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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/08/21 Mondelez International, Inc. 8-K:7,9 4/08/21 13:1.8M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 58K 2: EX-99.1 Miscellaneous Exhibit HTML 1.00M 3: EX-99.2 Miscellaneous Exhibit HTML 21K 9: R1 Document and Entity Information HTML 67K 11: XML IDEA XML File -- Filing Summary XML 13K 8: XML XBRL Instance -- d311838d8k_htm XML 33K 10: EXCEL IDEA Workbook of Financial Reports XLSX 7K 5: EX-101.DEF XBRL Definitions -- mdlz-20210408_def XML 48K 6: EX-101.LAB XBRL Labels -- mdlz-20210408_lab XML 80K 7: EX-101.PRE XBRL Presentations -- mdlz-20210408_pre XML 50K 4: EX-101.SCH XBRL Schema -- mdlz-20210408 XSD 19K 12: JSON XBRL Instance as JSON Data -- MetaLinks 16± 25K 13: ZIP XBRL Zipped Folder -- 0001193125-21-110212-xbrl Zip 70K
| 8-K |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM i 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): i April 8, 2021
MONDELĒZ INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
| i Virginia | i 1-16483 | i 52-2284372 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
i 905 West Fulton Market, i Suite 200, i Chicago, i Illinois i 60607
(Address of principal executive offices, including zip code)
i (847) i 943-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| i ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| i ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| i ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| i ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
| i Class A Common Stock, no par value | i MDLZ | i The Nasdaq Global Select Market | ||
| i 1.625% Notes due 2027 | i MDLZ27 | i The Nasdaq Stock Market LLC | ||
| i 0.250% Notes due 2028 | i MDLZ28 | i The Nasdaq Stock Market LLC | ||
| i 0.750% Notes due 2033 | i MDLZ33 | i The Nasdaq Stock Market LLC | ||
| i 2.375% Notes due 2035 | i MDLZ35 | i The Nasdaq Stock Market LLC | ||
| i 4.500% Notes due 2035 | i MDLZ35A | i The Nasdaq Stock Market LLC | ||
| i 1.375% Notes due 2041 | i MDLZ41 | i The Nasdaq Stock Market LLC | ||
| i 3.875% Notes due 2045 | i MDLZ45 | i The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company i ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
Mondelēz International, Inc. and subsidiaries (collectively, “we,” “our” or “Mondelēz International”) are furnishing this current report to provide supplemental non-GAAP financial information related to the retrospective impact of our participation in a secondary offering of Keurig Dr Pepper Inc. (“KDP”) shares on November 17, 2020. We sold approximately 40.0 million shares, which reduced our ownership interest by 2.8% to 8.4% of the total outstanding shares.
Due to our reporting of KDP’s results on a one-quarter lag basis, the impact of the sale of these shares will affect our non-GAAP financial results beginning with our first quarter ended March 31, 2021. Consistent with our definitions of our non-GAAP financial measures, we will reflect this partial sale of our equity method investment in KDP as a divestiture, resulting in the recasting of our non-GAAP financial results for all quarters of 2020, 2019 and 2018 and for the years ended December 31, 2020, 2019 and 2018.
Change to our Historical Non-GAAP Financial Results in Connection with our Sales of KDP shares
As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020, we participated in a secondary offering of KDP shares on November 17, 2020. We sold approximately 40.0 million shares, which reduced our ownership interest by 2.8% to 8.4% of the total outstanding shares. We received $1,132 million of proceeds and recorded a pre-tax gain of $459 million (or $350 million after-tax) during the fourth quarter of 2020.
We consider the 2.8% ownership reduction, resulting from this sale of shares, a partial sale of our equity method investment in KDP. Consistent with our definitions of our non-GAAP financial measures, we consider this sale to be a divestiture. Due to our reporting of KDP’s results on a one-quarter lag basis, the impact of the sale of these shares will affect our non-GAAP financial results beginning with the first quarter ended March 31, 2021. Therefore, we will remove the equity method investment net earnings results related to this partial sale of our equity method investment in KDP from our non-GAAP financial results for Adjusted EPS for all historical periods presented. Our U.S. GAAP results, which include our historical equity method investment net earnings from KDP, will not change from what was previously reported.
Recast Amounts Reflecting Changes in Historical Non-GAAP Results
The change to our non-GAAP financial results for Adjusted EPS described above does not affect our previously reported consolidated financial results nor does it affect our non-GAAP financial results for Organic Net Revenue, Adjusted Gross Profit or Adjusted Operating Income for any period. This supplemental disclosure does not amend any disclosure contained in any of our prior SEC filings. See the chart below and Exhibit 99.1 for the unaudited GAAP and recast non-GAAP financial information for all quarters of 2020, 2019 and 2018 and for the years ended December 31, 2020, 2019 and 2018.
| Mondelēz International, Inc. and Subsidiaries Recast Amounts Reflecting Change Due to Divestiture (in millions of U.S. dollars, except per share data) (Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | 2019 | 2020 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FY | FY | FY | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||||||||||||||||||||||||||
| Reported (GAAP) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity method investment net earnings |
$ | 484 | $ | 501 | $ | 421 | $ | 229 | $ | 88 | $ | 84 | $ | 83 | $ | 166 | $ | 109 | $ | 114 | $ | 112 | $ | 121 | $ | 106 | $ | 84 | $ | 110 | ||||||||||||||||||||||||||||||
| Provision for income taxes |
773 | 2 | 1,224 | 337 | 15 | 310 | 111 | 189 | 216 | (633 | ) | 230 | 148 | 341 | 391 | 344 | ||||||||||||||||||||||||||||||||||||||||||||
| Net earnings attributable to Mondelēz International |
3,317 | 3,929 | 3,555 | 1,043 | 319 | 1,198 | 757 | 967 | 803 | 1,426 | 733 | 736 | 544 | 1,119 | 1,156 | |||||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS attributable to Mondelēz International |
$ | 2.23 | $ | 2.69 | $ | 2.47 | $ | 0.69 | $ | 0.21 | $ | 0.81 | $ | 0.51 | $ | 0.66 | $ | 0.55 | $ | 0.98 | $ | 0.50 | $ | 0.51 | $ | 0.38 | $ | 0.78 | $ | 0.80 | ||||||||||||||||||||||||||||||
| Adjusted (Non-GAAP) - As Recast |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity method investment net earnings |
$ | 364 | $ | 443 | $ | 428 | $ | 108 | $ | 81 | $ | 77 | $ | 98 | $ | 149 | $ | 96 | $ | 98 | $ | 100 | $ | 99 | $ | 113 | $ | 104 | $ | 112 | ||||||||||||||||||||||||||||||
| Provision for income taxes |
848 | 860 | 928 | 221 | 205 | 179 | 243 | 199 | 215 | 169 | 277 | 198 | 126 | 315 | 289 | |||||||||||||||||||||||||||||||||||||||||||||
| Net earnings attributable to Mondelēz International |
3,478 | 3,560 | 3,688 | 927 | 809 | 899 | 843 | 971 | 804 | 914 | 871 | 948 | 881 | 900 | 959 | |||||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS attributable to Mondelēz International |
$ | 2.34 | $ | 2.44 | $ | 2.56 | $ | 0.62 | $ | 0.54 | $ | 0.61 | $ | 0.57 | $ | 0.66 | $ | 0.55 | $ | 0.63 | $ | 0.60 | $ | 0.66 | $ | 0.61 | $ | 0.62 | $ | 0.67 | ||||||||||||||||||||||||||||||
2
Financial Schedules
Exhibit 99.1 to this Form 8-K contains financial schedules that provide the reconciliations for our recast non-GAAP financial results for Adjusted EPS due to the partial sale of our equity method investment in KDP for all quarters of 2020, 2019 and 2018 and for the years ended December 31, 2020, 2019 and 2018.
| • | Schedule 1 provides reconciliations of the differences between the recast Adjusted (non-GAAP) financial measures and their most directly comparable reported (GAAP) financial measures. Equity method investment net earnings and Provision for income taxes are components used to calculate net earnings and diluted earnings per share attributable to Mondelēz International. |
| • | Schedule 2 provides reconciliations between the reported diluted EPS attributable to Mondelēz International (GAAP) and the recast Adjusted EPS (non-GAAP). |
Non-GAAP Financial Measures
We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results and identify trends in our underlying operating results, and it provides additional insight and transparency on how we evaluate our business. For additional information regarding our non-GAAP financial measures, see Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibits are being furnished with this Current Report on Form 8-K.
| 99.1 | Financial schedules – Unaudited GAAP and Non-GAAP Financial Information. | |||
| 99.2 | Non-GAAP Financial Measures – Additional Information. | |||
| 104 | The cover page from Mondelēz International, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). | |||
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MONDELĒZ INTERNATIONAL, INC. | ||
| By: | /s/ Luca Zaramella | |
| Name: | Luca Zaramella | |
| Title: | Executive Vice President and Chief Financial Officer |
Date: April 8, 2021
4
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period end: | 4/8/21 | |||
| 3/31/21 | 10-Q | |||
| 12/31/20 | 10-K, 5 | |||
| 11/17/20 | 4 | |||
| 12/31/19 | 10-K, 4 | |||
| 12/31/18 | 10-K | |||
| List all Filings | ||||