Analysis of Property, Plant and Equipment
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Property, Plant and Equipment Disclosure
Mondelēz International Inc., balance sheet: property, plant and equipment
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Over the five-year period, property, plant, and equipment exhibited a general upward trend, though with some fluctuations. Significant increases were observed in machinery and equipment, alongside buildings and building improvements, while land and land improvements remained relatively stable. Accumulated depreciation consistently increased, impacting the net book value of the assets.
- Gross Property, Plant, and Equipment
- The gross value of property, plant, and equipment increased from US$16,092 million in 2021 to US$20,062 million in 2025. The most substantial growth occurred between 2023 and 2025, with an increase of approximately US$2,372 million. A slight decrease was noted between 2023 and 2024, but this was followed by a more significant increase in the subsequent year. Construction in progress also increased over the period, peaking at US$1,118 million in 2023 before decreasing slightly in 2024 and 2025.
- Land and Land Improvements
- Land and land improvements demonstrated minimal change throughout the period, fluctuating between US$378 million and US$404 million. A slight increase was observed from 2021 to 2023, followed by a decrease in 2024, and then a further increase in 2025.
- Buildings and Building Improvements
- Buildings and building improvements showed a consistent upward trend, increasing from US$3,139 million in 2021 to US$3,963 million in 2025. The largest single-year increase occurred between 2022 and 2023, with an addition of US$202 million. Growth slowed between 2023 and 2024, but resumed in 2025.
- Machinery and Equipment
- Machinery and equipment represented the largest component of property, plant, and equipment. It increased from US$11,842 million in 2021 to US$14,610 million in 2025. A slight decrease was observed between 2021 and 2022, but the asset class experienced consistent growth thereafter, with a substantial increase between 2024 and 2025.
- Accumulated Depreciation
- Accumulated depreciation increased steadily from US$7,434 million in 2021 to US$9,395 million in 2025. The rate of increase appeared consistent across the period, suggesting a regular depreciation schedule is being applied. The increase in accumulated depreciation offset some of the gains from the additions to gross property, plant, and equipment.
- Net Property, Plant, and Equipment
- Net property, plant, and equipment increased from US$8,658 million in 2021 to US$10,667 million in 2025. While generally trending upward, a slight decrease was observed between 2023 and 2024, before recovering in 2025. The growth in net property, plant, and equipment was influenced by both additions to gross assets and the increasing impact of accumulated depreciation.
Asset Age Ratios (Summary)
Mondelēz International Inc., asset age ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The analysis of property, plant, and equipment reveals a generally stable asset profile over the five-year period, with some nuanced shifts in asset age and useful life estimations. The average age ratio exhibits a slight increasing trend, while estimations of total useful life demonstrate a minor fluctuation.
- Average Age Ratio
- The average age ratio, expressed as a percentage, decreased from 47.31% in 2021 to 45.49% in 2022, indicating a relative shift towards newer assets or a re-evaluation of asset ages. However, this was followed by a gradual increase, reaching 47.79% in 2025. This suggests a potential aging of the asset base in the later years of the period, or a change in the composition of assets included in the calculation. The overall change across the period is relatively small, indicating a consistent asset age profile.
- Estimated Total Useful Life
- The estimated total useful life of the assets remained consistently at 23 years for most of the period. A decrease to 21 years is observed in 2024, potentially reflecting a revision in depreciation policies or an assessment of shorter expected lifespans for certain asset classes. The value returns to 23 years in 2025, suggesting the 2024 decrease may have been a temporary adjustment.
- Estimated Age and Remaining Life
- The estimated age, representing the time elapsed since purchase, remained stable at 10 or 11 years throughout the period. Correspondingly, the estimated remaining life fluctuated between 11 and 13 years. The relationship between these two metrics is consistent with the estimated total useful life, and the slight decrease in estimated total useful life in 2024 is mirrored by a corresponding decrease in estimated remaining life. The consistency in these values suggests a predictable pattern of asset utilization and depreciation.
In summary, the asset base appears to be aging slightly, as indicated by the increasing average age ratio. The adjustments to the estimated total useful life are minor and may reflect ongoing refinements in asset valuation practices. The overall trends suggest a mature asset profile with predictable depreciation patterns.
Average Age
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, gross – Land and land improvements)
= 100 × ÷ ( – ) =
An examination of the presented financial information reveals trends in property, plant, and equipment, alongside associated accumulated depreciation. Gross property, plant, and equipment exhibited a generally increasing pattern over the five-year period, while accumulated depreciation also increased, though with some fluctuation. The average age ratio demonstrated a slight upward trend throughout the period.
- Gross Property, Plant & Equipment
- The gross value of property, plant, and equipment increased from US$16,092 million in 2021 to US$20,062 million in 2025. Growth was most pronounced between 2022 and 2023 (US$1,459 million increase) and again between 2024 and 2025 (US$2,446 million increase). A minor decrease was observed between 2023 and 2024 (US$74 million decrease).
- Accumulated Depreciation
- Accumulated depreciation followed an overall upward trajectory, rising from US$7,434 million in 2021 to US$9,395 million in 2025. A decrease was noted between 2021 and 2022 (US$223 million decrease), but subsequent years showed increases. The largest increase in accumulated depreciation occurred between 2024 and 2025 (US$1,260 million increase).
- Land and Land Improvements
- The value of land and land improvements remained relatively stable, fluctuating between US$373 million and US$384 million. A modest increase was observed from 2024 to 2025 (US$31 million increase).
- Average Age Ratio
- The average age ratio, expressed as a percentage, increased gradually from 47.31% in 2021 to 47.79% in 2025. This indicates a slight aging of the property, plant, and equipment base over the period. The ratio experienced minor fluctuations, reaching 45.49% in 2022 before trending upwards.
The consistent increase in gross property, plant, and equipment, coupled with the rising average age ratio, suggests ongoing investment in fixed assets, but also a potential need to monitor asset replacement or refurbishment strategies to maintain operational efficiency and avoid increased maintenance costs associated with aging equipment.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 Estimated total useful life = (Property, plant and equipment, gross – Land and land improvements) ÷ Depreciation expense
= ( – ) ÷ =
Over the five-year period, property, plant and equipment, gross experienced a generally increasing trend, with a slight decrease observed between 2023 and 2024. Land and land improvements also exhibited an upward trend, though less pronounced. Depreciation expense consistently increased year-over-year. The estimated total useful life of assets remained largely stable, with a single decrease observed in 2024.
- Gross Property, Plant & Equipment
- The gross value of property, plant and equipment increased from US$16,092 million in 2021 to US$20,062 million in 2025. The most significant increase occurred between 2023 and 2024, rising by US$876 million. However, a minor decrease of US$74 million was noted between 2023 and 2024, potentially indicating asset disposals or reclassifications offsetting acquisitions.
- Land and Land Improvements
- Land and land improvements showed a steady increase, moving from US$379 million in 2021 to US$404 million in 2025. This suggests ongoing investment in land-based assets, though the absolute increase is relatively small compared to the overall property, plant, and equipment.
- Depreciation Expense
- Depreciation expense demonstrated a consistent upward trend, increasing from US$683 million in 2021 to US$853 million in 2025. This increase correlates with the growth in gross property, plant, and equipment, as a larger asset base typically results in higher depreciation charges. The rate of increase in depreciation expense accelerated between 2023 and 2024, and again between 2024 and 2025.
- Estimated Total Useful Life
- The estimated total useful life of assets was consistently reported as 23 years from 2021 to 2023 and in 2025. A decrease to 21 years was observed in 2024. This reduction could indicate a change in the company’s assessment of asset longevity, potentially due to technological advancements, increased usage, or revised depreciation policies. The return to 23 years in 2025 warrants further investigation to understand the reason for the fluctuation.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= ÷ =
Analysis of the presented financial information reveals trends in accumulated depreciation, depreciation expense, and the reported time elapsed since the initial purchase of property, plant, and equipment. Accumulated depreciation decreased from 2021 to 2022, then increased consistently through 2025. Depreciation expense exhibited a steady increase over the five-year period. The reported time elapsed since purchase fluctuated between 10 and 11 years.
- Accumulated Depreciation
- Accumulated depreciation experienced a decrease of US$223 million between 2021 and 2022. Subsequently, it increased by US$785 million between 2022 and 2023, US$139 million between 2023 and 2024, and a more substantial US$1,260 million between 2024 and 2025. This suggests a potential increase in capital expenditure in recent years, or a change in depreciation methods impacting the rate of accumulation.
- Depreciation Expense
- Depreciation expense demonstrated a consistent upward trend, increasing from US$683 million in 2021 to US$853 million in 2025. The increases were relatively consistent, ranging from US$17 million to US$63 million annually. This pattern aligns with the increasing accumulated depreciation and suggests a continued investment in depreciable assets.
- Time Elapsed Since Purchase
- The reported time elapsed since purchase alternated between 10 and 11 years. This suggests a consistent pattern of asset acquisition, with new assets being added to the property, plant, and equipment base each year, maintaining a relatively stable average age of the asset base. The fluctuation does not indicate a significant shift in the company’s asset acquisition strategy.
The increasing depreciation expense and accumulated depreciation, coupled with the consistent time elapsed since purchase, indicate ongoing investment in property, plant, and equipment. The significant increase in accumulated depreciation from 2024 to 2025 warrants further investigation to determine the underlying cause, such as substantial new acquisitions or changes in estimated useful lives.
Estimated Remaining Life
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 Estimated remaining life = (Property, plant and equipment, net – Land and land improvements) ÷ Depreciation expense
= ( – ) ÷ =
Over the five-year period, net property, plant, and equipment exhibited an overall increasing trend, despite a slight dip in 2024. Land and land improvements also demonstrated a general upward trajectory. Simultaneously, depreciation expense consistently rose year-over-year. The estimated remaining life of these assets fluctuated during the period.
- Net Property, Plant, and Equipment
- Net property, plant, and equipment increased from US$8,658 million in 2021 to US$10,667 million in 2025. Growth was observed in each year except for 2024, where a decrease to US$9,481 million was recorded before recovering in the following year. This suggests potential asset disposals or impairments in 2024, followed by subsequent acquisitions or revaluations.
- Land and Land Improvements
- Land and land improvements showed a steady increase, moving from US$379 million in 2021 to US$404 million in 2025. The increase, while not substantial relative to total property, plant, and equipment, indicates ongoing investment in land-based assets.
- Depreciation Expense
- Depreciation expense increased consistently from US$683 million in 2021 to US$853 million in 2025. This rise correlates with the increasing value of property, plant, and equipment, as a larger asset base naturally leads to higher depreciation charges. The increase from 2023 to 2024 (US$741 million to US$810 million) and 2024 to 2025 (US$810 million to US$853 million) was particularly pronounced.
- Estimated Remaining Life
- The estimated remaining life of the property, plant, and equipment initially increased from 12 years in 2021 to 13 years in both 2022 and 2023. A decrease to 11 years was noted in 2024, potentially reflecting the impact of asset disposals or a reassessment of useful lives. The value then increased again to 12 years in 2025. These fluctuations warrant further investigation to understand the underlying reasons for the changes in estimated useful lives.
The combination of increasing net property, plant, and equipment and rising depreciation expense suggests continued investment in assets and their gradual consumption through use. The fluctuation in estimated remaining life requires further scrutiny to determine if it reflects changes in asset composition, technological obsolescence, or accounting policy adjustments.