Mondelez International, Inc.MDLZ
Mondelez International, Inc. Debt Disclosure
Note 8. Debt and Borrowing Arrangements
Short-Term Borrowings
Our short-term borrowings and related weighted-average interest rates consisted of:
| As of December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Amount Outstanding | Weighted- Average Rate | Amount Outstanding | Weighted- Average Rate | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
| Commercial paper | $ | 2,614 | 3.5 | % | $ | — | — | % | |||||||||||||||
| Bank loans | 74 | 7.7 | % | 71 | 12.1 | % | |||||||||||||||||
| Total short-term borrowings | $ | 2,688 | $ | 71 | |||||||||||||||||||
Our uncommitted and committed credit facilities available include:
| As of December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Facility Amount | Borrowed Amount | Facility Amount | Borrowed Amount | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
Uncommitted credit facilities | $ | 882 | $ | 71 | $ | 784 | $ | 71 | |||||||||||||||
Credit facilities (1): | |||||||||||||||||||||||
February 19, 2025 | — | — | 1,500 | — | |||||||||||||||||||
February 18, 2026 | 1,500 | — | — | — | |||||||||||||||||||
February 23, 2027 | — | — | 4,500 | — | |||||||||||||||||||
February 19, 2030 | 4,500 | — | — | — | |||||||||||||||||||
(1)On February 19, 2025, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030.
We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At December 31, 2025, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.
During 2023, we repaid $2.0 billion in term loans related to 2022 credit facility borrowings.
Long-Term Debt
Our long-term debt consisted of (interest rates are as of December 31, 2025):
| As of December 31, | |||||||||||
2025 (1) | 2024 | ||||||||||
| (in millions) | |||||||||||
U.S. dollar notes, 1.250% to 7.000% (weighted-average effective rate 3.660%), due through 2050 | $ | 9,180 | $ | 8,834 | |||||||
Euro notes, 0.000% to 2.375% (weighted-average effective rate 0.975%), due through 2041 | 8,092 | 7,122 | |||||||||
Pound sterling notes, 3.875% to 4.500% (weighted-average effective rate 4.151%), due through 2045 | 353 | 327 | |||||||||
Swiss franc notes | — | 221 | |||||||||
Canadian dollar notes, 4.625% (effective rate 4.719%), due through 2031 | 469 | 864 | |||||||||
Finance leases and other | 423 | 310 | |||||||||
| Total | 18,517 | 17,678 | |||||||||
less: current portion of long-term debt | (1,295) | (2,014) | |||||||||
| Long-term debt | $ | 17,222 | $ | 15,664 | |||||||
(1) Amounts are shown net of unamortized discounts, premiums and bank fees of $(119) million and imputed interest on finance leases of $(42) million.
Over the next five years, aggregate principal maturities of our long-term debt, including finance leases, are (in millions):
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | ||||||||||||||||||||||||||||||||
| $1,312 | $1,740 | $2,121 | $2,246 | $1,284 | $9,975 | $18,678 | ||||||||||||||||||||||||||||||||
Debt Repayments
During 2025, we repaid the following notes (in millions):
| Interest Rate | Maturity Date | Amount | USD Equivalent | |||||||||||||||||
| 3.250% | March 2025 | C$600 | $417 | |||||||||||||||||
| 1.500% | May 2025 | $750 | $750 | |||||||||||||||||
| 4.250% | September 2025 (1) | $500 | $500 | |||||||||||||||||
| 1.125% | December 2025 | Fr.200 | $253 | |||||||||||||||||
(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.
During 2024, we repaid the following notes (in millions):
| Interest Rate | Maturity Date | Amount | USD Equivalent | |||||||||||||||||
| 2.125% | March 2024 | $500 | $500 | |||||||||||||||||
| 2.250% | September 2024 (1) | $500 | $500 | |||||||||||||||||
| 0.000% | September 2024 (1) (2) | €300 | $333 | |||||||||||||||||
| 0.750% | September 2024 (1) | $500 | $500 | |||||||||||||||||
| 0.617% | September 2024 | Fr.125 | $148 | |||||||||||||||||
(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc
(2)Repayment of €300 million exchangeable bonds. Refer to Note 9, Financial Instruments for additional detail on these exchangeable bonds.
Debt Issuances
During 2025, we issued the following notes (in millions):
| Issuance Date | Interest Rate | Maturity Date | Principal Amount | Principal Amount USD Equivalent | ||||||||||||||||||||||
| May 2025 | 4.250% | May 2028 | $700 | $700 | ||||||||||||||||||||||
| May 2025 | 4.500% | May 2030 | $500 | $500 | ||||||||||||||||||||||
| May 2025 | 5.125% | May 2035 | $400 | $400 | ||||||||||||||||||||||
During 2024, we issued the following notes (in millions):
| Issuance Date | Interest Rate | Maturity Date | Principal Amount | Principal Amount USD Equivalent | ||||||||||||||||||||||
| February 2024 | 4.750% | February 2029 | $550 | $550 | ||||||||||||||||||||||
| July 2024 | 4.625% | July 2031 | C$650 | $473 | ||||||||||||||||||||||
| August 2024 | 4.750% | August 2034 | $500 | $500 | ||||||||||||||||||||||
Fair Value of Our Debt
The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of all of our long-term debt, excluding finance lease obligations, was determined using quoted prices in active markets (Level 1 valuation data).
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions) | |||||||||||
| Fair Value | $ | 19,553 | $ | 15,846 | |||||||
| Carrying Value | 21,205 | 17,749 | |||||||||
Interest and Other Expense, net
Interest and other expense, net consisted of:
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
Interest expense | $ | 599 | $ | 508 | $ | 550 | |||||||||||
| Loss on debt extinguishment and related expenses | — | — | 1 | ||||||||||||||
| Other income, net | (317) | (328) | (241) | ||||||||||||||
| Interest and other expense, net | $ | 282 | $ | 180 | $ | 310 | |||||||||||
Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items. Refer to Note 9, Financial Instruments for additional information about our hedging activities.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 2, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 19, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.