Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Mondelēz International Inc., solvency ratios

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Debt Ratios
Debt to equity	0.69	0.73	0.68	0.72	0.68
Debt to equity (including operating lease liability)	0.71	0.75	0.70	0.72	0.68
Debt to capital	0.41	0.42	0.40	0.42	0.40
Debt to capital (including operating lease liability)	0.42	0.43	0.41	0.42	0.40
Debt to assets	0.29	0.30	0.29	0.29	0.28
Debt to assets (including operating lease liability)	0.30	0.31	0.29	0.29	0.28
Financial leverage	2.37	2.46	2.37	2.45	2.42
Coverage Ratios
Interest coverage	16.08	12.33	9.03	10.02	10.15
Fixed charge coverage	10.28	8.27	6.51	6.77	6.33

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Mondelēz International Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Mondelēz International Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Mondelēz International Inc. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Mondelēz International Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Mondelēz International Inc. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Mondelēz International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Mondelēz International Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Mondelēz International Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Mondelēz International Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Mondelēz International Inc., debt to equity calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings	216	29	2,638	3,192	3,517
Current portion of long-term debt	1,746	2,741	1,581	2,648	1,163
Long-term debt, excluding current portion	17,550	17,276	14,207	12,532	12,972
Total debt	19,512	20,046	18,426	18,372	17,652

Total Mondelēz International shareholders’ equity	28,269	27,578	27,275	25,637	26,111
Solvency Ratio
Debt to equity¹	0.69	0.73	0.68	0.72	0.68
Benchmarks
Debt to Equity, Competitors²
Altria Group Inc.	—	10.38	4.51	1.74	0.90
Coca-Cola Co.	1.86	2.22	2.25	2.56	2.79
PepsiCo Inc.	2.51	3.28	2.17	2.23	3.61
Philip Morris International Inc.	—	—	—	—	—
Debt to Equity, Sector
Food, Beverage & Tobacco	2.85	3.32	2.74	2.55	2.66
Debt to Equity, Industry
Consumer Staples	1.24	1.40	1.30	1.17	1.18

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 19,512 ÷ 28,269 = 0.69

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Mondelēz International Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Mondelēz International Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings	216	29	2,638	3,192	3,517
Current portion of long-term debt	1,746	2,741	1,581	2,648	1,163
Long-term debt, excluding current portion	17,550	17,276	14,207	12,532	12,972
Total debt	19,512	20,046	18,426	18,372	17,652
Current operating lease liabilities (included in Other current liabilities)	174	190	178	—	—
Long-term operating lease liabilities	459	470	403	—	—
Total debt (including operating lease liability)	20,145	20,706	19,007	18,372	17,652

Total Mondelēz International shareholders’ equity	28,269	27,578	27,275	25,637	26,111
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.71	0.75	0.70	0.72	0.68
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors²
Coca-Cola Co.	1.92	2.30	2.33	2.56	2.79
PepsiCo Inc.	2.64	3.41	2.27	2.23	3.61
Philip Morris International Inc.	—	—	—	—	—
Debt to Equity (including Operating Lease Liability), Sector
Food, Beverage & Tobacco	2.93	3.41	2.81	2.55	2.66
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples	1.35	1.54	1.32	1.17	1.18

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 20,145 ÷ 28,269 = 0.71

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Mondelēz International Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Mondelēz International Inc., debt to capital calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings	216	29	2,638	3,192	3,517
Current portion of long-term debt	1,746	2,741	1,581	2,648	1,163
Long-term debt, excluding current portion	17,550	17,276	14,207	12,532	12,972
Total debt	19,512	20,046	18,426	18,372	17,652
Total Mondelēz International shareholders’ equity	28,269	27,578	27,275	25,637	26,111
Total capital	47,781	47,624	45,701	44,009	43,763
Solvency Ratio
Debt to capital¹	0.41	0.42	0.40	0.42	0.40
Benchmarks
Debt to Capital, Competitors²
Altria Group Inc.	1.06	0.91	0.82	0.64	0.47
Coca-Cola Co.	0.65	0.69	0.69	0.72	0.74
PepsiCo Inc.	0.72	0.77	0.68	0.69	0.78
Philip Morris International Inc.	1.57	1.66	1.59	1.65	1.54
Debt to Capital, Sector
Food, Beverage & Tobacco	0.74	0.77	0.73	0.72	0.73
Debt to Capital, Industry
Consumer Staples	0.55	0.58	0.57	0.54	0.54

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 19,512 ÷ 47,781 = 0.41

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Mondelēz International Inc. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Mondelēz International Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings	216	29	2,638	3,192	3,517
Current portion of long-term debt	1,746	2,741	1,581	2,648	1,163
Long-term debt, excluding current portion	17,550	17,276	14,207	12,532	12,972
Total debt	19,512	20,046	18,426	18,372	17,652
Current operating lease liabilities (included in Other current liabilities)	174	190	178	—	—
Long-term operating lease liabilities	459	470	403	—	—
Total debt (including operating lease liability)	20,145	20,706	19,007	18,372	17,652
Total Mondelēz International shareholders’ equity	28,269	27,578	27,275	25,637	26,111
Total capital (including operating lease liability)	48,414	48,284	46,282	44,009	43,763
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.42	0.43	0.41	0.42	0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors²
Coca-Cola Co.	0.66	0.70	0.70	0.72	0.74
PepsiCo Inc.	0.73	0.77	0.69	0.69	0.78
Philip Morris International Inc.	1.55	1.64	1.57	1.65	1.54
Debt to Capital (including Operating Lease Liability), Sector
Food, Beverage & Tobacco	0.75	0.77	0.74	0.72	0.73
Debt to Capital (including Operating Lease Liability), Industry
Consumer Staples	0.57	0.61	0.57	0.54	0.54

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 20,145 ÷ 48,414 = 0.42

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Mondelēz International Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Mondelēz International Inc., debt to assets calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings	216	29	2,638	3,192	3,517
Current portion of long-term debt	1,746	2,741	1,581	2,648	1,163
Long-term debt, excluding current portion	17,550	17,276	14,207	12,532	12,972
Total debt	19,512	20,046	18,426	18,372	17,652

Total assets	67,092	67,810	64,549	62,729	63,109
Solvency Ratio
Debt to assets¹	0.29	0.30	0.29	0.29	0.28
Benchmarks
Debt to Assets, Competitors²
Altria Group Inc.	0.71	0.62	0.57	0.46	0.32
Coca-Cola Co.	0.45	0.49	0.50	0.52	0.54
PepsiCo Inc.	0.44	0.48	0.41	0.42	0.49
Philip Morris International Inc.	0.67	0.70	0.72	0.80	0.80
Debt to Assets, Sector
Food, Beverage & Tobacco	0.47	0.49	0.47	0.48	0.48
Debt to Assets, Industry
Consumer Staples	0.32	0.35	0.35	0.35	0.35

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 19,512 ÷ 67,092 = 0.29

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Mondelēz International Inc. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Mondelēz International Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings	216	29	2,638	3,192	3,517
Current portion of long-term debt	1,746	2,741	1,581	2,648	1,163
Long-term debt, excluding current portion	17,550	17,276	14,207	12,532	12,972
Total debt	19,512	20,046	18,426	18,372	17,652
Current operating lease liabilities (included in Other current liabilities)	174	190	178	—	—
Long-term operating lease liabilities	459	470	403	—	—
Total debt (including operating lease liability)	20,145	20,706	19,007	18,372	17,652

Total assets	67,092	67,810	64,549	62,729	63,109
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.30	0.31	0.29	0.29	0.28
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors²
Coca-Cola Co.	0.47	0.51	0.51	0.52	0.54
PepsiCo Inc.	0.46	0.49	0.43	0.42	0.49
Philip Morris International Inc.	0.69	0.72	0.74	0.80	0.80
Debt to Assets (including Operating Lease Liability), Sector
Food, Beverage & Tobacco	0.49	0.51	0.49	0.48	0.48
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples	0.35	0.39	0.36	0.35	0.35

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 20,145 ÷ 67,092 = 0.30

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Mondelēz International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Mondelēz International Inc., financial leverage calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Total assets	67,092	67,810	64,549	62,729	63,109
Total Mondelēz International shareholders’ equity	28,269	27,578	27,275	25,637	26,111
Solvency Ratio
Financial leverage¹	2.37	2.46	2.37	2.45	2.42
Benchmarks
Financial Leverage, Competitors²
Altria Group Inc.	—	16.70	7.92	3.76	2.81
Coca-Cola Co.	4.10	4.52	4.55	4.90	5.15
PepsiCo Inc.	5.76	6.91	5.31	5.35	7.33
Philip Morris International Inc.	—	—	—	—	—
Financial Leverage, Sector
Food, Beverage & Tobacco	6.02	6.72	5.78	5.37	5.53
Financial Leverage, Industry
Consumer Staples	3.82	3.96	3.68	3.37	3.34

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 67,092 ÷ 28,269 = 2.37

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Mondelēz International Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Mondelēz International Inc., interest coverage calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International	4,300	3,555	3,870	3,381	2,922
Add: Net income attributable to noncontrolling interest	14	14	15	14	14
Add: Income tax expense	1,190	1,224	2	773	688
Add: Interest expense, debt	365	423	484	462	396
Earnings before interest and tax (EBIT)	5,869	5,216	4,371	4,630	4,020
Solvency Ratio
Interest coverage¹	16.08	12.33	9.03	10.02	10.15
Benchmarks
Interest Coverage, Competitors²
Altria Group Inc.	4.22	6.63	1.58	14.40	14.52
Coca-Cola Co.	8.78	7.78	12.40	10.09	9.02
PepsiCo Inc.	5.94	8.24	9.20	7.03	9.34
Philip Morris International Inc.	17.80	16.07	13.59	13.55	10.72
Interest Coverage, Sector
Food, Beverage & Tobacco	8.48	9.19	8.43	10.37	10.60
Interest Coverage, Industry
Consumer Staples	11.02	10.99	8.42	11.02	11.90

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,869 ÷ 365 = 16.08

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Mondelēz International Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Mondelēz International Inc., fixed charge coverage calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International	4,300	3,555	3,870	3,381	2,922
Add: Net income attributable to noncontrolling interest	14	14	15	14	14
Add: Income tax expense	1,190	1,224	2	773	688
Add: Interest expense, debt	365	423	484	462	396
Earnings before interest and tax (EBIT)	5,869	5,216	4,371	4,630	4,020
Add: Operating lease cost	228	236	222	260	284
Earnings before fixed charges and tax	6,097	5,452	4,593	4,890	4,304

Interest expense, debt	365	423	484	462	396
Operating lease cost	228	236	222	260	284
Fixed charges	593	659	706	722	680
Solvency Ratio
Fixed charge coverage¹	10.28	8.27	6.51	6.77	6.33
Benchmarks
Fixed Charge Coverage, Competitors²
Coca-Cola Co.	7.41	6.45	9.47	10.09	9.02
PepsiCo Inc.	4.85	6.06	6.79	5.00	6.05
Philip Morris International Inc.	13.43	11.50	9.88	10.20	8.56
Fixed Charge Coverage, Sector
Food, Beverage & Tobacco	7.05	7.37	6.76	8.20	8.28
Fixed Charge Coverage, Industry
Consumer Staples	7.39	7.18	5.37	6.88	7.66

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,097 ÷ 593 = 10.28

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Mondelēz International Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage