Stock Analysis on Net
Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Mondelēz International Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net earnings
Depreciation and amortization
Stock-based compensation expense
Deferred income tax provision (benefit)
Asset impairments and accelerated depreciation
Gain on acquisition and divestitures
(Gain) loss on equity method investment transactions
Equity method investment net earnings
Distributions from equity method investments
Unrealized (gain) loss on derivative contracts
Gain on marketable securities
Contingent consideration adjustments
Other non-cash items, net
Receivables, net
Inventories, net
Accounts payable
Other current assets
Other current liabilities
Change in assets and liabilities, net of acquisitions and divestitures
Change in pension and postretirement assets and liabilities, net
Adjustments to reconcile net earnings to operating cash flows
Net cash provided by operating activities
Capital expenditures
Acquisitions, net of cash received
Proceeds from divestitures including equity method and marketable security investments
Proceeds from derivative settlements
Payments for derivative settlements
Contributions to investments
Proceeds from sale of property, plant and equipment and other
Net cash (used in) provided by investing activities
Issuances of commercial paper, maturities greater than 90 days
Repayments of commercial paper, maturities greater than 90 days
Net issuances (repayments) of short-term borrowings
Long-term debt proceeds
Long-term debt repayments
Repurchases of Common Stock
Dividends paid
Other
Net cash used in financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, increase (decrease)
Cash, cash equivalents and restricted cash, balance at beginning of period
Cash, cash equivalents and restricted cash, balance at end of period

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).

The analysis of the financial data over the five-year period reveals several noteworthy trends and fluctuations in key financial parameters.

Net Earnings
The net earnings exhibited volatility with initial growth from 3,569 million USD in 2020 to a peak of 4,314 million USD in 2021. This was followed by a significant decline to 2,726 million USD in 2022, before recovering to 4,968 million USD in 2023 and slightly decreasing to 4,623 million USD in 2024.
Depreciation and Amortization
Depreciation and amortization expenses remained relatively stable from 2020 to 2022, around 1,100 million USD, but rose steadily to 1,215 million USD in 2023 and further to 1,302 million USD in 2024, indicating increased investment or asset base amortization.
Stock-Based Compensation Expense
This expense showed a slight upward trend, rising from 126 million USD in 2020 to 147 million USD in 2024, reflecting potentially increased employee incentives or equity compensation.
Deferred Income Tax Provision (Benefit)
The deferred tax provisions fluctuated significantly, with a negative value in 2020 (-70 million USD) and 2022 (-42 million USD), positive spikes in 2021 (205 million USD) and 2024 (257 million USD), and a minor negative value in 2023, reflecting changing tax positions or timing differences.
Asset Impairments and Accelerated Depreciation
There was an overall increase in asset impairments, peaking at 267 million USD in 2024 after fluctuations, indicating increased write-downs or accelerated depreciation.
Gains and Losses on Various Transactions
Gain on acquisitions and divestitures varied, with losses notable in 2021 (-8 million USD) and 2023 (-108 million USD), while gains/losses on equity method investment transactions swung from significant gains (-989 million USD in 2020) to losses and gains thereafter, indicative of fluctuating investment performance.
Equity Method Investment Net Earnings and Distributions
Equity method investment earnings were negative throughout the period but showed some improvement in 2023 and 2024. Distributions from these investments decreased gradually, suggesting a cautious approach or declining dividend payouts from associated entities.
Unrealized Gain/Loss on Derivative Contracts
There was high variability with a considerable unrealized loss of -627 million USD in 2024, indicating increased exposure or volatility in derivative positions.
Other Non-Cash Items and Changes in Working Capital
Other non-cash items decreased steadily, and changes in receivables, inventories, and payables showed large negative adjustments in the working capital components, particularly accounts payable surging to 1,682 million USD in 2024, suggesting tightened payment terms or increased purchases on credit.
Cash Flow from Operating Activities
Operating cash flow remained strong and generally increased, reaching 4,910 million USD in 2024, supported by net earnings recoveries and working capital adjustments.
Investing Activities
Capital expenditures increased consistently, rising from -863 million USD in 2020 to -1,387 million USD in 2024, highlighting significant ongoing investment in property and equipment. Acquisitions showed a large outflow in 2022 (-5,286 million USD) but turned positive in 2023, with proceeds from divestitures spiking in 2023 at 4,099 million USD, indicating active portfolio management with both acquisitions and sales.
Financing Activities
Financing activities reveal a decline in net cash usage overall from a high outflow in 2023 (-7,558 million USD) to -5,780 million USD in 2024. Long-term debt proceeds decreased markedly over time, while repayments remained substantial. Stock repurchases and dividends paid both increased, reflecting shareholder return priorities. Short-term borrowing was quite volatile with net issuances and repayments varying significantly year over year.
Cash and Cash Equivalents
The cash balance declined substantially during the period, from 3,650 million USD at the end of 2020 to 1,400 million USD at the end of 2024, despite strong operating cash flow, primarily due to heavy investing and financing cash outflows.