What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-04-29 compared with 2024-10-29 · 266 added, 514 removed, 576 unchanged (58% of the section changed)

6 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net revenues $ 9,313 $ 9,290

2 unchanged sentences

Selling, general and administrative expenses ( 1,711 ) ( 1,938 )

Asset impairment and exit costs ( 176 ) ( 58 ) ( 238 ) ( 128 )

Asset impairments and exit costs

Amortization of intangible assets ( 37 ) ( 38 )

2 unchanged sentences

Interest and other expense, net ( 153 ) ( 68 )

(Loss)/gain on marketable securities

— ( 1 ) — 606

Earnings before income taxes 545 2,682

Income tax provision ( 154 ) ( 632 )

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

( 4 ) 1 ( 669 ) 465

Loss on equity method investment transactions

Equity method investment net earnings 16 31

14 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net earnings $ 407 $ 1,416

16 unchanged sentences

dollars, except share data)

September 30,

2025 December 31, 2024

53 unchanged sentences

Interest Total

Three Months Ended September 30, 2024

Balances at July 1, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718

Comprehensive earnings/(losses):

Net earnings — — 853 — — 3 856

Other comprehensive earnings/(losses),

net of income taxes

— — — ( 64 ) — 10 ( 54 )

Exercise of stock options and issuance of

other stock awards

— 44 2 — 69 — 115

Common Stock repurchased — — — — ( 107 ) — ( 107 )

Cash dividends declared ($ 0.470 per share)

— — ( 632 ) — — — ( 632 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 5 ) ( 5 )

Balances at September 30, 2024 $ — $ 32,244 $ 35,331 $ ( 11,579 ) $ ( 28,142 ) $ 37 $ 27,891

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Balances at January 1, 2025 $ — $ 32,276 $ 36,476 $ ( 12,471 ) $ ( 29,349 ) $ 26 $ 26,958

10 unchanged sentences

— — ( 611 ) — — — ( 611 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 8 ) ( 8 )

Balances at September 30, 2024 $ — $ 32,244 $ 35,331 $ ( 11,579 ) $ ( 28,142 ) $ 37 $ 27,891

Three Months Ended September 30, 2023

Balances at July 1, 2023 $ — $ 32,148 $ 33,458 $ ( 10,710 ) $ ( 26,249 ) $ 32 $ 28,679

Comprehensive earnings/(losses):

Net earnings — — 984 — — 4 988

Other comprehensive earnings/(losses),

net of income taxes

— — — ( 522 ) — ( 6 ) ( 528 )

Exercise of stock options and issuance of

other stock awards

— 33 4 — 26 — 63

Common Stock repurchased — — — — ( 57 ) — ( 57 )

Cash dividends declared ($ 0.425 per share)

— — ( 580 ) — — — ( 580 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 5 ) ( 5 )

Balances at September 30, 2023 $ — $ 32,181 $ 33,866 $ ( 11,232 ) $ ( 26,280 ) $ 25 $ 28,560

Nine Months Ended September 30, 2023

Balances at March 31, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823

Three Months Ended March 31, 2024

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

10 unchanged sentences

— — ( 575 ) — — — ( 575 )

Dividends paid on noncontrolling interest

and other activities

— — 14 — — ( 9 ) 5

Balances at September 30, 2023 $ — $ 32,181 $ 33,866 $ ( 11,232 ) $ ( 26,280 ) $ 25 $ 28,560

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

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(in millions of U.S.

For the Nine Months Ended

September 30,

For the Three Months Ended

CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES

3 unchanged sentences

Stock-based compensation expense 18 31

Deferred income tax provision 167 9

Deferred income tax (benefit)/provision

Asset impairments and accelerated depreciation 4 6

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

Loss on equity method investment transactions

Equity method investment net earnings ( 16 ) ( 31 )

1 unchanged sentence

Unrealized loss/(gain) on derivative contracts

Gain on marketable securities — ( 593 )

689 ( 1,134 )

Contingent consideration adjustments

12 unchanged sentences

Acquisitions, net of cash received ( 15 ) —

Proceeds from divestitures including equity method and marketable security investments 4 2,727

Proceeds from divestitures

Proceeds from derivative settlements

Payments for derivative settlements

( 150 ) ( 27 )

Contributions to investments

( 249 ) ( 338 )

Proceeds from sale of property, plant and equipment and other

Net cash (used in)/provided by investing activities

Proceeds from/(contributions to) investments

Proceeds from sales of property, plant and equipment and other

Net cash used in investing activities

( 251 ) ( 446 )

CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES

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

Repayments of commercial paper, maturities greater than 90 days — ( 67 )

Net issuances/(repayments) of short-term borrowings

Net issuance/(repayment) of short-term borrowings

1,841 ( 166 )

3 unchanged sentences

Dividends paid ( 623 ) ( 578 )

Other 132 134

Net cash used in financing activities ( 704 ) ( 1,223 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash

( 34 ) ( 133 )

Cash, cash equivalents and restricted cash:

Decrease ( 311 ) ( 271 )

Increase/(decrease)

Balance at beginning of period 1,400 1,884

16 unchanged sentences

The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate.

We account for investments over which we exercise significant influence under the equity method of accounting.

Investments with readily determinable fair values for which we do not have the ability to exercise significant influence are measured at fair value.

War in Ukraine

In February 2022, Russia began a military invasion of Ukraine and we closed our operations and facilities in Ukraine.

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

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 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.

We account for investments in common stock or in-substance common stock over which we exercise significant influence under the equity method of accounting.

Highly Inflationary Accounting

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

Argentina and Türkiye represent 1.6 % and 0.6 % of our consolidated net revenues with remeasurement losses of $ 4 million and $ 5 million for the three months ended September 30, 2024, respectively, and 1.5 % and 0.7 % of our consolidated net revenues with remeasurement losses of $ 14 million and $ 12 million for the nine months ended September 30, 2024 .

Within our consolidated entities, Argentina, Türkiye, Egypt and Nigeria are accounted for as highly inflationary countries.

Argentina, Türkiye, Egypt and Nigeria represent 1.5 %, 0.8 %, 0.4 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended March 31, 2025.

The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $( 7 ) million and $( 8 ) million for the three months ended March 31, 2025 and 2024, respectively.

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 $ 56 million as of September 30, 2024 and $ 74 million as of December 31, 2023.

Total cash, cash equivalents and restricted cash was $ 1,573 million as of September 30, 2024 and $ 1,884 million as of December 31, 2023.

Restricted cash is recorded within other current assets and was $ 64 million as of March 31, 2025 and $ 49 million as of December 31, 2024.

Total cash, cash equivalents and restricted cash was $ 1,625 million as of March 31, 2025 and $ 1,400 million as of December 31, 2024.

Allowances for Credit Losses

3 unchanged sentences

Balance at January 1, 2025 $ ( 37 ) $ ( 37 ) $ ( 16 )

Net recovery for expected credit losses

Write-offs charged against the allowance 2 1 —

Currency and other

Balance at September 30, 2024 $ ( 38 ) $ ( 39 ) $ ( 21 )

— ( 1 ) ( 1 )

Balance at March 31, 2025 $ ( 37 ) $ ( 38 ) $ ( 17 )

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 737 million as of September 30, 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 $ 576 million as of March 31, 2025 and $ 159 million as of December 31, 2024.

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 $ 244 million in operating lease and $ 90 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2024 and $ 86 million in operating lease and $ 101 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2023.

We recorded $ 38 million in operating lease and $ 51 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2025 and $ 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.

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 $ 3.2 billion and $ 2.4 billion, respectively, as of September 30, 2024 and December 31, 2023.

Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our consolidated balance sheets .

Our outstanding obligations confirmed as valid under our SCF program are $ 3.7 billion and $ 3.5 billion as of March 31, 2025 and December 31, 2024, respectively.

New Accounting Pronouncements

In September 2022, the FASB issued an ASU which enhances the transparency of supplier finance programs by requiring additional disclosure about the key terms of these programs and a roll-forward of the related obligations to understand the effects of these programs on working capital, liquidity and cash flows.

The ASU is effective for fiscal years beginning after December 15, 2022, except for the roll-forward requirement, which is effective for fiscal years beginning after December 15, 2023.

We adopted, with the exception of the roll-forward requirement, this standard in the first quarter of 2023 and it did not have a material impact on our consolidated financial statements and related disclosures.

In November 2023, the FASB issued an ASU which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

In December 2023, the FASB issued an Accounting Standards Update ("ASU") which enhances the transparency of annual income tax disclosures, primarily related to the rate reconciliation and income taxes paid information.

The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted.

We are currently assessing the impact on our consolidated financial statements and related segment disclosures.

In December 2023, the FASB issued an ASU which enhances the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information.

We are currently assessing the impact on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued an ASU that requires incremental disclosures in the notes to the financial statements to disaggregate certain income statement expense line items.

The ASU is effective for fiscal years beginning after December 15, 2026 and early adoption is permitted.

1 unchanged sentence

Acquisitions and Divestitures

On September 20, 2024 , we announced that we signed an agreement to acquire a majority stake of Evirth (Shanghai) Industrial Co., Ltd ("Evirth"), a leading manufacturer of cakes and pastries in China.

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to clos e in the fourth quarter of 2024.

We recorded acquisition-related costs of $ 2 million in the three months ended September 30, 2024.

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 reversed $ 2 million of previously recorded divestiture-related costs no longer required in the three months ended September 30, 2024 and recorded divestiture-related costs of $ 14 million in the three months ended September 30, 2023 and recorded net divestiture-related costs of $ 2 million in the nine months ended September 30, 2024 and $ 66 million in the nine months ended September 30, 2023.

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

therefore, the results of the disposed business were not classified as discontinued operations.

On November 1, 2024, we acquired Evirth (Shanghai) Industrial Co., Ltd.

("Evirth"), a leading manufacturer of cakes and pastries in China.

The acquisition will continue to expand our growth in the cakes and pastries categories.

The cash consideration paid totaled ¥ 1.8 billion ($ 255 million), net of cash received.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation.

Within definite-lived intangible assets, we allocated $ 117 million to customer relationships which have an estimated useful life of 17 years.

The fair value of customer relationships at the acquisition date was determined using the multi-period excess earnings method under the income approach.

The fair value measurements are based on significant unobservable inputs, and thus represent Level 3 inputs.

Significant assumptions used in assessing the fair values of the intangible assets include discounted cash flows, customer attrition rates and discount rates.

Goodwill of $ 125 million was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across China.

None of the goodwill recognized will be deductible for income tax purposes.

All of the goodwill was assigned to the AMEA operating segment.

For further detail, refer to Note 5, Goodwill and Intangible Assets .

Acquisition and Divestiture-Related Costs

We recorded a net gain of $ 8 million during the three months ended March 31, 2025 and incurred $ 43 million during the three months ended March 31, 2024 in total acquisition integration costs and contingent consideration adjustments.

We recorded a net gain of $ 4 million during the three months ended March 31, 2025 and incurred $ 4 million during the three months ended March 31, 2024 of total divestiture-related costs.

Inventories consisted of the following:

As of September 30,

As of March 31,

2025 As of December 31, 2024

6 unchanged sentences

Property, plant and equipment consisted of the following:

As of September 30,

As of March 31,

2025 As of December 31, 2024

7 unchanged sentences

Property, plant and equipment, net $ 9,767 $ 9,481

For the nine months ended September 30, 2024, capital expenditures of $ 982 million excluded $ 387 million of accrued capital expenditures remaining unpaid at September 30, 2024 and included payment for the $ 471 million of capital expenditures that were accrued and unpaid at December 31, 2023.

For the nine months ended September 30, 2023, capital expenditures of $ 780 million excluded $ 321 million of accrued capital expenditures remaining unpaid at September 30, 2023 and included payment for the $ 324 million of capital expenditures that were accrued and unpaid at December 31, 2022.

For the three months ended March 31, 2025, capital expenditures of $ 277 million excluded $ 397 million of accrued capital expenditures remaining unpaid at March 31, 2025 and included payment for a portion of the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

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.

Goodwill and Intangible Assets

4 unchanged sentences

Currency ( 291 ) ( 147 ) ( 508 ) ( 55 ) ( 1,001 )

Acquisitions (1)

Acquisition (1)

— 122 — — 122

1 unchanged sentence

Currency 40 14 366 ( 1 ) 419

Balance at September 30, 2024 $ 1,408 $ 3,076 $ 8,430 $ 10,859 $ 23,773

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

Balance at March 31, 2025 $ 1,356 $ 3,057 $ 8,208 $ 10,818 $ 23,439

(1) Relates to purchase price allocation and subsequent adjustments for Evirth.

See Note 2, Acquisitions and Divestitures for additional information.

Intangible Assets

Intangible assets consisted of the following:

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

As of March 31, 2025 As of December 31, 2024

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

(in millions)

Definite-life intangible assets $ 3,303 $ ( 2,277 ) $ 1,026 $ 3,322 $ ( 2,155 ) $ 1,167

Indefinite-life intangible assets (1)

$ 18,081 $ — $ 18,081 $ 17,770 $ — $ 17,770

Definite-life intangible assets 3,360 ( 2,311 ) 1,049 3,306 ( 2,228 ) 1,078

$ 21,441 $ ( 2,311 ) $ 19,130 $ 21,076 $ ( 2,228 ) $ 18,848

(1) In the third quarter of 2023, we recorded $ 26 million of intangible asset impairment charges related to one chocolate brand in the North America segment for $ 20 million and one biscuit brand in the Europe segment for $ 6 million.

(2) In the third quarter of 2024, we recorded $ 153 million of intangible asset impairment charges related to two biscuit brands in the Europe segment for $ 143 million, one biscuit brand in the AMEA segment for $ 5 million and one candy and one biscuit brand in the Latin America segment for a total of $ 5 million.

(1) We recorded intangible asset impairments of $ 153 million in 2024 within asset impairment and exit costs in the condensed consolidated statement of earnings.

Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar.

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

Amortization expense for intangible assets was $ 40 million for the three months and $ 115 million for the nine months ended September 30, 2024 and $ 38 million for the three months and $ 114 million for the nine months ended September 30, 2023.

For the next five years, we currently estimate annual amortization expense of approximately $ 130 million in 2024-2026 and approximately $ 90 million in 2027 and 2028 (reflecting September 30, 2024 exchange rates).

Amortization expense for intangible assets was $ 37 million for the three months ended March 31, 2025 and $ 38 million for the three months ended March 31, 2024.

For the next five years, we estimate annual amortization expense of approximately (reflecting March 31, 2025 exchange rates):

(in millions)

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 third quarter of 2024, we performed our annual impairment assessment test for goodwill and indefinite-life intangible assets as of July 1, 2024.

Our 2024 annual testing of goodwill resulted in no impairments as each reporting unit had fair value in excess of carrying value.

As part of our goodwill quantitative assessment, we compare a reporting unit's estimated fair value to its carrying value.

If the carrying value of the reporting unit exceeds the fair value, we would record an impairment for the difference.

We estimate a reporting unit's fair value using a discounted cash flow method that incorporates discount rates, planned growth rates, and estimates of residual value.

We used a market-based weighted average cost of capital of 6.8 % for our Europe and North America reporting units and a risk-rated weighted average cost of capital of 9.8 % for our Latin America and AMEA reporting units, to discount projected cash flows from those operations.

Estimating the fair value of individual reporting units requires us to make assumptions and estimates

regarding our future plans, industry conditions and economic conditions based on available information.

Given the uncertainty of the global macroeconomic environment, those estimates could be significantly different than future performance.

While all reporting units passed our annual impairment testing, if planned business performance expectations are not met or specific valuation factors outside our control, such as discount rates, change significantly, then the estimated fair values of a reporting unit might decline and lead to a goodwill impairment in the future.

Our 2024 annual testing of indefinite-life intangible assets resulted in an impairment of $ 153 million related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment.

The impairments were driven by changes in projections, resulting primarily from the impact of customer price negotiation disruptions and continued commodity cost pressures in the third quarter of 2024, which are expected to result in a slower recovery than previously expected.

The impairment charges were calculated as the excess of the carrying value over the estimated fair value of the intangible assets on a global basis and were recorded within asset impairment and exit costs.

We use several accepted valuation methods, including Relief from Royalty, excess earnings and excess margin.

The valuation methods utilize estimates of future sales, earnings growth rates, royalty rates and discount rates to determine the fair value of each intangible asset.

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 $ 3.0 billion as of September 30, 2024.

We believe our current plans for each of these brands will allow them to not be impaired, but if plans to grow brand revenue 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

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 July 13, 2023, we sold 23 million shares, the remainder of our shares of KDP.

We received proceeds of approximately $ 704 million.

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.

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

Three Months Ended September 30, 2023

Nine Months Ended September 30, 2023

(in millions)

Gain on marketable securities sold during the period

Dividend income and other

Total (loss)/gain on marketable securities

$ ( 1 ) $ 606

In the table above, 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.

During the first quarter of 2025, 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 and concluded there were no impairment indicators.

During our 2024 annual indefinite-life intangible assets testing, we recorded $ 153 million of intangible asset impairment charges related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment.

Additionally, 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 $ 3.0 billion as of March 31, 2025.

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

Equity Method Investments

Our equity method investments include, but are not limited to, our ownership interests in JDE Peet's (Euronext Amsterdam:

"JDEP"), Dong Suh Foods Corporation and Dong Suh Oil & Fats Co.

Our current equity method investments primarily relate to our ownership interests in Dong Suh Foods Corporation and Dong Suh Oil & Fats Co.

As of March 31, 2025, we owned 50.0 % and 49.0 %, respectively, of these companies' outstanding shares.

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

As of September 30, 2024, we owned 17.6 %, 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 $ 2.6 billion as of September 30, 2024 and $ 3.2 billion as of December 31, 2023.

We recorded equity earnings of $ 54 million and cash dividends of $ 33 million in the three months ended September 30, 2024, and equity earnings of $ 10 million and cash dividends of $ 34 million in the three months ended September 30, 2023.

We recorded equity earnings of $ 133 million and cash dividends of $ 115 million in the nine months ended September 30, 2024 and equity earnings of $ 116 million and cash dividends of $ 136 million in the nine months ended September 30, 2023.

Based on the quoted closing prices as of September 30, 2024, the fair value of our publicly-traded investment in JDEP was $ 1.8 billion, and there was no other than temporary impairment identified during the three months ended September 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.

Our investments accounted for under the equity method of accounting totaled $ 610 million as of March 31, 2025 and $ 635 million as of December 31, 2024.

We recorded equity earnings of $ 16 million and received cash dividends of $ 44 million in the three months ended March 31, 2025.

We recorded equity earnings of $ 31 million and received cash dividends of $ 81 million in the three months ended March 31, 2024, which included our prior investment in JDE Peet’s N.V.

During the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB Holding Company and fully exited the investment.

During the three months ended March 31, 2024, we determined there was an other-than-temporary impairment of our investment in JDEP based on the period 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.

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

JDEP Transactions

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.

During the three months ended September 30, 2023, options were exercised on 2.2 million shares, which reduced our ownership percentage by 0.4 percentage point, from 18.1 % to 17.7 % of the total outstanding shares.

We received cash proceeds of € 57 million ($ 62 million) and recorded a loss of € 3 million ($ 4 million) for these shares during the three months ended September 30, 2023.

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 during the second quarter of 2023.

In 2021, we issued € 300 million exchangeable bonds, which were redeemable at maturity during 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.

At maturity, we repaid the exchangeable bonds in cash.

Refer to Note 8, Debt and Borrowing Arrangements for additional detail on this repayment.

On October 21, 2024, we announced the sale of our remaining 85.9 million shares in JDEP to JAB Holdings Company for approximately € 2.2 billion ($ 2.4 billion), at a price of € 25.10 per share.

The sale transaction is expected to be completed in the fourth quarter of 2024.

Restructuring Program

On May 6, 2014, our Board of Directors approved a $ 3.5 billion 2014-2018 restructuring program and up to $ 2.2 billion of capital expenditures.

On August 31, 2016, our Board of Directors approved a $ 600 million reallocation between restructuring program cash costs and capital expenditures so the $ 5.7 billion program consisted of approximately $ 4.1 billion of restructuring program charges ($ 3.1 billion cash costs and $ 1.0 billion non-cash costs) and up to $ 1.6 billion of capital expenditures.

On September 6, 2018, our Board of Directors approved an extension

of the restructuring program through 2022, an increase of $ 1.3 billion in the program charges and an increase of $ 700 million in capital expenditures.

On October 21, 2021, our Board of Directors approved an extension of the restructuring program through 2023, and on July 25, 2023, our Board of Directors approved a further extension of the restructuring program through December 31, 2024.

The total $ 7.7 billion program now consists of $ 5.4 billion of program charges ($ 4.1 billion of cash costs and $ 1.3 billion of non-cash costs) and total capital expenditures of $ 2.3 billion to be incurred over the life of the program.

The current restructuring program, as increased and extended by these actions, is now called the Simplify to Grow Program.

The primary objective of the Simplify to Grow Program is to reduce our operating cost structure in both our supply chain and overhead costs.

The program covers severance as well as asset disposals and other manufacturing and procurement-related one-time costs.

Since inception, we have incurred total restructuring and implementation charges of $ 5.4 billion related to the Simplify to Grow Program.

We expect to incur the remainder of the program charges by year-end 2024.

Restructuring Costs

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

Write-downs and Other (1)

(in millions)

Liability balance, January 1, 2024 $ 191 $ — $ 191

Cash spent (3)

( 35 ) — ( 35 )

Non-cash settlements/adjustments (4)

— ( 12 ) ( 12 )

Currency 1 — 1

Liability balance, September 30, 2024 (5)

$ 185 $ — $ 185

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

(2) We recorded net reversals of previously recorded restructuring charges of $ 5 million in the three months ended September 30, 2024 and restructuring charges of $ 16 million in the three months ended September 30, 2023 and net restructuring charges of $ 40 million in the nine months ended September 30, 2024 and $ 48 million in the nine months ended September 30, 2023 within asset impairment and exit costs and benefit plan non-service income.

(3) We spent $ 12 million in the three months ended September 30, 2024 and $ 12 million in the three months ended September 30, 2023 and spent $ 35 million in the nine months ended September 30, 2024 and $ 47 million in the nine months ended September 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 $ 6 million in the three months ended September 30, 2024 and a charge of $ 8 million in the three months ended September 30, 2023 and a charge of $ 12 million in the nine months ended September 30, 2024 and $ 14 million in the nine months ended September 30, 2023.

(5) At September 30, 2024, $ 102 million of our net restructuring liability was recorded within other current liabilities and $ 83 million was recorded within other long-term liabilities.

Implementation Costs

Implementation costs are directly attributable to restructuring activities;

however, they do not qualify for special accounting treatment as exit or disposal activities.

We believe the disclosure of implementation costs provides readers of our financial statements with additional information on the total costs of our Simplify to Grow Program.

Implementation costs primarily relate to reorganizing our operations and facilities in connection with our supply chain reinvention program and other identified productivity and cost saving initiatives.

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 $ 17 million in the three months ended September 30, 2024 and $ 4 million in the three months ended September 30, 2023, and we recorded implementation costs of $ 40 million in the nine months ended September 30, 2024 and $ 13 million in the nine months ended September 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 and nine months ended September 30, 2024 and September 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

America Corporate Total

(in millions)

For the Three Months Ended September 30, 2024

Restructuring Costs $ 1 $ 4 $ ( 11 ) $ 2 $ ( 1 ) $ ( 5 )

Implementation Costs — — 5 9 3 17

Total $ 1 $ 4 $ ( 6 ) $ 11 $ 2 $ 12

For the Three Months Ended September 30, 2023

Restructuring Costs $ ( 1 ) $ 5 $ — $ 11 $ 1 $ 16

Implementation Costs 1 ( 1 ) 1 1 2 4

Total $ — $ 4 $ 1 $ 12 $ 3 $ 20

For the Nine Months Ended September 30, 2024

Restructuring Costs $ 4 $ 5 $ 31 $ 1 $ ( 1 ) $ 40

Implementation Costs — — 10 21 9 40

Total $ 4 $ 5 $ 41 $ 22 $ 8 $ 80

For the Nine Months Ended September 30, 2023

Restructuring Costs $ ( 2 ) $ 7 $ 27 $ 16 $ — $ 48

Implementation Costs — ( 1 ) 3 4 7 13

Total $ ( 2 ) $ 6 $ 30 $ 20 $ 7 $ 61

Total Project (Inception to Date)

Restructuring Costs $ 549 $ 566 $ 1,273 $ 677 $ 153 $ 3,218

Implementation Costs 304 245 591 619 381 2,140

Total $ 853 $ 811 $ 1,864 $ 1,296 $ 534 $ 5,358

This charge was included within Loss on equity method investment transactions in the condensed consolidated statement of earnings.

Debt and Borrowing Arrangements

1 unchanged sentence

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

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

As of March 31, 2025 As of December 31, 2024

Outstanding Weighted-

5 unchanged sentences

Total short-term borrowings $ 1,914 $ 71

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

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

Our uncommitted credit lines and committed credit lines available include:

As of March 31, 2025 As of December 31, 2024

Facility Amount Borrowed Amount Facility Amount Borrowed Amount

4 unchanged sentences

February 19, 2025 — — 1,500 —

1,500 — 1,500 —

February 18, 2026 1,500 — — —

4,500 — 4,500 —

(1) Prior year facility amount has been revised.

February 23, 2027 — — 4,500 —

February 19, 2030 4,500 — — —

(1) On February 19, 2025, our $ 1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $ 1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026.

Additionally, we early terminated our $ 4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $ 4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030.

We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program.

The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $ 25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans.

At September 30, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $ 39.4 billion.

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 any mark-to-market accounting for pensions and other retirement plans.

At March 31, 2025, we complied with this covenant.

The revolving credit facility also contains customary representations, covenants and events of default.

There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

(3) On April 18, 2023, and subsequently amended on October 3, 2023 and April 4, 2024, we entered into a credit facility secured by pledged deposits classified as long-term other assets.

Draw downs on the facility bore a variable rate based on SOFR plus applicable margin.

On August 13, 2024, we repaid all amounts borrowed and terminated this credit facility.

Debt Repayments

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

During the three months ended March 31, 2025, we repaid the following notes (in millions):

Interest Rate Maturity Date Amount USD Equivalent

3.250 % March 2025 C$ 600 $ 417

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

Interest Rate Maturity Date Amount USD Equivalent

2.125 % March 2024 $ 500 $ 500

2.250 % September 2024 (1)

0.000 % September 2024 (1) (2)

0.750 % September 2024 (1)

0.617 % September 2024 Fr.

(1) Repaid by Mondelez International Holdings Netherlands B.V.

("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

(2) Repayment of € 300 million exchangeable bonds.

Refer to Note 6, Investments for additional detail on these exchangeable bonds.

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

Debt Issuances

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

During the three months ended March 31, 2025, we did not complete any debt issuances.

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

Issuance Date

Interest Rate Maturity Date Gross Proceeds (1)

Gross Proceeds USD Equivalent

Interest Rate Maturity Date Principal Amount

Principal Amount

USD Equivalent

February 2024 4.750 % February 2029 $ 550 $ 550

July 2024 4.625 % July 2031 C$ 650 $ 473

August 2024 4.750 % August 2034 $ 500 $ 500

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

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

Fair Value of Our Debt

The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets.

The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.

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

The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets.

The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data).

As of March 31, 2025 As of December 31, 2024

(in millions)

4 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

(in millions) (in millions)

Interest expense, debt $ 129 $ 134 $ 381 $ 432

Loss on debt extinguishment and related expenses

Other income, net

( 83 ) ( 68 ) ( 235 ) ( 175 )

(in millions)

Interest expense

Other expense/(income), net

Interest and other expense, net $ 153 $ 68

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.

Other expense/(income), net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items.

Refer to Note 8, Financial Instruments for additional information about our hedging activities.

Financial Instruments

Derivatives and Hedging Activities

Fair Value of Derivative Instruments

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

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

As of March 31, 2025 As of December 31, 2024

Derivatives Liability

5 unchanged sentences

Interest rate contracts (1)

$ 63 $ 60 $ 84 $ 35

Net investment hedge derivative contracts (2)

8 unchanged sentences

Total fair value $ 1,397 $ 1,159 $ 2,899 $ 1,725

(1) Interest rate contracts designated as cash flow hedging instruments.

(2) Net investment hedge derivative contracts consist of cross-currency interest rate swaps, forward contracts and options.

4 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.

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

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

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

As of March 31, 2025 As of December 31, 2024

(in millions)

4 unchanged sentences

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

As of September 30, 2024

As of March 31, 2025

Fair Value of Net

40 unchanged sentences

Derivative Volume

The notional values of our hedging instruments were:

The gross notional values of our hedging instruments were:

Notional Amount

As of September 30,

As of March 31,

2025 As of December 31, 2024

1 unchanged sentence

Currency exchange contracts

Intercompany loans and forecasted interest payments

$ 16,284 $ 13,538

Forecasted transactions

Commodity contracts

11 unchanged sentences

Cash Flow Hedge Coverage

As of September 30, 2024, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 4 years, 3 months .

As of March 31, 2025, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 4 years.

Hedges of Net Investments in International Operations

2 unchanged sentences

operations against movements in exchange rates.

The aggregate notional value as of September 30, 2024 was $ 8.9 billion.

As of March 31, 2025, the aggregate notional value was $ 9.4 billion.

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

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

(in millions)

After-tax (loss)/gain on NIH contracts (1)

$ ( 250 ) $ 72 $ ( 65 ) $ 89

(1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings.

The cash flows from the settled contracts are reported within other investing activities in the condensed consolidated statement of cash flows.

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

(Loss)/gain on NIH contracts (1)

$ ( 201 ) $ 220

(in millions)

Amounts excluded from the assessment of hedge effectiveness (2)

$ 45 $ 38 $ 132 $ 110

(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.

(1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses).

(2) We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net.

dollar debt designated as net investment hedges

After-tax gains/(losses) related to hedges of net investments in international operations were recorded within the cumulative translation adjustment section of other comprehensive income and were:

G ains/(losses) related to non-U.S.

dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were:

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

(in millions)

2 unchanged sentences

Canadian notes — 10

Economic Hedges

Derivatives Not Designated as Accounting Hedges

For derivatives not designated as accounting hedges ("economic hedges"), we classify gains and losses in the income statement based on the classification of the item economically hedged.

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:

For the Three Months Ended

September 30, For the Nine Months Ended

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

2024 2023 2024 2023

(in millions)

Currency exchange contracts:

Intercompany loans and forecasted interest payments $ ( 67 ) $ — $ 1 $ 47 Interest and other expense, net

Forecasted transactions

Cost of sales

Forecasted transactions

( 1 ) — ( 3 ) 13 Interest and other expense, net

Forecasted transactions

$ ( 131 ) $ 25

Selling, general and administrative expenses

Interest and other expense, net

Commodity contracts - Cost of sales

Equity method investment contracts (1)

— 4 — 7 Gain on equity method investment transactions

( 409 ) 1,184

Total $ ( 450 ) $ 1,272

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

Refer to Note 6, Investments .

Fair Value of Contingent Consideration

1 unchanged sentence

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

(in millions)

1 unchanged sentence

Changes in fair value

( 350 ) 35 ( 315 ) 50

Payments ( 93 ) — ( 147 ) ( 90 )

Liability at end of period $ 167 $ 703

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

As of September 30, 2024

As of March 31, 2025

Total Fair Value of

20 unchanged sentences

(1) In connection with the Clif Bar acquisition, we entered into a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain net revenue, gross profit and EBITDA targets in 2025 and 2026 that exceed our base financial projections for the business implied in the upfront purchase price.

The contingent consideration liabilities are recorded at fair value within long-term liabilities.

The possible payments range from zero to a maximum total of $ 2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections.

The contingent consideration liabilities are recorded at fair value and primarily recorded in other liabilities as of March 31, 2025 and December 31, 2024.

The estimated fair value of the contingent consideration obligation is determined using a Monte Carlo simulation.

1 unchanged sentence

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

During the three months ended September 30, 2024, the expected forecast for 2025 and 2026 has been updated to reflect recent trends in business performance and market outlook which resulted in a reduction in the fair value of the contingent consideration.

(2) The other contingent consideration liabilities were recorded at fair value, with $ 132 million classified as other current liabilities at December 31, 2023.

Fair value adjustments were recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings through the second quarter of 2024.

Payments on outstanding amounts as of December 31, 2023 were made in the second and third quarter of 2024, and the majority was classified within cash flows provided by operating activities in the consolidated statement of cash flows.

(2) The other contingent consideration liabilities are recorded at fair value and recorded in other liabilities as of March 31, 2025 and December 31, 2024.

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

Benefit Plans

4 unchanged sentences

For the Three Months Ended

September 30, For the Three Months Ended

September 30,

2024 2023 2024 2023

(in millions)

Service cost $ — $ — $ 16 $ 13

Interest cost 15 16 72 76

Expected return on plan assets ( 23 ) ( 24 ) ( 108 ) ( 101 )

Amortization:

Net loss from experience differences — — 16 10

Prior service cost

Settlement losses and other expenses 3 5 — —

Net periodic pension benefit

$ ( 4 ) $ ( 3 ) $ ( 4 ) $ ( 2 )

Plans Non-U.S.

For the Nine Months Ended

September 30, For the Nine Months Ended

September 30,

March 31, For the Three Months Ended

2025 2024 2025 2024

3 unchanged sentences

Expected return on plan assets ( 13 ) ( 23 ) ( 104 ) ( 108 )

Amortization:

Net loss from experience differences — — 48 31

Prior service cost

Settlement losses and other expenses 9 13 — —

Net periodic pension benefit

Amortization of net loss and prior service cost

Settlement losses

Net periodic pension cost/(benefit)

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

Employer Contributions

During the nine months ended September 30, 2024, we contributed $ 2 million to our U.S.

pension plans and $ 61 million to our non-U.S.

During the three months ended March 31, 2025, we contributed $ 29 million to our non-U.S.

pension plans.

1 unchanged sentence

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

As of September 30, 2024, we plan to make further contributions of approximately $ 2 million to our U.S.

As of March 31, 2025, we plan to make further contributions of approximately $ 11 million to our U.S.

plans and $ 39 million to our non-U.S.

plans for the remainder of 2025.

Our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or interest rates.

As of October 2024, we intend to terminate the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), pending completion of applicable regulatory approvals.

The MDLZ Global Plan is the pension plan for US salaried employees and the termination process is part of a pension buyout transaction which is expected to be completed in 2025.

The participants have been notified of the Company’s intent to terminate the MDLZ Global Plan.

However, our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or changes in interest rates.

Mondelēz Global LLC Retirement Plan Update

During the third quarter of 2024, we entered into an agreement with two third party insurance companies for the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), the pension plan for US salaried employees.

The agreement featured a buy-in of the plan assets with an option to elect a future buy-out conversion.

As part of the buy-in, all of the MDLZ Global Plan assets were transferred to the insurance companies in exchange for an annuity contract during the third quarter of 2024 to further reduce the risk of plan asset value volatility.

As of January 1, 2025, the annuity contract is providing all future benefit payments to the MDLZ Global Plan participants.

However, we continue to retain the primary benefit obligation until the buy-out conversion is completed.

Upon election of the buy-out conversion, we will transfer full responsibility of the MDLZ Global Plan obligations to the insurance companies, at which time we will derecognize the assets and liabilities of the pension plan and recognize a settlement loss as a component of net periodic pension cost.

We currently intend to execute the buy-out conversion in the second quarter of 2025.

Multiemployer Pension Plans

On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Bakery and Confectionery Union and Industry International Pension Fund totaling $ 491 million requiring pro-rata monthly payments over 20 years beginning in 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 September 30, 2024 and $ 3 million for the three months ended September 30, 2023 and $ 7 million for the nine months ended September 30, 2024 and $ 8 million for the

nine months ended September 30, 2023, within Interest and other expense, net in the condensed consolidated statement of earnings.

As of September 30, 2024, the remaining discounted withdrawal liability was $ 316 million, with $ 16 million recorded in Other current liabilities and $ 300 million recorded in Long-term other liabilities in the condensed consolidated balance sheet.

On July 11, 2019, we received a withdrawal liability assessment from the Bakery and Confectionery Union and the Industry International Pension Fund requiring pro-rata monthly payments over 20 years and we recorded a discounted liability of $ 491 million at that time.

In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for the three months ended March 31, 2025 and the three months ended March 31, 2024 within Interest and other expense, net in the condensed consolidated statement of earnings.

As of March 31, 2025, the remaining discounted withdrawal liability was $ 307 million, with $ 16 million recorded in Other current liabilities and $ 291 million recorded in Long-term other liabilities in the condensed consolidated balance sheets.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement (benefit)/cost was $( 3 ) million for the three months ended September 30, 2024 and $( 8 ) million for the nine months ended September 30, 2024 and $( 2 ) million for the three months ended September 30, 2023 and $( 4 ) million for the nine months ended September 30, 2023.

The net periodic postemployment cost was $ 5 million for the three months ended September 30, 2024 and $ 16 million for the nine months ended September 30, 2024 and $ 2 million for the three months ended September 30, 2023 and $ 3 million for the nine months ended September 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 22, 2024, we may not make any grants under the 2005 Plan.

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

Stock Options

Stock option activity is reflected below:

Shares Subject

to Option Weighted-

Per Share Average

Term Aggregate

Balance at January 1, 2024 18,678,120 $ 49.96 5 years $ 420 million

Annual grant to eligible employees 2,261,810 73.13

Additional options issued 31,780 66.11

Total options granted 2,293,590 73.03

Options exercised (1)

( 3,966,626 ) 43.20 $ 118 million

Options canceled ( 330,110 ) 62.48

Balance at September 30, 2024 16,674,974 54.50 5 years $ 320 million

(1) Cash received from options exercised was $ 74 million in the three months and $ 170 million in the nine months ended September 30, 2024.

The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $ 8 million in the three months and $ 19 million in the nine months ended September 30, 2024.

Performance Share Units and Other Stock-Based Awards

Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:

of Shares Grant Date Weighted-Average

Per Share (4)

Weighted-Average

Fair Value (3)

Balance at January 1, 2024 4,553,166 $ 62.53

Annual grant to eligible employees:

Performance share units 787,110 75.05

Deferred stock units 571,490 73.13

Additional shares granted (1)

1,062,871 Various 63.35

Total shares granted 2,421,471 69.46 $ 168 million

Vested (2) (3)

( 2,004,358 ) 58.72 $ 118 million

Forfeited (2)

( 306,770 ) 66.22

Balance at September 30, 2024 4,663,509 67.52

(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 was zero in the three months and $ 7 million in the nine months ended September 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.

The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition.

Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.

Share Repurchase Program

Effective January 1, 2023, our Board of Directors approved a program authorizing the repurchase of $ 6.0 billion of our Common Stock through December 31, 2025.

During the year ended December 31, 2023, we repurchased approximately $ 1.6 billion of Common Stock pursuant to this authorization.

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

During the nine months ended September 30, 2024, we repurchased approximately 17 million shares of Common Stock at an average cost of $ 70.09 per share, or an aggregate cost of approximately $ 1.2 billion, all of which was paid during the period.

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

As of September 30, 2024, we have approximately $ 3.2 billion in remaining share repurchase capacity.

The net periodic postretirement benefit was $( 3 ) million for the three months ended March 31, 2025 and the three months ended March 31, 2024.

The net periodic postemployment cost was $ 5 million for the three months ended March 31, 2025 and March 31, 2024.

Commitments and Contingencies

10 unchanged sentences

Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S.

District Court for the Northern District of Illinois

(the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group.

District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group.

The complaint alleged that Mondelēz Global:

13 unchanged sentences

As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area.

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 cooperated 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 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 ($ 376 million), on a pre-tax basis.

In the second quarter of 2024, we reached a negotiated resolution in this matter.

At that time, we had accrued (in accordance with U.S.

GAAP), on a pre-tax basis, a liability of € 337.5 million ($ 376 million).

Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024.

3 unchanged sentences

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

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

As of March 31, 2025 and December 31, 2024, we had no material third-party guarantees recorded on our condensed consolidated balance sheets.

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

These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position.

Stock Options

Stock option activity is reflected below:

Shares Subject

to Option Weighted-

Per Share Average

Term Aggregate

Balance at January 1, 2025 16,479,169 $ 54.51 5 years $ 135 million

Annual grant to eligible employees 1,989,760 65.09

Options exercised (1)

( 1,131,487 ) 39.97 $ 26 million

Options canceled ( 148,672 ) 66.01

Balance at March 31, 2025 17,188,770 56.59 6 years $ 205 million

(1) Cash received from options exercised was $ 44 million in the three months ended March 31, 2025.

We recognized $ 4 million of excess income tax benefits from stock option exercises in the three months ended March 31, 2025.

Performance Share Units and Other Stock-Based Awards

Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:

of Shares Weighted-Average

Per Share (4)

Weighted-Average

Fair Value (3)

Balance at January 1, 2025 4,536,574 $ 67.76

Annual grant to eligible employees:

Performance share units 1,194,640 69.49

Deferred stock units 826,180 65.09

Additional shares granted (1)

744,905 59.73

Total shares granted 2,765,725 65.55 $ 181 million

Vested (2) (3)

( 1,397,324 ) 63.30 $ 88 million

Forfeited (2)

( 140,406 ) 69.14

Balance at March 31, 2025 5,764,569 67.74

(1) Includes primarily DSUs and incremental PSUs issued over target.

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

(3) We recognized $ 1 million of income tax shortfalls upon vesting of PSUs and DSUs in the three months ended March 31, 2025.

The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition.

Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.

Share Repurchase Program

Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $ 9.0 billion of our Common Stock through December 31, 2027.

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

During the three months ended March 31, 2025, we repurchased approximately 25 million shares of Common Stock at an average cost of $ 57.91 per share, or an aggregate cost of approximately $ 1.5 billion, all of which was paid during the period.

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

As of March 31, 2025, we have approximately $ 7.5 billion in remaining share repurchase capacity.

Reclassifications from Accumulated Other Comprehensive Income

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 (losses)/gains of $( 71 ) million in the third quarter of 2024 and $ 35 million in the third quarter of 2023 and $( 50 ) million in the first nine months of 2024 and $( 6 ) million in the first nine months of 2023.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net (losses)/gains of $( 47 ) million in the first quarter of 2025 and $ 23 million in the first quarter of 2024.

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

(in millions)

2 unchanged sentences

Currency translation adjustments 549 ( 182 )

Tax (expense)/benefit 18 12 ( 3 ) ( 3 )

( 13 ) ( 40 )

Other comprehensive earnings/(losses) 536 ( 222 )

4 unchanged sentences

Net actuarial gain/(loss) arising during period — ( 5 )

Tax (expense)/benefit on net actuarial gain/(loss) — 3 1 3

Losses/(gains) reclassified into net earnings:

Amortization of experience losses and prior service costs (1)

Settlement losses and other expenses (1)

Amortization of net loss and prior service (1)

Settlement losses (1)

Tax expense/(benefit) on reclassifications (3)

( 3 ) ( 2 ) ( 11 ) ( 8 )

Currency impact ( 44 ) 29

4 unchanged sentences

Net derivative gains/(losses) ( 37 ) 25

Tax (expense)/benefit on net derivative gain/(loss) — — 6 1

Tax effect on net derivative gain/(loss)

Losses/(gains) reclassified into net earnings:

Currency exchange contracts (2)

Interest rate contracts (2)

48 ( 43 ) 5 ( 20 )

Tax expense/(benefit) on reclassifications (3)

11 unchanged sentences

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

As of the third quarter of 2024, our estimated annual effective tax rate, which excludes discrete tax impacts, was 27.3 %.

This rate reflected 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 2024 third quarter effective tax rate was 28.8 % 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 September 30, 2024 was 25.6 %.

The 25.6 % 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 nine months ended September 30, 2024 of 26.9 % also includes discrete tax impacts in connection with unrealized gains and losses on hedging activities.

Excluding these impacts, our effective tax rate for the nine months ended September 30, 2024 was 26.6 %.

The 26.6 % 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 third quarter of 2023, our estimated annual effective tax rate, which excluded discrete tax impacts, was 25.9 %.

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 as well as applicable tax rates in various non-U.S.

jurisdictions.

Our 2023 third quarter effective tax rate of 26.6 % included a net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax benefits.

Our effective tax rate for the nine months ended September 30, 2023 of 27.1 % 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 nine months ended September 30, 2023 was 24.4 %.

The 24.4 % rate also included net tax expense related to gains and losses on KDP marketable securities as well as the associated pre-tax impacts.

Restructuring Program

In 2014, our Board of Directors approved a multi-year restructuring program ("Simplify to Grow Program") to reduce our operating cost structure in both supply chain and overhead costs.

Total restructuring and implementation charges of $ 5.4 billion were incurred throughout the Simplify to Grow Program, which ended in December 2024.

We recorded restructuring charges of $ 42 million and implementation costs of $ 11 million in the three months ended March 31, 2024.

The Simplify to Grow Program restructuring liability activity for the three months ended March 31, 2025 was:

(in millions)

Liability balance, January 1, 2025 $ 188

Currency and other

Liability balance, March 31, 2025

The liability for restructuring charges is included within other current liabilities and other long-term liabilities.

As of the first quarter of 2025, our effective tax rate was 28.3 % as compared to 23.6 % in the first quarter of 2024.

The higher effective tax rate is driven by our jurisdictional mix of earnings (including the impact of mark-to-market losses on commodity and foreign currency derivatives) and the relative impact of permanent items on lower pre-tax earnings on a year-over-year basis.

Those items were partially offset by additional releases of liabilities for uncertain tax positions due to audit developments in the first quarter of 2025 as compared to the first quarter of 2024.

Earnings per Share

1 unchanged sentence

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

(in millions, except per share data)

1 unchanged sentence

Noncontrolling interest earnings

( 3 ) ( 4 ) ( 9 ) ( 9 )

Net earnings attributable to Mondelēz International $ 402 $ 1,412

Weighted-average shares for basic EPS 1,301 1,348

Plus incremental shares from assumed conversions

of stock options and long-term incentive plan shares 5 7 6 8

Dilutive effect of outstanding stock awards

Weighted-average shares for diluted EPS 1,305 1,355

4 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 3.7 million for the three months ended September 30, 2024 and 2.5 million for the three months ended September 30, 2023 and 3.3 million for the nine months ended September 30, 2024 and 2.8 million for the nine months ended September 30, 2023.

We excluded antidilutive stock options and performance share units of 6.4 million for the three months ended March 31, 2025 and 2.7 million for the three months ended March 31, 2024.

Segment Reporting

6 unchanged sentences

• North America

We use segment operating income to evaluate segment performance and allocate resources.

Our Chief Operating Decision Maker (CODM) is our Chief Executive Officer.

Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment.

The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans.

We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends.

Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented.

Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented.

We exclude these items from segment operating income in order to provide better transparency of our segment operating results.

Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net.

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

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

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

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

Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM.

Our segment net revenue, significant segment expenses and operating income, by reportable segment were as follows:

Three Months Ended March 31, 2025

(in millions)

Latin America AMEA Europe North America Total

$ 1,203 $ 2,016 $ 3,550 $ 2,544 $ 9,313

Segment cost of sales ( 815 ) ( 1,270 ) ( 2,541 ) ( 1,583 ) ( 6,209 )

Segment selling, general and administrative expenses (1)

( 249 ) ( 403 ) ( 547 ) ( 476 ) ( 1,675 )

Segment operating income $ 139 $ 343 $ 462 $ 485 1,429

Mark-to-market losses on commodity

and foreign currency derivatives

General corporate expenses ( 43 )

Amortization of intangible assets ( 37 )

Operating income $ 680

Three Months Ended March 31, 2024

(in millions)

Net revenues:

Latin America AMEA Europe North America Total

$ 1,319 $ 1,950 $ 3,368 $ 2,653 $ 9,290

Segment cost of sales ( 866 ) ( 1,138 ) ( 2,137 ) ( 1,525 ) ( 5,666 )

Segment selling, general and administrative expenses (1)

( 296 ) ( 401 ) ( 640 ) ( 579 ) ( 1,916 )

Segment operating income $ 157 $ 411 $ 591 $ 549 1,708

Mark-to-market gains on commodity

and foreign currency derivatives

General corporate expenses ( 67 )

Amortization of intangible assets ( 38 )

Operating income $ 2,727

(1) SG&A for all reportable segments includes:

Advertising & consumer expenses and overhead expenses.

Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:

Three Months Ended

(in millions)

Depreciation expense (2) :

Latin America $ 34 $ 38

AMEA 1,851 1,791 5,388 5,339

Europe 3,323 3,086 9,565 9,319

North America 43 38

Net revenues $ 9,204 $ 9,029 $ 26,837 $ 26,702

Earnings before income taxes:

Segment operating income:

Total depreciation expense $ 200 $ 196

(2) Includes depreciation expense related to owned property, plant and equipment.

Does not include amortization of intangible assets or leased assets.

Refer to the consolidated statement of cash flows for total depreciation and amortization expenses.

Three Months Ended

(in millions)

Capital expenditures:

Latin America $ ( 35 ) $ ( 38 )

2 unchanged sentences

North America ( 64 ) ( 63 )

Unrealized (losses)/gains on hedging activities

(mark-to-market impacts) ( 710 ) 19 ( 157 ) 239

General corporate expenses ( 78 ) ( 86 ) ( 212 ) ( 242 )

Amortization of intangible assets ( 40 ) ( 38 ) ( 115 ) ( 114 )

Acquisition-related costs ( 2 ) — ( 2 ) —

Operating income 1,153 1,379 4,734 4,309

Benefit plan non-service income 25 19 76 60

Interest and other expense, net ( 46 ) ( 66 ) ( 146 ) ( 258 )

(Loss)/gain on marketable securities — ( 1 ) — 606

Earnings before income taxes $ 1,132 $ 1,331 $ 4,664 $ 4,717

Items impacting our segment operating results are discussed in Note 1, Basis of Presentation , Note 2, Acquisitions and Divestitures, Note 3, Inventories , Note 4, Property, Plant and Equipment, Note 5, Goodwill and Intangible Assets, and Note 7, Restructuring Program .

Also see Note 8, Debt and Borrowing Arrangements , and Note 9, Financial Instruments, for additional information on our interest and other expense, net for each period.

Net revenues by product category were:

For the Three Months Ended September 30, 2024

Total capital expenditures $ ( 277 ) $ ( 299 )

Net revenues by product category, reflecting our current segment structure for all periods presented, were:

For the Three Months Ended March 31, 2025

America AMEA Europe North

7 unchanged sentences

Total net revenues $ 1,203 $ 2,016 $ 3,550 $ 2,544 $ 9,313

For the Three Months Ended September 30, 2023

For the Three Months Ended March 31, 2024

America AMEA Europe North

2 unchanged sentences

Biscuits & Baked Snacks

Chocolate 347 701 1,428 83 2,559

Gum & Candy 408 233 199 355 1,195

Beverages 112 118 29 — 259

Cheese & Grocery 125 97 310 — 532

Total net revenues

$ 286 $ 644 $ 1,030 $ 2,339 $ 4,299

For the Nine Months Ended September 30, 2024

America AMEA Europe North

America Total

(in millions)

Biscuits $ 908 $ 1,865 $ 3,285 $ 7,203 $ 13,261

Chocolate 382 771 1,770 91 3,014

3 unchanged sentences

Total net revenues $ 1,319 $ 1,950 $ 3,368 $ 2,653 $ 9,290

$ 3,755 $ 5,388 $ 9,565 $ 8,129 $ 26,837

For the Nine Months Ended September 30, 2023

America AMEA Europe North

America Total

(in millions)

Biscuits $ 898 $ 1,881 $ 3,311 $ 7,105 $ 13,195

Chocolate 1,031 2,011 4,339 223 7,604

Gum & Candy 1,124 674 652 972 3,422

Beverages 335 476 88 — 899

Cheese & Grocery 356 297 929 — 1,582

Total net revenues $ 3,744 $ 5,339 $ 9,319 $ 8,300 $ 26,702

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