Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Mondelēz International Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Goodwill 23,896 23,450 21,978 21,895 20,848
Definite-life intangible assets, gross 3,322 3,354 2,991 2,907 2,374
Accumulated amortization (2,155) (2,057) (1,999) (1,917) (1,713)
Definite-life intangible assets, net 1,167 1,297 992 990 661
Indefinite-life intangible assets 18,669 18,413 17,299 17,492 17,296
Intangible assets, net 19,836 19,710 18,291 18,482 17,957
Goodwill and intangible assets 43,732 43,160 40,269 40,377 38,805

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
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Mondelēz International Inc. goodwill increased from 2021 to 2022 and from 2022 to 2023.
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Mondelēz International Inc. intangible assets, net increased from 2021 to 2022 and from 2022 to 2023.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Mondelēz International Inc. goodwill and intangible assets increased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Goodwill

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: Goodwill 23,896 23,450 21,978 21,895 20,848
Total assets (adjusted) 47,495 47,711 45,114 45,915 43,701
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: Goodwill 23,896 23,450 21,978 21,895 20,848
Total Mondelēz International shareholders’ equity (adjusted) 4,436 3,433 6,291 5,683 6,427

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 Goodwill (Summary)

Mondelēz International Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover
Reported total asset turnover 0.50 0.44 0.43 0.39 0.40
Adjusted total asset turnover 0.76 0.66 0.64 0.58 0.59
Financial Leverage
Reported financial leverage 2.52 2.65 2.37 2.46 2.37
Adjusted financial leverage 10.71 13.90 7.17 8.08 6.80
Return on Equity (ROE)
Reported ROE 17.50% 10.11% 15.21% 12.89% 14.19%
Adjusted ROE 111.79% 79.14% 68.35% 62.55% 60.21%
Return on Assets (ROA)
Reported ROA 6.95% 3.82% 6.41% 5.24% 6.00%
Adjusted ROA 10.44% 5.69% 9.53% 7.74% 8.86%

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 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 net income divided by adjusted shareholders’ equity. Mondelēz International Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as 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 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 Goodwill
Selected Financial Data (US$ in millions)
Net revenues 36,016 31,496 28,720 26,581 25,868
Adjusted total assets 47,495 47,711 45,114 45,915 43,701
Activity Ratio
Adjusted total asset turnover2 0.76 0.66 0.64 0.58 0.59

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 ÷ 47,495 = 0.76

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 Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 47,495 47,711 45,114 45,915 43,701
Adjusted total Mondelēz International shareholders’ equity 4,436 3,433 6,291 5,683 6,427
Solvency Ratio
Adjusted financial leverage2 10.71 13.90 7.17 8.08 6.80

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
= 47,495 ÷ 4,436 = 10.71

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 Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Adjusted total Mondelēz International shareholders’ equity 4,436 3,433 6,291 5,683 6,427
Profitability Ratio
Adjusted ROE2 111.79% 79.14% 68.35% 62.55% 60.21%

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 × Net earnings attributable to Mondelēz International ÷ Adjusted total Mondelēz International shareholders’ equity
= 100 × 4,959 ÷ 4,436 = 111.79%

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

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 Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Adjusted total assets 47,495 47,711 45,114 45,915 43,701
Profitability Ratio
Adjusted ROA2 10.44% 5.69% 9.53% 7.74% 8.86%

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 × Net earnings attributable to Mondelēz International ÷ Adjusted total assets
= 100 × 4,959 ÷ 47,495 = 10.44%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as 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.