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Item 1. Financial Statements

2024-07-30 compared with 2024-04-30 · 259 added, 127 removed, 785 unchanged (33% of the section changed)

6 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Net revenues $ 8,343 $ 8,507 $ 17,633 $ 17,673

7 unchanged sentences

Interest and other expense, net ( 32 ) ( 97 ) ( 100 ) ( 192 )

Gain on marketable securities

(Loss)/gain on marketable securities

— ( 189 ) — 607

Earnings before income taxes 850 1,161 3,532 3,386

1 unchanged sentence

(Loss)/gain on equity method investment transactions including impairments

— ( 23 ) ( 665 ) 464

Equity method investment net earnings 48 71 79 106

14 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Net earnings $ 603 $ 941 $ 2,019 $ 3,030

71 unchanged sentences

Interest Total

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Balances at April 1, 2024 $ — $ 32,163 $ 35,074 $ ( 11,132 ) $ ( 27,623 ) $ 32 $ 28,514

Comprehensive earnings/(losses):

Net earnings — — 601 — — 2 603

Other comprehensive earnings/(losses),

net of income taxes

— — — ( 383 ) — ( 2 ) ( 385 )

Exercise of stock options and issuance of

other stock awards

— 37 2 — 20 — 59

Common Stock repurchased — — — — ( 501 ) — ( 501 )

Cash dividends declared ($ 0.425 per share)

— — ( 569 ) — — — ( 569 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 3 ) ( 3 )

Balances at June 30, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718

Six Months Ended June 30, 2024

Balances at January 1, 2024 $ — $ 32,216 $ 34,236 $ ( 10,946 ) $ ( 27,174 ) $ 34 $ 28,366

12 unchanged sentences

and other activities

Balances at March 31, 2024 $ — $ 32,163 $ 35,074 $ ( 11,132 ) $ ( 27,623 ) $ 32 $ 28,514

Three Months Ended March 31, 2023

— — — — — ( 3 ) ( 3 )

Balances at June 30, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718

Three Months Ended June 30, 2023

Balances at April 1, 2023 $ — $ 32,112 $ 33,040 $ ( 10,814 ) $ ( 26,110 ) $ 46 $ 28,274

Comprehensive earnings/(losses):

Net earnings — — 944 — — ( 3 ) 941

Other comprehensive earnings/(losses),

net of income taxes

— — — 104 — ( 8 ) 96

Exercise of stock options and issuance of

other stock awards

— 36 ( 1 ) — 57 — 92

Common Stock repurchased — — — — ( 196 ) — ( 196 )

Cash dividends declared ($ 0.385 per share)

— — ( 525 ) — — — ( 525 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 3 ) ( 3 )

Balances at June 30, 2023 $ — $ 32,148 $ 33,458 $ ( 10,710 ) $ ( 26,249 ) $ 32 $ 28,679

Six Months Ended June 30, 2023

Balances at January 1, 2023 $ — $ 32,143 $ 31,481 $ ( 10,947 ) $ ( 25,794 ) $ 37 $ 26,920

13 unchanged sentences

— — 14 — — ( 4 ) 10

Balances at March 31, 2023 $ — $ 32,112 $ 33,040 $ ( 10,814 ) $ ( 26,110 ) $ 46 $ 28,274

Balances at June 30, 2023 $ — $ 32,148 $ 33,458 $ ( 10,710 ) $ ( 26,249 ) $ 32 $ 28,679

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(in millions of U.S.

For the Three Months Ended

For the Six Months Ended

CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES

5 unchanged sentences

Asset impairments and accelerated depreciation 22 44

Loss on early extinguishment of debt — 1

Loss/(gain) on equity method investment transactions including impairments

20 unchanged sentences

Payments for derivative settlements

( 114 ) ( 27 )

Contributions to investments

1 unchanged sentence

Proceeds from sale of property, plant and equipment and other

Net cash provided by/(used in) investing activities ( 446 ) 636

Net cash (used in)/provided by investing activities

( 847 ) 1,250

CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES

Net (repayments)/issuances of short-term borrowings ( 166 ) 156

Issuances of commercial paper, maturities greater than 90 days — 67

Net issuances/(repayments) of short-term borrowings

Long-term debt proceeds 702 189

30 unchanged sentences

In March 2022, our two Ukrainian manufacturing facilities in Trostyanets and Vyshhorod were significantly damaged.

We continue to make targeted repairs on both our plants and have partially reopened and restarted production in both plants.

We also continue to support our Ukraine employees, including paying salaries to those not yet able to return to work until production returns.

In the second quarter of 2024, we fully resumed production at both facilities after completing targeted repairs.

We continue to consolidate both our Ukrainian and Russian subsidiaries and continue to evaluate our ability to control our operating activities and businesses on an ongoing basis.

We base our estimates on historical experience, expectations of future impacts and other assumptions that we believe are reasonable.

Given the uncertainty of the ongoing effects of the war in Ukraine, and its impact on the global economic environment, our estimates could be significantly different than future performance.

We continue to evaluate the uncertainty of the ongoing effects of the war in Ukraine and its impact on the global economic environment, and we cannot predict if it will have a significant impact in the future.

Highly Inflationary Accounting

Within our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies.

Argentina and Türkiye represent 1.4 % and 0.9 % of our consolidated net revenues with remeasurement losses of $ 2 million and $ 6 million for the three months ended March 31, 2024, respectively.

Argentina and Türkiye represent 1.6 % and 0.5 % of our consolidated net revenues with remeasurement losses of $ 8 million and $ 1 million for the three months ended June 30, 2024, respectively, and 1.5 % and 0.7 % of our consolidated net revenues with remeasurement losses of $ 10 million and $ 7 million for the six months ended June 30, 2024 .

Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels.

2 unchanged sentences

Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions.

Restricted cash is recorded within other current assets and was $ 86 million as of March 31, 2024 and $ 74 million as of December 31, 2023.

Total cash, cash equivalents and restricted cash was $ 1,462 million as of March 31, 2024 and $ 1,884 million as of December 31, 2023.

Restricted cash is recorded within other current assets and was $ 72 million as of June 30, 2024 and $ 74 million as of December 31, 2023.

Total cash, cash equivalents and restricted cash was $ 1,471 million as of June 30, 2024 and $ 1,884 million as of December 31, 2023.

Allowances for Credit Losses

5 unchanged sentences

Write-offs charged against the allowance 2 — —

Currency 1 — —

Balance at March 31, 2024 $ ( 48 ) $ ( 40 ) $ ( 15 )

Currency and other

Balance at June 30, 2024 $ ( 39 ) $ ( 40 ) $ ( 17 )

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 473 million as of March 31, 2024 and $ 262 million as of December 31, 2023.

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 739 million as of June 30, 2024 and $ 262 million as of December 31, 2023.

The incremental cost of factoring receivables under this arrangement was not material for all periods presented.

1 unchanged sentence

Non-Cash Lease Transactions

We recorded $ 12 million in operating lease and $ 22 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2024 and $ 39 million in operating lease and $ 27 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2023.

We recorded $ 53 million in operating lease and $ 68 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2024 and $ 62 million in operating lease and $ 73 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2023.

Supply Chain Financing

1 unchanged sentence

We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions.

We have been informed by the participating financial institutions that our outstanding accounts payable related to suppliers that participate in the SCF programs was $ 2.5 billion and $ 2.4 billion, respectively, as of March 31, 2024 and December 31, 2023.

We have been informed by the participating financial institutions that our outstanding accounts payable related to suppliers that participate in the SCF programs was $ 2.7 billion and $ 2.4 billion, respectively, as of June 30, 2024 and December 31, 2023.

New Accounting Pronouncements

10 unchanged sentences

On October 1, 2023, we completed the sale of our developed market gum business in the United States, Canada and Europe to Perfetti Van Melle Group, excluding the Portugal business which we sold on October 23, 2023 after obtaining regulatory approval.

We recorded divestiture-related costs of $ 4 million in the three months ended March 31, 2024 and divestiture-related costs of $ 30 million in the three months ended March 31, 2023.

We recorded divestiture-related costs of zero in the three months ended June 30, 2024 and $ 22 million in the three months ended June 30, 2023 and recorded divestiture-related costs of $ 4 million in the six months ended June 30, 2024 and $ 52 million in the six months ended June 30, 2023.

This disposition was not considered a strategic shift that would have a major effect on our operations or financial results;

1 unchanged sentence

Inventories consisted of the following:

As of March 31,

As of June 30,

2024 As of December 31, 2023

6 unchanged sentences

Property, plant and equipment consisted of the following:

As of March 31,

As of June 30,

2024 As of December 31, 2023

7 unchanged sentences

Property, plant and equipment, net $ 9,488 $ 9,694

For the three months ended March 31, 2024, capital expenditures of $ 299 million excluded $ 418 million of accrued capital expenditures remaining unpaid at March 31, 2024 and included payment for a portion of the $ 471 million of capital expenditures that were accrued and unpaid at December 31, 2023.

For the three months ended March 31, 2023, capital expenditures of $ 223 million excluded $ 290 million of accrued capital expenditures remaining unpaid at March 31, 2023 and included payment for a portion of the $ 324 million of capital expenditures that were accrued and unpaid at December 31, 2022.

For the six months ended June 30, 2024, capital expenditures of $ 666 million excluded $ 364 million of accrued capital expenditures remaining unpaid at June 30, 2024 and included payment for the $ 471 million of capital expenditures that were accrued and unpaid at December 31, 2023.

For the six months ended June 30, 2023, capital expenditures of $ 495 million excluded $ 305 million of accrued capital expenditures remaining unpaid at June 30, 2023 and included payment for the $ 324 million of capital expenditures that were accrued and unpaid at December 31, 2022.

Goodwill and Intangible Assets

8 unchanged sentences

Currency ( 132 ) ( 79 ) ( 276 ) ( 23 ) ( 510 )

Balance at March 31, 2024 $ 1,625 $ 2,985 $ 8,071 $ 10,858 $ 23,539

Balance at June 30, 2024 $ 1,475 $ 2,986 $ 8,074 $ 10,851 $ 23,386

(1) Purchase price allocation adjustments for Ricolino and Clif Bar during 2023.

1 unchanged sentence

Intangible assets consisted of the following:

As of March 31, 2024 As of December 31, 2023

As of June 30, 2024 As of December 31, 2023

Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount

7 unchanged sentences

Definite-life intangible assets consist primarily of trademarks, customer-related intangibles, process technology, licenses and non-compete agreements.

Amortization expense for intangible assets was $ 38 million for the three months ended March 31, 2024 and $ 39 million for the three months ended March 31, 2023.

For the next five years, we currently estimate annual amortization expense of approximately $ 125 million in 2024-2026 and approximately $ 90 million in 2027 and 2028 (reflecting March 31, 2024 exchange rates).

Amortization expense for intangible assets was $ 37 million for the three months and $ 75 million for the six months ended June 30, 2024 and $ 37 million for the three months and $ 76 million for the six months ended June 30, 2023.

Impairment Assessment:

We test our reporting units and brands for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount.

During the first quarter of 2024, we evaluated our goodwill impairment and intangible asset impairment risk through an assessment of potential triggering events.

During the second quarter of 2024, we evaluated our goodwill impairment and intangible asset impairment risk through an assessment of potential triggering events.

We considered qualitative and quantitative information in our assessment.

1 unchanged sentence

During our 2023 annual indefinite-life intangible asset testing, we identified thirteen brands that each had a fair value in excess of book value of 10% or less.

The aggregate book value of the thirteen brands was $ 3.6 billion as of March 31, 2024, of which $ 1.9 billion is related to five recently acquired brands.

The aggregate book value of the thirteen brands was $ 3.5 billion as of June 30, 2024, of which $ 1.8 billion is related to five recently acquired brands.

We believe our current plans for each of these brands will support the current carrying values, but if plans to grow brand earnings and expand margin are not met or specific valuation factors outside of our control, such as discount rates, change then a brand or brands could become impaired in the future.

Marketable Securities

On March 2, 2023, we sold approximately 30 million shares of Keurig Dr Pepper Inc.

"KDP"), which reduced our ownership interest by 2.1 percentage points, from 5.3 % to 3.2 % of the total outstanding shares.

We received approximately $ 1.0 billion in proceeds and recorded a pre-tax gain on equity method transactions of $ 493 million ($ 368 million after-tax) on this sale during the first quarter of 2023.

This reduction in ownership, to below 5 % of the outstanding shares, resulted in a change of accounting for our KDP investment, from equity method investment accounting to accounting for equity interests with readily determinable fair values ("marketable securities") as we no longer had significant influence over KDP.

During the first quarter of 2023, our ownership in Keurig Dr Pepper Inc.

"KDP") fell below 5 % of the outstanding shares, resulting in a change of accounting for our KDP investment, from equity method investment accounting to accounting for equity interests with readily determinable fair values ("marketable securities") as we no longer had significant influence over KDP.

Marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1).

On June 8, 2023, we sold 23 million shares of KDP, which reduced our ownership by 1.6 percentage points, from 3.2 % to 1.6 % of the total outstanding shares.

We received proceeds of approximately $ 708 million.

On March 2, 2023, we sold 30 million shares of KDP, which reduced our ownership by 2.1 percentage points, from 5.3 % to 3.2 % of the total outstanding shares.

We received proceeds of approximately $ 1.0 billion and prior to the change of accounting for our KDP investment, recorded a pre-tax gain on equity method transactions of $ 493 million ($ 368 million after-tax) during the first quarter of 2023.

Subsequently in 2023, we sold the remainder of our shares of KDP and exited our investment in the company.

Pre-tax gains for marketable securities are summarized below:

Three Months Ended March 31, 2023

Pre-tax (losses)/gains for marketable securities are summarized below:

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

(in millions)

Unrealized gain on marketable securities held as of the end of the period

(Loss)/gain on marketable securities sold during the period

$ ( 104 ) $ 293

Unrealized (loss)/gain on marketable securities held as of the end of the period

Dividend income and other

Total gain on marketable securities $ 796

We reported no marketable securities as of March 31, 2024 and $ 1.6 billion as of March 31, 2023 in Other current assets in the condensed consolidated balance sheet.

Total (loss)/gain on marketable securities

$ ( 189 ) $ 607

In the table above, (loss)/gain on marketable securities sold during the period reflects the difference between the sale proceeds and the carrying value of the marketable securities at the beginning of the period or the date of the change of accounting for our investment in KDP, if later.

We reported no marketable securities as of June 30, 2024 and December 31, 2023, and $ 705 million as of June 30, 2023 in Other current assets in the condensed consolidated balance sheets.

Equity Method Investments

2 unchanged sentences

Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions.

As of March 31, 2024, we owned 17.7 %, 50.0 % and 49.0 %, respectively, of these companies' outstanding shares.

As of June 30, 2024, we owned 17.7 %, 50.0 % and 49.0 %, respectively, of these companies' outstanding shares.

We continue to have board representation with two directors on JDEP's Board of Directors and have retained certain additional governance rights.

As we continue to have significant influence, we continue to account for our investment in JDEP under the equity method.

Our investments accounted for under the equity method of accounting totaled $ 2.4 billion as of March 31, 2024 and $ 3.2 billion as of December 31, 2023.

We recorded equity earnings of $ 31 million and cash dividends of $ 81 million in the three months ended March 31, 2024, and equity earnings of $ 35 million and cash dividends of $ 102 million in the three months ended March 31, 2023.

During the three months ended March 31, 2024, we determined there was an other-than-temporary impairment based on the period of time for which the quoted market price fair value has been less than the carrying value of the investment and the uncertainty surrounding JDEP's stock price recovering to the carrying value.

Our investments accounted for under the equity method of accounting totaled $ 2.5 billion as of June 30, 2024 and $ 3.2 billion as of December 31, 2023.

We recorded equity earnings of $ 48 million and cash dividends of $ 2 million in the three months ended June 30, 2024, and equity earnings of $ 71 million and cash dividends of zero in the three months ended June 30, 2023.

We recorded equity earnings of $ 79 million and cash dividends of $ 82 million in the six months ended June 30, 2024 and equity earnings of $ 106 million and cash dividends of $ 102 million in the six months ended June 30, 2023.

Based on the quoted closing prices as of June 30, 2024, the fair value of our publicly-traded investment in JDEP was $ 1.7 billion, and there was no other than temporary impairment identified during the three months ended June 30, 2024.

During the three months ended March 31, 2024, we determined there was an other-than-temporary impairment based on the period of time for which the quoted market price fair value had been less than the carrying value of the investment and the uncertainty surrounding JDEP's stock price recovering to the carrying value.

As a result, the investment was written down to its estimated fair value based on the closing price of the underlying equity security of € 19.46 per share on March 28, 2024, resulting in an impairment charge of € 612 million ($ 665 million).

This charge was included within (Loss)/gain on equity method investment transactions including impairments in the condensed consolidated statement of earnings.

Any potential future impairments of JDEP will continue to be assessed based upon the other-than-temporary impairment criteria.

There was no other than temporary impairment identified in 2023.

There was no other than temporary impairment identified in the three and six months ended June 30, 2023.

JDEP Transactions

On April 3, 2023, we sold approximately 7.7 million shares of JDEP, which reduced our ownership by 1.6 percentage points, from 19.7 % to 18.1 % of the total outstanding shares.

We received cash proceeds of € 198 million ($ 217 million) and recorded a loss of € 18 million ($ 19 million) on this sale during the three months ended June 30, 2023.

On March 30, 2023, we issued options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares.

These options were exercisable at their maturities which were between July 3, 2023 and September 29, 2023, with strike prices ranging from € 26.10 to € 28.71 per share.

Subsequent to the three months ended March 31, 2023, we exercised options on 2.2 million of the 7.7 million shares.

Subsequent to the three months ended June 30, 2023, we exercised options on 2.2 million of the 7.7 million shares.

In 2021, we issued € 300 million exchangeable bonds, which are redeemable at maturity in September 2024 at their principal amount in cash or, at our option, through the delivery of an equivalent number of JDEP’s ordinary shares based on an initial exchange price of € 35.40 and, as the case may be, an additional amount in cash.

If all bonds were redeemed in exchange for JDEP's shares, this would represent approximately 8.5 million shares or approximately 10 % of our equity interest in JDEP as of March 31, 2024.

Refer to Note 9, Financial Instruments , for further details on this transaction.

If all bonds were redeemed in exchange for JDEP's shares, this would represent approximately 8.5 million shares or approximately 10 % of our equity interest in JDEP as of June 30, 2024.

Restructuring Program

10 unchanged sentences

Restructuring Costs

The Simplify to Grow Program liability activity for the three months ended March 31, 2024 was:

The Simplify to Grow Program liability activity for the six months ended June 30, 2024 was:

Write-downs and Other (1)

6 unchanged sentences

Currency ( 6 ) — ( 6 )

Liability balance, March 31, 2024 (5)

Liability balance, June 30, 2024 (5)

$ 201 $ — $ 201

(1) Includes gains as a result of assets sold which are included in the restructuring program.

(2) We recorded restructuring charges of $ 42 million in the three months ended March 31, 2024 and restructuring charges of $ 30 million in the three months ended March 31, 2023 within asset impairment and exit costs and benefit plan non-service income.

(3) We spent $ 13 million in the three months ended March 31, 2024 and $ 18 million in the three months ended March 31, 2023 in cash severance and related costs.

(4) We recognized non-cash asset write-downs (including accelerated depreciation and asset impairments) and other non-cash adjustments, including any gains on sale of restructuring program assets, which totaled a charge of $ 1 million in the three months ended March 31, 2024 and a charge of $ 1 million in the three months ended March 31, 2023.

(5) At March 31, 2024, $ 119 million of our net restructuring liability was recorded within other current liabilities and $ 96 million was recorded within other long-term liabilities.

(2) We recorded restructuring charges of $ 3 million in the three months ended June 30, 2024 and restructuring charges of $ 2 million in the three months ended June 30, 2023 and restructuring charges of $ 45 million in the six months ended June 30, 2024 and $ 32 million in the six months ended June 30, 2023 within asset impairment and exit costs and benefit plan non-service income.

(3) We spent $ 10 million in the three months ended June 30, 2024 and $ 17 million in the three months ended June 30, 2023 and spent $ 23 million in the six months ended June 30, 2024 and $ 35 million in the six months ended June 30, 2023 in cash severance and related costs.

(4) We recognized non-cash asset write-downs (including accelerated depreciation and asset impairments) and other non-cash adjustments, including any gains on sale of restructuring program assets, which totaled a charge of $ 5 million in the three months ended June 30, 2024 and a charge of $ 5 million in the three months ended June 30, 2023 and a charge of $ 6 million in the six months ended June 30, 2024 and $ 6 million in the six months ended June 30, 2023.

(5) At June 30, 2024, $ 114 million of our net restructuring liability was recorded within other current liabilities and $ 87 million was recorded within other long-term liabilities.

Implementation Costs

4 unchanged sentences

The costs include incremental expenses related to the closure of facilities, costs to terminate certain contracts and the simplification of our information systems.

Within our continuing results of operations, we recorded implementation costs of $ 11 million in

the three months ended March 31, 2024 and $ 5 million in the three months ended March 31, 2023.

Within our continuing results of operations, we recorded implementation costs of $ 12 million in the three months ended June 30, 2024 and $ 4 million in the three months ended June 30, 2023, and we recorded implementation costs of $ 23 million in the six months ended June 30, 2024 and $ 9 million in the six months ended June 30, 2023.

We recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses.

Restructuring and Implementation Costs

During the three months ended March 31, 2024 and March 31, 2023, and since inception of the Simplify to Grow Program, we recorded the following restructuring and implementation costs within segment operating income and earnings before income taxes:

During the three and six months ended June 30, 2024 and June 30, 2023, and since inception of the Simplify to Grow Program, we recorded the following restructuring and implementation costs within segment operating income and earnings before income taxes:

America AMEA Europe North

1 unchanged sentence

(in millions)

For the Three Months Ended March 31, 2024

For the Three Months Ended June 30, 2024

Restructuring Costs $ 1 $ — $ 2 $ ( 1 ) $ 1 $ 3

1 unchanged sentence

Total $ 2 $ — $ 7 $ 5 $ 1 $ 15

For the Three Months Ended March 31, 2023

For the Three Months Ended June 30, 2023

Restructuring Costs $ ( 1 ) $ 1 $ ( 3 ) $ 6 $ ( 1 ) $ 2

1 unchanged sentence

Total $ ( 2 ) $ 1 $ ( 1 ) $ 9 $ ( 1 ) $ 6

Total Project

(Inception to Date)

For the Six Months Ended June 30, 2024

Restructuring Costs $ 3 $ 1 $ 42 $ ( 1 ) $ — $ 45

1 unchanged sentence

Total $ 4 $ 1 $ 48 $ 9 $ 6 $ 68

For the Six Months Ended June 30, 2023

Restructuring Costs $ ( 1 ) $ 2 $ 27 $ 5 $ ( 1 ) $ 32

Implementation Costs ( 1 ) — 2 3 5 9

Total $ ( 2 ) $ 2 $ 29 $ 8 $ 4 $ 41

Total Project (Inception to Date)

Restructuring Costs $ 548 $ 562 $ 1,284 $ 675 $ 154 $ 3,223

Implementation Costs 305 245 587 608 378 2,123

Total $ 853 $ 807 $ 1,871 $ 1,283 $ 532 $ 5,346

Debt and Borrowing Arrangements

1 unchanged sentence

Our short-term borrowings and related weighted-average interest rates consisted of:

As of March 31, 2024 As of December 31, 2023

As of June 30, 2024 As of December 31, 2023

Outstanding Weighted-

5 unchanged sentences

Total short-term borrowings $ 838 $ 420

Our uncommitted credit lines and committed credit lines available as of March 31, 2024 and December 31, 2023 include:

As of March 31, 2024 As of December 31, 2023

Our uncommitted credit lines and committed credit lines available as of June 30, 2024 and December 31, 2023 include:

As of June 30, 2024 As of December 31, 2023

Facility Amount Borrowed Amount Facility Amount Borrowed Amount

11 unchanged sentences

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 March 31, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $ 39.6 billion.

At June 30, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $ 39.2 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, we entered into a credit facility secured by pledged deposits classified as long-term other assets.

(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 bear a variable rate based on SOFR plus applicable margin.

1 unchanged sentence

Debt Repayments

During the three months ended March 31, 2024, we repaid the following notes (in millions):

During the six months ended June 30, 2024, we repaid the following notes (in millions):

Interest Rate Maturity Date Amount USD Equivalent

2.125 % March 2024 $ 500 $ 500

During the three months ended March 31, 2023, we did not complete any debt repayments.

During the six months ended June 30, 2023, we did no t complete any debt repayments.

Debt Issuances

During the three months ended March 31, 2024, we issued the following notes (in millions):

During the six months ended June 30, 2024, we issued the following notes (in millions):

Issuance Date

3 unchanged sentences

(1) Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums .

During the three months ended March 31, 2023, we did not complete any debt issuances.

During the six months ended June 30, 2023, we did no t complete any debt issuances.

On July 3, 2024, we issued C$ 650 million ($ 473 million) of 4.625 % notes due July 2031.

Fair Value of Our Debt

1 unchanged sentence

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 March 31, 2024 As of December 31, 2023

As of June 30, 2024 As of December 31, 2023

(in millions)

4 unchanged sentences

For the Three Months Ended

(in millions)

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions) (in millions)

Interest expense, debt $ 130 $ 145 $ 252 $ 298

Loss on debt extinguishment and related expenses

Other income, net

1 unchanged sentence

Interest and other expense, net $ 32 $ 97 $ 100 $ 192

Other income, net includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts.

Other income, net includes amounts excluded from 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 and related economic hedges.

Refer to Note 9, Financial Instruments.

2 unchanged sentences

Derivative instruments were recorded at fair value in the condensed consolidated balance sheets as follows:

As of March 31, 2024 As of December 31, 2023

As of June 30, 2024 As of December 31, 2023

Derivatives Liability

5 unchanged sentences

Interest rate contracts $ 145 $ 59 $ 120 $ 57

Currency exchange contracts

Net investment hedge derivative contracts (1)

6 unchanged sentences

Interest rate contracts 1 — — 2

Equity method investment contracts (2)

$ 5,126 $ 4,306 $ 1,314 $ 1,120

6 unchanged sentences

dollar denominated debt acting as net investment hedges are also disclosed in the Derivative Volume table and the Hedges of Net Investments in International Operations section appearing later in this footnote.

(2) Equity method investment contracts consist of the bifurcated embedded derivative option that was a component of the September 20, 2021 € 300 million exchangeable bonds issuance and terminates on September 20, 2024.

Refer to Note 8, Debt and Borrowing Arrangements ..

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheet as follows:

As of March 31, 2024 As of December 31, 2023

As of June 30, 2024 As of December 31, 2023

(in millions)

4 unchanged sentences

The fair values (asset/(liability)) of our derivative instruments were determined using:

As of March 31, 2024

As of June 30, 2024

Fair Value of Net

40 unchanged sentences

The majority of our derivative contracts do not have a legal right of set-off.

We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit

ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

Derivative Volume

1 unchanged sentence

Notional Amount

As of March 31,

As of June 30,

2024 As of December 31, 2023

17 unchanged sentences

Cash Flow Hedge Coverage

As of March 31, 2024, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 4 years, 9 months .

As of June 30, 2024, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 4 years, 6 months .

Hedges of Net Investments in International Operations

2 unchanged sentences

operations against movements in exchange rates.

The aggregate notional value as of March 31, 2024 was $ 8.0 billion.

The aggregate notional value as of June 30, 2024 was $ 8.0 billion.

Net investment hedge derivative contract impacts on other comprehensive earnings and net earnings were:

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

4 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

Amounts excluded from the assessment of hedge effectiveness (1)

$ 46 $ 36 $ 87 $ 72

(1) We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

2 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

5 unchanged sentences

For the Three Months Ended

March 31, Location of Gain/(Loss) Recognized in Earnings

June 30, For the Six Months Ended

June 30, Location of Gain/(Loss) Recognized in Earnings

2024 2023 2024 2023

(in millions)

11 unchanged sentences

Total $ ( 253 ) $ 166 $ 1,019 $ 190

(1) Equity method investment contracts consist of the bifurcated embedded derivative option that was a component of the September 20, 2021 € 300 million exchangeable bonds issuance and terminates on September 20, 2024.

Refer to Note 6, Investments .

Fair Value of Contingent Consideration

1 unchanged sentence

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

1 unchanged sentence

Changes in fair value 12 ( 2 ) 35 15

Payments ( 54 ) ( 90 ) ( 54 ) ( 90 )

Liability at end of period $ 661 $ 567 $ 661 $ 567

Contingent consideration was recorded at fair value in the condensed consolidated balance sheets as follows:

As of March 31, 2024

As of June 30, 2024

Total Fair Value of

24 unchanged sentences

Fair value adjustments are primarily recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings.

(2) The other contingent consideration liabilities are recorded at fair value, with $ 143 million and $ 132 million classified as other current liabilities at March 31, 2024 and December 31, 2023, respectively.

The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management's latest estimate of forecasted future results.

Other key assumptions included discount rate and volatility.

(2) The other contingent consideration liabilities are recorded at fair value, with $ 93 million and $ 132 million classified as other current liabilities at June 30, 2024 and December 31, 2023, respectively.

Fair value adjustments are recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings.

Payment is expected to be made in the third quarter of 2024, and the majority will be classified within cash flows provided by operating activities in the consolidated statement of cash flows.

Benefit Plans

4 unchanged sentences

For the Three Months Ended

March 31, For the Three Months Ended

June 30, For the Three Months Ended

2024 2023 2024 2023

5 unchanged sentences

Net loss from experience differences — — 16 10

Settlement losses and other expenses — 3 — —

Net periodic pension benefit

$ ( 7 ) $ ( 3 ) $ ( 6 ) $ ( 1 )

Plans Non-U.S.

For the Six Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

Service cost $ 2 $ 2 $ 30 $ 27

Interest cost 30 32 142 152

Expected return on plan assets ( 46 ) ( 49 ) ( 216 ) ( 202 )

Amortization:

Net loss from experience differences — — 32 21

Prior service cost

3 unchanged sentences

Employer Contributions

During the three months ended March 31, 2024, we contributed $ 1 million to our U.S.

During the six months ended June 30, 2024, we contributed $ 1 million to our U.S.

pension plans and $ 52 million to our non-U.S.

2 unchanged sentences

Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of March 31, 2024, we plan to make further contributions of approximately $ 3 million to our U.S.

As of June 30, 2024, we plan to make further contributions of approximately $ 3 million to our U.S.

plans and $ 26 million to our non-U.S.

4 unchanged sentences

We began making monthly payments during the third quarter of 2019.

In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for the three months ended March 31, 2024 and $ 3 million for the three months ended March 31, 2023, within interest and other expense, net.

As of March 31, 2024, the remaining discounted withdrawal liability was $ 324 million, with $ 16 million recorded in other current liabilities and $ 308 million recorded in long-term other liabilities.

In connection with the discounted long-term liability, we recorded accreted interest of $ 3 million for the three months ended June 30, 2024 and $ 2 million for the three months ended June 30, 2023 and $ 5 million for the six months ended June 30, 2024 and 2023, within Interest and other expense, net in the condensed consolidated statement of earnings.

As of June 30, 2024, the remaining discounted withdrawal liability was $ 320 million, with $ 16 million recorded in Other current liabilities and $ 304 million recorded in Long-term other liabilities in the condensed consolidated balance sheet.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement (benefit)/cost was $( 3 ) million for the three months ended March 31, 2024 and zero for the three months ended March 31, 2023.

The net periodic postemployment cost was $ 5 million for the three months ended March 31, 2024 and $ 1 million for the three months ended March 31, 2023.

The net periodic postretirement (benefit)/cost was $( 2 ) million for the three months ended June 30, 2024 and $( 5 )

million for the six months ended June 30, 2024 and $( 2 ) million for the three and six months ended June 30, 2023.

The net periodic postemployment cost was $ 6 million for the three months ended June 30, 2024 and $ 11 million for the six months ended June 30, 2024 and zero for the three months ended June 30, 2023 and $ 1 million for the six months ended June 30, 2023.

On May 22, 2024, our shareholders approved the 2024 Performance Incentive Plan (the “2024 PIP”), which replaces our Amended and Restated 2005 Performance Incentive Plan (the “2005 Plan”).

Under the 2024 PIP, we are now authorized to issue a maximum of 50.7 million shares of our Common Stock.

As of May 2022, 2024, we may not make any grants under the 2005 Plan.

As of June 30, 2024, there were 50.7 million shares available to be granted under the 2024 PIP.

Stock Options

6 unchanged sentences

Annual grant to eligible employees 2,261,810 73.13

Additional options issued 6,150 69.76

Total options granted 2,267,960 73.12

2 unchanged sentences

Options canceled ( 239,408 ) 59.98

Balance at March 31, 2024 18,954,619 53.46 6 years $ 321 million

(1) Cash received from options exercised was $ 79 million in the three months ended March 31, 2024.

The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $ 10 million in the three months ended March 31, 2024.

Balance at June 30, 2024 18,492,908 53.50 5 years $ 238 million

(1) Cash received from options exercised was $ 17 million in the three months and $ 96 million in the six months ended June 30, 2024.

The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $ 1 million in the three months and $ 11 million in the six months ended June 30, 2024.

Performance Share Units and Other Stock-Based Awards

15 unchanged sentences

( 214,676 ) 65.45

Balance at March 31, 2024 4,799,923 67.44

Balance at June 30, 2024 4,717,995 67.54

(1) Includes PSUs and DSUs.

(2) Includes PSUs, DSUs and other stock-based awards.

(3) The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $ 7 million in the three months ended March 31, 2024.

(3) The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested was zero in the three months and $ 7 million in the six months ended June 30, 2024.

(4) The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components.

5 unchanged sentences

Repurchases under the program are determined by management and are wholly discretionary.

During the three months ended March 31, 2024, we repurchased approximately 7.7 million shares of Common Stock at an average cost of $ 72.99 per share, or an aggregate cost of approximately $ 563 million, all of which was paid during the period except for approximately $ 15 million settled in April 2024.

During the six months ended June 30, 2024, we repurchased approximately 15 million shares of Common Stock at an average cost of $ 70.52 per share, or an aggregate cost of approximately $ 1.0 billion, all of which was paid during the period except for approximately $ 5 million settled in July 2024.

All share repurchases were funded through available cash and commercial paper issuances.

As of March 31, 2024, we have approximately $ 3.9 billion in remaining share repurchase capacity.

As of June 30, 2024, we have approximately $ 3.4 billion in remaining share repurchase capacity.

Commitments and Contingencies

27 unchanged sentences

On January 28, 2021, the European Commission announced it had taken the next procedural step in its investigation and opened formal proceedings.

As previously disclosed, we have been cooperating with the investigation in an effort to reach a negotiated resolution in this matter.

As previously disclosed, we have been cooperating with the investigation.

In the fourth quarter of 2022, we had accrued (in accordance with U.S.

GAAP), on a pre-tax basis, a liability of € 300 million ($ 321 million) within other current liabilities in the consolidated balance sheet and selling, general and administrative expenses in the consolidated statement of earnings as an estimate of the possible cost to resolve this matter.

During the fourth quarter of 2023, we determined that we are likely to achieve a resolution with the European Commission that is expected to result in a liability of approximately € 340 million ($ 375 million) in total.

We have adjusted our accrual, on a pre-tax basis, accordingly.

In the event we achieve resolution as currently expected, we are likely to make payment in 2024.

During the fourth quarter of 2023, we adjusted our accrual to a liability of € 340 million ($ 375 million).

In the second quarter of 2024, we reached a

negotiated resolution in this matter and adjusted our accrual from a liability of € 340 million to € 337.5 million ($ 362 million), on a pre-tax basis.

Pursuant to the agreed settlement, we plan to make payment in August 2024.

We do not anticipate any modification of our business practices and agreements that would have a material impact on our ongoing business operations within the European Union.

2 unchanged sentences

As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures.

As of March 31, 2024 and December 31, 2023, we had no material third-party guarantees recorded on our condensed consolidated balance sheet.

As of June 30, 2024 and December 31, 2023, we had no material third-party guarantees recorded on our condensed consolidated balance sheet.

We are a party to various tax matter proceedings incidental to our business.

2 unchanged sentences

The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net gains of $ 23 million in the first quarter of 2024 and $ 30 million in the first quarter of 2023.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net (losses)/gains of $( 2 ) million in the second quarter of 2024 and $ 11 million in the second quarter of 2023 and $ 21 million in the first six months of 2024 and $ 41 million in the first six months of 2023.

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

9 unchanged sentences

Net actuarial gain/(loss) arising during period ( 1 ) ( 1 ) ( 6 ) 1

Tax (expense)/benefit on net actuarial gain/(loss) 1 — 1 —

Losses/(gains) reclassified into net earnings:

2 unchanged sentences

Tax expense/(benefit) on reclassifications (3)

( 4 ) ( 3 ) ( 8 ) ( 6 )

Currency impact ( 2 ) ( 26 ) 27 ( 44 )

7 unchanged sentences

Interest rate contracts (2)

( 7 ) 5 ( 43 ) 23

Tax expense/(benefit) on reclassifications (3)

( 1 ) 1 ( 2 ) 3

Currency impact — — 1 1

10 unchanged sentences

(3) Taxes reclassified to earnings are recorded within the provision for income taxes.

As of the first quarter of 2024, our estimated annual effective tax rate, which excludes discrete tax impacts, was 27.9 %.

As of the second quarter of 2024, our estimated annual effective tax rate, which excludes discrete tax impacts, was 27.8 %.

This rate reflected the impact of unfavorable foreign provisions under U.S.

tax laws as well as both favorable and unfavorable impacts from the mix of pre-tax income in various non-U.S.

jurisdictions.

Our 2024 first quarter effective tax rate was 23.6 % and includes a $ 227 million net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax benefits of $ 29 million.

As of the first quarter of 2023, our estimated annual effective tax rate, which excluded discrete tax impacts, was 24.3 %.

tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates.

Our 2024 second quarter effective tax rate was 34.7 % and includes discrete tax impacts in connection with unrealized gains and losses on hedging activities.

Excluding these impacts, our effective tax rate for the three months ended June 30, 2024 was 28.5 %.

The 28.5 % reflects the impact of unfavorable foreign provisions under U.S.

tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates.

Our effective tax rate for the six months ended June 30, 2024 of 26.2 % also includes discrete tax impacts in connection with unrealized gains and losses on hedging activities.

Excluding these impacts, our effective tax rate for the six months ended June 30, 2024 was 27.2 %.

The 27.2 % reflects the impact of unfavorable foreign provisions under U.S.

tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates.

As of the second quarter of 2023, our estimated annual effective tax rate, which excluded discrete tax impacts, was 24.6 %.

This rate reflected the impact of unfavorable foreign provisions under U.S.

tax laws partially offset by favorable impacts from the mix of pre-tax income in various non-U.S.

tax laws partially offset by favorable impacts from the mix of pre-tax income as well as applicable tax rates in various non-U.S.

jurisdictions.

Our 2023 first quarter effective tax rate of 29.6 % was high due to a $ 127 million net tax expense incurred in connection with the KDP share sale (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes).

Associated with the KDP share sale, we also recorded a $ 201 million net tax expense related to the change of accounting for our KDP investment from equity method investment accounting to accounting for equity interests with readily determinable fair values.

Excluding these tax impacts as well as the associated pre-tax impacts, our effective tax rate for the three months ended March 31, 2023 of 23.0 % was favorably impacted by discrete net tax benefits of $ 20 million, primarily driven by a $ 30 million net benefit from the release of liabilities for uncertain tax positions due to expirations of statutes of limitations and audit settlements in several jurisdictions.

Our 2023 second quarter effective tax rate of 23.1 % included a net tax benefit related to gains and losses on KDP marketable securities and a net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax expense.

Our effective tax rate for the six months ended June 30, 2023 of 27.3 % was higher due to a $ 127 million net tax expense incurred in connection with the KDP share sale during the first quarter (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes).

Excluding this impact, our effective tax rate for the six months ended June 30, 2023 was 23.6 %.

The 23.6 % rate also included net tax expense related to gains and losses on KDP marketable securities as well as the associated pre-tax impacts.

Earnings per Share

1 unchanged sentence

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions, except per share data)

1 unchanged sentence

Noncontrolling interest earnings

( 2 ) 3 ( 6 ) ( 5 )

Net earnings attributable to Mondelēz International $ 601 $ 944 $ 2,013 $ 3,025

8 unchanged sentences

We exclude antidilutive Mondelēz International stock options and long-term incentive plan shares from our calculation of weighted-average shares for diluted EPS.

We excluded antidilutive stock options and performance share units of 2.7 million for the three months ended March 31, 2024 and 2.2 million for the three months ended March 31, 2023.

We excluded antidilutive stock options and performance share units of 4.2 million for the three months ended June 30, 2024 and 2.8 million for the three months ended June 30, 2023 and 3.4 million for the six months ended June 30, 2024 and 2.7 million for the six months ended June 30, 2023.

Segment Reporting

12 unchanged sentences

Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that management reviews.

Our segment net revenues and earnings were:

Our reconciliation of segment net revenues and earnings to consolidated financial statement totals were:

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

(in millions)

6 unchanged sentences

Earnings before income taxes:

Operating income:

Segment operating income:

Latin America $ 144 $ 134 $ 301 $ 273

AMEA 290 207 701 567

Europe 550 449 1,141 956

North America 545 580 1,094 1,146

Unrealized gains on hedging activities

Unrealized (losses)/gains on hedging activities

(mark-to-market impacts) ( 571 ) 171 553 220

4 unchanged sentences

Interest and other expense, net ( 32 ) ( 97 ) ( 100 ) ( 192 )

Gain on marketable securities

(Loss)/gain on marketable securities

— ( 189 ) — 607

Earnings before income taxes $ 850 $ 1,161 $ 3,532 $ 3,386

2 unchanged sentences

Net revenues by product category were:

For the Three Months Ended March 31, 2024

For the Three Months Ended June 30, 2024

America AMEA Europe North

7 unchanged sentences

Total net revenues $ 1,232 $ 1,587 $ 2,874 $ 2,650 $ 8,343

For the Three Months Ended March 31, 2023

For the Three Months Ended June 30, 2023

America AMEA Europe North

1 unchanged sentence

(in millions)

Biscuits & Baked Snacks $ 309 $ 570 $ 1,129 $ 2,383 $ 4,391

Chocolate 316 563 1,241 56 2,176

Gum & Candy 368 235 220 305 1,128

Beverages 112 150 26 — 288

Cheese & Grocery 123 91 310 — 524

Total net revenues

$ 1,228 $ 1,609 $ 2,926 $ 2,744 $ 8,507

For the Six Months Ended June 30, 2024

America AMEA Europe North

America Total

(in millions)

Biscuits $ 596 $ 1,204 $ 2,123 $ 4,733 $ 8,656

4 unchanged sentences

Total net revenues

$ 2,551 $ 3,537 $ 6,242 $ 5,303 $ 17,633

For the Six Months Ended June 30, 2023

America AMEA Europe North

America Total

(in millions)

Biscuits $ 585 $ 1,239 $ 2,191 $ 4,696 $ 8,711

Chocolate 684 1,310 2,911 140 5,045

Gum & Candy 716 441 453 617 2,227

Beverages 223 358 59 — 640

Cheese & Grocery 231 200 619 — 1,050

Total net revenues $ 2,439 $ 3,548 $ 6,233 $ 5,453 $ 17,673

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-Q

Item 1. Financial Statements