Summary
This 8-K filing from Mondelez International, Inc. (MDLZ), filed on October 5, 2012, formally announces the completion of the spin-off of its North American grocery business, Kraft Foods Group, Inc. (KFG), which occurred on September 30, 2012. This strategic move signifies a pivotal moment for Mondelez, as it will now operate as a global pure-play snack company, shedding its former identity as Kraft Foods Inc. Investors should note that Mondelez will no longer consolidate KFG's financial results, and will provide unaudited non-GAAP financial information reflecting its standalone operating results from continuing operations on an adjusted pro forma basis. The company emphasizes its use of non-GAAP financial measures to offer a clearer view of underlying performance and facilitate comparisons with historical operating results. This adjusted view is intended to help investors understand the factors and trends affecting the core snack business. The filing also directs investors to a prior 8-K filed on the same date for more comprehensive information on the spin-off and related pro forma financial statements.
Key Highlights
- 1Completion of the spin-off of the North American grocery business (Kraft Foods Group, Inc.) effective September 30, 2012.
- 2Mondelez International, Inc. will now operate as a global pure-play snack company.
- 3The company will no longer consolidate Kraft Foods Group's financial results.
- 4Unaudited non-GAAP financial information will be provided to reflect standalone operating results from continuing operations on an adjusted pro forma basis.
- 5Non-GAAP financial information is used by management to evaluate performance and is disclosed to provide investors with comparable historical data.
- 6The filing references a prior 8-K filed on October 5, 2012, for more detailed information on the spin-off and pro forma financials.