Summary
Mondelēz International, Inc. (MDLZ) filed an 8-K on January 11, 2022, to provide supplemental non-GAAP financial information. This filing details the retrospective impact of two significant events: the sale of Keurig Dr Pepper Inc. (KDP) shares on August 2, 2021, and the divestiture of its Australian packaged seafood business, MaxFoods, on November 1, 2021. The company is recasting its historical non-GAAP financial results, specifically Adjusted EPS, to exclude the impact of these transactions. This adjustment is intended to offer investors a clearer view of the underlying operational trends and facilitate more meaningful comparisons of historical performance. The recasting of non-GAAP results, particularly for Adjusted EPS, will commence from the fourth quarter of 2021 onwards for the KDP share sale due to KDP's one-quarter lag reporting. The MaxFoods divestiture's impact will be reflected for the second and third quarters of 2021. While GAAP results remain unchanged, these non-GAAP adjustments aim to enhance transparency and comparability of Mondelēz's ongoing business performance.
Key Highlights
- 1Mondelēz International is providing updated non-GAAP financial information due to the sale of KDP shares and the divestiture of MaxFoods.
- 2The company is recasting historical non-GAAP financial results, specifically Adjusted EPS, to exclude the impact of these transactions.
- 3The sale of KDP shares (a partial divestiture of an equity method investment) will affect non-GAAP results from Q4 2021 onwards.
- 4The sale of MaxFoods (an Australian packaged seafood business) impacts non-GAAP results for Q2 and Q3 2021.
- 5These adjustments are intended to improve comparability of historical operating results and highlight underlying business trends.
- 6U.S. GAAP financial results and reporting remain unchanged by these adjustments.
- 7Detailed recast financial schedules and additional information on non-GAAP measures are available in Exhibits 99.1 and 99.2.