Mondelēz International Inc. (MDLZ)

Mondelēz International’s provision for income taxes includes amounts payable or refundable for the current year, the effects of deferred taxes and impacts from uncertain tax positions. Mondelēz International recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of the assets and liabilities, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those differences are expected to reverse.

The realization of certain deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, Mondelēz International considers any carryback potential, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), future taxable income and tax planning strategies.

Mondelēz International recognizes tax benefits in the financial statements from uncertain tax positions only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. The amount Mondelēz International recognizes is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon resolution. Future changes related to the expected resolution of uncertain tax positions could affect tax expense in the period when the change occurs.

Mondelēz International monitors for changes in tax laws and reflects the impacts of tax law changes in the period of enactment. In response to the United States tax reform legislation enacted on December 22, 2017 (“U.S. tax reform”), the U.S. Securities and Exchange Commission (“SEC”) issued guidance that allowed Mondelēz International to record provisional amounts for the impacts of U.S. tax reform if the full accounting could not be completed before Mondelēz International filed the 2017 financial statements. For provisions of the tax law where Mondelēz International was unable to make a reasonable estimate of the impact, the guidance allowed Mondelēz International to continue to apply the historical tax provisions in computing the income tax liability and deferred tax assets and liabilities as of December 31, 2017. The guidance allowed Mondelēz International to finalize accounting for the U.S. tax reform changes within one year of the December 22, 2017 enactment date. Mondelēz International has finalized the accounting for the new provisions based on the guidance that has been issued and included the impacts in the 2018 consolidated financial statements.

Source: 10-K (filing date: 2019-02-08).

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

US$ in millions

	12 months ended	Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	United States federal
	State and local
	Outside United States
	Current
	United States federal
	State and local
	Outside United States
	Deferred
	Provision for income taxes

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	U.S. federal statutory tax rate
	State and local income taxes, net of federal tax benefit
	Foreign rate differences
	Changes in judgment on realizability of deferred tax assets
	Reversal of other tax accruals no longer required
	Tax accrual on investment in Keurig, including tax impact of the gain from the KDP transaction
	Excess tax benefits from equity compensation
	Tax legislation, non-U.S. tax reform
	Foreign tax provisions under TCJA (GILTI, FDII and BEAT)
	Gains on coffee business transactions and divestitures
	Business sales
	Loss on deconsolidation of Venezuela
	Remeasurement of net monetary assets in Venezuela
	Non-deductible expenses
	Other
	Effective tax rate, before U.S. tax reform
	U.S. tax reform, deferred benefit from tax rate change
	U.S. tax reform, transition tax
	U.S. tax reform, changes in indefinite reinvestment assertion
	Effective tax rate

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

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

US$ in millions

		Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	Accrued postretirement and postemployment benefits
	Accrued pension costs
	Other employee benefits
	Accrued expenses
	Loss carryforwards
	Tax credit carryforwards
	Other
	Deferred income tax assets
	Valuation allowance
	Net deferred income tax assets
	Intangible assets
	Property, plant and equipment
	Other
	Deferred income tax liabilities
	Net deferred income tax assets (liabilities)

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

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

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Current deferred income tax assets
	Noncurrent deferred income tax assets
	Noncurrent deferred income tax liabilities

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

Mondelēz International Inc., adjustments to financial data

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Adjustment to Current Assets
	Current assets (as reported)
	Less: Current deferred tax assets, net
	Current assets (adjusted)
	Adjustment to Total Assets
	Total assets (as reported)
	Less: Current deferred tax assets, net
	Less: Noncurrent deferred tax assets, net
	Total assets (adjusted)
	Adjustment to Total Liabilities
	Total liabilities (as reported)
	Less: Noncurrent deferred tax liabilities, net
	Total liabilities (adjusted)
	Adjustment to Total Mondelēz International Shareholders’ Equity
	Total Mondelēz International shareholders’ equity (as reported)
	Less: Net deferred tax assets (liabilities)
	Total Mondelēz International shareholders’ equity (adjusted)
	Adjustment to Net Earnings Attributable To Mondelēz International
	Net earnings attributable to Mondelēz International (as reported)
	Add: Deferred income tax expense (benefit)
	Net earnings attributable to Mondelēz International (adjusted)

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

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

Mondelēz International Inc., adjusted ratios

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Current Ratio
	Reported current ratio
	Adjusted current ratio
	Net Profit Margin
	Reported net profit margin
	Adjusted net profit margin
	Total Asset Turnover
	Reported total asset turnover
	Adjusted total asset turnover
	Financial Leverage
	Reported financial leverage
	Adjusted financial leverage
	Return on Equity (ROE)
	Reported ROE
	Adjusted ROE
	Return on Assets (ROA)
	Reported ROA
	Adjusted ROA

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

Mondelēz International Inc., Ratios: Reported vs. Adjusted

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (US$ in millions)
	Current assets
	Current liabilities
	Ratio
	Current ratio1
	Adjusted for Deferred Taxes
	Selected Financial Data (US$ in millions)
	Adjusted current assets
	Current liabilities
	Ratio
	Adjusted current ratio2

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (US$ in millions)
	Net earnings attributable to Mondelēz International
	Net revenues
	Ratio
	Net profit margin1
	Adjusted for Deferred Taxes
	Selected Financial Data (US$ in millions)
	Adjusted net earnings attributable to Mondelēz International
	Net revenues
	Ratio
	Adjusted net profit margin2

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (US$ in millions)
	Net revenues
	Total assets
	Ratio
	Total asset turnover1
	Adjusted for Deferred Taxes
	Selected Financial Data (US$ in millions)
	Net revenues
	Adjusted total assets
	Ratio
	Adjusted total asset turnover2

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (US$ in millions)
	Total assets
	Total Mondelēz International shareholders’ equity
	Ratio
	Financial leverage1
	Adjusted for Deferred Taxes
	Selected Financial Data (US$ in millions)
	Adjusted total assets
	Adjusted total Mondelēz International shareholders’ equity
	Ratio
	Adjusted financial leverage2

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (US$ in millions)
	Net earnings attributable to Mondelēz International
	Total Mondelēz International shareholders’ equity
	Ratio
	ROE1
	Adjusted for Deferred Taxes
	Selected Financial Data (US$ in millions)
	Adjusted net earnings attributable to Mondelēz International
	Adjusted total Mondelēz International shareholders’ equity
	Ratio
	Adjusted ROE2

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (US$ in millions)
	Net earnings attributable to Mondelēz International
	Total assets
	Ratio
	ROA1
	Adjusted for Deferred Taxes
	Selected Financial Data (US$ in millions)
	Adjusted net earnings attributable to Mondelēz International
	Adjusted total assets
	Ratio
	Adjusted ROA2

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-19), 10-K (filing date: 2015-02-20).

2018 Calculations