Mondelēz International Inc. (NASDAQ:MDLZ)

The composition of assets at the company exhibits several notable trends over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A significant portion of assets consistently resides in noncurrent categories, specifically goodwill and intangible assets, representing a substantial portion of the total asset base. Fluctuations are observed within current asset components, and a marked shift occurs in the composition of assets towards the end of the period.

Cash and Cash Equivalents

The proportion of cash and cash equivalents to total assets generally decreased over the period, fluctuating between approximately 2.06% and 5.29%. A noticeable decline is observed from early 2021 levels to a low point in March 2024 (1.77%), followed by some recovery, but remaining relatively low compared to the beginning of the observed timeframe. This suggests a potential shift in liquidity management or investment strategies.

Trade and Other Receivables

Trade receivables, as a percentage of total assets, demonstrate an increasing trend, rising from around 4.00% in March 2021 to over 6.26% by March 2025. Other receivables show a similar, albeit less pronounced, upward trend, increasing from approximately 0.99% to 1.71% over the same period. This combined increase suggests a potential lengthening of the cash conversion cycle or changes in credit policies.

Inventories

Inventories exhibit a generally increasing trend as a percentage of total assets, moving from 3.97% in March 2021 to 7.14% in September 2025. This increase could indicate a build-up of stock, potentially due to anticipated demand, supply chain concerns, or changes in inventory management practices.

Current Assets – Significant Shift

While current assets initially represent around 13% of total assets, a substantial increase is observed in March 2024, reaching 25.03%. This is largely driven by a significant increase in ‘Other current assets’ during that quarter. However, this proportion decreases in subsequent quarters, suggesting the increase was potentially a temporary event. Overall, current assets fluctuate but remain a smaller portion of the total asset base compared to noncurrent assets.

Long-Term Assets – Goodwill and Intangibles

Goodwill consistently represents a substantial portion of total assets, fluctuating around 33-34%. Intangible assets also contribute significantly, generally ranging between 27% and 28%. These high proportions indicate a significant reliance on acquired assets and intellectual property. A slight decrease in the proportion of goodwill is observed towards the end of the period.

Equity Method Investments & Other Assets

Equity method investments show a decreasing trend, falling from 8.92% in March 2021 to 0.93% in December 2025. ‘Other assets’ demonstrate a notable increase towards the end of the period, rising from 0.42% to 1.33%. These shifts suggest changes in the company’s investment portfolio and potentially the recognition of new asset categories.

In summary, the asset composition demonstrates a relatively stable long-term asset base, with notable fluctuations in current asset components. The increasing trends in receivables and inventories, coupled with the significant, albeit temporary, increase in ‘Other current assets’ in early 2024, warrant further investigation. The decreasing proportion of equity method investments and the increasing proportion of ‘Other assets’ also suggest evolving investment and asset management strategies.