Stock Analysis on Net
Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Mondelēz International Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States federal 667 187 297 440 145
State and local 123 78 89 98 29
Outside United States 784 642 599 756 459
Current 1,574 907 985 1,294 633
United States federal (167) (17) (31) (82) 97
State and local (50) 2 9 (7) 45
Outside United States 180 (27) 227 19 (773)
Deferred (37) (42) 205 (70) (631)
Provision for income taxes 1,537 865 1,190 1,224 2

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Mondelēz International Inc. current decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Mondelēz International Inc. deferred decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Mondelēz International Inc. provision for income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Effective Income Tax Rate (EITR)

Mondelēz International Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
U.S. federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
State and local income taxes, net of federal tax benefit -0.10% 1.60% 1.10% 1.60% 1.30%
Foreign rate differences 2.00% 2.00% -1.60% 1.10% 0.20%
Changes in judgment on realizability of deferred tax assets -0.10% -1.10% 0.10% -2.20% -0.30%
Reversal of other tax accruals no longer required -0.20% -1.40% -0.50% -0.80% -3.00%
Tax accrual on investment in KDP, including tax impact of share sales 2.80% 0.50% 4.70% 6.70% 0.80%
Excess tax benefits from equity compensation -0.40% -0.80% -0.70% -1.00% -1.20%
Tax legislation 1.40% 0.50% 2.30% 1.00% 0.40%
Business sales -0.50% 0.10% 0.00% 7.40% 0.00%
Foreign tax provisions under TCJA (GILTI, FDII and BEAT) 0.60% 0.10% 0.80% 1.10% 2.50%
Tax impacts from the European Commission legal matter -0.40% 2.10% 0.00% 0.00% 0.00%
Non-deductible expenses and other, including buyout of Clif Bar ESOP 0.00% 2.20% 0.00% 0.00% 0.00%
Other 0.00% 0.00% 0.00% 0.30% 0.60%
Effective tax rate, before U.S. tax reform and Swiss tax reform 26.10% 26.80% 27.20% 36.20% 22.30%
Swiss tax reform 0.00% 0.00% 0.00% 0.00% -22.30%
U.S. tax reform, transition tax 0.00% 0.00% 0.00% 0.00% 0.10%
Effective tax rate 26.10% 26.80% 27.20% 36.20% 0.10%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Effective tax rate, before U.S. tax reform and Swiss tax reform Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Mondelēz International Inc. effective tax rate, before U.S. tax reform and Swiss tax reform decreased from 2021 to 2022 and from 2022 to 2023.

Components of Deferred Tax Assets and Liabilities

Mondelēz International Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accrued postretirement and postemployment benefits 45 83 114 137 150
Accrued pension costs — — 23 251 272
Other employee benefits 155 156 150 151 160
Accrued expenses 632 649 454 420 287
Loss carryforwards 701 664 685 648 589
Tax credit carryforwards 803 786 786 790 729
Other 589 481 468 535 438
Deferred income tax assets 2,925 2,819 2,680 2,932 2,625
Valuation allowance (1,359) (1,257) (1,280) (1,277) (1,243)
Net deferred income tax assets 1,566 1,562 1,400 1,655 1,382
Intangible assets, including impact from Swiss tax reform (3,094) (3,279) (3,214) (2,951) (2,772)
Property, plant and equipment (770) (708) (638) (747) (663)
Accrued pension costs (62) (57) — — —
Other (524) (482) (451) (513) (559)
Deferred income tax liabilities (4,450) (4,526) (4,303) (4,211) (3,994)
Net deferred income tax assets (liabilities) (2,884) (2,964) (2,903) (2,556) (2,612)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Deferred income tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Mondelēz International Inc. deferred income tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred income tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Mondelēz International Inc. net deferred income tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred income tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Mondelēz International Inc. net deferred income tax assets (liabilities) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Deferred Tax Assets and Liabilities, Classification

Mondelēz International Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Deferred income tax assets 408 473 541 790 726
Deferred income tax liabilities 3,292 3,437 3,444 3,346 3,338

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Deferred income tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Mondelēz International Inc. deferred income tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Mondelēz International Inc. deferred income tax liabilities decreased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Deferred Taxes

Mondelēz International Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 71,391 71,161 67,092 67,810 64,549
Less: Noncurrent deferred tax assets, net 408 473 541 790 726
Total assets (adjusted) 70,983 70,688 66,551 67,020 63,823
Adjustment to Total Liabilities
Total liabilities (as reported) 43,025 44,241 38,769 40,156 37,198
Less: Noncurrent deferred tax liabilities, net 3,292 3,437 3,444 3,346 3,338
Total liabilities (adjusted) 39,733 40,804 35,325 36,810 33,860
Adjustment to Total Mondelēz International Shareholders’ Equity
Total Mondelēz International shareholders’ equity (as reported) 28,332 26,883 28,269 27,578 27,275
Less: Net deferred tax assets (liabilities) (2,884) (2,964) (2,903) (2,556) (2,612)
Total Mondelēz International shareholders’ equity (adjusted) 31,216 29,847 31,172 30,134 29,887
Adjustment to Net Earnings Attributable To Mondelēz International
Net earnings attributable to Mondelēz International (as reported) 4,959 2,717 4,300 3,555 3,870
Add: Deferred income tax expense (benefit) (37) (42) 205 (70) (631)
Net earnings attributable to Mondelēz International (adjusted) 4,922 2,675 4,505 3,485 3,239

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Mondelēz International Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Mondelēz International Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin 13.77% 8.63% 14.97% 13.37% 14.96%
Adjusted net profit margin 13.67% 8.49% 15.69% 13.11% 12.52%
Total Asset Turnover
Reported total asset turnover 0.50 0.44 0.43 0.39 0.40
Adjusted total asset turnover 0.51 0.45 0.43 0.40 0.41
Financial Leverage
Reported financial leverage 2.52 2.65 2.37 2.46 2.37
Adjusted financial leverage 2.27 2.37 2.13 2.22 2.14
Return on Equity (ROE)
Reported ROE 17.50% 10.11% 15.21% 12.89% 14.19%
Adjusted ROE 15.77% 8.96% 14.45% 11.57% 10.84%
Return on Assets (ROA)
Reported ROA 6.95% 3.82% 6.41% 5.24% 6.00%
Adjusted ROA 6.93% 3.78% 6.77% 5.20% 5.07%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Mondelēz International Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mondelēz International Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mondelēz International Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Mondelēz International Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Mondelēz International Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Mondelēz International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Net revenues 36,016 31,496 28,720 26,581 25,868
Profitability Ratio
Net profit margin1 13.77% 8.63% 14.97% 13.37% 14.96%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Mondelēz International 4,922 2,675 4,505 3,485 3,239
Net revenues 36,016 31,496 28,720 26,581 25,868
Profitability Ratio
Adjusted net profit margin2 13.67% 8.49% 15.69% 13.11% 12.52%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Net profit margin = 100 × Net earnings attributable to Mondelēz International ÷ Net revenues
= 100 × 4,959 ÷ 36,016 = 13.77%

2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to Mondelēz International ÷ Net revenues
= 100 × 4,922 ÷ 36,016 = 13.67%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Mondelēz International Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenues 36,016 31,496 28,720 26,581 25,868
Total assets 71,391 71,161 67,092 67,810 64,549
Activity Ratio
Total asset turnover1 0.50 0.44 0.43 0.39 0.40
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenues 36,016 31,496 28,720 26,581 25,868
Adjusted total assets 70,983 70,688 66,551 67,020 63,823
Activity Ratio
Adjusted total asset turnover2 0.51 0.45 0.43 0.40 0.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= 36,016 ÷ 71,391 = 0.50

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 36,016 ÷ 70,983 = 0.51

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mondelēz International Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 71,391 71,161 67,092 67,810 64,549
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Solvency Ratio
Financial leverage1 2.52 2.65 2.37 2.46 2.37
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 70,983 70,688 66,551 67,020 63,823
Adjusted total Mondelēz International shareholders’ equity 31,216 29,847 31,172 30,134 29,887
Solvency Ratio
Adjusted financial leverage2 2.27 2.37 2.13 2.22 2.14

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 71,391 ÷ 28,332 = 2.52

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Mondelēz International shareholders’ equity
= 70,983 ÷ 31,216 = 2.27

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mondelēz International Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Profitability Ratio
ROE1 17.50% 10.11% 15.21% 12.89% 14.19%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Mondelēz International 4,922 2,675 4,505 3,485 3,239
Adjusted total Mondelēz International shareholders’ equity 31,216 29,847 31,172 30,134 29,887
Profitability Ratio
Adjusted ROE2 15.77% 8.96% 14.45% 11.57% 10.84%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net earnings attributable to Mondelēz International ÷ Total Mondelēz International shareholders’ equity
= 100 × 4,959 ÷ 28,332 = 17.50%

2 Adjusted ROE = 100 × Adjusted net earnings attributable to Mondelēz International ÷ Adjusted total Mondelēz International shareholders’ equity
= 100 × 4,922 ÷ 31,216 = 15.77%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Mondelēz International Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Total assets 71,391 71,161 67,092 67,810 64,549
Profitability Ratio
ROA1 6.95% 3.82% 6.41% 5.24% 6.00%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Mondelēz International 4,922 2,675 4,505 3,485 3,239
Adjusted total assets 70,983 70,688 66,551 67,020 63,823
Profitability Ratio
Adjusted ROA2 6.93% 3.78% 6.77% 5.20% 5.07%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net earnings attributable to Mondelēz International ÷ Total assets
= 100 × 4,959 ÷ 71,391 = 6.95%

2 Adjusted ROA = 100 × Adjusted net earnings attributable to Mondelēz International ÷ Adjusted total assets
= 100 × 4,922 ÷ 70,983 = 6.93%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Mondelēz International Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.