Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

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Analysis of Property, Plant and Equipment

Microsoft Excel

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Property, Plant and Equipment Disclosure

Mondelēz International Inc., balance sheet: property, plant and equipment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Land and land improvements
Buildings and building improvements
Machinery and equipment
Construction in progress
Property, plant and equipment, gross
Accumulated depreciation
Property, plant and equipment, net

Based on: 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), 10-K (reporting date: 2020-12-31).


Land and land improvements
The value shows a gradual decline over the five-year period, decreasing from 422 million USD in 2020 to 373 million USD in 2024. This indicates a relatively stable but slightly reduced investment in land and related improvements.
Buildings and building improvements
The figures demonstrate minor fluctuations, with a dip from 3252 million USD in 2020 to 3139 million USD in 2021, followed by a recovery and increase reaching 3453 million USD by 2024. This suggests renewed investment or upgrades in building infrastructure in recent years.
Machinery and equipment
This category displays a downward trend from 12053 million USD in 2020 to 11724 million USD in 2022, before rising to 12732 million USD in 2024. This pattern may reflect an initial phase of asset disposals or reduced purchases, followed by increased acquisitions or upgrades of machinery and equipment.
Construction in progress
There is a consistent upward trend from 628 million USD in 2020 to 1118 million USD in 2023, with a slight decrease to 1058 million USD in 2024. This indicates intensified capital projects or expansions underway, with some stabilization or completion of projects in the final year.
Property, plant, and equipment, gross
The gross value remained relatively stable from 16355 million USD in 2020 to 16231 million USD in 2022, followed by an increase to 17690 million USD in 2023 and a slight decrease to 17616 million USD in 2024. This overall pattern suggests periods of modest asset additions and significant capital expenditure, particularly around 2023.
Accumulated depreciation
The accumulated depreciation shows a general increase in magnitude (more negative) from -7329 million USD in 2020 to -8135 million USD in 2024, with a notable decrease in magnitude in 2022 (-7211 million USD). The rise reflects asset aging and consumption of asset value over time, while the 2022 anomaly may suggest some asset disposals or reassessments.
Property, plant, and equipment, net
The net property, plant, and equipment follows a fluctuating but overall upward trajectory, with a drop from 9026 million USD in 2020 to 8658 million USD in 2021, followed by a rise to 9694 million USD in 2023 before a slight decline to 9481 million USD in 2024. This indicates an improvement in net asset value, likely supported by new investments and capital projects, partially offset by depreciation.

Asset Age Ratios (Summary)

Mondelēz International Inc., asset age ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Average age ratio
Estimated total useful life (years)
Estimated age, time elapsed since purchase (years)
Estimated remaining life (years)

Based on: 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), 10-K (reporting date: 2020-12-31).


Average Age Ratio
The average age ratio shows minor fluctuations over the five-year period, starting at 46% in 2020 and increasing to 47.31% in 2021. It then decreases to 45.49% in 2022, before rising again to 46.2% in 2023 and 47.18% in 2024. This indicates a relatively stable but slight upward trend in the proportion of asset life that has elapsed.
Estimated Total Useful Life
The estimated total useful life of the property, plant, and equipment gradually declines from 24 years in 2020 to 21 years in 2024. This suggests a reduction in the expected longevity of the assets, possibly due to changes in asset composition or reassessment of asset lifespans.
Estimated Age, Time Elapsed Since Purchase
The estimated age of the assets remains stable around 10 to 11 years throughout the period, with no significant upward or downward trend. This stability indicates consistent asset replacement or acquisition policies.
Estimated Remaining Life
The estimated remaining life shows a slight decrease from 13 years in 2020 to 11 years in 2024, with minor fluctuations over the interim years. This aligns with the diminishing total useful life and steady asset age, reflecting a gradual shortening of the expected remaining operational duration.

Average Age

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Accumulated depreciation
Property, plant and equipment, gross
Land and land improvements
Asset Age Ratio
Average age1

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, gross – Land and land improvements)
= 100 × ÷ () =


The financial data reveals several notable trends regarding the property, plant, and equipment for the observed periods.

Accumulated Depreciation
There is a generally increasing trend in accumulated depreciation values from 7,329 million USD in 2020 to 8,135 million USD in 2024, with a brief decrease observed in 2022 to 7,211 million USD. This overall growth suggests ongoing wear and usage of the company’s fixed assets, reflecting consistent depreciation expenses over time.
Property, Plant and Equipment, Gross
The gross property, plant, and equipment values demonstrate some fluctuation, starting at 16,355 million USD in 2020, slightly declining in 2021 to 16,092 million USD, and then gradually increasing to 17,616 million USD by 2024. The steady rise after 2021 indicates new investments or acquisitions in fixed assets that outpace disposals or depreciation effects during this later period.
Land and Land Improvements
Values related to land and land improvements show a slight decline overall, from 422 million USD in 2020 to 373 million USD in 2024. This moderate decrease may reflect disposals or impairments related to land assets or a reclassification within fixed assets.
Average Age Ratio
The average age ratio, expressed as a percentage, fluctuates modestly over the years, beginning at 46% in 2020, peaking at 47.31% in 2021, dropping to 45.49% in 2022, and then rising again to 47.18% by 2024. This ratio indicates a relatively stable age profile of the property, plant, and equipment, with minor variations possibly caused by differing rates of asset additions and retirements annually.

In summary, the data suggests continued investment in fixed assets with a general increase in accumulated depreciation consistent with asset usage. The slight decline in land values and oscillation in average age ratio points to a stable but actively managed fixed asset base.


Estimated Total Useful Life

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Property, plant and equipment, gross
Land and land improvements
Depreciation expense
Asset Age Ratio (Years)
Estimated total useful life1

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Estimated total useful life = (Property, plant and equipment, gross – Land and land improvements) ÷ Depreciation expense
= () ÷ =


Property, plant and equipment, gross
The gross value of property, plant, and equipment experienced relatively minor fluctuations over the period. It started at $16,355 million in 2020, declined slightly to $16,092 million in 2021, and then showed a modest increase to $16,231 million in 2022. A more noticeable rise occurred in 2023, reaching $17,690 million, followed by a slight decrease to $17,616 million in 2024. Overall, the gross value remains relatively stable with a modest upward trend in the last two years.
Land and land improvements
The value of land and land improvements showed a small downward trend over the five-year span. Starting at $422 million in 2020, it decreased to $379 million in 2021 and remained nearly steady at $378 million in 2022. Slight increases were observed in 2023, reaching $384 million, but this was followed by a decline to $373 million in 2024. The changes suggest limited investment or disposal activity related to land assets.
Depreciation expense
Depreciation expense exhibited a consistent upward trajectory, increasing steadily from $652 million in 2020 to $810 million in 2024. This rising pattern indicates either growing depreciation charges due to asset additions or changes in asset mix, useful lives, or depreciation policies. The most pronounced increases were noted between 2022 and 2023, and again into 2024, suggesting accelerated depreciation or increased capital expenditures in recent years.
Estimated total useful life
The estimated total useful life of the property, plant, and equipment showed a gradual decline from 24 years in 2020 to 21 years in 2024. This shortening of estimated useful life may be linked to changes in asset composition, technological obsolescence, or updated management assumptions regarding asset longevity, which could also explain the rising depreciation expense observed during the same period.

Estimated Age, Time Elapsed since Purchase

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Accumulated depreciation
Depreciation expense
Asset Age Ratio (Years)
Time elapsed since purchase1

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= ÷ =


Accumulated Depreciation
The accumulated depreciation exhibits a generally increasing trend over the five-year period, rising from $7,329 million in 2020 to $8,135 million in 2024. Notably, there is a slight dip in 2022 to $7,211 million, which deviates from the otherwise incremental growth observed. The overall upward movement suggests ongoing wear and usage of property, plant, and equipment assets over time, although the temporary decrease in 2022 may indicate asset disposals, impairments, or adjustments in accounting estimates.
Depreciation Expense
The annual depreciation expense steadily increased from $652 million in 2020 to $810 million in 2024. This consistent rise highlights an accelerating consumption or cost allocation of fixed assets during each year. The growth in depreciation expense may reflect additions to the asset base, changes in depreciation methods or useful lives, or investment in more rapidly depreciating asset categories.
Time Elapsed Since Purchase
The time elapsed since purchase remains relatively stable, fluctuating narrowly between 10 and 11 years across the observed periods. This stability suggests that the asset turnover or replacement cycle is consistent, with assets reaching similar ages year over year. The slight variations do not indicate significant changes in asset acquisition or disposal frequency.

Estimated Remaining Life

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Property, plant and equipment, net
Land and land improvements
Depreciation expense
Asset Age Ratio (Years)
Estimated remaining life1

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Estimated remaining life = (Property, plant and equipment, net – Land and land improvements) ÷ Depreciation expense
= () ÷ =


Net Property, Plant, and Equipment
The net value of property, plant, and equipment exhibited some fluctuations over the observed period. Starting at $9,026 million at the end of 2020, it declined to $8,658 million by the end of 2021, before increasing again to reach a peak of $9,694 million at the end of 2023. However, a slight decrease to $9,481 million was recorded in 2024. This pattern suggests a phase of asset disposals or impairments in 2021, followed by reinvestment or acquisitions in the subsequent years, leading to a generally upward trend after 2021.
Land and Land Improvements
The value of land and land improvements showed a gradual downward trajectory from $422 million in 2020 to $373 million in 2024. The decline, though moderate, indicates a consistent reduction in this category. This could reflect disposals or revaluation adjustments of land assets, or limited reinvestment in this specific asset class over the period.
Depreciation Expense
Depreciation expense demonstrated a steady increase throughout the timeframe. Beginning at $652 million in 2020, it rose incrementally each year, reaching $810 million by 2024. This upward trend may be indicative of an aging asset base with increasing annual depreciation charges, or the effect of new capital expenditures increasing the depreciable asset base.
Estimated Remaining Life of Assets
The estimated remaining life of the assets generally remained stable around 12-13 years from 2020 to 2023. However, there was a noticeable reduction to 11 years in 2024. This decrease could suggest accelerated aging or faster expected obsolescence of the asset base, which may result in higher future depreciation expenses.