Mondelez International (MDLZ) 10-K risk factor changes: FY2021 vs FY2020

Our business and financial results could be negatively impacted by [removed: the outbreak of] COVID-19 or other pandemics or epidemics.

The severity, magnitude and duration of the current COVID-19 pandemic [removed: is uncertain, rapidly changing] [added: remain uncertain] and hard to predict.

[removed: In] [added: Since] 2020, COVID-19 [added: has] significantly impacted economic activity and markets around the world, and it could negatively impact our business in numerous ways, including but not limited to those outlined below:

- [removed: The] [added: In 2020, the] COVID-19 [removed: outbreak has] [added: pandemic] resulted [removed: and could continue to result] in lower revenues in some of our emerging market countries that have a [removed: higher] [added: greater] concentration of traditional trade outlets (such as small family-run stores), as well as in our [added: world] travel retail (such as international duty-free stores) and foodservice [removed: businesses.][added: businesses and categories like gum and candy, which are more traditionally purchased and consumed out of home.]

- In [removed: addition,] [added: 2020 and 2021,] sales of some of our products [removed: for in-home consumption] in some markets and [removed: channels,] [added: channels increased,] such as [removed: the United States and some European markets] [added: products for in-home consumption] and [added: categories like biscuits, as well as the] modern [removed: trade, increased in 2020.][added: trade and digital commerce channels.]

We are unable to predict how long this sustained demand will [removed: last or how significant it will be.][added: last.]

- The COVID-19 [removed: outbreak] [added: pandemic] has disrupted and could materially disrupt our global supply chain, operations and routes to market or those of our suppliers, their suppliers, [removed: or] our [removed: co-manufacturers] [added: external manufacturing partners, distributors] or [removed: distributors.][added: other business partners.]

The [removed: outbreak] [added: pandemic] has also necessitated increased expenditures to secure the safety and effectiveness of our personnel and operations.

Disruptions or our failure to effectively respond to them [added: have increased and] could [added: in the future] increase product or distribution costs or cause delays in delivering or an inability to deliver products to our customers.

For example, we experienced temporary disruptions in operations in some of our emerging markets such as India and Nigeria in the first half of [removed: 2020.][added: 2020 and Vietnam in 2021.]

[removed: Continuation] [added: Resumption, continuation] or expansion of these disruptions could materially adversely impact our operations and results.

- Commodity [added: and transportation] costs have become more volatile [added: and generally increased] due to the COVID-19 [removed: outbreak.][added: pandemic, supply chain disruptions, and transportation and labor shortages.]

We expect [removed: continued] commodity cost [removed: volatility,] [added: volatility to continue,] and our commodity hedging activities cannot fully offset this volatility.

- Initially during the COVID-19 [removed: outbreak,] [added: pandemic,] the U.S. dollar appreciated materially against other currencies in the countries in which we operate, resulting in currency translation losses.

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

[added: If the U.S. dollar were to appreciate] again against some or all of those same currencies, the resulting currency translation losses, along with currency transaction losses, could adversely affect our reported results of operations and financial condition.

The ultimate impact of these disruptions also depends on events beyond our knowledge or control, including the duration and severity of the COVID-19 and other [removed: outbreaks] [added: pandemics or epidemics] and actions taken by parties other than us to respond to [removed: them.][added: them, and in the case of COVID-19, on the emergence and spread of COVID-19 variants including Omicron.]

Any of these disruptions could have a negative impact on our business operations, financial [removed: performance and] [added: performance,] results of [removed: operations, which] [added: operations and stock price, and this] impact could be material.

Failure to effectively and timely assess new or developing trends, technological advancements or changes in distribution methods and set proper [removed: pricing] [added: pricing, including as a result of inflation,] or effective trade incentives [removed: will] [added: could] negatively impact [added: demand for] our [added: products, our] operating results, achievement of our strategic and financial goals and our ability to capitalize on new revenue or value-producing opportunities.

The rapid growth of some channels, [removed: in particular in e-commerce] [added: such as discounters as well as digital commerce] which has expanded significantly following the [removed: outbreak] [added: onset] of [removed: COVID-19,] [added: the COVID-19 pandemic,] may impact our current operations or strategies more quickly than we planned for, create consumer price deflation, alter the buying behavior of consumers or disrupt our retail customer relationships.

These expenditures may not be successful, including those related to our [removed: e-commerce] [added: digital commerce] and other technology-focused efforts, and might not result in trade and consumer acceptance of our efforts, which could materially and adversely affect our product sales, financial [removed: condition, results of operations and cash flows.]

[removed: These new] [added: New] distribution [removed: channels] [added: channels,] as well as growing opportunities to utilize external [removed: manufacturers] [added: manufacturers,] lower barriers to entry and allow smaller competitors to more effectively gain market share.

Additionally, if we [removed: reduce prices] [added: adjust pricing] but cannot [added: maintain or] increase sales volumes, or our labor or other costs increase but we cannot increase prices to offset those changes, our financial condition and results of operations will suffer.

During [removed: 2020,] [added: 2021,] we continued to operate under our strategy, which focuses on accelerating consumer-centric and volume-driven [removed: growth,] [added: growth;] operational excellence driven by cost [removed: discipline] [added: discipline, simplification] and continuous operational improvement including in areas like sales [removed: execution,] [added: execution;] and building a winning growth culture with a “local first” commercial approach.

[removed: Failure] [added: If our strategy is not effective, we fail] to achieve [removed: these] [added: our goals and] objectives or [added: identify or prioritize the areas most important to achieving our goals, or we fail to] effectively operate under our strategy in a way that minimizes disruptions to our [removed: business] [added: business, it] could materially and adversely affect our financial condition, results of [removed: operations and] [added: operations,] cash [removed: flows.][added: flows and stock price.]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Promoting and protecting our reputation and brand image [removed: and health] is essential to our business success.

Our success depends on our ability to maintain and enhance our brands, expand to new geographies and new distribution [removed: platforms, including e-commerce,] [added: platforms such as digital commerce,] and evolve our portfolio with new product offerings that meet consumer [added: needs and] expectations.

Failure to effectively address the continuing global focus on [removed: consumer-centric] well-being, including changing consumer acceptance of certain ingredients, [added: industrial manufacturing and processing,] nutritional expectations of our products, and the sustainability of our ingredients, our supply chain and our packaging [added: (including plastic packaging and its ability to be recycled and other environmental impacts)] could adversely affect our brands.

Increased negative attention from the media, [added: academics and online influencers,] governments, shareholders and other stakeholders in these areas as well as on the role of food marketing and other environmental, [removed: social] [added: social, human capital] or governance practices could adversely affect our brand image.

Undue caution or [removed: inaction on] our [removed: part] [added: failure to react timely] in addressing these challenges and trends could weaken our competitive position.

Increasing [added: and disparate] legal or regulatory restrictions on our labeling, advertising and consumer promotions, [removed: such as age-based restrictions on sales of products with certain nutritional profiles enacted in some states in Mexico and other restrictions being considered in the United Kingdom,] or our response to those restrictions, could limit our efforts to maintain, extend and expand our brands.

Moreover, adverse publicity, regulatory developments or legal action against us, our employees or our licensees related to product quality and safety, where and how we manufacture our products, environmental [removed: risks,] [added: risks including climate change,] human and workplace rights across our supply chain, [added: labor relations,] or antitrust, anti-bribery and anti-corruption compliance could damage our reputation and brand health.

A variety of legal and regulatory restrictions [added: as well as our own policies and participation in industry self-regulation initiatives] limit how and to whom we market our products.

Negative posts or comments about Mondelēz International, our brands or our employees on social media or web sites (whether factual or not) or security breaches related to use of our social media accounts and failure to respond [removed: effectively to these posts, comments or activities could damage our reputation and brand image across the various regions in which we operate.]

Our brands may be associated with or appear alongside harmful content before these platforms or our own social media monitoring can detect this risk to our [removed: brand health.][added: brand.]

[removed: Furthermore, third] [added: Third] parties may sell counterfeit or imitation versions of our products that are inferior or pose safety risks.

Failure to successfully maintain and enhance our reputation and brand health could materially and adversely affect our company and product brands as well as our product sales, financial condition, results of [removed: operations and] [added: operations,] cash [removed: flows.][added: flows and stock price.]

We must correctly predict, [removed: identify and] [added: identify,] interpret [added: and meet] changes in consumer preferences and demand and offer new and improved products that meet those changes.

Our success depends on our ability to predict, [removed: identify and] [added: identify,] interpret [added: and meet] the tastes, dietary habits, packaging, sales channel and other preferences of consumers around the world and to offer products that appeal to these preferences in the places and ways consumers want to shop.

Some of these parts of our business continue to be negatively affected by the ongoing pandemic, and some of these areas such as gum that grew in 2021 have not fully recovered to pre-pandemic levels.

Different markets and parts of our business will recover from the COVID-19 pandemic at different rates depending on many factors including vaccination levels or new COVID-19 variants and related outbreaks within a market.

- The COVID-19 pandemic has resulted in broader supply, transportation and labor disruptions resulting in inflation and generally higher operating costs in our business.

In 2021, we experienced labor disruptions primarily in our North America region, which impacted our sales in the fourth quarter.

We also experienced labor-related disruptions in our network of third-party logistics and external manufacturing, and we anticipate labor shortage-related issues will continue in 2022.

As a result of incremental pandemic-related expenditures and labor disruptions, we incurred and expect to continue to incur higher labor costs, particularly as the pandemic continues.

- Further disruptions or uncertainties related to the COVID-19 pandemic could result in delays or modifications to our strategic plans and initiatives.

condition, results of operations and cash flows.

We will be disadvantaged if we are not able to effectively leverage developing channels such as direct-to-consumer and electronic business-to-business commerce.

We have developed an approach to ESG that we believe supports our strategy and is focused on four areas: safety, supply security, our environmental footprint and consumer well-being.

This includes regulations such as front-of-pack labeling; selective food taxes; and age-based restrictions on sales of products with certain nutritional profiles enacted in some states in Mexico.

In the United Kingdom, a ban on specific types of TV and online advertising of food containing levels of fat, sugar or salt above specified thresholds is expected to go into effect in 2023, and new measures restricting certain promotions and in-store placement of some of those products are expected to go into effect in October 2022.

We might also fail to sufficiently evolve our digital marketing efforts to effectively utilize consumer data.

effectively to these posts, comments or activities could damage our reputation and brand image across the various regions in which we operate.

Third parties might also improperly use our brands as part of phishing or other scams, which could negatively affect our brand image.

We have experienced continued evolution of lifestyles and consumption patterns, including increased demand for biscuits and decreased demand for gum, in connection with the COVID-19 pandemic.

We must also provide an array of products that satisfy the broad spectrum of consumer preferences and use marketing and advertising to reach consumers at the right time with the right message.

Failure to successfully increase our business in emerging markets and

In addition, we are experiencing new and more frequent attempts by third parties to gain access to our systems, such as through increased email phishing of our workforce.

The European Union’s General Data Protection Regulation (“GDPR”), which became effective in May 2018 and has greatly increased the

Regulations to implement the CCPA were finalized in August 2020.

In addition, new privacy regulations, such as the California Privacy Rights Act, which grants a private right of action to individuals, the Virginia Consumer Data Protection Act and the Colorado Privacy Act, will enter into effect in 2023.

Moreover, disputes with significant customers or suppliers, including disputes regarding pricing or performance, could adversely affect our sales, financial condition, and results of operations.

We are subject to risk related to operational safety, including risk of fire, explosion or accidental contamination.

Many of these conditions are or could be exacerbated or worsened by climate change.

Increased government intervention and consumer or activist responses caused by increased focus on climate change,

Thus our hedging strategies have not always protected and will not in the future always protect us from increases in specific raw material costs.

Transition risks include increased focus by federal, state and local regulatory and legislative bodies globally regarding environmental policies relating to climate change, regulating greenhouse gas emissions, energy policies and sustainability, including single use plastics.

Increasing regulation of carbon taxes could also substantially increase our product supply chain and distribution costs.

Concern about climate change might cause consumer preferences to switch away from products or ingredients considered to have high climate change impact and towards products that are more sustainably grown and made, and we expect to incur additional costs as we evolve our portfolio and engage in due diligence, verification and reporting in connection with our ESG and sustainability initiatives.

Those stakeholders might also have requests or proposals that are not aligned with the focus of our efforts on climate change and ESG matters.

Climate change-related impacts could also reduce demand for our products.

If costs for raw materials increase or availability decreases, we raise prices for our products and our competitors respond differently to those cost or availability pressures, demand for our products and our market share could suffer.

In 2021, we announced our goal of net zero greenhouse gas emissions by 2050.

Achieving this goal will require significant transformation of our business, capital investment and the development of technology that might not currently exist.

We might incur significant additional expense or be required to recognize impairment charges in connection with our efforts, and we might be unable to achieve our goal.

New regulations can also affect our commercial practices and our relationship with customers, suppliers or distributors.

We could also fail to attract and develop personnel with key emerging capabilities that we need to continue to respond to changing consumer and customer needs and grow our business, including skills in the areas of digital commerce and marketing, data analytics, and procurement and supply chain expertise.

Occurrence of any of these conditions could deplete our institutional knowledge base and erode our competitiveness.

A sustained labor shortage or increased turnover rates within our employee base caused by COVID-19 or related issues such as vaccine mandates, or as a result of general macroeconomic factors, have led and in the future could lead to increased costs, such as increased overtime to meet demand and increased wages to attract and retain employees.

- Disruptions or uncertainties related to the COVID-19 outbreak for a sustained period of time could result in delays or modifications to our strategic plans and initiatives and hinder our ability to achieve our objective to reduce our operating cost structure in both our supply chain and overhead costs through our Simplify to Grow Program.

If the U.S. dollar were to appreciate

Failure to offer products that appeal to consumers or to correctly judge consumer

confidential information belonging to us or our employees, customers, consumers, partners, suppliers, or governmental or regulatory authorities to be misused or breached.

In addition, the California Privacy Rights Act ballot initiative passed in November 2020 will create a new agency dedicated to data privacy that will be required to implement more stringent privacy regulations by January 1, 2023.

In addition, we are subject to risk related to our own execution.

operations and infrastructures; identify and eliminate, as appropriate, redundant and underperforming operations and assets; manage inefficiencies associated with the integration of operations; and coordinate timely and ongoing compliance with antitrust and competition laws in the United States, the European Union and other jurisdictions.

Concern about climate change might result in new legal and regulatory requirements to reduce or mitigate the effects of climate change.

Concern about climate change might cause consumer preferences to switch away from products or ingredients considered to have high climate change impact.

demand lower pricing, increased promotional programs or longer payment terms.

Changes in our operating model and business processes, including building a winning growth culture, implementing our “local first” commercial approach, utilizing our global shared services capability and reconfiguring our supply chain, could lead to operational challenges and changes in the skills we require to achieve our business goals.

Main trade provisions include the continuation of no tariffs or quotas on trade between the U.K. and E.U. so long as we meet prescribed trade terms.

We will also need to meet product and labeling standards for both the U.K. and E.U. The U.K. may also set its own trade policies with countries such as the United States, Australia and New Zealand that currently do not have free trade agreements with the E.U. Cross-border trade between the U.K. and E.U. will be subject to new customs regulations, documentation and reviews.

We anticipate increased shipping costs and near-term delays because of the need for ongoing customs inspections and related procedures.

Our supply chain in this market relies on imports of raw and packaging materials as well as finished goods.

Volatility in foreign currencies and other markets may also arise as the U.K. and E.U. work though the new trade arrangements.

Once the new rules are formalized, there could be other near- or long-term negative impacts.

Any disagreements on trade terms or supply chain or distribution delays or other disruptions could negatively affect our U.K. business.

Consequently, we are subject to greater risk of litigation, legal or tax claims or other regulatory enforcement actions.

We have implemented policies and procedures designed to promote compliance with existing laws and regulations; however, there can be no assurance that we maintain effective control environment processes, including in connection with our global shared services capability.

In December 2017, the United States enacted tax reform legislation (“U.S. tax reform”).

The legislation implements many new U.S. domestic and international tax provisions.

The Internal Revenue Service (“IRS”), the U.S. Treasury Department and numerous state governments issued additional guidance during 2018, 2019 and 2020.

As of January 2021, there is a new president of the United States, and his campaign included proposed changes to U.S. tax legislation.

In addition, tax legislation enacted by foreign jurisdictions could significantly affect our ongoing operations.

For example, during the third quarter of 2019, Swiss Federal and Zurich Cantonal events took place that resulted in enacted tax law changes under U.S. GAAP (“Swiss tax reform”).

The new legislation is intended to replace certain preferential tax regimes with a new set of internationally accepted measures.

We will continue to monitor Swiss tax reform for any additional interpretative guidance that could result in changes to the amounts we have recorded.

liquidity of the overall global capital markets and the state of the global economy, including the food industry, could affect our access to, and the availability or cost of, financing on acceptable terms and conditions and our ability to pay dividends in the future.

During 2020, [added: the first year of the pandemic,] we experienced a significant increase in demand and revenue growth in certain markets as consumers increased their food purchases for in-home consumption.

Results were particularly strong in modern trade (such as large grocery supermarkets and retail [removed: chains) and e-commerce,] [added: chains), digital commerce] and especially for categories such as biscuits.

[removed: During] [added: This was especially so during] the second quarter [removed: especially, lockdowns and other related measures or restrictions had a negative impact on] [added: of 2020 for some of our] emerging markets [removed: with a greater concentration of traditional trade] due to store [removed: closures (particularly] [added: closures, particularly] in our Latin America region as well as parts of our AMEA [removed: region)] [added: region that have a greater concentration of traditional trade (such] as [added: small family-run stores), our world travel retail (such as international duty-free stores), and our foodservice businesses as] well as [removed: in] categories like gum and candy, which are more traditionally purchased and consumed out of home.

We discuss these and other [added: ongoing] impacts of COVID-19 below.

For employees who [removed: are] [added: were] unable to work remotely, we [removed: have] adopted a number of heightened protocols, consistent with those prescribed by the World Health Organization, related to social distancing (including staggering lunchtimes and shifts where possible and restricting in-person gatherings and non-essential travel) and enhanced hygiene and workplace sanitation.

- We have [removed: been hiring] [added: hired] frontline employees in the U.S. and other locations to meet additional marketplace demand and promote uninterrupted functioning of our manufacturing, distribution and sales network.

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

In response to increased demand, we [removed: have] increased production [removed: and, to date,] [added: and until recently,] we have not experienced material disruptions in our supply chain or [removed: operations:][added: operations.]

- We [removed: have been able to] continue to source raw ingredients, packaging, energy and transportation and deliver our products to our customers.

Although we monitor [added: these costs and] our exposure to commodity prices and hedge against input price increases, we cannot fully hedge against [added: all cost increases and] changes in [removed: commodity] costs, and our hedging strategies may not protect us from increases in specific raw [removed: material] [added: materials or other] costs.

[removed: In the future, the] [added: - The] ongoing COVID-19 [removed: outbreak could] [added: pandemic and related economic effects may] disrupt our global supply chain, operations and routes to market or those of our suppliers, their suppliers, [removed: or] our [removed: co-manufacturers] [added: co-manufacturers, distributors] or [removed: distributors.][added: other business partners.]

These disruptions or our failure to effectively respond to them could increase product or distribution [removed: costs,] [added: costs and] prices and [removed: potentially] [added: continue to negatively] affect [removed: the availability of our products.][added: operations and results.]

- During the [removed: second quarter of 2020,] [added: pandemic,] we [added: have] incurred higher operating costs primarily for labor, customer service and logistics, security, personal protective equipment and cleaning.

While we have not had [removed: material disruptions to date,] [added: long-term, severe supply chain disruptions,] we do not know whether or how our supply chain or operations may be negatively [removed: affected if the pandemic persists for an extended period or worsens.]

[removed: As we respond to this evolving situation, we] [added: We] intend to continue to execute on our strategic operating [removed: plans.][added: plans as the situation evolves.]

[removed: However, disruptions,] [added: Disruptions,] higher operating costs or uncertainties like those noted above could result in delays or modifications to our plans and initiatives.

We believe the steps we have taken to enhance our capital structure and [removed: liquidity over the last several years] [added: liquidity, prior to] and [removed: months have] [added: during the pandemic,] strengthened our ability to operate [removed: through current conditions:][added: during the pandemic:]

[removed: -] During [added: 2020 and] 2019, we [added: also] generated $4.0 billion of cash from operations, or [added: $3.1 billion in 2020 and] $3.0 billion [added: in 2019] after deducting capital expenditures.

- [removed: During 2020,] [added: In 2021,] we generated [removed: $4.0] [added: $4.1] billion of cash from operations, or [removed: $3.1] [added: approximately $3.2] billion after [added: deducting] capital expenditures.

[removed: Also, as] [added: - As] of December 31, [removed: 2020,] [added: 2021,] we had [removed: $3.6] [added: $3.5] billion of cash and cash equivalents on hand.

[removed: -] During 2020, we also received cash of €350 million ($394 million) from our participation in the JDE [removed: Peet's] [added: Peet’s] public share offerings and [removed: $2,094 million] [added: approximately $2.1 billion] from our participation in the KDP secondary offering and subsequent KDP share sales (see additional information below and in Note 7, *Equity Method Investments*).

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

[removed: -] Based on our current available cash and access to financing markets, we do not anticipate any issue funding our [added: obligations, including funding our] next long-term debt maturities of approximately [removed: $1.5 billion in October 2021 and approximately $0.3] [added: $1.2] billion in [removed: December 2021] [added: July 2022] and [removed: after paying approximately $0.8] [added: $0.5] billion [removed: of maturing debt] in [removed: January 2021.][added: September 2022.]

- We also have access to short-term and long-term financing markets and [removed: have] actively utilized these markets in [removed: 2020.][added: 2020 and 2021.]

We [removed: also continued] [added: continue] to utilize the commercial paper markets in the United States and Europe for flexible, low-cost, short-term financing.

We [removed: also] [added: have] issued additional long-term debt several times [removed: in] [added: since the beginning of] 2020 due to favorable market conditions and opportunities to shift a portion of our funding mix from short-term debt to long-term debt at a low cost.

We [removed: continue to] [added: renewed one of our credit facilities in early 2021 and now] have [removed: $6.0] [added: $7.0] billion of undrawn credit facilities as well as other forms of short-term and long-term financing options [removed: available (refer to the *Liquidity and Capital Resources* section and Note 9, *Debt and Borrowing Arrangements*).][added: available.]

[removed: - In connection with] [added: Over] the [added: course of the] ongoing pandemic, we [added: have] identified [removed: a decline] [added: declines] in demand for certain of our brands, primarily in the gum category, that prompted additional evaluation of our indefinite-life intangible [removed: assets during the second quarter of 2020 in addition to our annual testing in the third quarter of 2020.][added: assets.]

[removed: In connection with the testing,] [added: During 2020,] we concluded that eight brands were impaired and we recorded $144 million of impairment [removed: charges in 2020.][added: charges.]

- We [removed: will] continue to monitor the quality of our assets and our overall financial [removed: position over coming quarters.][added: position.]

- We [added: also] continue to maintain oversight over our core process controls through our centralized shared service model, [removed: and our] [added: with] key controls [removed: are] operating as designed.

Barring material business disruptions or other negative developments, we expect to [removed: continue to] meet the demand of consumers for our snacks, food and beverage products.

As we continue to proactively manage our business in response to the evolving impacts of the pandemic, we continue to [removed: communicate with] [added: prioritize] and support our employees and customers; monitor and [removed: take steps] [added: work] to further safeguard our supply chain, operations, technology and assets; protect our liquidity and financial position; work toward our strategic priorities and monitor our financial [removed: performance as we seek to position the Company to withstand the current uncertainty related to this pandemic.][added: performance.]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

On March 4, 2020, we participated in a secondary offering of KDP shares and sold approximately 6.8 million shares, which reduced our ownership interest by 0.5% to [removed: 13.1% of the total outstanding shares.][added: 13.1%.]

Subsequently, on August 3, 2020, we sold approximately 14.1 million shares and on September 9, 2020, we sold approximately 12.5 million shares, which in the aggregate reduced our KDP ownership interest to [removed: 11.2% of total outstanding shares.][added: 11.2%.]

On May 29, 2020, we participated in the JDE [removed: Peet's] [added: Peet’s] offering and, with the subsequent exercise of the over-allotment option, we sold a total of approximately 11.1 million shares during the second quarter of [removed: 2020, retaining a 22.9% ownership interest in JDE Peet's.][added: 2020.]

We also incurred a $261 million tax [removed: expense that is payable in 2020 and 2021.][added: expense.]

During the fourth quarter of 2020, we reduced our tax expense by $11 million to $250 [removed: million.][added: million and we paid the associated cash tax by the end of 2021.]

For additional information, refer to Note 7, *Equity Method Investments*, [removed: and] Note 16, *Income [removed: Taxes*.][added: Taxes*, and Note 9, *Debt and Borrowing Arrangements*.]

As the COVID-19 global pandemic continues and new variants of the virus emerge, such as Omicron in late 2021, our main priorities continue to be the safety of our employees and helping maintain the global food supply.

Together with our employees, customers, suppliers and other partners, we are working to emerge from the pandemic stronger.

However, other parts of our business were negatively affected by mandated lockdowns and other related restrictions.

The negative impacts experienced in the second quarter of 2020 began to subside in the second half of 2020, as demand grew in both developed and emerging markets and a number of our key markets returned to higher growth; however, our gum and candy, world travel retail and foodservice businesses as well as parts of our traditional trade business in parts of emerging markets continued to be negatively affected by the ongoing pandemic.

During 2021, we continued to see increased demand for most of our snack category products in both our emerging and developed markets relative to 2020; however, revenue from parts of our business were not yet back to pre-pandemic levels.

In 2021, net revenue growth was 8.0% and Organic Net Revenue growth was 5.2%.

In 2021, while we experienced double-digit revenue growth in gum as well as significant growth in other areas such as foodservice and world travel retail, revenues in these businesses were not fully recovered to pre-pandemic levels.

Our overall outlook for future snacks revenue growth remains strong, but as the pandemic continues, we anticipate increased volatility in revenues until COVID-related risks and the international supply chain issues and labor and transportation constraints subside and snacks consumption stabilizes to a more normal growth level.

We continue to track new developments and ongoing impacts from the pandemic.

Most disruptions we experienced in our operations due to the pandemic have been temporary and not material to our consolidated results.

In the second half of 2021, we experienced higher operating costs, including higher overall raw material, transportation, labor and fuel costs, that we anticipate will continue into 2022.

We have worked with governments and healthcare providers to help provide access to vaccines for our frontline and office employees when and where possible at a local level.

As more employees who have been working remotely return to shared workplaces, we have enhanced safety protocols we will follow while also encouraging continued flexible and virtual work arrangements wherever possible.

Labor markets, particularly in the U.S., U.K. as well as in other countries, have significantly tightened.

We recognize the demand for talent and continue to actively work to safeguard, engage, attract and retain our employees.

- Since the start of the pandemic, we have donated over $30 million to assist those impacted by COVID-19 and to support local and global organizations responding to food instability and providing emergency relief.

Beginning in the second half of 2021, we began to experience more significant supply chain disruptions and higher operating costs as noted below:

- As global supply, transportation and labor disruptions escalated in the second half of 2021, particularly in the U.S. and U.K., we incurred higher operating costs in our business.

- We also experienced labor disruptions primarily in our North America region in the third quarter of 2021, including a strike that affected six of our U.S. manufacturing and sales distribution facilities for several weeks.

In September 2021, after working with our employees and union representatives to resolve the strike, we entered into a new collective bargaining agreement at these facilities.

In the fourth quarter of 2021, we did not experience significant operating or labor disruptions.

However, we anticipate some disruption in early 2022 and higher expected absenteeism due to illness within our operations and among our third-party suppliers and business partners primarily as a result of the Omicron variant.

Throughout the second half of 2021, we also experienced labor-related disruptions in our network of third-party logistics and external manufacturing, and we anticipate labor shortage-related issues will continue into 2022.

As a result of incremental pandemic-related expenditures and labor disruptions, we incurred and expect to incur higher labor costs, particularly as the pandemic continues.

Costs for resources, particularly commodity and transportation costs, have continued to increase.

External factors, including the pandemic, adverse weather conditions, supply chain disruptions, and transportation and labor shortages, have impacted and are expected to continue to impact our operating costs.

We also may not be able to adjust pricing timely or fully, and this may negatively affect our revenue, margins or earnings.

We anticipate some of the supply, transportation and labor constraints and higher cost trends we experienced in 2021 will continue in 2022.

While we have not had significant delays or unavailability of raw ingredients or other supplies, we continue to monitor this risk.

At this time, we believe we will be able to continue to source raw materials and other supplies we use in our business.

affected if the pandemic continues.

As further discussed below, in January 2022, we acquired Chipita S.A. to expand our snacks portfolio.

We paid approximately €1.3 billion ($1.5 billion) in cash and we assumed and substantially paid down €0.4 billion ($0.4 billion) of Chipita’s debt in January for a total purchase price of approximately €1.7 billion ($1.9 billion).

- During 2021, we generated cash of approximately $1.5 billion from the sale of KDP shares.

As of December 31, 2021, we were, and we expect to continue to be, in compliance with our debt covenants (refer to the *Liquidity and Capital Resources* section and Note 9, *Debt and Borrowing Arrangements*).

- We continue to evaluate the realizability of our assets and indicators of potential impairment.

- During the third quarter of 2021, we completed our annual impairment testing of goodwill and intangible assets and noted no impairments.

During the second quarter of 2021, we concluded that one biscuit brand was impaired and we recorded a $32 million impairment charge.

At this point in the pandemic, while we have seen some improvements in business and economic conditions across many markets in which we do business, additional adverse impacts could arise such as those noted above and some that we cannot currently anticipate.

Our overall outlook for future snacks revenue growth remains strong, but as the pandemic continues, we anticipate increased volatility in revenues until COVID-related risks and current international supply chain issues and labor and transportation constraints subside and snacks consumption stabilizes to a more normal growth level.

We have been actively monitoring the outbreak of COVID-19 and its impact globally.

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

Other parts of our business were negatively affected by mandated lockdowns and other related restrictions including some of our emerging markets with a greater concentration of traditional trade (such as small family-run stores) as well as our world travel retail (such as international duty-free stores) and foodservice businesses.

In the second half of the year, demand grew in both developed and emerging markets as the negative impacts of COVID-19 during the second quarter subsided and a number of our key markets returned to higher growth.

A sharp reduction in global travel continues to negatively impact our world travel retail business, and lower out-of-home consumption continues to negatively impact our foodservice business as well as sales of our gum and candy products.

During 2020, we also experienced temporary disruptions in operations in some of our emerging markets that were not material to our consolidated results.

- We increased our $15 million global commitment to assist those most impacted by COVID-19 to approximately $28 million to date.

We have been supporting local and global organizations that are responding to food instability and providing emergency relief.

- We were able to leverage learnings from our timely response to the initial outbreak in China, and we put in place procedures across our supply chain to help mitigate the risk that our manufacturing sites will experience material closures or disruptions.

- We have not experienced material disruptions in our workforce; however, mandatory and voluntary stay-at-home restrictions have resulted in increased levels of absenteeism.

- Commodity costs have become more volatile due to the COVID-19 outbreak.

We anticipate continued commodity cost volatility as the pandemic continues.

- We have experienced temporary disruptions in operations in some of our emerging markets.

The disruptions were not material to our consolidated results for 2020.

- Our 2020 net revenue and net earnings in U.S. dollars were negatively affected by currency translation losses from a generally stronger U.S. dollar relative to other currencies in the countries in which we operate.

In the second half of 2020, our spending in these areas was significantly less but still above pre-COVID levels.

We continued to incur higher costs in these areas in response to the ongoing pandemic as we worked to protect our employees and deliver our products timely and safely to our customers.

Most other aspects of our global supply chain and operations did not change materially during 2020.

- As a precautionary measure, in March, we also suspended our share repurchase program, which was reinstated during our fourth quarter.

- In connection with various legislatively authorized tax payment deferral mechanisms available for income tax, indirect tax (such as value-added tax) and payroll tax in a number of jurisdictions, we were able to defer certain of these tax payments, which provided a cash benefit that reverses when the payments come due.

Some of these payments were made in the fourth quarter of 2020; the remainder will come due in 2021 and 2022.

The benefits associated with the deferral of these tax payments were not material to our financial statements.

During the initial outbreak of COVID-19 in March, we put supplemental short-term credit facilities in place, which we have since retired in full.

We have been, and we expect to continue to be, in compliance with our debt covenants.

- We evaluated the realizability of our assets and whether there are any impairment indicators.

While some of the initial impacts of the pandemic on our business moderated in the second half of 2020, the business and economic environment remains uncertain and additional impacts may arise that we cannot currently anticipate.

However, the elevated consumer demand we experienced primarily in some of our developed market countries in 2020 may not continue.

We are unable to predict how long this sustained demand will last or how significant it will be.

We expect the COVID-19 outbreak to result in lower revenues primarily in some of our emerging market countries that have a higher concentration of traditional trade outlets (such as small family-run stores), our gum and candy categories (which are more instant consumption in nature), as well as our world travel retail (such as international duty-free stores) and foodservice businesses.

On July 9, 2018, Keurig Green Mountain, Inc. ("Keurig") closed on its definitive merger agreement with Dr Pepper Snapple Group, Inc., and formed Keurig Dr Pepper Inc. (NYSE: "KDP"), a publicly traded company.

Following the close of the transaction, our 24.2% investment in Keurig together with our shareholder loan receivable became a 13.8% investment in KDP.

During 2018, we recorded a pre-tax gain of $778 million (or $586 million after-tax).

In connection with the KDP transaction, in the third quarter of 2018, we changed our accounting principle to reflect our share of Keurig's historical and KDP's ongoing earnings on a one-quarter lag basis for all periods presented while we continue to record dividends when cash is received.

Consistent with our accounting for KDP and in connection with JDE Peet's becoming a public company, during the second quarter of 2020, we changed our accounting principle to reflect our share of JDE historical results and JDE Peet's ongoing results on a one-quarter lag basis while we continue to record dividends when cash is received.

We determined a lag was preferable as it enables us to continue to report our quarterly and annual results on a timely basis and to record our share of JDE Peet's ongoing results once JDE Peet's has publicly reported its results.

This change was applied retrospectively to all periods presented.

On December 22, 2017, the United States enacted tax reform legislation ("U.S. tax reform") that included a broad range of business tax provisions and a one-time transition tax on accumulated foreign earnings and profits.

Multiemployer Pension Plan Withdrawal

In 2018, we executed a complete withdrawal from the Bakery and Confectionery Union and Industry International Pension Fund (the "Fund") and recorded a $429 million estimated withdrawal liability.

On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Fund totaling $526 million requiring pro-rata monthly payments over 20 years.

Input costs may fluctuate widely due to international demand, weather conditions, government policy and regulation and unforeseen conditions such as the current COVID-19 [added: global] pandemic.

To manage input cost [removed: volatility,] [added: volatility and inflation,] we enter into forward purchase agreements and other derivative financial instruments.

We [removed: do] [added: did] not [removed: anticipate] [added: have] a significant impact to our financial position from the [removed: planned] phase out of [removed: LIBOR] [added: LIBOR, nor do we expect a significant impact from the remaining phase out] given our current mix of variable and fixed-rate debt.

We periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of variable [removed: versus fixed rate debt based on current and projected market conditions.]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

The parameters used for estimating the expected return distributions were determined by observing interest rate, currency exchange and commodity price movements over the prior quarter for the calculation of VAR amounts at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and over each of the four prior quarters for the calculation of average VAR amounts during each year.

As of December 31, [removed: 2020] [added: 2021] and December 31, [removed: 2019,] [added: 2020,] the estimated potential one-day loss in fair value of our interest rate-sensitive instruments, primarily debt, and the estimated potential one-day loss in pre-tax earnings from our currency and commodity instruments, as calculated in the VAR model, were:

| | | | At [removed: 12/31/19] [added: 12/31/21] | | | | | | Average | | | | | | High | | | | | | Low | | | | | | At [removed: 12/31/19] [added: 12/31/21] | | | | | | Average | | | | | | High | | | | | | Low | | |

| Interest rates | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | [removed: 86] [added: 135] | | | | | $ | [removed: 70] [added: 104] | | | | | $ | [removed: 97] [added: 135] | | | | | $ | [removed: 49] [added: 79] | |

| Foreign currency rates | | | $ | [removed: 15] [added: 11] | | | | | $ | [removed: 19] [added: 11] | | | | | $ | [removed: 25] [added: 13] | | | | | $ | [removed: 15] [added: 9] | | | | | | | | | | | | | | | | | | | | | | | | | |

| Commodity prices | | | [removed: 11] [added: 52] | | | | | | [removed: 13] [added: 41] | | | | | | [removed: 14] [added: 61] | | | | | | [removed: 11] [added: 24] | | | | | | | | | | | | | | | | | | | | | | | | | | |

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Refer to *Recent Developments and Significant Items Affecting Comparability* and *Financial Outlook* above for updates on recent supply chain, transportation, labor and other disruptions that are increasing operating costs and impacting our results.

The last publication date of LIBOR rates against various currencies by the Financial Conduct Authority in the United Kingdom was December 31, 2021, with the publication of certain USD rates being phased out after June 30, 2023.

versus fixed rate debt based on current and projected market conditions.

The Financial Conduct Authority in the United Kingdom plans to phase out LIBOR by the end of 2021.

We are one of the world’s largest snack companies with global net revenues of [removed: $26.6] [added: $28.7] billion and net earnings of [removed: $3.6] [added: $4.3] billion in [removed: 2020.][added: 2021.]

[removed: ][added: ]

In [removed: 2020,] [added: 2020 and 2021,] while the COVID-19 pandemic significantly affected economies, marketplaces, communities and businesses around the world, including ours, we prioritized our employees, customers and communities and largely continued to execute against our strategic [removed: priorities and positioned ourselves to emerge stronger.][added: priorities.]

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

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

Our plan to drive long-term growth includes three strategic priorities: [removed: accelerating consumer-centric growth, driving operational excellence and creating a winning growth culture.]

[removed: - *Accelerate consumer-centric growth.*] As demands on consumers’ time increase and consumer eating habits evolve, we aim to meet consumers' snacking [removed: needs by providing the right snack, for the right moment, made the right way.][added: needs.]

[removed: To drive productivity gains and cost improvements across our business, we also] plan to continue leveraging our global shared services platform, driving greater efficiencies in our supply [added: chain and applying strong cost discipline across our operations.]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

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

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

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

We sell our products in over 150 countries and have operations in approximately 80 countries, including [removed: 133] [added: 131] manufacturing and processing facilities across 45 countries.

The portion of our net revenues generated outside the United States was [removed: 73.2%] [added: 75.1%] in [removed: 2020, 74.4%] [added: 2021, 73.2%] in [removed: 2019] [added: 2020] and [removed: 75.3%] [added: 74.4%] in [removed: 2018.][added: 2019.]

We also monitor our revenue growth across emerging [added: markets] and developed markets—

- Our emerging markets include our Latin America region in its entirety; the Asia, Middle East and Africa (“AMEA”) region, excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, [removed: Turkey,] [added: Türkiye,] Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Latin America | | | $ | [removed: 2,477] [added: 2,797] | | | | | $ | [removed: 3,018] [added: 2,477] | | | | | $ | [removed: 3,202] [added: 3,018] | |

| AMEA | | | [removed: 5,740] [added: 6,465] | | | | | | [removed: 5,770] [added: 5,740] | | | | | | [removed: 5,729] [added: 5,770] | | |

| Europe | | | [removed: 10,207] [added: 11,156] | | | | | | [removed: 9,972] [added: 10,207] | | | | | | [removed: 10,122] [added: 9,972] | | |

| North America | | | [removed: 8,157] [added: 8,302] | | | | | | [removed: 7,108] [added: 8,157] | | | | | | [removed: 6,885] [added: 7,108] | | |

| | | | $ | [removed: 26,581] [added: 28,720] | | | | | $ | [removed: 25,868] [added: 26,581] | | | | | $ | [removed: 25,938] [added: 25,868] | |

| | | | [removed: 2020] [added: 2021] | | | | | | | | | | | | [removed: 2019] [added: 2020] | | | | | | | | | | | | [removed: 2018] [added: 2019] | | | | | | | | |

| Latin America | | | $ | [removed: 189] [added: 261] | | | | | [removed: 4.3] [added: 5.5] | | % | | | | $ | [removed: 341] [added: 189] | | | | | [removed: 8.1] [added: 4.3] | | % | | | | $ | [removed: 410] [added: 341] | | | | | [removed: 11.1] [added: 8.1] | | % |

| AMEA | | | [removed: 821] [added: 1,054] | | | | | | [removed: 18.8] [added: 22.0] | | % | | | | [removed: 691] [added: 821] | | | | | | [removed: 16.4] [added: 18.8] | | % | | | | [removed: 702] [added: 691] | | | | | | [removed: 19.0] [added: 16.4] | | % |

| Europe | | | [removed: 1,775] [added: 2,092] | | | | | | [removed: 40.6] [added: 43.8] | | % | | | | [removed: 1,732] [added: 1,775] | | | | | | [removed: 41.1] [added: 40.6] | | % | | | | [removed: 1,734] [added: 1,732] | | | | | | [removed: 46.9] [added: 41.1] | | % |

| North America | | | [removed: 1,587] [added: 1,371] | | | | | | [removed: 36.3] [added: 28.7] | | % | | | | [removed: 1,451] [added: 1,587] | | | | | | [removed: 34.4] [added: 36.3] | | % | | | | [removed: 849] [added: 1,451] | | | | | | [removed: 23.0] [added: 34.4] | | % |

| | | | $ | [removed: 4,372] [added: 4,778] | | | | | 100.0 | | % | | | | $ | [removed: 4,215] [added: 4,372] | | | | | 100.0 | | % | | | | $ | [removed: 3,695] [added: 4,215] | | | | | 100.0 | | % |

During [removed: 2020,] [added: 2021,] our segments contributed to our net revenues in the following product categories:

| | | | | | | Percentage of [removed: 2020] [added: 2021] Net Revenues by Product Category | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Biscuits - Cookies and crackers | | | [removed: 39] [added: 37] | | % | | | | [removed: 37] [added: 39] | | % | | | | [removed: 36] [added: 37] | | % |

| Chocolate - Tablets, bars and other | | | [removed: 31] [added: 32] | | % | | | | [removed: 32] [added: 31] | | % | | | | 32 | | % |

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

No single customer accounted for 10% or more of our net revenues from continuing operations in [removed: 2020.][added: 2021.]

Our five largest customers accounted for [removed: 17.5%] [added: 16.7%] and our ten largest customers accounted for [removed: 24.0%] [added: 23.0%] of net revenues from continuing operations in [removed: 2020.][added: 2021.]

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

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

We continue to invest in [removed: both] [added: advertising and consumer promotions,] talent and digital capabilities.

Mondelēz International’s purpose is to empower people to snack right.

We sell our products in over 150 countries around the world.

We strive to create a positive impact on the world and communities in which we operate while driving business performance.

Our goal is to lead the future of snacking around the world by offering the right snack, for the right moment, made the right way.

We aim to deliver a broad range of delicious, high-quality snacks that nourish life’s moments, made with sustainable ingredients and packaging that consumers can feel good about.

We remain committed to driving longstanding and enduring positive change in the world.

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

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

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

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

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

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

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

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

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

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

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

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

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

Please also see our *Sustainability and Mindful Snacking* section below.

In this way, we positioned ourselves to emerge stronger.

| Latin America | | | | | | 2.8 | | % | | | | 2.6 | | % | | | | 2.0 | | % | | | | 1.3 | | % | | | | 1.1 | | % | | | | 9.8 | | % |

| AMEA | | | | | | 7.8 | | % | | | | 8.3 | | % | | | | 2.8 | | % | | | | 1.9 | | % | | | | 1.7 | | % | | | | 22.5 | | % |

| Europe | | | | | | 11.6 | | % | | | | 20.4 | | % | | | | 2.1 | | % | | | | 0.4 | | % | | | | 4.3 | | % | | | | 38.8 | | % |

| North America | | | | | | 24.9 | | % | | | | 1.0 | | % | | | | 3.0 | | % | | | | — | | % | | | | — | | % | | | | 28.9 | | % |

| | | | | | | 47.1 | | % | | | | 32.3 | | % | | | | 9.9 | | % | | | | 3.6 | | % | | | | 7.1 | | % | | | | 100.0 | | % |

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

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

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

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

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

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

The group’s priorities support incremental growth against three key strategic areas: invent new brands and businesses, invest in early stage entrepreneurs, and amplify SnackFutures’ impact with the CoLab start-up engagement program built to provide start-ups with tools, technologies and expertise that can help them learn, grow and succeed.

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

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

For additional information,

*Workforce Profile*: Consistent with 2020, at December 31, 2021, we had approximately 79,000 employees.

*Workplace Safety and Wellness*: We promote a strong culture of safety and prioritize keeping all our employees, contractors and visitors safe.

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

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

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

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

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

| Latin America | | | | | | 2.5 | | % | | | | 2.3 | | % | | | | 1.8 | | % | | | | 1.5 | | % | | | | 1.2 | | % | | | | 9.3 | | % |

| AMEA | | | | | | 7.7 | | % | | | | 7.6 | | % | | | | 2.6 | | % | | | | 2.0 | | % | | | | 1.7 | | % | | | | 21.6 | | % |

| Europe | | | | | | 11.4 | | % | | | | 19.9 | | % | | | | 2.3 | | % | | | | 0.4 | | % | | | | 4.4 | | % | | | | 38.4 | | % |

| North America | | | | | | 26.4 | | % | | | | 1.0 | | % | | | | 3.3 | | % | | | | — | | % | | | | — | | % | | | | 30.7 | | % |

| | | | | | | 48.0 | | % | | | | 30.8 | | % | | | | 10.0 | | % | | | | 3.9 | | % | | | | 7.3 | | % | | | | 100.0 | | % |

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

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

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

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

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

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

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

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

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

*Diversity & Inclusion*: We seek to create and sustain an inclusive and safe workplace for all of our employees.

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

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

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

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

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

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

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

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

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

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

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

Climate change, CO2 emissions, energy, well-being and other sustainability matters are key focus areas in our strategy.

are subject to periodic governmental and administrative review.

March 2015.

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

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

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

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

Mr. Pleuhs will retire from Mondelēz International in April 2021.

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

For the fiscal year ended December 31, [removed: 2020][added: 2021]

[removed: ][added: ]

| [removed: 1.000%] [added: 0.250%] Notes due [removed: 2022] [added: 2028] | | | | | | [removed: MDLZ22] [added: MDLZ28] | | | | | | The Nasdaq Stock Market LLC | | |

| [removed: 1.625%] [added: 0.750%] Notes due [removed: 2023] [added: 2033] | | | | | | [removed: MDLZ23] [added: MDLZ33] | | | | | | The Nasdaq Stock Market LLC | | |

The aggregate market value of the shares of Class A Common Stock held by non-affiliates of the registrant, computed by reference to the closing price of such stock on June 30, [removed: 2020,] [added: 2021,] was [removed: $72.2] [added: $85.8] billion.

At January [removed: 29, 2021,] [added: 28, 2022,] there were [removed: 1,412,114,559] [added: 1,388,328,044] shares of the registrant’s Class A Common Stock outstanding.

Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with its annual meeting of shareholders expected to be held on May [removed: 19, 2021] [added: 18, 2022] are incorporated by reference into Part III hereof.

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

| Item 1. | | | [removed: [Business](#i376f2d820f954400995542305180df46_16)] [added: [Business](#i00c3280dc6ba4a3688ceadd396cd2a9a_16)] | | | [removed: [3](#i376f2d820f954400995542305180df46_16)] [added: [3](#i00c3280dc6ba4a3688ceadd396cd2a9a_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i376f2d820f954400995542305180df46_19)] [added: Factors](#i00c3280dc6ba4a3688ceadd396cd2a9a_19)] | | | [removed: [13](#i376f2d820f954400995542305180df46_19)] [added: [14](#i00c3280dc6ba4a3688ceadd396cd2a9a_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i376f2d820f954400995542305180df46_22)] [added: Comments](#i00c3280dc6ba4a3688ceadd396cd2a9a_22)] | | | [removed: [25](#i376f2d820f954400995542305180df46_22)] [added: [28](#i00c3280dc6ba4a3688ceadd396cd2a9a_22)] | | |

| Item 2. | | | [removed: [Properties](#i376f2d820f954400995542305180df46_25)] [added: [Properties](#i00c3280dc6ba4a3688ceadd396cd2a9a_25)] | | | [removed: [26](#i376f2d820f954400995542305180df46_25)] [added: [28](#i00c3280dc6ba4a3688ceadd396cd2a9a_25)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i376f2d820f954400995542305180df46_28)] [added: Proceedings](#i00c3280dc6ba4a3688ceadd396cd2a9a_28)] | | | [removed: [26](#i376f2d820f954400995542305180df46_28)] [added: [28](#i00c3280dc6ba4a3688ceadd396cd2a9a_28)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i376f2d820f954400995542305180df46_31)] [added: Disclosures](#i00c3280dc6ba4a3688ceadd396cd2a9a_31)] | | | [removed: [26](#i376f2d820f954400995542305180df46_31)] [added: [28](#i00c3280dc6ba4a3688ceadd396cd2a9a_31)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder [removed: Matters](#i376f2d820f954400995542305180df46_37)] [added: Matters](#i00c3280dc6ba4a3688ceadd396cd2a9a_37)] [and Issuer Purchases of Equity [removed: Securities](#i376f2d820f954400995542305180df46_37)] [added: Securities](#i00c3280dc6ba4a3688ceadd396cd2a9a_37)] | | | [removed: [27](#i376f2d820f954400995542305180df46_37)] [added: [29](#i00c3280dc6ba4a3688ceadd396cd2a9a_37)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations:](#i376f2d820f954400995542305180df46_43)] [added: Operations:](#i00c3280dc6ba4a3688ceadd396cd2a9a_43)] | | | [removed: [31](#i376f2d820f954400995542305180df46_43)] [added: [31](#i00c3280dc6ba4a3688ceadd396cd2a9a_43)] | | |

| | | | [Summary of [removed: Results](#i376f2d820f954400995542305180df46_46)] [added: Results](#i00c3280dc6ba4a3688ceadd396cd2a9a_46)] | | | [removed: [35](#i376f2d820f954400995542305180df46_46)] [added: [35](#i00c3280dc6ba4a3688ceadd396cd2a9a_46)] | | |

| | | | [Financial [removed: Outlook](#i376f2d820f954400995542305180df46_49)] [added: Outlook](#i00c3280dc6ba4a3688ceadd396cd2a9a_49)] | | | [removed: [36](#i376f2d820f954400995542305180df46_49)] [added: [36](#i00c3280dc6ba4a3688ceadd396cd2a9a_49)] | | |

| | | | [Discussion and Analysis of Historical [removed: Results](#i376f2d820f954400995542305180df46_52)] [added: Results](#i00c3280dc6ba4a3688ceadd396cd2a9a_52)] | | | [removed: [39](#i376f2d820f954400995542305180df46_52)] [added: [40](#i00c3280dc6ba4a3688ceadd396cd2a9a_52)] | | |

| | | | [Critical Accounting [removed: Estimates](#i376f2d820f954400995542305180df46_64)] [added: Estimates](#i00c3280dc6ba4a3688ceadd396cd2a9a_64)] | | | [removed: [56](#i376f2d820f954400995542305180df46_64)] [added: [57](#i00c3280dc6ba4a3688ceadd396cd2a9a_64)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i376f2d820f954400995542305180df46_67)] [added: Resources](#i00c3280dc6ba4a3688ceadd396cd2a9a_67)] | | | [removed: [59](#i376f2d820f954400995542305180df46_67)] [added: [60](#i00c3280dc6ba4a3688ceadd396cd2a9a_67)] | | |

| | | | [Commodity [removed: Trends](#i376f2d820f954400995542305180df46_70)] [added: Trends](#i00c3280dc6ba4a3688ceadd396cd2a9a_70)] | | | [removed: [60](#i376f2d820f954400995542305180df46_70)] [added: [62](#i00c3280dc6ba4a3688ceadd396cd2a9a_70)] | | |

| | | | [Equity and [removed: Dividends](#i376f2d820f954400995542305180df46_76)] [added: Dividends](#i00c3280dc6ba4a3688ceadd396cd2a9a_76)] | | | [removed: [62](#i376f2d820f954400995542305180df46_76)] [added: [62](#i00c3280dc6ba4a3688ceadd396cd2a9a_76)] | | |

| | | | [Non-GAAP Financial [removed: Measures](#i376f2d820f954400995542305180df46_79)] [added: Measures](#i00c3280dc6ba4a3688ceadd396cd2a9a_79)] | | | [removed: [63](#i376f2d820f954400995542305180df46_79)] [added: [64](#i00c3280dc6ba4a3688ceadd396cd2a9a_79)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i376f2d820f954400995542305180df46_82)] [added: Risk](#i00c3280dc6ba4a3688ceadd396cd2a9a_82)] | | | [removed: [70](#i376f2d820f954400995542305180df46_82)] [added: [71](#i00c3280dc6ba4a3688ceadd396cd2a9a_82)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data:](#i376f2d820f954400995542305180df46_85)] [added: Data:](#i00c3280dc6ba4a3688ceadd396cd2a9a_85)] | | | [removed: [72](#i376f2d820f954400995542305180df46_85)] [added: [73](#i00c3280dc6ba4a3688ceadd396cd2a9a_85)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i376f2d820f954400995542305180df46_88)] [added: Firm](#i00c3280dc6ba4a3688ceadd396cd2a9a_88)] | | | [removed: [72](#i376f2d820f954400995542305180df46_88)] [added: [73](#i00c3280dc6ba4a3688ceadd396cd2a9a_88)] | | |

| | | | [Consolidated Statements of [removed: Earnings](#i376f2d820f954400995542305180df46_91)] [added: Earnings](#i00c3280dc6ba4a3688ceadd396cd2a9a_91)] [for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i376f2d820f954400995542305180df46_91)] [added: 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_91)] | | | [removed: [75](#i376f2d820f954400995542305180df46_91)] [added: [76](#i00c3280dc6ba4a3688ceadd396cd2a9a_91)] | | |

| | | | [Consolidated Statements of Comprehensive [removed: Earnings](#i376f2d820f954400995542305180df46_94)] [added: Earnings](#i00c3280dc6ba4a3688ceadd396cd2a9a_94)] [for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i376f2d820f954400995542305180df46_94)] [added: 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_94)] | | | [removed: [76](#i376f2d820f954400995542305180df46_94)] [added: [77](#i00c3280dc6ba4a3688ceadd396cd2a9a_94)] | | |

| | | | [Consolidated Balance Sheets as of December 31, [removed: 2020] [added: 2021] and [removed: 2019](#i376f2d820f954400995542305180df46_97)] [added: 2020](#i00c3280dc6ba4a3688ceadd396cd2a9a_97)] | | | [removed: [77](#i376f2d820f954400995542305180df46_97)] [added: [78](#i00c3280dc6ba4a3688ceadd396cd2a9a_97)] | | |

| | | | [Consolidated Statements of [removed: Equity](#i376f2d820f954400995542305180df46_103)] [added: Equity](#i00c3280dc6ba4a3688ceadd396cd2a9a_100)] [for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i376f2d820f954400995542305180df46_103)] [added: 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_100)] | | | [removed: [78](#i376f2d820f954400995542305180df46_103)] [added: [79](#i00c3280dc6ba4a3688ceadd396cd2a9a_100)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#i376f2d820f954400995542305180df46_109)] [added: Flows](#i00c3280dc6ba4a3688ceadd396cd2a9a_103)] [for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i376f2d820f954400995542305180df46_109)] [added: 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_103)] | | | [removed: [79](#i376f2d820f954400995542305180df46_109)] [added: [80](#i00c3280dc6ba4a3688ceadd396cd2a9a_103)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i376f2d820f954400995542305180df46_112)] [added: Statements](#i00c3280dc6ba4a3688ceadd396cd2a9a_106)] | | | [removed: [80](#i376f2d820f954400995542305180df46_112)] [added: [81](#i00c3280dc6ba4a3688ceadd396cd2a9a_106)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i376f2d820f954400995542305180df46_196)] [added: Disclosure](#i00c3280dc6ba4a3688ceadd396cd2a9a_172)] | | | [removed: [131](#i376f2d820f954400995542305180df46_196)] [added: [130](#i00c3280dc6ba4a3688ceadd396cd2a9a_172)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i376f2d820f954400995542305180df46_199)] [added: Procedures](#i00c3280dc6ba4a3688ceadd396cd2a9a_175)] | | | [removed: [131](#i376f2d820f954400995542305180df46_199)] [added: [130](#i00c3280dc6ba4a3688ceadd396cd2a9a_175)] | | |

| Item 9B. | | | [Other [removed: Information](#i376f2d820f954400995542305180df46_202)] [added: Information](#i00c3280dc6ba4a3688ceadd396cd2a9a_178)] | | | [removed: [132](#i376f2d820f954400995542305180df46_202)] [added: [131](#i00c3280dc6ba4a3688ceadd396cd2a9a_178)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i376f2d820f954400995542305180df46_208)] [added: Governance](#i00c3280dc6ba4a3688ceadd396cd2a9a_184)] | | | [removed: [133](#i376f2d820f954400995542305180df46_208)] [added: [132](#i00c3280dc6ba4a3688ceadd396cd2a9a_184)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i376f2d820f954400995542305180df46_211)] [added: Compensation](#i00c3280dc6ba4a3688ceadd396cd2a9a_187)] | | | [removed: [133](#i376f2d820f954400995542305180df46_211)] [added: [132](#i00c3280dc6ba4a3688ceadd396cd2a9a_187)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and [removed: Management](#i376f2d820f954400995542305180df46_214)] [added: Management](#i00c3280dc6ba4a3688ceadd396cd2a9a_190)] [and Related Stockholder [removed: Matters](#i376f2d820f954400995542305180df46_214)] [added: Matters](#i00c3280dc6ba4a3688ceadd396cd2a9a_190)] | | | [removed: [133](#i376f2d820f954400995542305180df46_214)] [added: [132](#i00c3280dc6ba4a3688ceadd396cd2a9a_190)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i376f2d820f954400995542305180df46_217)] [added: Independence](#i00c3280dc6ba4a3688ceadd396cd2a9a_193)] | | | [removed: [133](#i376f2d820f954400995542305180df46_217)] [added: [132](#i00c3280dc6ba4a3688ceadd396cd2a9a_193)] | | |

| 1.375% Notes due 2041 | | | | | | MDLZ41 | | | | | | The Nasdaq Stock Market LLC | | |

| [Part I –](#i00c3280dc6ba4a3688ceadd396cd2a9a_13) | | | | | | | | |

| [Part II –](#i00c3280dc6ba4a3688ceadd396cd2a9a_34) | | | | | | | | |

| Item 6. | | | [Reserved](#i00c3280dc6ba4a3688ceadd396cd2a9a_40) | | | [30](#i00c3280dc6ba4a3688ceadd396cd2a9a_40) | | |

| | | | [Recent Developments and Significant Items Affecting Comparability](#i00c3280dc6ba4a3688ceadd396cd2a9a_1893) | | | [31](#i00c3280dc6ba4a3688ceadd396cd2a9a_1893) | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i00c3280dc6ba4a3688ceadd396cd2a9a_1860) | | | [131](#i00c3280dc6ba4a3688ceadd396cd2a9a_1860) | | |

| [Part III –](#i00c3280dc6ba4a3688ceadd396cd2a9a_181) | | | | | | | | |

| [Part IV](#i00c3280dc6ba4a3688ceadd396cd2a9a_199) [–](#i00c3280dc6ba4a3688ceadd396cd2a9a_199) | | | | | | | | |

| | | | [Signatures](#i00c3280dc6ba4a3688ceadd396cd2a9a_208) | | | [138](#i00c3280dc6ba4a3688ceadd396cd2a9a_208) | | |

Important factors that could cause our actual results to differ materially from those described in our forward-looking statements include, but are not limited to, uncertainty about the effectiveness of efforts by health officials and governments to control the spread of COVID-19 and inoculate and treat populations impacted by COVID-19; uncertainty about the reimposition or lessening of restrictions imposed by governments intended to mitigate the spread of COVID-19 and the magnitude, duration, geographic reach and impact on the global economy of COVID-19; the ongoing, and uncertain future, impact of the COVID-19 pandemic on our business, growth, reputation, prospects, financial condition, operating results (including components of our financial results), cash flows and liquidity; risks from operating globally including in emerging markets; changes in currency exchange rates, controls and restrictions; volatility of

In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

| [Part I –](#i376f2d820f954400995542305180df46_13) | | | | | | | | |

| [Part II –](#i376f2d820f954400995542305180df46_34) | | | | | | | | |

| Item 6. | | | [Selected Financial Data](#i376f2d820f954400995542305180df46_40) | | | [29](#i376f2d820f954400995542305180df46_40) | | |

| | | | [Off-Balance Sheet Arrangements and Aggregate Contractual Obligations](#i376f2d820f954400995542305180df46_73) | | | [60](#i376f2d820f954400995542305180df46_73) | | |

| [Part III –](#i376f2d820f954400995542305180df46_205) | | | | | | | | |

| [Part IV –](#i376f2d820f954400995542305180df46_223) | | | | | | | | |

| | | | [Signatures](#i376f2d820f954400995542305180df46_232) | | | [139](#i376f2d820f954400995542305180df46_232) | | |

[Table of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)

On December 31, [removed: 2020,] [added: 2021,] we had approximately [removed: 133] [added: 131] manufacturing and processing facilities in 45 countries and [removed: 111] [added: 107] distribution centers and depots worldwide that we owned or leased.

| Latin America (1) | | | 12 | | | | | | [removed: 12] [added: 11] | | |

| AMEA | | | 43 | | | | | | [removed: 31] [added: 30] | | |

| Europe | | | 55 | | | | | | [removed: 8] [added: 7] | | |

| North America | | | [removed: 23] [added: 21] | | | | | | [removed: 60] [added: 59] | | |

| Leased | | | 17 | | | | | | [removed: 97] [added: 93] | | |

Refer to Note 1, *Summary of Significant Accounting [removed: Policies, for*] [added: Policies*, for] more information.

| | | | As of December 31, 2021 | | | | | | | | |

| Total | | | 131 | | | | | | 107 | | |

| Owned | | | 114 | | | | | | 14 | | |

| Total | | | 131 | | | | | | 107 | | |

During 2020, the number of manufacturing facilities increased by 7 and the number of distribution facilities increased by 1 due in part to our acquisition of Give & Go in 2020.

| | | | As of December 31, 2020 | | | | | | | | |

| Total | | | 133 | | | | | | 111 | | |

| Owned | | | 116 | | | | | | 14 | | |

| Total | | | 133 | | | | | | 111 | | |

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Our Common Stock is listed on The Nasdaq Global Select Market under the symbol “MDLZ.” At January [removed: 29, 2021,] [added: 28, 2022,] there were [removed: 43,367] [added: 40,543] holders of record of our Common Stock.

[removed: ][added: ]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Our stock repurchase activity for each of the three months in the quarter ended December 31, [removed: 2020] [added: 2021] was:

(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares tendered to us by employees who used shares to exercise options and to pay the related taxes for grants of deferred stock units that vested, totaling [removed: 60,320] [added: 17,741] shares, [removed: 34,181] [added: 2,459] shares and [removed: 4,877] [added: 501] shares for the fiscal months of October, November and December [removed: 2020,] [added: 2021,] respectively.

Authorizations to increase and extend the program duration included: $4.0 billion on December 2, 2020, $6.0 billion on January 31, 2018, $6.0 billion on July 29, 2015, $1.7 billion on December 3, [removed: 2013,] [added: 2013 and] $6.0 billion on August 6, 2013 (cumulatively including [removed: amounts] [added: the amount] authorized on March 12, [removed: 2013) and] [added: 2013, which was] the lesser of 40 million shares and $1.2 [removed: billion on March 12, 2013.][added: billion).]

Since the program inception on March 12, 2013 through December 31, [removed: 2020,] [added: 2021,] we have repurchased [removed: $17.9] [added: $20.0] billion, and as of December 31, [removed: 2020,] [added: 2021,] we had [removed: $5.8] [added: $3.7] billion share repurchase authorization remaining.

See related information in Note 13, [removed: *Capital Stock*] [added: Capital Stock,] and in [removed: *Management's] [added: *Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations*] – [removed: Equity] [added: *Equity] and Dividends*.

| 2016 | | | | | | $ | 100.00 | | | | | $ | 100.00 | | | | | $ | 100.00 | |

| 2017 | | | | | | 98.42 | | | | | | 121.83 | | | | | | 116.10 | | |

| 2018 | | | | | | 94.22 | | | | | | 116.49 | | | | | | 109.23 | | |

| 2019 | | | | | | 132.31 | | | | | | 153.17 | | | | | | 138.49 | | |

| 2020 | | | | | | 143.67 | | | | | | 181.35 | | | | | | 151.51 | | |

| 2021 | | | | | | 166.47 | | | | | | 233.41 | | | | | | 173.18 | | |

| October 1-31, 2021 | | | | | | 17,741 | | | | | | $ | 58.34 | | | | | — | | | | | | $ | 3,956 | |

| November 1-30, 2021 | | | | | | 2,840,736 | | | | | | 61.68 | | | | | | 2,838,277 | | | | | | 3,781 | | |

| December 1-31, 2021 | | | | | | 1,991,816 | | | | | | 63.75 | | | | | | 1,991,315 | | | | | | 3,654 | | |

| For the Quarter Ended December 31, 2021 | | | | | | 4,850,293 | | | | | | 62.52 | | | | | | 4,829,592 | | | | | | | | |

| 2015 | | | | | | $ | 100.00 | | | | | $ | 100.00 | | | | | $ | 100.00 | |

| 2016 | | | | | | 100.57 | | | | | | 111.96 | | | | | | 104.70 | | |

| 2017 | | | | | | 98.98 | | | | | | 136.40 | | | | | | 121.55 | | |

| 2018 | | | | | | 94.75 | | | | | | 130.42 | | | | | | 114.36 | | |

| 2019 | | | | | | 133.06 | | | | | | 171.49 | | | | | | 145.00 | | |

| 2020 | | | | | | 144.48 | | | | | | 203.04 | | | | | | 158.62 | | |

The Kraft Heinz Company performance history is included for 2016 through 2020 only as the company was formed in 2015.

| October 1-31, 2020 | | | | | | 60,320 | | | | | | $ | 57.57 | | | | | — | | | | | | $ | 2,450 | |

| November 1-30, 2020 | | | | | | 5,488,346 | | | | | | 57.92 | | | | | | 5,454,165 | | | | | | 2,138 | | |

| December 1-31, 2020 | | | | | | 6,704,171 | | | | | | 57.90 | | | | | | 6,699,294 | | | | | | 5,750 | | |

| For the Quarter Ended December 31, 2020 | | | | | | 12,252,837 | | | | | | 57.71 | | | | | | 12,153,459 | | | | | | | | |

[Table of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Mondelēz International, Inc.

Selected Financial Data – Five Year Review (1)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| | | | (in millions, except per share and employee data) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing Operations (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net revenues | | | $ | 26,581 | | | | | $ | 25,868 | | | | | $ | 25,938 | | | | | $ | 25,896 | | | | | $ | 25,923 | |

| Earnings from continuing operations, net of taxes | | | 3,569 | | | | | | 3,944 | | | | | | 3,331 | | | | | | 2,813 | | | | | | 1,683 | | |

| Net earnings attributable to Mondelēz International | | | 3,555 | | | | | | 3,929 | | | | | | 3,317 | | | | | | 2,799 | | | | | | 1,673 | | |

| Per share, basic | | | 2.48 | | | | | | 2.72 | | | | | | 2.25 | | | | | | 1.85 | | | | | | 1.08 | | |

| Per share, diluted | | | 2.47 | | | | | | 2.69 | | | | | | 2.23 | | | | | | 1.83 | | | | | | 1.06 | | |

| Cash Flow and Financial Position (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net cash provided by operating activities | | | 3,964 | | | | | | 3,965 | | | | | | 3,948 | | | | | | 2,593 | | | | | | 2,838 | | |

| Capital expenditures | | | 863 | | | | | | 925 | | | | | | 1,095 | | | | | | 1,014 | | | | | | 1,224 | | |

| Property, plant and equipment, net | | | 9,026 | | | | | | 8,733 | | | | | | 8,482 | | | | | | 8,677 | | | | | | 8,229 | | |

| Total assets | | | 67,810 | | | | | | 64,515 | | | | | | 62,618 | | | | | | 62,907 | | | | | | 61,460 | | |

| Long-term debt | | | 17,276 | | | | | | 14,207 | | | | | | 12,532 | | | | | | 12,972 | | | | | | 13,217 | | |

| Total Mondelēz International shareholders’ equity | | | $ | 27,578 | | | | | $ | 27,241 | | | | | $ | 25,526 | | | | | $ | 25,945 | | | | | $ | 25,096 | |

| Shares outstanding at year end (4) | | | 1,419 | | | | | | 1,435 | | | | | | 1,451 | | | | | | 1,488 | | | | | | 1,528 | | |

| Per Share and Other Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Book value per shares outstanding | | | $ | 19.43 | | | | | $ | 18.98 | | | | | $ | 17.59 | | | | | $ | 17.44 | | | | | $ | 16.42 | |

| Dividends declared per share (5) | | | $ | 1.20 | | | | | $ | 1.09 | | | | | $ | 0.96 | | | | | $ | 0.82 | | | | | $ | 0.72 | |

| Common Stock closing price at year end | | | $ | 58.47 | | | | | $ | 55.08 | | | | | $ | 40.03 | | | | | $ | 42.80 | | | | | $ | 44.33 | |

| Number of employees | | | 79,000 | | | | | | 80,000 | | | | | | 80,000 | | | | | | 83,000 | | | | | | 90,000 | | |

(1)The selected financial data should be read in conjunction with *Management’s Discussion and Analysis of Financial Condition and* *Results of Operations* and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K and Annual Reports on Form 10-K for earlier periods.

During 2020, we moved to a quarter lag for recording Jacobs Douwe Egberts ("JDE") and JDE Peet's N.V. ("JDE Peet's") results and we recast all prior periods since the inception of our investment in JDE in 2015 on the same quarter lag basis.

Please see Note 7, *Equity Method Investments*, for more information.

During 2018, we adopted the new revenue recognition accounting standard update, and it did not have a material impact on any reported periods.

During 2019, we adopted the new lease accounting standard and related updates.

Please also refer to our previously filed Annual Reports on Form 10-K for additional information.

A significant portion of our business is exposed to currency exchange rate fluctuation as a large portion of our assets, liabilities, revenue and expenses must be translated into U.S. dollars for reporting purposes.

Refer to *Management’s Discussion and Analysis of Financial Condition and* *Results of Operations* for a discussion of operating results on a constant currency basis where noted.

(2)Significant items impacting the comparability of our results from continuing operations include: the Simplify to Grow Program; costs associated with JDE Peet's transaction in 2020, gain/loss on equity method investment transactions in 2016-2020; other divestitures and sales of property in 2016-2020; acquisitions in 2016 and 2018-2020; losses on debt extinguishment in 2016-2018 and 2020; debt tender offers completed in 2016, 2018 and 2020; the remeasurement of net monetary position in Argentina in 2018-2020; impairment charges related to intangible assets in 2016-2020; losses or gains related to interest rate swaps in 2016 and 2018-2020; impacts from the resolution of tax matters in 2017-2018; impacts from pension participation changes in 2018-2020; CEO transition remuneration in 2017-2019; malware incident incremental expenses in 2017; and our provision for income taxes in all years, including the U.S. tax reform discrete net tax benefits or expenses in primarily 2017-2018 and Swiss tax reform net impacts in 2019.

Please refer to Note 1, *Summary of Significant Accounting Policies*; Note 2, *Acquisitions and Divestitures*; Note 5, *Leases*; Note 6, *Goodwill and Intangible Assets*; Note 7, *Equity Method Investments*; Note 8, *Restructuring Program*; Note 9, *Debt and Borrowing Arrangements*; Note 10, *Financial Instruments*; Note 11, *Benefit Plans*; Note 14, *Commitments and Contingencies*; Note 16, *Income Taxes*; and Note 18, *Segment Reporting*, and our Annual Reports on Form 10-K for earlier periods for additional information regarding items affecting comparability of our results from continuing operations.

(3)Items impacting comparability primarily relate to and acquisitions and divestitures during 2016-2020 and the Keurig and JDE coffee business transactions in 2016.

Please refer to Note 2, *Acquisitions and Divestitures,* and our previously filed Annual Reports on Form 10-K for additional information.

(4)Refer to Note 13, *Capital Stock*, for additional information on our share repurchase program activity.

(5)Refer to the *Equity and Dividends* section within *Management’s* *Discussion and Analysis of Financial Condition* *and Results of Operations* for information on our dividends.

[Table of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)

We have audited the accompanying consolidated balance sheets of Mondelēz International, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related consolidated statements of earnings, comprehensive earnings, equity and cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] including the related notes and financial statement schedule for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] listed in the index appearing under Item 15(a) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in the Report of Management on Internal Control Over Financial [removed: Reporting appearing under Item 9A,] [added: Reporting,] management has excluded [removed: Give & Go] [added: Hu Master Holdings (“Hu”), Lion/Gemstone Topco Ltd (“Grenade”), and Gourmet Food Holdings Pty Ltd (“Gourmet Food”)] from its assessment of internal control over financial reporting as of December 31, [removed: 2020] [added: 2021] because [removed: it was] [added: they were] acquired by the Company in [removed: a] purchase business [removed: combination] [added: combinations] during [removed: 2020.][added: 2021.]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

[added: We] have also excluded [removed: Give & Go] [added: Hu, Grenade, and Gourmet Food] from our audit of internal control over financial reporting.

[removed: Give & Go] [added: Hu and Gourmet Food are wholly-owned subsidiaries, and Grenade] is a majority-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting [added: collectively] represent [removed: 0.4%] [added: 0.2%] and [removed: 1%,] [added: 0.5%,] respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, [removed: 2020.][added: 2021.]

[removed: *Indefinite-Life Intangible Assets Impairment Assessment*][added: | Indefinite-life intangible assets | | | $ | 17,299 | | | | | $ | 17,492 | |]

As described in Notes 1 and 6 to the consolidated financial statements, the Company’s consolidated indefinite-life intangible asset balance was [removed: $17.5] [added: $17.3] billion as of December 31, [removed: 2020.][added: 2021, which consists principally of brand names.]

[removed: If] [added: At least annually management assesses indefinite-life intangible assets for impairment and if] significant potential impairment risk exists for a specific asset, management quantitatively tests the asset for impairment by comparing its estimated fair value with its carrying value.

[removed: Management] [added: As disclosed by management, management] estimates fair value using several accepted valuation methods, including relief of royalty, excess earnings and excess margin, that utilize estimates of future sales, earnings growth rates, royalty rates and discount [removed: rates.][added: rates to determine a brand name’s fair value.]

The principal considerations for our determination that performing procedures relating to the indefinite-life intangible asset [added: annual] impairment [removed: assessment] [added: assessments for certain brand names] is a critical audit matter are [added: (i)] the significant judgment by management when developing the fair value [removed: measurement] of the indefinite-life intangible [removed: assets.][added: assets; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to estimates of future sales, earnings growth rates, royalty rates, and discount rates for certain brand names; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.]

These procedures included testing the effectiveness of controls relating to the indefinite-life intangible asset impairment [removed: assessment,] [added: assessments,] including controls over the [removed: determination of the fair values] [added: annual valuation] of certain [removed: of the Company’s indefinite-life intangible assets as part of the annual impairment assessment.][added: brand names.]

These procedures also included, among [removed: others,] [added: others (i)] testing management’s process for developing the fair value [removed: estimate;] [added: of the indefinite-life intangible assets; (ii)] evaluating the appropriateness of the valuation methods; [added: (iii)] testing the [added: completeness and accuracy of underlying data used in the methods; and (iv) evaluating the reasonableness of the significant assumptions used by management related to the estimates of future sales, earnings growth rates, royalty rates, and discount rates.]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Evaluating management’s [added: significant] assumptions related to estimates of future sales and earnings growth rates involved evaluating whether the [added: significant] assumptions used by management were reasonable considering (i) the current and past performance of the [removed: indefinite-life intangible assets,] [added: certain brand names;] (ii) the consistency with external market and industry [removed: data,] [added: data;] and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in [added: evaluating (i)] the [removed: evaluation] [added: appropriateness] of the Company’s valuation methods and [added: (ii)] the [added: reasonableness of the] royalty [removed: rates] [added: rate] and discount [removed: rates] [added: rate] significant assumptions.

[added: |] February [removed: 5,] [added: 24,] 2021 [added: | | | — | | | | | | — | | | | | | 1,500 | | | | | | — | | |]

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Net revenues | | | $ | [removed: 26,581] [added: 28,720] | | | | | $ | [removed: 25,868] [added: 26,581] | | | | | $ | [removed: 25,938] [added: 25,868] | |

| Cost of sales | | | [removed: 16,135] [added: 17,466] | | | | | | [removed: 15,531] [added: 16,135] | | | | | | [removed: 15,586] [added: 15,531] | | |

| Gross profit | | | [removed: 10,446] [added: 11,254] | | | | | | [removed: 10,337] [added: 10,446] | | | | | | [removed: 10,352] [added: 10,337] | | |

| Selling, general and administrative expenses | | | [removed: 6,098] [added: 6,263] | | | | | | [removed: 6,136] [added: 6,098] | | | | | | [removed: 6,475] [added: 6,136] | | |

| Asset impairment and exit costs | | | [removed: 301] [added: 212] | | | | | | [removed: 228] [added: 301] | | | | | | [removed: 389] [added: 228] | | |

| Net [removed: gain on divestiture] [added: loss/(gain)] | | | [removed: —] [added: 2] | | | | | | [removed: (44)] [added: 7] | | | | | | [removed: —] [added: 6] | | |

| Amortization of intangible assets | | | [removed: 194] [added: 134] | | | | | | [removed: 174] [added: 194] | | | | | | [removed: 176] [added: 174] | | |

| Operating income | | | [removed: 3,853] [added: 4,653] | | | | | | [removed: 3,843] [added: 3,853] | | | | | | [removed: 3,312] [added: 3,843] | | |

| Benefit plan non-service income | | | [removed: (138)] [added: (163)] | | | | | | [removed: (60)] [added: (138)] | | | | | | [removed: (50)] [added: (60)] | | |

| Interest and other expense, net | | | [removed: 608] [added: 447] | | | | | | [removed: 456] [added: 608] | | | | | | [removed: 520] [added: 456] | | |

| Earnings before income taxes | | | [removed: 3,383] [added: 4,369] | | | | | | [removed: 3,447] [added: 3,383] | | | | | | [removed: 2,842] [added: 3,447] | | |

| Income tax provision | | | [removed: (1,224)] [added: (1,190)] | | | | | | [removed: (2)] [added: (1,224)] | | | | | | [removed: (773)] [added: (2)] | | |

| Gain/(loss) on equity method investment transactions | | | [removed: 989] [added: 742] | | | | | | [removed: (2)] [added: 989] | | | | | | [removed: 778] [added: (2)] | | |

| Equity method investment net earnings | | | [removed: 421] [added: 393] | | | | | | [removed: 501] [added: 421] | | | | | | [removed: 484] [added: 501] | | |

| Net earnings | | | [removed: 3,569] [added: 4,314] | | | | | | [removed: 3,944] [added: 3,569] | | | | | | [removed: 3,331] [added: 3,944] | | |

| Noncontrolling interest earnings | | | (14) | | | | | | [removed: (15)] [added: (14)] | | | | | | [removed: (14)] [added: (15)] | | |

| Net earnings attributable to Mondelēz International | | | $ | [removed: 3,555] [added: 4,300] | | | | | $ | [removed: 3,929] [added: 3,555] | | | | | $ | [removed: 3,317] [added: 3,929] | |

| Basic earnings per share attributable to Mondelēz International | | | $ | [removed: 2.48] [added: 3.06] | | | | | $ | [removed: 2.72] [added: 2.48] | | | | | $ | [removed: 2.25] [added: 2.72] | |

| Diluted earnings per share attributable to Mondelēz International | | | $ | [removed: 2.47] [added: 3.04] | | | | | $ | [removed: 2.69] [added: 2.47] | | | | | $ | [removed: 2.23] [added: 2.69] | |

*Indefinite-Life Intangible Assets Annual Impairment Assessments for Certain Brand Names*

February 4, 2022

| | | | 2021 | | | | | | 2020 | | |

| Net earnings | | | — | | | | | | — | | | | | | 4,300 | | | | | | — | | | | | | — | | | | | | 14 | | | | | | 4,314 | | |

| Balances at December 31, 2021 | | | $ | — | | | | | $ | 32,097 | | | | | $ | 30,806 | | | | | $ | (10,624) | | | | | $ | (24,010) | | | | | $ | 54 | | | | | $ | 28,323 | |

| Net gain on acquisition and divestitures | | | (8) | | | | | | — | | | | | | (44) | | |

The main trade provisions include the continuation of no tariffs or quotas on trade between the U.K. and E.U. subject to prescribed trade terms, including but not limited to meeting product and labeling standards for both the U.K. and E.U. Cross-border trade between the U.K. and E.U. is also subject to new customs regulations, documentation and reviews.

We continue to closely monitor and manage our inventory levels of imported raw materials, packaging and finished goods in the U.K. We have made investments in resources, systems and processes to meet the new ongoing requirements and we work to mitigate disruptions to our local supply chain and distribution, including those related to the recent transportation labor shortage in the U.K., to reduce the impact on our input and distribution costs.

Despite our efforts to control costs, we have seen inflationary cost pressures rise in our U.K. business this year, as we have also experienced in other markets.

If the U.K.’s separation from, or new trade arrangements with, the E.U. negatively impact the U.K. economy or result in disagreements on trade terms, delays affecting our supply chain or distribution, disruptions to sales or collections, or further increases in inflationary cost pressures, the impact to our results of operations, financial condition and cash flows could be material.

We continue to monitor the ongoing COVID-19 pandemic and related impacts to our \`business operations, currencies and net monetary exposures.

Since the global onset of COVID-19 in early 2020, most countries in which we do business experienced periods of significant economic uncertainty as well as exchange rate volatility.

| Current period provision for expected credit losses | | | (3) | | | | | | (13) | | | | | | — | | |

| Write-offs charged against the allowance | | | 5 | | | | | | 3 | | | | | | 2 | | |

| Balance at December 31, 2021 | | | $ | (37) | | | | | $ | (49) | | | | | $ | (10) | |

Finance lease ROU assets are

We record derivative financial instruments on a gross basis in our consolidated balance sheets.

Non-cash changes in unrealized gains and losses related to our unsettled derivative instruments are classified in the consolidated statements of cash flows in other non-cash items, net, within operating activities.

Any unrealized gains or losses (mark-to-market impacts)

In October 2021, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which requires companies to recognize and measure customer contract assets and contract liabilities acquired in a business combination as if the acquiring company originated the related revenue contracts.

Prior to adopting this ASU, acquired contract assets and liabilities were measured at fair value.

We are evaluating the timing and effects of adopting this ASU and currently we do not expect this ASU to have a material impact on our consolidated financial statements.

In March 2020 and subsequently in January 2021, the FASB issued an ASU to provide optional accounting guidance for a limited period of time to ease the potential burden in accounting for reference rate reform.

The guidance provides optional expedients and exceptions to existing accounting requirements for contract modifications and hedge accounting related to transitioning from discontinued reference rates, such as LIBOR, to alternative reference rates, if certain criteria are met.

The new accounting requirements can be applied as of the beginning of the interim period including March 12, 2020, or any date thereafter, through December 31, 2022.

We expect to adopt this standard in the fourth quarter of 2022.

On January 3, 2022, we acquired 100% of equity of Chipita S.A. (“Chipita”), a leading croissants and baked snacks company in the Central and Eastern European markets.

The acquisition of Chipita offers a strategic complement to our existing portfolio and advances our strategy to become the global leader in broader snacking.

The cash consideration for Chipita totaled €1.3 billion ($1.5 billion) plus the assumption of Chipita’s debt of €0.4 billion ($0.4 billion) totaling the purchase price of €1.7 billion ($1.9 billion).

In 2021, we incurred acquisition-related costs of $6 million and integration costs of $17 million in preparation for the acquisition.

On November 1, 2021, we completed the sale of MaxFoods Pty Ltd, an Australian packaged seafood business that we had acquired as part of our acquisition of Gourmet Food Holdings Pty Ltd (“Gourmet Food”).

The sales price was $57 million Australian dollars ($41 million), net of cash divested with the business, and we recorded an immaterial loss on the transaction.

The packaged seafood business added incremental net revenues of $35 million in 2021 and operating income of $5 million during 2021.

On April 1, 2021, we acquired Gourmet Food, a leading Australian food company in the premium biscuit and cracker category, for closing cash consideration of approximately $450 million Australian dollars ($343 million), net of cash received.

We are working to complete the valuation and have recorded a preliminary purchase price allocation of $41 million to indefinite-lived intangible assets, $80 million to definite-lived intangible assets, $164 million to goodwill, $19 million to property, plant and equipment, $18 million to inventory, $25 million to accounts receivable, $12 million to other assets, $5 million to operating right of use assets, $3 million to other current assets, $19 million to current liabilities and $5 million to long-term operating lease liabilities.

We incurred acquisition-related costs of $7 million in 2021.

On March 25, 2021, we acquired a majority interest in Lion/Gemstone Topco Ltd (“Grenade”), a performance nutrition leader in the United Kingdom, for closing cash consideration of £188 million ($261 million), net of cash received.

The acquisition of Grenade expands our position into the premium nutrition market.

The acquisition added incremental net revenues of $67 million and operating income of $6 million during 2021.

We incurred acquisition-related costs of $2 million in 2021.

*Changes in Accounting Principles*

As discussed in Note 1 to the consolidated financial statements, the Company changed the manner in which it accounts for a certain equity method investment in 2020 and the manner in which it accounts for leases in 2019.

We

At least annually management assesses indefinite-life intangible assets for impairment by performing a qualitative review and assessing events and circumstances that could affect the fair value or carrying value of the indefinite-life intangible assets.

This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate management’s fair value estimates and significant assumptions, related to estimates of future sales, earnings growth rates, royalty rates, and discount rates for certain indefinite-life intangible assets.

In addition, the audit effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures and evaluating the audit evidence obtained.

completeness and accuracy of underlying data used in the valuation methods; and evaluating the significant assumptions used by management related to the estimates of future sales, earnings growth rates, royalty rates, and discount rates.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances at January 1, 2018 | | | $ | — | | | | | $ | 31,915 | | | | | $ | 22,598 | | | | | $ | (10,013) | | | | | $ | (18,555) | | | | | $ | 80 | | | | | $ | 26,025 | |

| Net earnings | | | — | | | | | | — | | | | | | 3,317 | | | | | | — | | | | | | — | | | | | | 14 | | | | | | 3,331 | | |

As of December 31, 2020, our Argentinean operations had

During a transition period scheduled to end on December 31, 2020, the U.K. effectively remained in the E.U.’s customs union and single market while a new trade deal with the E.U. was negotiated.

On December 24, 2020, both sides reached an agreement on a new trade arrangement that became effective on January 1, 2021.

Main trade provisions include the continuation of no tariffs or quotas on trade between the U.K. and E.U. so long as we meet prescribed trade terms.

We will also need to meet product and labeling standards for both the U.K. and E.U. and we have already begun to introduce these changes gradually.

The U.K. may also set its own trade policies with countries such as the United States, Australia and New Zealand that currently do not have free trade agreements with the E.U. Cross-border trade between the U.K. and E.U. will be subject to new customs regulations, documentation and reviews.

We have been taking protective measures to limit disruptions to our supply chain and sales to limit potential negative impacts on our results of operations, financial condition and cash flows.

We continue to enhance resilience plans to aid in dealing with anticipated border delays.

We are working to address new regulatory requirements such as packaging changes.

Also, we continue to closely monitor and manage our inventory levels of imported raw materials, packaging and finished goods in the U.K. Any disagreements on trade terms or supply chain or distribution delays or other disruptions could negatively affect our U.K. business.

Some of the countries in which we do business have recently experienced periods of significant economic uncertainty and exchange rate volatility, including Brazil, China, Mexico, Russia, Ukraine, Turkey, Egypt, Nigeria, South Africa and Pakistan.

We continue to monitor operations, currencies and net monetary exposures in these countries.

On January 1, 2019, we adopted the new lease accounting standard.

We recorded $710 million of lease related assets and $730 million of lease related liabilities on our consolidated balance sheet as of January 1, 2019.

The transition method we elected for adoption included recording a cumulative effect adjustment to retained earnings as of January 1, 2019, which was not material.

Estimates that affect

We record derivative financial instruments on a gross basis and at fair value in our consolidated balance sheets within other current assets or other current liabilities due to their relatively short-term duration.

Currency movements related to our non-U.S.

We use local

In August 2018, the FASB issued an ASU that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software.

In August 2018, the FASB issued an ASU that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.

The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted.

We adopted this standard and reflected the changes within our benefit plan disclosures.

This standard did not have an impact on our consolidated financial statements.

In August 2018, the FASB issued an ASU that modifies the disclosure requirements on fair value measurements.

The ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted.

We adopted the standard on January 1, 2020 and there was no material impact to our consolidated financial statements upon adoption.

In June 2016, the FASB issued an ASU on the measurement of credit losses on financial instruments.

This ASU requires entities to measure the impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses.

Management, together with our CEO and CFO, evaluated the effectiveness of the Company’s disclosure controls and procedures as of December 31, [removed: 2020.][added: 2021.]

Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2020.][added: 2021.]

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2020.][added: 2021.]

The scope of Management’s assessment of internal control over financial reporting excludes [removed: 0.4%] [added: 0.2%] of the Company’s consolidated total assets and [removed: 1%] [added: 0.5%] of the Company’s consolidated net revenues related to [removed: Give & Go, which was] [added: the 2021] acquired [removed: on April 1, 2020.][added: businesses of Hu, Grenade and Gourmet Food.]

Based on this assessment, management concluded that the Company’s internal control over financial reporting is effective as of December 31, [removed: 2020,] [added: 2021,] based on the criteria in *Internal Control Integrated Framework* issued by the COSO.

PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] as stated in their report that appears under Item 8.

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

Management, together with our CEO and CFO, evaluated the changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2020.][added: 2021.]

Many of our employees and those of our outsourcing partners and other accounting service providers continued to work remotely as a significant number of our and their offices were closed in response to the COVID-19 [removed: outbreak.][added: pandemic.]

There were no changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2020,] [added: 2021,] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

February 4, 2022

February 5, 2021

[Table of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)

PART III

Not applicable.

[Table of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)

PART III

Information required by this Item 10 is included under the heading “Information about our Executive Officers” in Part I, Item 1 of this Form 10-K, as well as under the headings “Election of Directors,” “Corporate Governance – Governance Guidelines,” “Corporate Governance – Codes of Conduct,” “Board Committees and Membership – Audit Committee” and [removed: if applicable, "Delinquent] [added: “Delinquent] Section 16(a) [removed: Reports"] [added: Reports”] in our definitive Proxy Statement for our Annual Meeting of Shareholders scheduled to be held on May [removed: 19, 2021 (“2021] [added: 18, 2022 (“2022] Proxy Statement”).

All of this information from the [removed: 2021] [added: 2022] Proxy Statement is incorporated by reference into this Annual Report.

Information required by this Item 11 is included under the headings “Board Committees and Membership – [removed: Human Resources] [added: People] and Compensation Committee,” “Compensation of Non-Employee Directors,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” [removed: “Human Resources] [added: “People] and Compensation Committee Report for the Year Ended December 31, [removed: 2020”] [added: 2021”] and [removed: "CEO] [added: “CEO] Pay [removed: Ratio"] [added: Ratio”] in our [removed: 2021] [added: 2022] Proxy Statement.

The number of shares to be issued upon exercise or vesting of grants issued under, and the number of shares remaining available for future issuance under, our equity compensation plans at December 31, [removed: 2020] [added: 2021] were:

Information related to the security ownership of certain beneficial owners and management is included in our [removed: 2021] [added: 2022] Proxy Statement under the heading “Ownership of Equity Securities” and is incorporated by reference into this Annual Report.

| Equity compensation plans approved by security holders | | | 28,165,034 | | | | | | $42.65 | | | | | | 48,932,017 | | |

| Equity compensation plans approved by security holders | | | 32,642,113 | | | | | | $ | 39.51 | | | | | 53,167,179 | | |

Information required by this Item 13 is included under the headings “Corporate Governance – Director Independence” and “Corporate Governance – Review of Transactions with Related Persons” in our [removed: 2021] [added: 2022] Proxy Statement.

Information required by this Item 14 is included under the heading “Board Committees and Membership – Audit Committee” in our [removed: 2021] [added: 2022] Proxy Statement.

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i376f2d820f954400995542305180df46_88)] [added: Firm](#i00c3280dc6ba4a3688ceadd396cd2a9a_88) (PCAOB ID 238)] | | | [removed: [72](#i376f2d820f954400995542305180df46_88)] [added: [73](#i00c3280dc6ba4a3688ceadd396cd2a9a_88)] | | |

| [Consolidated Statements of Earnings for the Years Ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i376f2d820f954400995542305180df46_91)] [added: 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_91)] | | | [removed: [75](#i376f2d820f954400995542305180df46_91)] [added: [76](#i00c3280dc6ba4a3688ceadd396cd2a9a_91)] | | |

| [Consolidated Statements of Comprehensive Earnings for the Years Ended December 31, [removed: 20](#i376f2d820f954400995542305180df46_94)[20](#i376f2d820f954400995542305180df46_94)[, 201](#i376f2d820f954400995542305180df46_94)[9](#i376f2d820f954400995542305180df46_94) [and 20](#i376f2d820f954400995542305180df46_94)[18](#i376f2d820f954400995542305180df46_94)] [added: 2021, 2020 and 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_94)] | | | [removed: [76](#i376f2d820f954400995542305180df46_94)] [added: [77](#i00c3280dc6ba4a3688ceadd396cd2a9a_94)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 20](#i376f2d820f954400995542305180df46_97)[20](#i376f2d820f954400995542305180df46_97) [and 201](#i376f2d820f954400995542305180df46_97)[9](#i376f2d820f954400995542305180df46_97)] [added: 2021 and 2020](#i00c3280dc6ba4a3688ceadd396cd2a9a_97)] | | | [removed: [77](#i376f2d820f954400995542305180df46_97)] [added: [78](#i00c3280dc6ba4a3688ceadd396cd2a9a_97)] | | |

| [Consolidated Statements of Equity for the Years Ended December 31, [removed: 20](#i376f2d820f954400995542305180df46_103)[20](#i376f2d820f954400995542305180df46_103)[, 201](#i376f2d820f954400995542305180df46_103)[9](#i376f2d820f954400995542305180df46_103) [and 201](#i376f2d820f954400995542305180df46_103)[8](#i376f2d820f954400995542305180df46_103)] [added: 2021, 2020 and 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_100)] | | | [removed: [78](#i376f2d820f954400995542305180df46_103)] [added: [79](#i00c3280dc6ba4a3688ceadd396cd2a9a_100)] | | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 20](#i376f2d820f954400995542305180df46_109)[20](#i376f2d820f954400995542305180df46_109)[, 201](#i376f2d820f954400995542305180df46_109)[9](#i376f2d820f954400995542305180df46_109) [and 201](#i376f2d820f954400995542305180df46_109)[8](#i376f2d820f954400995542305180df46_109)] [added: 2021, 2020 and 2019](#i00c3280dc6ba4a3688ceadd396cd2a9a_103)] | | | [removed: [79](#i376f2d820f954400995542305180df46_109)] [added: [80](#i00c3280dc6ba4a3688ceadd396cd2a9a_103)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i376f2d820f954400995542305180df46_112)] [added: Statements](#i00c3280dc6ba4a3688ceadd396cd2a9a_106)] | | | [removed: [80](#i376f2d820f954400995542305180df46_112)] [added: [81](#i00c3280dc6ba4a3688ceadd396cd2a9a_106)] | | |

| [Financial Statement Schedule-Valuation and Qualifying [removed: Accounts](#i376f2d820f954400995542305180df46_235)] [added: Accounts](#i00c3280dc6ba4a3688ceadd396cd2a9a_211)] | | | [removed: S-[1](#i376f2d820f954400995542305180df46_235)] [added: S-[1](#i00c3280dc6ba4a3688ceadd396cd2a9a_211)] | | |

| [removed: 2.8] [added: 10.3] | | | | | | [removed: [Fourth Amendment to the Master Ownership] [added: [Tax Sharing] and [removed: License Agreement Regarding Trademarks] [added: Indemnity Agreement, by] and [removed: Related Intellectual Property, among Intercontinental Great Brands LLC] [added: between the Registrant] and Kraft Foods [removed: Group Brands LLC,] [added: Group, Inc.,] dated as of [removed: October 28, 2019](http://www.sec.gov/Archives/edgar/data/1103982/000110398220000003/a123119ex28.htm) [(incorporated] [added: September 27, 2012 (incorporated] by reference to Exhibit [removed: 2,8] [added: 10.1] to the [removed: Registrant's Annual] [added: Registrant’s Current] Report on Form [removed: 10-K] [added: 8-K] filed with the SEC on [removed: February 7, 2020).](http://www.sec.gov/Archives/edgar/data/1103982/000110398220000003/a123119ex28.htm)] [added: October 1, 2012).](http://www.sec.gov/Archives/edgar/data/1103982/000119312512411522/d418430dex101.htm)] | | |

| 4.1 | | | | | | [Description of [removed: the Registrant's] [added: the](https://www.sec.gov/Archives/edgar/data/1103982/000110398222000003/a123121ex41.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398222000003/a123121ex41.htm)[Registrant's] capital stock and debt securities registered under Section 12 of the Exchange [removed: Act.](https://www.sec.gov/Archives/edgar/data/1103982/000110398221000004/a123120ex41.htm)] [added: Act.](https://www.sec.gov/Archives/edgar/data/1103982/000110398222000003/a123121ex41.htm)] | | |

[Table [removed: of](#i376f2d820f954400995542305180df46_7) [Contents](#i376f2d820f954400995542305180df46_7)][added: of](#i00c3280dc6ba4a3688ceadd396cd2a9a_7) [Contents](#i00c3280dc6ba4a3688ceadd396cd2a9a_7)]

| [removed: 4.4] [added: 4.5] | | | | | | [Supplemental [removed: Indenture, by and] [added: Indenture No. 1, dated February 13, 2019,] between the Registrant and Deutsche Bank Trust Company [removed: Americas, Deutsche Bank AG, London Branch and Deutsche Bank Luxembourg S.A., dated as of December 11, 2013] [added: Americas] (incorporated by reference to Exhibit 4.2 to the [removed: Registrant’s] [added: Registrant's] Current Report on Form 8-K filed with the SEC on [removed: December 11, 2013).](http://www.sec.gov/Archives/edgar/data/1103982/000119312513469814/d644133dex42.htm)] [added: February 13, 2019).](http://www.sec.gov/Archives/edgar/data/1103982/000119312519038074/d706206dex42.htm)] | | |

| [removed: 4.5] [added: 4.4] | | | | | | [Indenture between the Registrant and Deutsche Bank Trust Company Americas, as trustee, dated as of March 6, 2015 (incorporated by reference to Exhibit 4.4 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 24, 2017).](http://www.sec.gov/Archives/edgar/data/1103982/000119312517055858/d288385dex44.htm) | | |

| 4.6 | | | | | | [Supplemental Indenture No. [removed: 1,] [added: 2,] dated [removed: February] [added: April] 13, [removed: 2019,] [added: 2020,] between [removed: the Registrant] [added: Mondelēz International, Inc.] and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit [removed: 4.2] [added: 4.3] to the Registrant's Current Report on Form 8-K filed with the SEC on [removed: February] [added: April] 13, [removed: 2019).](http://www.sec.gov/Archives/edgar/data/1103982/000119312519038074/d706206dex42.htm)] [added: 2020).](http://www.sec.gov/Archives/edgar/data/1103982/000119312520105325/d916110dex43.htm)] | | |

| 4.7 | | | | | | [removed: [Supplemental Indenture No. 2, dated April 13, 2020,] [added: [Indenture, by and] between [removed: Mondelēz International, Inc.] [added: Mondelez International Holdings Netherlands B.V, the Registrant] and Deutsche Bank Trust Company [removed: Americas] [added: Americas, dated as of October 28, 2016] (incorporated by reference to Exhibit [removed: 4.3] [added: 4.1] to the [removed: Registrant's] [added: Registrant’s] Current Report on Form 8-K filed with the SEC on [removed: April 13, 2020).](http://www.sec.gov/Archives/edgar/data/1103982/000119312520105325/d916110dex43.htm)] [added: October 28, 2016).](http://www.sec.gov/Archives/edgar/data/1103982/000119312516750814/d281401dex41.htm)] | | |

| 4.8 | | | | | | [removed: [Indenture,] [added: [First Supplemental Indenture, dated as of September 19, 2019,] by and [removed: between] [added: among] Mondelez International Holdings Netherlands [removed: B.V, the Registrant] [added: B.V., as issuer, Mondelēz International, Inc., as guarantor,] and Deutsche Bank Trust Company Americas, [removed: dated] as [removed: of October 28, 2016] [added: trustee] (incorporated by reference to Exhibit [removed: 4.1] [added: 4.2] to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: October 28, 2016).](http://www.sec.gov/Archives/edgar/data/1103982/000119312516750814/d281401dex41.htm)] [added: September 20, 2019).](http://www.sec.gov/Archives/edgar/data/1103982/000119312519249830/d807102dex42.htm)] | | |

| 4.9 | | | | | | [removed: [First] [added: [Second] Supplemental Indenture, dated as of [removed: September 19,] [added: October 2,] 2019, by and among Mondelez International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: September 20, 2019).](http://www.sec.gov/Archives/edgar/data/1103982/000119312519249830/d807102dex42.htm)] [added: October 2, 2019).](http://www.sec.gov/Archives/edgar/data/1103982/000119312519260755/d804026dex42.htm)] | | |

| 4.10 | | | | | | [removed: [Second] [added: [Third] Supplemental Indenture, dated as of [removed: October 2, 2019,] [added: September 22, 2020,] by and among Mondelez International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: October 2, 2019).](http://www.sec.gov/Archives/edgar/data/1103982/000119312519260755/d804026dex42.htm)] [added: September 24, 2020).](http://www.sec.gov/Archives/edgar/data/1103982/000119312520253361/d69877dex42.htm)] | | |