implement innovative ideas and programs, drive growth in new channels, and build and develop new and existing partnerships that serve our consumers.

As demands on consumers’ time increase and consumer eating habits evolve, we aim to meet consumers' snacking needs.

We plan to test, learn and scale new product offerings quickly to meet diverse and evolving local and global snacking demand.

We believe our understanding of consumers’ behavior will continue to lead to our meeting more of their needs and the growing demand for snacks.

• Drive operational excellence.

Our operational excellence and continuous improvement plans include a special focus on the consumer-facing areas of our business and optimizing our sales, marketing and customer service efforts.

To drive productivity gains and cost improvements across our business, we also plan to continue leveraging our global shared services platform, driving greater efficiencies in our supply

chain and continuing to utilize Zero-Based Budgeting across our operations.

To drive productivity gains and cost improvements across our business, we also

plan to continue leveraging our global shared services platform, driving greater efficiencies in our supply chain and applying strong cost discipline across our operations.

We expect the improvements and efficiencies we drive will fuel our growth and continue to expand profit dollars.

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To support the acceleration of our growth, we are becoming more agile, digital and local-consumer focused.

We are giving our local teams more autonomy to drive commercial and innovation plans as they are closer to the needs and desires of consumers.

We will continue to leverage the efficiency and scale of our regional operating units while empowering our local commercial operations to respond faster to changing consumer preferences and capitalize on growth opportunities.

We are committed to investing in a diverse and talented workforce that helps our business move forward with greater speed and agility.

We empower our local teams to innovate and deliver consumers’ snacking needs while continuing to leverage our global scale to efficiently support our growth strategy.

We have given our local teams more autonomy to drive commercial and innovation plans as they are closer to the needs and desires of consumers.

We will continue to leverage the efficiency and scale of our regional operating units while empowering our local and commercial operations to respond faster to changing consumer preferences and capitalize on growth opportunities.

Our digital transformation program will also help to enable consumer demand and sales opportunities.

We believe these operating and cultural shifts will help drive profitable top-line growth.

We believe our commitment to diversity, equity and inclusion and operating and cultural shifts to continue building a winning growth culture will help drive profitable top-line growth.

We run our business with a long-term perspective, and we believe the successful delivery of our strategic plan will drive top- and bottom-line growth and enable us to create long-term value for our shareholders.

In addition, we also continue to focus significant efforts to drive progress against our core initiatives for more sustainable and mindful snacking.

For the last several years, we have been following the principles of the Science Based Targets initiative (“SBTi”) as we continued to measure our greenhouse gas footprint, worked to reduce our emissions and accelerated our existing sustainability initiatives to become a more sustainable snacking company.

In November 2021, we set a goal of net zero greenhouse gas emissions across our full value chain (including Scope 1 through 3 greenhouse gas emissions) by 2050.

We have signed the SBTi’s Business Ambition for 1.5°C , aligning our long-term emissions mitigation goals with the aim of limiting temperature rise in accordance with the Paris Agreement, the 2015 international treaty on climate change.

We also joined the United Nations Race to Zero campaign to help build momentum toward a decarbonized economy.

These goals are a strategic priority and help guide us as we continue our sustainability work to drive lasting progress at scale and create long-term value for the business and our stakeholders.

We continue to report on our progress in our annual Snacking Made Right report, where we discuss our performance against our environmental, social and governance (“ESG”) goals and initiatives.

Please also see our Sustainability and Mindful Snacking section below.

In 2020 and 2021, while the COVID-19 pandemic significantly affected economies, marketplaces, communities and businesses around the world, including ours, we prioritized our employees, customers and communities and largely continued to execute against our strategic priorities.

In this way, we positioned ourselves to emerge stronger.

Please refer to our COVID-19 discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information.

Global Operations

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and risks related to our operations outside the United States, see Item 1A, Risk Factors .

We also monitor our revenue growth across emerging and developed markets—

We also monitor our revenue growth across emerging markets and developed markets—

• Our emerging markets include our Latin America region in its entirety;

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and the following countries from the Europe region:

Russia, Ukraine, Turkey, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

• Our developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the AMEA region.

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We generally sell our products to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores and other retail food outlets.

We also sell products directly to businesses and consumers through various pure play e-retail platforms, retailer digital platforms, our Direct to Consumer websites and social media platforms.

No single customer accounted for 10% or more of our net revenues from continuing operations in 2021.

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Distribution and Marketing

We distribute our products through direct store delivery, company-owned and satellite warehouses, distribution centers and other facilities.

We distribute our products through direct store delivery, company-owned and satellite warehouses, distribution centers, third party distributors and other facilities.

We use the services of independent sales offices and agents in some of our international locations.

Through our global e-commerce organization and capabilities, we pursue online growth with partners in key markets around the world, including both pure e-tailers and omni-channel retailers.

We continue to invest in both talent and digital capabilities.

Our e-commerce channel strategies play a critical role in our ambition to be the global leader in snacking.

Through our global digital commerce organization and capabilities, we pursue online growth with partners in key markets around the world, including both pure e-tailers and omni-channel retailers.

We continue to invest in advertising and consumer promotions, talent and digital capabilities.

Our digital commerce channel strategies play a critical role in our ambition to be the global leader in snacking.

We conduct marketing efforts through three principal sets of activities:

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Research, Development and Innovation

We work to understand consumer needs and deliver snacks with consistent quality and taste.

We continue to invest in a global network of technical centers to research and support our growth while continuing to innovate our processes.

Our innovation and new product development objectives include continuous improvement in food safety and quality, growth through new products, superior consumer satisfaction and reduced production costs.

Our innovation efforts focus on anticipating consumer demands and adapting quickly to changing market trends.

We work to test-and-learn new ideas and implement successful ones into other areas of our business.

Mindful snacking and sustainability are a significant focus of our current research and development initiatives.

Our initiatives aim to accelerate our growth and margin dollars by addressing consumer needs and market trends and leveraging scalable innovation platforms, sustainability programs and initiatives as well as breakthrough technologies.

We are focusing our technical research and development resources at 12 innovation technical centers around the globe to drive growth, creativity, greater effectiveness, improved efficiency and accelerated project delivery.

We work to introduce new varieties of our core products, including new taste or nutrition profiles based on consumer preferences, such as Cadbury Dairy Milk chocolate bars with 30% less sugar, Sugar-free Oreos and the Cadbury Plant Bar , a vegan (100% plant-based) sustainably-sourced cocoa chocolate bar wrapped in plant-based packaging.

We aim to address consumer needs and market trends and leverage scalable innovation platforms, sustainability programs and breakthrough technologies in order to delight our consumers and fuel our growth.

We are focusing our technical research and development resources at 12 technical centers around the globe to drive growth, creativity, greater effectiveness, improved efficiency and accelerated project delivery.

We also have a dedicated innovation and venture hub, SnackFutures, which is designed to capitalize on consumer trends and emerging growth opportunities in well-being snacks.

The group’s priorities support incremental growth against three key strategic areas:

invent new brands and businesses, invest in early stage entrepreneurs, and amplify SnackFutures’ impact with the CoLab start-up engagement program built to provide start-ups with tools, technologies and expertise that can help them learn, grow and succeed.

We face competition in all aspects of our business.

Competitors include large multinational as well as numerous local and regional companies.

Competitors include large multinational as well as numerous local and regional companies, including new start-up brands and businesses.

Some competitors have different profit objectives and investment time horizons than we do and therefore may approach pricing and promotional decisions differently.

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We monitor worldwide supply, commodity cost and currency trends so we can sustainably and cost-effectively secure ingredients, packaging and fuel required for production.

A number of external factors such as changing weather patterns and conditions, commodity market conditions, currency fluctuations and the effects of governmental agricultural or other programs affect the cost and availability of raw materials and agricultural materials used in our products.

A number of external factors such as changing weather patterns and conditions, commodity market conditions, effects from the current COVID-19 global pandemic, supply chain disruptions, currency fluctuations and the effects of governmental agricultural or other programs affect the cost and availability of raw materials and agricultural materials used in our products.

We address higher commodity costs and currency impacts primarily through hedging, higher pricing and manufacturing and overhead cost control.

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Due to factors noted above, the costs of our principal raw materials can fluctuate.

At this time, we believe there will continue to be an adequate supply of the raw materials we use and that they will generally remain available from numerous sources.

However, we continue to monitor the long-term impacts of climate change and related factors that could affect the availability or cost of raw materials, packaging and energy.

For additional information on our commodity costs, refer to the Commodity Trends section within Management’s Discussion and Analysis of Financial Condition and Results of Operations .

During late 2021 in particular, commodity costs have primarily increased due to recent supply chain disruptions.

We expect commodity cost volatility to continue, and our commodity hedging activities cannot fully offset this volatility.

Despite the recent and expected supply chain, transportation and labor disruptions, at this time, we believe there will continue to be an adequate supply of the raw materials we use and that they will generally remain available.

However, we continue to monitor the near-term and long-term impacts of the pandemic, supply chain disruptions, climate change and related factors that could affect the availability or cost of raw materials, packaging and energy.

For additional information,

refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations and Commodity Trends .

For information on our ongoing sustainability efforts and programs, refer to Sustainability and Mindful Snacking below.

Human Capital Resources

Human Capital

We believe the strength of our workforce is one of the significant contributors to our success as a global company that leads with purpose.

All our employees contribute to our success and are instrumental in driving strong financial performance.

Attracting, developing and retaining the best talent globally with the right skills to drive our success is central to our long-term growth strategy.

At the end of 2020, our workforce consisted of approximately 79,000, compared to approximately 80,000 at the end of 2019.

All our employees contribute to our success and help us drive strong financial performance.

Attracting, developing and retaining global talent with the right skills to drive our business is central to our purpose, mission and long-term growth strategy.

Workforce Profile :

Consistent with 2020, at December 31, 2021, we had approximately 79,000 employees.

At December 31, 2021, we had approximately 11,000 U.S.

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employees and approximately 61% of our employees outside the United States.

COVID-19 Response :

We have been actively responding to the COVID-19 pandemic and its impact globally.

Our highest priorities continue to be the safety of our employees and working with our employees and network of suppliers and customers to help maintain the global food supply chain.

For more information on our COVID-19 workplace and community response, see our COVID-19 disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations .

Workplace Safety :

The health, well-being and safety of our employees, customers and communities is our highest priority.

Every day we strive to make all our employees, contractors and visitors feel safe.

We foster safety leadership throughout the organization as part of our comprehensive health, safety and environment management.

Through ongoing communications, capability building, defined standards and safety measures, we strive to improve our safety performance each year.

Workplace Safety and Wellness :

We promote a strong culture of safety and prioritize keeping all our employees, contractors and visitors safe.

To accomplish this, we employ comprehensive health, safety and environment management policies and standards throughout the organization.

In addition, we strive to continuously improve our work processes, tools and metrics to reduce workplace injuries and enhance safety.

In response to the COVID-19 pandemic, we have implemented strict health and safety protocols and taken appropriate measures in our facilities, including implementing temperature screening, social distancing, mask-wearing and work-from-home policies where applicable.

As local governments began planning their vaccine rollout programs, we developed and deployed a three-phased vaccine advocacy strategy to understand intent, drive interest and secure vaccine availability for our colleagues all around the world.

We will continue to employ a flexible approach to how and where we work for our office-based employees, focusing on new ways of working in the workplace that enables colleagues to work remotely when appropriate and evolves our office spaces to foster great connection and collaboration.

Culture and Employee Engagement:

We conduct confidential engagement surveys of our global workforce that are administered and analyzed by an independent third party.

Aggregate survey results are reviewed by executive officers and the Board of Directors.

We create action plans at global, regional, functional and managerial levels.

By acting on results both at an aggregate enterprise level and a department/business/work group level, we have been able to enhance our culture and improve our overall engagement.

We believe this reflects our ongoing efforts during the pandemic to focus on our employees, their well-being and the issues that matter to them.

In 2021, we had over 12,000 colleagues actively participating in training that supported their well-being and provided them with new tools and resources to support remote work.

We also launched initiatives to further agile ways of working and streamline decision-making processes to enhance productivity and employee engagement.

We continue to build a winning growth culture and continue our commitment to work on the areas that matter to our people and build on our momentum.

Total Rewards :

As part of our total rewards philosophy, we offer competitive compensation and benefits to attract and retain top talent.

Our compensation programs are designed to reinforce our growth agenda and talent strategy as well as drive a strong connection between the contributions of our employees and their pay.

We believe the structure of our compensation packages provides the appropriate incentives to attract, retain and motivate our employees.

Further, to foster a strong sense of ownership and align the interests of employees with shareholders, we grant stock-based incentives to most senior-level employees.

We also continue to evolve our programs to meet our employees’ health and wellness needs.

We provide access to medical and welfare benefits and offer programs to all employees that support work-life balance, including paid parental leave, as well as financial, physical and mental health resources.

We are committed to equal pay for equal work, regardless of gender, race, ethnicity or other personal characteristics.

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We also regularly review our compensation practices to promote fair and equitable pay.

With the support of an independent third-party expert in this field, we have conducted global total target cash (“TTC”) pay equity reviews for salaried employees comparing employees in the same pay grade within a country/area.

Our last global analysis was in 2019 and encompassed 65 countries and over 32,000 employees.

At the enterprise-wide level, our pay gap between male and female employees was less than 1% and decreasing through pay adjustments for employees identified during the review.

In the United States, we also review TTC for salaried employees in the same pay grade by race/ethnicity (Asian, Black and Hispanic).

With the support of an independent third-party expert in this field, we conduct global pay equity reviews for salaried employees comparing employees in the same pay grade within a country/area to help identify any unsupported distinctions in pay between employees of different genders and races (as permitted by local country law).

Our last global analysis in 2021 encompassed 81 countries and over 32,000 employees.

From this analysis, we noted our pay gap between male and female employees was less than 1%.

We anticipate this gap will further decrease through pay adjustments for employees identified during the review.

In the United States, we also review pay for salaried employees in the same pay grade by race/ethnicity (Asian, Black and Hispanic).

The 2021 independent analysis found no systemic issues and no negative pay gap between non-white and white employees.

To foster a stronger sense of ownership and align the interests of employees with shareholders, we grant deferred stock units to eligible non-executive employees under our stock incentive program.

Furthermore, to promote overall employee health and well-being, we provide access to medical and welfare benefits and offer programs to employees that support work-life balance as well as financial, physical and mental health resources.

We also provide paid maternity and paternity time off for biological and adoptive parents.

We continue to evolve our programs to meet our employees’ health and wellness needs, which we believe is essential to attract and retain employees.

Diversity & Inclusion :

We seek to create and sustain an inclusive and safe workplace for all of our employees.

We want to reflect the diversity of our consumers and maximize the power and potential of our employees around the world to deliver stronger business performance.

At the end of 2020, women held 38% of global management roles (defined as Associate Director and above) and 34% of executive leadership roles (defined as the management leadership team plus one level below).

Diversity, Equity & Inclusion :

Diversity, equity & inclusion (“DE&I”) significantly contributes to our winning growth culture.

We work to reflect the diversity of ideas and people in our world and to maximize the power and potential of our employees.

In addition, we have many communities and sponsored programs tailored for our diverse workforce, including those that foster gender and race equality.

At the end of 2021, women held 39.3% of global management roles (defined as Director and above) and 27.3% of executive leadership roles (defined as the Management Leadership Team plus one level below).

In September 2020, we announced our goal to double Black representation in our U.S.

management team by 2024.

leadership, Black employees held 3.2% of management roles (defined as Associate Director and above) at the end of 2020.

As a global employer, we recognize and value differences and are championing diversity and inclusion (“D&I”) around the world.

We are creating local and global opportunities to further racial equity and economic empowerment by expanding our D&I initiatives across three key areas:

management team by 2024, and we are exceeding our expected annual progress toward that goal.

leadership, Black employees held 5.1% of management roles (defined as Director and above) at the end of 2021 and 3.2% at the end of 2020.

Our DE&I commitment is led from the top and driven throughout the organization by our Management Leadership Team, Board of Directors and Mondelēz Diversity, Equity & Inclusion Steering Committee.

As an important step in our DE&I journey, we established a team, including C-suite officers and other key senior leaders, charged with collectively setting the strategy and DE&I commitments across the organization.

We also include specific DE&I metrics as a part of the strategic scorecard within our annual incentive plan for our CEO and other senior leaders.

The scorecard is used consistently across the Company at both the corporate and region level and is linked directly to the three pillars of our strategy – growth, execution and culture.

As a global employer, we recognize and value differences and are championing DE&I around the world.

We are creating local and global opportunities to further racial equity and economic empowerment by expanding our DE&I initiatives across three key areas:

colleagues, culture and communities.

These opportunities include mobilizing our consumer-facing brands and leveraging our partnerships with agencies and advertising platforms to drive change, equity and inclusion.

To further reinforce our commitment to D&I, we have included specific D&I metrics as a part of our strategic scorecard within our annual incentive plan for the CEO and other senior leaders.

The scorecard is used consistently across the Company at both the corporate and region level and is linked directly to the three pillars of our strategy – growth, execution and culture.

Talent Management:

Talent Management and Development:

Maintaining a robust pipeline of talent is crucial to our ongoing success and is a key aspect of succession planning efforts across the organization.

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Specifically, we promote employee development by reviewing strategic positions regularly and identifying potential internal candidates to fill those roles, evaluating job skill sets to identify competency gaps and creating developmental plans to facilitate employee professional growth.

We commit to investing in our employees through training and development programs, on the job experiences, coaching, as well as tuition reimbursement for a majority of our employees in the United States to promote continued professional growth.

We invest in our employees through training and development programs, on the job experiences, coaching, as well as tuition reimbursement for a majority of our employees in the United States to promote continued professional growth.

We provide technical and leadership programs across the organization that enable colleagues to grow skills and capabilities to become more successful.

We also have dedicated talent programs that support and accelerate leadership development and strengthen our succession plans.

Additionally, we understand the importance of maintaining competitive compensation, benefits and appropriate training that provides growth, developmental opportunities and multiple career paths within the Company.

Employee Engagement:

We conduct confidential engagement surveys of our global workforce that are administered and analyzed by an independent third-party.

Aggregate survey results are reviewed by executive officers and the Board of Directors.

We create action plans at global, business unit and functional levels as well as for individual managers with direct reports who participate in the survey.

By acting on results both at an aggregate enterprise level and a department/business/work group level, and by analyzing our scores compared to both global and internal benchmarks, we have been able to enhance our culture and improve our overall engagement levels.

High impact initiatives including flexible working and proactive support to our people throughout the pandemic have been and will continue to be important drivers of engagement.

We also have focused capability building initiatives on agile ways of working and streamlining decision making processes to drive engagement.

We are building a winning growth culture that more effectively leverages local commercial expertise and invests in talent and key capabilities.

This enables the Company to move with greater speed and agility.

For additional detail on D&I, our workplace safety practices and measurements and workplace wellness, please see our 2020 Snacking Made Right report, which will be published on our website in May 2021.

For additional detail on DE&I, our workplace safety practices and measurements and workplace wellness, please see our latest Snacking Made Right report on our website and our upcoming 2021 report, which we expect to publish in May 2022.

Sustainability and Mindful Snacking

Our mission is to lead the future of snacking by creating snacks the right way for both people and planet.

We are focused on making our snacks more sustainably by using ingredients consumers know and trust, using less energy and water and creating less waste.

Our mindful snacking strategy aims to encourage consumers to snack with moderation through portion control offerings and portion size labeling, and we continue to evolve our portfolio to meet consumers’ needs.

We have specific goals and continue to make progress and scale our efforts to deliver meaningful change.

By living our purpose to empower people to snack right, we believe we can continue to have a positive impact on the lives of our consumers and the world around us.

Our mindful snacking strategy aims to encourage consumers to snack with moderation through portion control offerings and labeling, and we continue to evolve our portfolio to meet consumers’ needs.

We have been focused on sustainability for many years and we continue to enhance our sustainability goals and reporting.

In May 2020, we issued our 2019 Snacking Made Right report, which includes expanded reporting on environmental, social and governance (“ESG”) topics and highlights our progress toward our sustainability and nutrition-related goals.

We also released an ESG disclosure data sheet that outlines our alignment with the

Sustainability Accounting Standards Board (“SASB”) and Task Force on Climate-related Financial Disclosures (“TCFD”) reporting frameworks.

We also participate in the CDP Climate and Water annual disclosure survey and continue to work to reduce our carbon and water footprints.

We are committed to continue this and other related work in the areas of sustainable resources and agriculture, mindful snacking, nutrition, community partnerships and safety of our products and people.

Our 2025 sustainability and mindful snacking goals include:

• Minimizing food waste, end-to-end CO 2 emissions and priority water usage by 2025

• Designing all packaging to be recyclable by 2025 to further reduce our environmental footprint

• Scaling our Cocoa Life sustainability program so that by 2025, Cocoa Life will produce 100% of the cocoa volume we require for our chocolate brands

• Growing portion control products to 20 percent of snacks net revenue by 2025

• Including portion amounts and mindful snacking information on all packages globally by 2025

The Governance, Membership and Public Affairs Committee of our Board of Directors is responsible for overseeing our sustainable snacking and mindful snacking strategies.

Our goals are part of our strategic planning process, and therefore, progress and key activities are regularly reported to the Board of Directors and the business leadership teams.

Climate change, CO 2 emissions, energy, well-being and other sustainability matters are key focus areas in our strategy.

We have been focused on sustainability for many years and are committed to making a meaningful difference, including in reducing our greenhouse gas emissions.

In our end-to-end assessment of our supply chain from suppliers to consumers, raw ingredient sourcing (including primarily cocoa, dairy, wheat, palm and other vegetable oils) and related land use is the predominant contributor to our Scope 1 through 3 estimated greenhouse gas emissions.

We have been continuing to work to reduce emissions and in November 2021, we announced our goal of net zero greenhouse gas emissions across our full value chain (including Scope 1 through 3 greenhouse gas emissions) by 2050.

“Net zero emissions” refers to achieving a balance between greenhouse gas emissions released through human activities and those removed from the atmosphere.

Getting to net zero emissions means we plan to reduce our greenhouse gas emissions in accordance with SBTi mitigation pathways, using low-carbon technologies and agricultural practices.

In line with the SBTi net zero protocol, we would then neutralize the impact of any residual emissions that cannot be eliminated by permanently removing an equivalent amount of atmospheric carbon dioxide, such as through certified greenhouse gas emission reduction projects and sequestration.

To date, we have not focused on using carbon credits or similar instruments, and our priority is to continue to reduce our emissions in line with the SBTi protocol.

Our strategies could change over time through 2050 as new emission reduction options become available.

As we work to accomplish these goals to reduce greenhouse gas emissions across our full value chain, we are focused on helping to expand the use of regenerative agricultural methods, preserve forested protected lands, conserve resources such as water and energy and foster safe and equitable workplaces and communities.

We continue to expand our raw material sourcing programs, such as Cocoa Life for cocoa and Harmony for wheat, and leverage our supplier relationships and industry-sector coalitions to promote the use of new agricultural methods and technologies and tools focused on improving yields and reducing related greenhouse gas emissions.

Within our operations, we plan to increase our use of low-carbon technology to reduce emissions and increase our use of renewable energy.

We also plan to invest in low-carbon solutions as we replace ovens and refrigerants and increase our use of recycled plastic and other types of packaging materials.

In addition to our 2050 net zero greenhouse gas emissions goal, our 2025 sustainability and mindful snacking goals include:

• Reducing food waste in manufacturing, end-to-end CO 2e emissions and priority water usage

• Designing all packaging to be recyclable

• Scaling our Cocoa Life sustainability program so that Cocoa Life will produce 100% of the cocoa volume we require for our chocolate brands

• Growing portion control products to 20% of snacks net revenues

• Including mindful snacking portion information on all packages globally by 2025

In September 2021, we issued our first green bonds, raising nearly €2.0 billion or approximately $2.4 billion, further enabling us to cost-effectively fund eligible projects that align with our sustainability priorities in the areas of building a thriving ingredient supply chain and reducing our environmental impact.

The Governance, Membership and Sustainability Committee of our Board of Directors oversees our environmental and social sustainability and well-being initiatives.

Our ESG goals are part of our strategic planning process and are also embedded across our organization and within our annual incentive compensation program for our leadership.

Our businesses and senior leaders work to deliver progress that is regularly reviewed with business leadership teams and our Board of Directors.

We discuss our ESG goals and programs in detail in our annual Snacking Made Right ESG report available on our website.

Under Snacking Made Right - Reporting and Disclosure , we also publish an ESG disclosure data sheet that outlines our alignment with the Sustainability Accounting Standards Board (“SASB”) and Task Force on Climate-related Financial Disclosures (“TCFD”) reporting frameworks.

We also provide our CDP Climate Change , Water Security and Forests annual disclosures.

We have been recognized for our ongoing economic, environmental and social contributions.

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The DJSI selects the top 10% of global companies and top 20% of North American companies based on an extensive review of financial and sustainability programs within each industry.

We are at the 97th percentile of our industry according to the latest DJSI report.

We are at the 96th percentile of our industry according to the latest DJSI report issued in November 2021.

Intellectual Property

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In our agreement with Kraft Foods Group, Inc.

(which is now part of The Kraft Heinz Company), we each granted the other party various licenses to use certain of our and their respective intellectual property rights in named jurisdictions following the spin-off of our North American grocery business.

Our food products and ingredients are subject to local, national and multinational regulations related to labeling, health and nutrition claims, packaging, pricing, marketing and advertising, data privacy and related areas.

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Many of the food commodities we use in our operations are subject to government agricultural policy and intervention.

These policies have substantial effects on prices and supplies and

are subject to periodic governmental and administrative review.

These policies have substantial effects on prices and supplies and are subject to periodic governmental and administrative review.

In addition, increased attention to environmental and social issues in industry supply chains has led to developing different types of regulation in many countries.

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selective food taxes;

labeling requirements such as front-of-pack labeling based on nutrient profiles;

labeling requirements such as front-of-pack labeling based on nutrient profiles or environmental claims;

sales or media and marketing restrictions such as those on promotions or advertising products with specified nutrient profiles on certain channels or platforms or during certain hours of the day;

sanctions on sales or sourcing of raw materials;

potential withdrawal of cross-border trade concessions as retaliation or imposition of new border barriers for other reasons;

changes in the corporate tax policies of the United States and other countries;

cross-border trade concessions or border barriers;

corporate tax policies of the United States and other countries;

and packaging taxes.

In addition, at least 25 countries in the European Union have implemented extended producer responsibility (“EPR”) policies as part of national packaging waste policies that make manufacturers responsible for the cost of recycling food and beverage packaging after consumers use it.

In addition, over 25 countries in the European Union have implemented extended producer responsibility (“EPR”) policies as part of national packaging waste policies that make manufacturers responsible for the cost of recycling food and beverage packaging after consumers use it.

These range from mandatory regulations to voluntary agreements between government and industry to voluntary industry initiatives.

EPR policies are also being contemplated in other jurisdictions around the world, including certain states in the United States.

EPR policies are being implemented or contemplated in other jurisdictions around the world, including India, Vietnam and certain states in the United States.

Single-use plastic bans and other plastic taxes are being considered in Europe as well as countries including Indonesia and the Philippines.

Throughout the countries in which we do business, we are subject to local, national and multinational environmental laws and regulations relating to the protection of the environment.

12 unchanged sentences

Gruber 56 Executive Vice President and President, Europe

Hargrove 55 Executive Vice President, Research, Development and Quality

Hargrove 56 Executive Vice President and Chief Research and Development Officer

Sandra MacQuillan 55 Executive Vice President and Chief Supply Chain Officer

64 Executive Vice President, Corporate & Legal Affairs and General Counsel (retiring April 2021)

Laura Stein 59 Executive Vice President, General Counsel, Corporate & Legal Affairs

Laura Stein 60 Executive Vice President, Corporate & Legal Affairs and General Counsel

Valle 57 Executive Vice President and President, Latin America

15 unchanged sentences

Brusadelli became Executive Vice President and President, Asia Pacific in January 2016 and Executive Vice President and President, Asia Pacific, Middle East and Africa in October 2016.

He previously served as President Biscuits Business, South East Asia, Japan and Sales Asia Pacific from September 2015 to December 2015, President Markets and Sales Asia Pacific from September 2014 to September 2015 and President United Kingdom, Ireland and Nordics from September 2012 to August 2014.

Ireland and Nordics from September 2012 to August 2014.

Prior to that, Mr.

4 unchanged sentences

Gruber was formerly employed by Mondelēz International, in various capacities, from 1989 until 2000 and resumed his employment in September 2007.

Hargrove became Executive Vice President, Research, Development, Quality and Innovation in April 2015 and as of January 2019 serves as Executive Vice President, Research, Development and Quality.

Prior to that, he served as Senior Vice President, Research, Development & Quality for Mondelēz Europe from January 2013 to

Hargrove became Executive Vice President, Research, Development, Quality and Innovation in April 2015 and Executive Vice President, Research, Development and Quality (now Executive Vice President and Chief Research and Development Officer) in January 2019.

Prior to that, he served as Senior Vice President, Research, Development & Quality for Mondelēz Europe from January 2013 to March 2015.

Before joining Mondelēz International, Mr.

5 unchanged sentences

MacQuillan spent more than 20 years at Mars, Incorporated, a global manufacturer of confectionery, pet food and other food products, in various leadership roles, including Global Vice President, Supply for Mars Global Petcare.

Pleuhs became Executive Vice President and General Counsel in April 2012 and as of May 2019 serves as Executive Vice President, Corporate & Legal Affairs and General Counsel.

In this role, Mr.

Pleuhs oversees the legal, compliance, security, corporate and governance affairs functions within Mondelēz International.

He has served in various positions of increasing responsibility since joining Mondelēz International in 1990.

Pleuhs has a law degree from the University of Kiel, Germany and is licensed to practice law in Germany and admitted as house counsel in Illinois.

Pleuhs will retire from Mondelēz International in April 2021.

Stein became Executive Vice President, General Counsel, Corporate & Legal Affairs on January 11, 2021.

Stein became Executive Vice President, Corporate & Legal Affairs and General Counsel in January 2021.

Before joining Mondelēz International, Ms.

5 unchanged sentences

Prior to that he spent more than 20 years at Groupe Danone SA, a multinational provider of packaged water, dairy and baby food products, in a variety of leadership positions, most recently as Executive Vice President, Dairy Division Worldwide, from January 2015 to January 2018, and Vice President Dairy Division Europe, from January 2014 until December 2014.

Valle will become Executive Vice President and President, North America in March 2022.

Walter became Executive Vice President and President, North America in November 2017.

1 unchanged sentence

Walter worked at The Coca-Cola Company, a global beverage company, in a variety of leadership positions, most recently as Chief Executive Officer of Coca-Cola Industries China from February 2014 to October 2017 and President and Chief Operating Officer of Cola-Cola Refreshments in North America from January 2013 to February 2014.

Walter will leave Mondelēz International in March 2022.

Ethics and Governance

We adopted the Mondelēz International Code of Conduct, which qualifies as a code of ethics under Item 406 of Regulation S-K.

We have adopted the Mondelēz International Code of Conduct, which qualifies as a code of ethics under Item 406 of Regulation S-K.

The code applies to all of our employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions.

2 unchanged sentences

We will disclose any waiver we grant to an executive officer or director under our code of ethics, or certain amendments to the code of ethics, on our web site at www.mondelezinternational.com/investors/corporate-governance .

In addition, we adopted Corporate Governance Guidelines, charters for each of the Board’s four standing committees and the Code of Business Conduct and Ethics for Non-Employee Directors.

All of these materials are available on our web site at www.mondelezinternational.com/investors/corporate-governance and will be provided free of charge to any shareholder requesting a copy by writing to:

In addition, we have adopted Corporate Governance Guidelines, charters for each of the Board’s four standing committees and the Code of Business Conduct and Ethics for Non-Employee Directors.

All of these materials are available on our web site at www.mondelezinternational.com/investors/corporate-governance and will be provided

free of charge to any shareholder requesting a copy by writing to:

Corporate Secretary, Mondelēz International, Inc., 905 West Fulton Market, Suite 200, Chicago, IL 60607.

7 unchanged sentences

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 1. Business