Summary
Mondelēz International, Inc. has filed an 8-K to disclose the retrospective impact of its sale of remaining shares in JDE Peet’s (JDEP) to JAB Holdings Company, which was completed in November 2024. The company is providing recast historical non-GAAP financial results, specifically for Adjusted EPS, to reflect the divestiture of its JDEP investment. This change excludes the equity method investment net earnings from JDEP in historical non-GAAP figures, allowing for a clearer comparison of underlying operational performance and trends. This retrospective adjustment is intended to provide investors with enhanced transparency and comparability of the company's financial performance, as it better aligns historical non-GAAP reporting with the current absence of the JDEP investment. While U.S. GAAP results remain unchanged, the updated non-GAAP presentation will facilitate a more focused analysis of Mondelēz's core business operations moving forward. Investors should note that this supplemental disclosure does not amend prior SEC filings.
Key Highlights
- 1Mondelēz is providing recast historical non-GAAP financial results due to the sale of its remaining JDE Peet's (JDEP) shares.
- 2The sale of JDEP shares was completed in November 2024 for approximately €2.2 billion ($2.4 billion).
- 3Historical non-GAAP financial results (specifically Adjusted EPS) have been adjusted to remove the impact of JDEP's equity method investment net earnings.
- 4This change is effective for reporting periods starting with the fourth quarter ended December 31, 2024.
- 5The recast non-GAAP figures aim to improve comparability and transparency of underlying business trends.
- 6U.S. GAAP financial results, which include JDEP earnings, remain unchanged.
- 7Recast financial schedules for 2022, 2023, and 2024 (year-to-date and quarterly) are provided in Exhibit 99.1.