What changed in this filing

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Item 1. Financial Statements

2025-10-28 compared with 2025-07-29 · 227 added, 172 removed, 814 unchanged (33% of the section changed)

6 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

Income tax provision ( 137 ) ( 326 ) ( 521 ) ( 1,253 )

Loss on equity method investment transactions

Gain/(loss) on equity method investment transactions

169 ( 4 ) 169 ( 669 )

15 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

17 unchanged sentences

dollars, except share data)

September 30,

2025 December 31, 2024

53 unchanged sentences

Interest Total

Three Months Ended June 30, 2025

Balances at April 1, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823

Three Months Ended September 30, 2025

Balances at July 1, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247

Comprehensive earnings/(losses):

12 unchanged sentences

— — — — — ( 4 ) ( 4 )

Balances at June 30, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247

Six Months Ended June 30, 2025

Balances at September 30, 2025 $ — $ 32,299 $ 36,390 $ ( 11,464 ) $ ( 31,048 ) $ 52 $ 26,229

Nine Months Ended September 30, 2025

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

13 unchanged sentences

— — — — — ( 8 ) ( 8 )

Balances at June 30, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247

Three Months Ended June 30, 2024

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

Balances at September 30, 2025 $ — $ 32,299 $ 36,390 $ ( 11,464 ) $ ( 31,048 ) $ 52 $ 26,229

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):

12 unchanged sentences

— — — — — ( 5 ) ( 5 )

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

Six Months Ended June 30, 2024

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

Nine Months Ended September 30, 2024

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

13 unchanged sentences

— — — — — ( 8 ) ( 8 )

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

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

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(in millions of U.S.

For the Six Months Ended

For the Nine Months Ended

September 30,

CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES

8 unchanged sentences

Distributions from equity method investments 45 115

Unrealized loss/(gain) on derivative contracts

Unrealized loss on derivative contracts

Contingent consideration adjustments

( 26 ) ( 311 )

Other non-cash items, net 109 93

50 unchanged sentences

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

Argentina, Türkiye, Egypt and Nigeria represent 1.6 %, 0.6 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended June 30, 2025 and 1.6 %, 0.7 %, 0.5 % and 0.3 % of our consolidated net revenues for the six months ended June 30, 2025.

The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 8 million and $ 9 million for the three months ended June 30, 2025 and 2024, respectively, and $ 15 million and $ 17 million for the six months ended June 30, 2025 and 2024, respectively.

Argentina, Türkiye, Egypt and Nigeria represent 1.1 %, 0.6 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended September 30, 2025 and 1.4 %, 0.7 %, 0.5 % and 0.3 % of our consolidated net revenues for the nine months ended September 30, 2025.

The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 9 million and $ 9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 24 million and $ 26 million for the nine months ended September 30, 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 $ 83 million as of June 30, 2025 and $ 49 million as of December 31, 2024.

Total cash, cash equivalents and restricted cash was $ 1,587 million as of June 30, 2025 and $ 1,400 million as of December 31, 2024.

Restricted cash is recorded within other current assets and was $ 99 million as of September 30, 2025 and $ 49 million as of December 31, 2024.

Total cash, cash equivalents and restricted cash was $ 1,466 million as of September 30, 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

Net (provision)/recovery for expected credit losses

Write-offs charged against the allowance 2 1 —

1 unchanged sentence

( 3 ) ( 5 ) ( 3 )

Balance at June 30, 2025 $ ( 38 ) $ ( 40 ) $ ( 17 )

Balance at September 30, 2025 $ ( 39 ) $ ( 37 ) $ ( 19 )

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 862 million as of June 30, 2025 and $ 159 million as of December 31, 2024.

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 857 million as of September 30, 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 $ 71 million in operating lease and $ 94 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2025 and $ 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.

We recorded $ 119 million in operating lease and $ 139 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2025 and $ 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.

Supply Chain Financing

2 unchanged sentences

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 as of both June 30, 2025 and December 31, 2024, respectively.

Our outstanding obligations confirmed as valid under our SCF program are $ 3.6 billion and $ 3.7 billion as of September 30, 2025 and December 31, 2024, respectively.

New Accounting Pronouncements

8 unchanged sentences

We are currently assessing whether we will adopt the guidance on a prospective or retrospective basis.

In July 2025, the FASB issued an ASU which introduces a practical expedient that allows entities to measure expected credit losses on current accounts receivable and current contract assets by assuming that the conditions existing at the balance sheet date remain unchanged over the remaining life of those assets, The amendment is intended to simplify the application of the current expected credit loss model by reducing the need to develop forward-looking forecasts for short-term trade receivables.

The amendments are effective for annual periods beginning after December 15, 2025, including interim periods, with early adoption permitted.

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

In September 2025, the FASB issued an ASU that refines the scope of derivative accounting by introducing a new exception for contracts whose underlyings are based on the operations or activities of one of the parties among other updates.

The ASU is effective for annual periods beginning after December 15, 2026, including interim periods, with early adoption permitted.

The guidance may be applied either on a prospective or modified retrospective basis.

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

In September 2025, the FASB issued an ASU that improves the accounting for internal-use software by replacing the previous capitalization guidance, which focused on a project's stage of development, with a principles-based "probable-to-complete" recognition threshold.

The amendments are effective for annual periods after December 15, 2027, including interim periods, with early adoption permitted.

The guidance may be applied on a prospective or retrospective basis.

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

Acquisitions and Divestitures

3 unchanged sentences

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.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a

preliminary purchase price allocation.

The purchase price was primarily allocated to definite-lived intangible assets and goodwill.

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.

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

Those fair value measurements are classified as Level 3 in the fair value hierarchy because they use significant unobservable 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.

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

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

2 unchanged sentences

Acquisition and Divestiture-Related Costs

We recorded net gains of $ 21 million and $ 29 million in the three and six months ended June 30, 2025 and incurred $ 36 million and $ 79 million in the three and six months ended June 30, 2024 in total acquisition integration costs and contingent consideration adjustments.

We recorded net gains of $ 3 million and $ 7 million in the three and six months ended June 30, 2025 and incurred zero and $ 4 million in the three and six months ended June 30, 2024 in total divestiture-related costs.

We incurred net costs of $ 18 million and recorded a net gain $ 11 million in the three and nine months ended September 30, 2025 and recorded net gains of $ 326 million and $ 247 million in the three and nine months ended September 30, 2024 in total acquisition-related costs, including contingent consideration adjustments.

We recorded a net gain of zero and $ 7 million in the three and nine months ended September 30, 2025 and recorded a net gain of $ 2 million and incurred net costs of $ 2 million in the three and nine months ended September 30, 2024 in total divestiture-related costs.

Inventories consisted of the following:

As of June 30,

As of September 30,

2025 As of December 31, 2024

6 unchanged sentences

Property, plant and equipment consisted of the following:

As of June 30,

As of September 30,

2025 As of December 31, 2024

7 unchanged sentences

Property, plant and equipment, net $ 10,333 $ 9,481

For the six months ended June 30, 2025, capital expenditures of $ 582 million excluded $ 366 million of accrued capital expenditures remaining unpaid at June 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

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 nine months ended September 30, 2025, capital expenditures of $ 881 million excluded $ 408 million of accrued capital expenditures remaining unpaid at September 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

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.

Goodwill and Intangible Assets

4 unchanged sentences

Currency 175 59 1,000 21 1,255

Balance at June 30, 2025 $ 1,459 $ 3,114 $ 8,915 $ 10,856 $ 24,344

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

See Note 2, Acquisitions and Divestitures for additional information.

— 3 — ( 25 ) ( 22 )

Balance at September 30, 2025 $ 1,491 $ 3,102 $ 8,842 $ 10,815 $ 24,250

Intangible Assets

Intangible assets consisted of the following:

As of June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

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

6 unchanged sentences

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

Amortization expense for intangible assets was $ 38 million and $ 37 million for the three months ended June 30, 2025 and 2024, respectively, and $ 75 million for both the six months ended June 30, 2025 and 2024, respectively.

Impairment Assessment:

Amortization expense for intangible assets was $ 32 million and $ 40 million for the three months ended September 30, 2025 and 2024, respectively, and $ 107 million and $ 115 million for the nine months ended September 30, 2025 and 2024, respectively.

Impairment Assessments

We test our reporting units and indefinite-life intangible assets 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 second 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 impairment testing, we recorded $ 153 million of asset impairment charges in the third quarter of 2024 related to two biscuit indefinite-life intangible assets in the Europe segment, one biscuit indefinite-life intangible asset in the AMEA segment and one candy and one biscuit indefinite-life intangible asset in the Latin America segment.

Additionally, we identified thirteen indefinite-life intangible assets that each had a fair value in excess of book value of 10% or less.

The aggregate book value of the thirteen indefinite-life intangible assets was $ 3.1 billion as of June 30, 2025.

While no triggering events were identified for those indefinite-life intangible assets during the six months ended June 30, 2025, we are continuing to closely monitor their performance.

If there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired.

There were no impairments of goodwill during the three and nine months ended September 30, 2025 and 2024.

In the third quarters of 2025 and 2024, we recognized impairment charges of $ 33 million and $ 153 million, respectively, to reduce the carrying amounts of certain of our brands to their estimated fair values.

Those charges are reported within Asset impairments and exit costs in the condensed consolidated statements of earnings.

The 2025 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy brand in the Latin America segment.

The 2024 impairments 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 lower expectations of future business performance to reflect current or expected market conditions in select markets as well as changes in management strategy.

The fair values of our brand intangibles were determined using several valuation methods, including the relief from royalty method, the excess earnings method and the excess margin method.

Inputs to those valuation methods include our most recent forecasts of revenue and earnings, as well as estimates of royalty rates and discount rates.

Fair value measurements of brand intangible assets are classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs.

Including the four brand intangibles for which we recognized impairments in the current period, we identified five brand intangibles for which fair value exceeded book value by less than 10%.

The aggregate book value of those

five brand intangibles was $ 1.5 billion as of September 30, 2025.

We are closely monitoring the performance of those brands and if there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired.

Equity Method Investments

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

As of June 30, 2025, we owned 50.0 % and 49.0 %, respectively, of these companies' outstanding shares.

As of September 30, 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.

Our investments accounted for under the equity method totaled $ 665 million as of June 30, 2025 and $ 635 million as of December 31, 2024.

We recorded equity earnings of $ 19 million and received no cash dividends in the three months ended June 30, 2025 and recorded equity earnings of $ 48 million and received cash dividends of $ 2 million in the three months ended June 30, 2024.

We recorded equity earnings of $ 35 million and received cash dividends of $ 44 million in the six months ended June 30, 2025 and recorded equity earnings of $ 79 million and received cash dividends of $ 82 million in the six months ended June 30, 2024.

Our investments accounted for under the equity method totaled $ 669 million as of September 30, 2025 and $ 635 million as of December 31, 2024.

We recorded equity earnings of $ 19 million and received cash dividends of $ 1 million in the three months ended September 30, 2025 and recorded equity earnings of $ 54 million and received cash dividends of $ 33 million in the three months ended September 30, 2024.

We recorded equity earnings of $ 54 million and received cash dividends of $ 45 million in the nine months ended September 30, 2025 and recorded equity earnings of $ 133 million and received cash dividends of $ 115 million in the nine months ended September 30, 2024.

The activity during 2024 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 fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB Holding Company ("JAB") and fully exited the investment.

On August 24, 2025, Keurig Dr Pepper Inc.

(“KDP”) and JDEP entered into a definitive agreement under which KDP will acquire JDEP.

As a result of that definitive agreement, we became entitled to a cash payment of € 145 million ($ 169 million) from JAB that we received in the third quarter of 2025.

The related gain is reported within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings.

During the three months ended March 31, 2024, we recorded an impairment charge of € 612 million ($ 665 million) related to our JDEP investment.

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

This charge was included within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings.

Debt and Borrowing Arrangements

1 unchanged sentence

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

As of June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

Outstanding Weighted-

6 unchanged sentences

Our uncommitted and committed credit facilities available include:

As of June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

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

At June 30, 2025, we complied with this covenant.

At September 30, 2025, we complied with this covenant.

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

1 unchanged sentence

Debt Repayments

During the six months ended June 30, 2025, we repaid the following notes (in millions):

During the nine months ended September 30, 2025, we repaid the following notes (in millions):

Interest Rate Maturity Date Amount USD Equivalent

1 unchanged sentence

1.500 % May 2025 $ 750 $ 750

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

4.250 % September 2025 (1)

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

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

During the nine months ended September 30, 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)

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.

Debt Issuances

During the six months ended June 30, 2025, we issued the following notes (in millions):

During the nine months ended September 30, 2025, we issued the following notes (in millions):

Issuance Date

5 unchanged sentences

May 2025 5.125 % May 2035 $ 400 $ 400

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

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

Issuance Date

3 unchanged sentences

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

Fair Value of Our Debt

1 unchanged sentence

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 June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

(in millions)

4 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

9 unchanged sentences

Derivatives and Hedging Activities

Fair Value of Derivative Instruments

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

As of June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

Derivatives Liability

25 unchanged sentences

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

As of June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

(in millions)

Other current assets $ 657 $ 2,545

$ 1,008 $ 2,545

Other current liabilities

Other liabilities

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

As of June 30, 2025

Certain exchange-traded commodity contracts require us to receive from or pay to a broker an amount of cash related to the daily fluctuation in value of the futures contract.

Such cash collateral held or placed is known as variation margin and is recorded as other current assets and liabilities.

The net asset variation margin balances for futures contracts were $ 230 million and $ 263 million as of September 30, 2025 and December 31, 2024, respectively.

These balances are excluded from the table above.

Our over-the-counter ("OTC") derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts.

Under these agreements, we do not post nor require collateral from our counterparties.

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.

Fair Value Measurements of Derivative Instruments

Level 1 fair value measurements use quoted prices in active markets for identical assets or liabilities.

Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options.

The fair value of these instruments is determined based on quoted market prices on commodity exchanges.

Level 2 fair value measurements use quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or model-based valuations in which significant inputs are observable in the market.

Level 2 financial assets and liabilities consist primarily of OTC foreign currency forwards and options;

commodity forwards and options;

interest rate swaps;

and cross-currency swaps.

Our foreign currency contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount.

Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices.

Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve.

Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk.

Level 3 fair value measurements use unobservable inputs and include the use of judgment by management about the assumptions market participants use in pricing the asset or liability.

The fair value measurements (asset/(liability)) of our derivative instruments were classified in the fair value hierarchy as follows:

As of September 30, 2025

Fair Value of Net

2 unchanged sentences

for Identical

(Level 1) Significant

Assets/(Liabilities)

Other Observable

13 unchanged sentences

for Identical

(Level 1) Significant

Assets/(Liabilities)

Other Observable

7 unchanged sentences

Total derivatives $ 1,174 $ ( 111 ) $ 1,285 $ —

Level 1 fair value measurements use quoted prices in active markets for identical assets or liabilities.

Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options.

The fair value of these instruments is determined based on quoted market prices on commodity exchanges.

Level 2 financial assets and liabilities consist primarily of over-the-counter (“OTC”) foreign currency forwards and options;

commodity forwards and options;

interest rate swaps;

and cross-currency swaps.

Our foreign currency contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount.

Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve.

Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk.

Our OTC derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts.

Under these agreements, we do not post nor require collateral from our counterparties.

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

Level 3 fair value measurements use unobservable inputs and include the use of judgment by management about the assumptions market participants use in pricing the asset or liability.

Level 3 financial liabilities consist of contingent consideration arrangements, which are presented in the Fair Value of Contingent Consideration section appearing later in this footnote.

Notional Amounts of Derivatives and Other Hedging Instruments

2 unchanged sentences

Notional Amount

As of June 30,

2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

(in millions)

11 unchanged sentences

Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps.

As of June 30, 2025, the aggregate notional value of those derivatives was $ 1.6 billion.

As of September 30, 2025, the aggregate notional value of those derivatives was $ 1.0 billion.

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses).

Refer to Note 12, Reclassifications from Accumulated Other Comprehensive Income for additional information on current period activity.

Based on current market conditions, $ 57 million of losses, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of June 30, 2025 are expected to be recognized into earnings during the next 12 months.

As of June 30, 2025, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 6 months .

Refer to Note 12, Accumulated Other Comprehensive Earnings/(Losses) for additional information on current period activity.

Based on current market conditions, $ 27 million of gains, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of September 30, 2025 are expected to be recognized into earnings during the next 12 months.

As of September 30, 2025, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 3 months .

Hedges of Net Investments in International Operations

2 unchanged sentences

operations against movements in exchange rates.

As of June 30, 2025, the aggregate notional value of those derivatives was $ 9.3 billion.

As of September 30, 2025, the aggregate notional value of those derivatives was $ 9.5 billion.

Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were:

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

(Loss)/gain on NIH contracts (1)

Gain/(loss) on NIH contracts (1)

$ 107 $ ( 327 ) $ ( 893 ) $ ( 85 )

Amounts excluded from the assessment of hedge effectiveness (2)

70 45 194 132

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

4 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

4 unchanged sentences

Selling, general and administrative expenses

( 6 ) ( 6 ) ( 6 ) 1

Interest and other expense, net

3 unchanged sentences

Interest rate contracts - Interest and other expense, net

— ( 3 ) 1 ( 2 )

Total $ ( 410 ) $ ( 66 ) $ ( 943 ) $ 953

1 unchanged sentence

Contingent consideration liabilities, which reflect earn-out arrangements from business combinations, are recorded at fair value each period, with changes in fair value reported in earnings.

The fair values of our contingent consideration liabilities were $ 142 million and $ 179 million as of June 30, 2025 and December 31, 2024, respectively.

Contingent consideration liabilities are primarily recorded in O ther liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in S elling, general and administrative expenses in the condensed consolidated statements of earnings.

The fair values of our contingent consideration liabilities were $ 155 million and $ 179 million as of September 30, 2025 and December 31, 2024, respectively.

Contingent consideration liabilities are primarily recorded in Other liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in Selling, general and administrative expenses in the condensed consolidated statements of earnings.

The estimated fair values of our contingent consideration liabilities were primarily determined using Monte Carlo simulations.

Significant assumptions used in assessing the fair value of the liabilities include financial projections for net revenue, gross profit and EBITDA, as well as discount and volatility rates.

Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use unobservable inputs.

Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs.

Contingent consideration liabilities include an earn-out arrangement related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022.

The possible payments under that arrangement 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 following is a summary of our contingent consideration liability activity:

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

11 unchanged sentences

For the Three Months Ended

June 30, For the Three Months Ended

September 30, For the Three Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

Settlement losses

Net periodic pension cost/(benefit)

Net periodic pension (benefit)/cost

$ ( 5 ) $ ( 4 ) $ 49 $ ( 4 )

Plans Non-U.S.

For the Six Months Ended

June 30, For the Six Months Ended

For the Nine Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

8 unchanged sentences

Employer Contributions

During the six months ended June 30, 2025, we contributed $ 1 million and $ 45 million to our U.S.

During the nine months ended September 30, 2025, we contributed $ 2 million and $ 62 million to our U.S.

pension plans, respectively.

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 June 30, 2025, we plan to make further contributions of approximately $ 10 million to our U.S.

As of September 30, 2025, we plan to make further contributions of approximately $ 9 million to our U.S.

plans and $ 6 million to our non-U.S.

7 unchanged sentences

That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings.

Mondelez Canada Inc.

- Trusteed Hourly Retirement Plan and Retirement Plan Settlement

During the third quarter of 2025, we entered into an agreement with a third-party insurance company to buy-out the retiree participants' obligations of the Mondelez Canada Inc.

Trusteed Hourly Retirement Plan and Mondelez Canada Inc.

Retirement Plan (collectively, "Canadian Pension Plans").

On September 11, 2025 the obligations were transferred to the insurance company and we recognized a non-cash pre-tax settlement loss of $ 54 million as a component of our net periodic pension cost in the third quarter of 2025.

That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings.

Multiemployer Pension Plans

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 $ 3 million for both the three months ended June 30, 2025 and 2024 and $ 5 million for both the six months ended June 30, 2025 and 2024 within Interest and other expense, net in the condensed consolidated

statements of earnings.

As of June 30, 2025, the remaining discounted withdrawal liability was $ 302 million, with $ 16 million recorded in Other current liabilities and $ 286 million recorded in Other liabilities in the condensed consolidated balance sheets.

In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for both the three months ended September 30, 2025 and 2024 and $ 7 million for both the nine months ended September 30, 2025 and 2024 within Interest and other expense, net in the condensed consolidated statements of earnings.

As of September 30, 2025, the remaining discounted withdrawal liability was $ 298 million, with $ 16 million recorded in Other current liabilities and $ 282 million recorded in Other liabilities in the condensed consolidated balance sheets.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement benefit was $ 3 million and $ 2 million for the three months ended June 30, 2025 and 2024, respectively, and $ 6 million and $ 5 million for the six months ended June 30, 2025 and 2024, respectively.

The net periodic postemployment cost was $ 6 million for both the three months ended June 30, 2025 and 2024 and $ 11 million for both the six months ended June 30, 2025 and 2024.

The net periodic postretirement benefit was $ 3 million for both the three months ended September 30, 2025 and 2024, and $ 9 million and $ 8 million for the nine months ended September 30, 2025 and 2024, respectively.

The net periodic postemployment cost was $ 5 million for both the three months ended September 30, 2025 and 2024 and $ 16 million for both the nine months ended September 30, 2025 and 2024.

Commitments and Contingencies

27 unchanged sentences

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).

At that time, we had accrued 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 June 30, 2025 and December 31, 2024, we had no material third-party guarantees recorded on our condensed consolidated balance sheets.

As of September 30, 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.

Shareholders' Equity

Stock Compensation Plans

Stock Options

5 unchanged sentences

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

Annual grant to eligible employees 1,989,760 65.09

Additional options issued 19,390 67.65

Total options granted 2,009,150 65.11

Options exercised (1)

2,018,200 65.13

Exercised (1)

( 2,039,161 ) 42.53 $ 46 million

Options canceled ( 259,913 ) 66.82

Balance at June 30, 2025 16,538,672 56.87 6 years $ 186 million

(1) Cash received from options exercised was $ 27 million and $ 71 million in the three and six months ended June 30, 2025, respectively.

The excess income tax benefit from stock option exercises was $ 1 million and $ 5 million in the three and six months ended June 30, 2025.

( 376,116 ) 67.23

Balance at September 30, 2025 16,082,092 57.06 5 years $ 123 million

(1) Cash received from options exercised was $ 14 million and $ 85 million in the three and nine months ended September 30, 2025, respectively.

The excess income tax benefit from stock option exercises was $ 2 million and $ 7 million in the three and nine months ended September 30, 2025, respectively.

Performance Share Units and Other Stock-Based Awards

3 unchanged sentences

Weighted-Average

Fair Value (3)

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

Annual grant to eligible employees:

Units granted:

Performance share units (1)

1,433,935 67.95

Deferred stock units

Additional shares granted (1)

1,427,061 63.21

Total shares granted 2,822,966 65.53 $ 185 million

Total units granted (1)

2,860,996 65.59 $ 188 million

Vested (1) (2)

( 1,460,425 ) 63.44 $ 93 million

Forfeited (2)

( 430,005 ) 69.48

Balance at June 30, 2025 5,622,107 67.64

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

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

(3) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 1 million in the three and six months ended June 30, 2025, respectively.

Balance at September 30, 2025 5,507,140 67.64

(1) Includes incremental PSUs issued over target.

(2) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 1 million in the three and nine months ended September 30, 2025, respectively.

(3) 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.

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

Share Repurchase Program

1 unchanged sentence

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

During the six months ended June 30, 2025, we repurchased approximately 27 million shares of Common Stock at an average cost of $ 58.33 per share, or an aggregate cost of approximately $ 1.6 billion, all of which was paid during the period.

During the nine months ended September 30, 2025, we repurchased approximately 31 million shares of Common Stock at an average cost of $ 59.00 per share, or an aggregate cost of approximately $ 1.8 billion, all of which was paid during the period.

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

As of June 30, 2025, we have approximately $ 7.4 billion in remaining share repurchase capacity.

Reclassifications from Accumulated Other Comprehensive Income

As of September 30, 2025, we have approximately $ 7.2 billion in remaining share repurchase capacity.

Accumulated Other Comprehensive Earnings/(Losses)

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 $( 284 ) million and $( 2 ) million in the second quarter of 2025 and 2024, respectively, and $( 331 ) million and $ 21 million in the first six months of 2025 and 2024, respectively.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $( 60 ) million and $( 71 ) million in the third quarter of 2025 and 2024, respectively, and $( 391 ) million and $( 50 ) million in the first nine months of 2025 and 2024, respectively.

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

other comprehensive (earnings)/loss attributable to noncontrolling interests

1 ( 10 ) ( 23 ) ( 2 )

Balance at end of period ( 10,228 ) ( 10,187 ) ( 10,228 ) ( 10,187 )

20 unchanged sentences

Tax effect on net derivative gain/(loss)

( 3 ) 3 ( 2 ) 6

Losses/(gains) reclassified into net earnings:

4 unchanged sentences

Tax expense/(benefit) on reclassifications (3)

5 ( 1 ) 8 ( 2 )

Currency impact 1 ( 1 ) ( 7 ) —

1 unchanged sentence

Balance at end of period ( 62 ) ( 63 ) ( 62 ) ( 63 )

Accumulated other comprehensive income attributable to Mondelēz International:

Accumulated other comprehensive losses attributable to Mondelēz International:

Balance at beginning of period $ ( 11,561 ) $ ( 11,515 ) $ ( 12,471 ) $ ( 10,946 )

1 unchanged sentence

other comprehensive (earnings)/loss attributable to noncontrolling interests

1 ( 10 ) ( 23 ) ( 2 )

Other comprehensive earnings/(losses) attributable to Mondelēz International 97 ( 64 ) 1,007 ( 633 )

6 unchanged sentences

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 $ 3 million and $ 45 million in the three and six months ended June 30, 2024 and recorded implementation costs of $ 12 million and $ 23 million in the three and six months ended June 30, 2024.

The Simplify to Grow Program restructuring liability activity for the six months ended June 30, 2025 was:

We recorded a net gain of $ 5 million and net restructuring charges of $ 40 million in the three and nine months ended September 30, 2024, respectively, and recorded implementation costs of $ 17 million and $ 40 million in the three and nine months ended September 30, 2024, respectively.

The Simplify to Grow Program restructuring liability activity for the nine months ended September 30, 2025 was:

(in millions)

2 unchanged sentences

Currency and other 9

Liability balance, June 30, 2025

Liability balance, September 30, 2025

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

Our effective tax rate was 26.9 % for the second quarter of 2025 as compared to 34.7 % in the second quarter of 2024.

The decrease in our effective tax rate was driven by our jurisdictional mix of earnings, particularly the impact of lower mark-to-market losses on commodity and foreign currency derivatives in the current quarter, and higher costs from tax law changes in the second quarter of 2024.

Our effective tax rate for the six months ended June 30, 2025, was 27.4 % as compared to 26.2 % for the six months ended June 30, 2024.

The increase in our year-to-date effective tax rate was driven by our jurisdictional mix of earnings (including the impact of mark-to-market gains and 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 six months ended June 30, 2025, as compared to the six months ended June 30, 2024.

Our effective tax rate was 19.7 % for the third quarter of 2025 as compared to 28.8 % in the third quarter of 2024.

The decrease in our effective tax rate was primarily driven by a favorable jurisdictional mix of earnings, tax benefits related to the provision for final 2024 tax return filings, and the tax treatment of certain foreign pension assets.

Our effective tax rate for the nine months ended September 30, 2025, was 24.9 % as compared to 26.9 % for the nine months ended September 30, 2024.

The decrease in our year-to-date effective tax rate was primarily driven by tax benefits related to the provision for final 2024 tax return filings, the tax treatment of certain foreign pension assets, and the release of liabilities for uncertain tax positions due to audit developments and statute of limitation expirations in the nine months ended September 30, 2025.

These benefits were partially offset by changes in our jurisdictional mix of earnings (including the impact of mark-to-market losses on commodity and foreign currency derivatives) as compared to the nine months ended September 30, 2024.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S.

1 unchanged sentence

and interest expense.

While we are still evaluating the impacts of the OBBBA, we do not expect any material impacts to our financial statements for the year ending December 31, 2025.

The initial impact of the OBBBA legislation was not material to our third quarter earnings.

Further, while we continue to monitor supplemental guidance released by the government, we do not expect any material impacts to our financial statements for the full year ending December 31, 2025.

Earnings per Share

1 unchanged sentence

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS.

We excluded antidilutive stock options and performance share units of 4.6 million and 4.2 million for the three months ended June 30, 2025 and 2024, respectively, and 3.8 million and 3.4 million for the six months ended June 30, 2025 and 2024, respectively.

We excluded antidilutive stock options and performance share units of 8.1 million and 3.7 million for the three months ended September 30, 2025 and 2024, respectively, and 4.0 million and 3.3 million for the nine months ended September 30, 2025 and 2024, respectively.

Segment Reporting

16 unchanged sentences

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

(in millions)

9 unchanged sentences

Operating income $ 744

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(in millions)

8 unchanged sentences

Amortization of intangible assets ( 40 )

Acquisition-related costs ( 2 )

Operating income $ 1,153

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions)

9 unchanged sentences

Operating income $ 2,596

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions)

5 unchanged sentences

Segment operating income $ 426 $ 1,036 $ 1,746 $ 2,012 5,220

Mark-to-market gains from derivatives

Mark-to-market losses from derivatives

General corporate expenses ( 212 )

Amortization of intangible assets ( 115 )

Acquisition-related costs ( 2 )

Operating income $ 4,734

3 unchanged sentences

Three Months Ended

(in millions)

Depreciation expense (2) :

Latin America $ 35 $ 39

North America 45 42

Total depreciation expense $ 212 $ 197

Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

1 unchanged sentence

Latin America $ 38 $ 38 $ 107 $ 115

AMEA 43 40 127 119

Europe 81 72 231 207

4 unchanged sentences

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

Six Months Ended

Nine Months Ended

September 30,

(in millions)

4 unchanged sentences

North America ( 195 ) ( 218 )

( 11 ) ( 20 )

Total capital expenditures $ ( 881 ) $ ( 982 )

1 unchanged sentence

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

For the Three Months Ended June 30, 2025

For the Three Months Ended September 30, 2025

America AMEA Europe North

7 unchanged sentences

Total net revenues $ 1,238 $ 2,017 $ 3,674 $ 2,815 $ 9,744

For the Three Months Ended June 30, 2024

For the Three Months Ended September 30, 2024

America AMEA Europe North

8 unchanged sentences

$ 1,204 $ 1,851 $ 3,323 $ 2,826 $ 9,204

For the Six Months Ended June 30, 2025

For the Nine Months Ended September 30, 2025

America AMEA Europe North

8 unchanged sentences

$ 3,635 $ 5,854 $ 10,636 $ 7,916 $ 28,041

For the Six Months Ended June 30, 2024

For the Nine Months Ended September 30, 2024

America AMEA Europe North

9 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements