Analysis of Reportable Segments
Mondelēz International Inc. operates in 4 segments: Latin America; Asia, Middle East and Africa (AMEA); Europe; and North America.
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Segment Profit Margin
Mondelēz International Inc., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America |
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).
- Latin America
- The profit margin shows an overall upward trend from 7.63% in 2020 to 10.8% in 2024. After a notable increase between 2020 and 2022, reaching 10.69%, the margin experienced a slight dip in 2023 to 10.57% but recovered to 10.8% in 2024. This indicates gradual improvement in profitability with minor volatility towards the end of the period.
- Asia, Middle East and Africa (AMEA)
- The segment starts with a strong margin of 14.3% in 2020 which increased to 16.3% in 2021. However, it declined to 13.73% in 2022 before rebounding to 15.73% in 2023 and slightly increasing to 16.34% in 2024. This pattern suggests some fluctuations possibly due to external factors, but the segment maintains a generally healthy profit margin above 13% throughout.
- Europe
- Europe's profit margin increased from 17.39% in 2020 to a peak of 18.75% in 2021, followed by a significant decline to 12.97% in 2022. It then improved to 15.38% in 2023 and 15.54% in 2024, indicating recovery but not returning to prior peak levels. The volatility suggests challenges faced in 2022 with partial stabilization afterward.
- North America
- The margin began at the highest level among regions at 19.46% in 2020 but declined to 16.51% in 2021. It rebounded steadily over the next three years, reaching 22.84% in 2024, the highest margin observed across all segments and years. This reflects strong and improving profitability in North America with a clear positive trend post-2021.
Segment Profit Margin: Latin America
Mondelēz International Inc.; Latin America; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
- Net Revenues
- There is a consistent upward trend in net revenues from 2020 to 2023, increasing from 2,477 million US dollars in 2020 to 5,006 million US dollars in 2023. However, a slight decline is observed in 2024, with net revenues decreasing marginally to 4,926 million US dollars.
- Segment Operating Income
- The segment operating income shows a steady increase over the five-year period, rising from 189 million US dollars in 2020 to 532 million US dollars in 2024. Notably, the largest jump occurs between 2021 and 2023, where operating income nearly doubles from 261 million to 529 million.
- Segment Profit Margin
- The profit margin exhibits an upward trajectory from 7.63% in 2020 to a peak of 10.69% in 2022. Following this, it experiences a minor dip to 10.57% in 2023 but recovers slightly to 10.8% in 2024, indicating an overall improvement in profitability relative to revenues over the observed period.
- Overall Analysis
- Over the five-year span, the segment demonstrates growth in both revenues and operating income, with a strong increase in profit margins reflecting improved operational efficiency or pricing power. Despite the slight revenue decrease in the final year, the operating income and profit margins remain robust, suggesting resilience and effective cost management within the segment.
Segment Profit Margin: Asia, Middle East and Africa (AMEA)
Mondelēz International Inc.; Asia, Middle East and Africa (AMEA); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
The financial data for the Asia, Middle East and Africa (AMEA) segment over the five-year period from 2020 to 2024 indicates a generally positive trend in both operating income and net revenues. Segment operating income shows a consistent upward movement except for a slight dip in 2022. This temporary decrease contrasts with a strong recovery in 2023 and a further increase in 2024, reaching the highest value in the given timeframe.
Net revenues demonstrate a steady growth year-over-year, with no declines observed. The increase is gradual yet consistent, reflecting expansion or improved performance in this geographic segment.
The segment profit margin exhibits more variability compared to net revenues and operating income. After an initial increase in 2021, the margin declines in 2022, mirroring the dip in operating income, before rising again in 2023 and maintaining improvement into 2024. This suggests fluctuations in cost management or pricing strategies impacting profitability despite revenue growth.
- Operating Income
- Shows a strong upward trajectory overall, with a slight decline in 2022 followed by a recovery surpassing previous highs in subsequent years.
- Net Revenues
- Consistently increases year-over-year without any downturns, indicating steady growth in sales or market penetration.
- Segment Profit Margin
- Experiences fluctuations, increasing initially, then declining in 2022, before improving again through 2023 and 2024, implying variability in cost control or operational efficiency.
In summary, the AMEA segment reflects solid financial performance characterized by expanding revenues and resilient operating income. However, the variability in profit margin suggests that profitability is somewhat sensitive to changes in expenses or market conditions during this period.
Segment Profit Margin: Europe
Mondelēz International Inc.; Europe; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
The data for the Europe reportable segment demonstrates notable fluctuations and general trends in key financial metrics over the five-year period from 2020 to 2024.
- Net Revenues
- Net revenues show a consistent upward trajectory, increasing from $10,207 million in 2020 to $13,309 million in 2024. This represents a steady growth in sales or market presence within the segment, with the most significant annual increment occurring between 2022 and 2023.
- Segment Operating Income
- Segment operating income displays greater variability compared to net revenues. It increased from $1,775 million in 2020 to a peak of $2,092 million in 2021, then declined sharply to $1,481 million in 2022. Following this dip, operating income recovered to $1,978 million in 2023 and slightly increased further to $2,068 million in 2024. This pattern suggests fluctuating operational efficiency or cost management challenges impacting profitability amidst generally growing revenues.
- Segment Profit Margin
- The segment profit margin follows a similar volatility pattern. It rose from 17.39% in 2020 to 18.75% in 2021, reflecting improved profitability relative to revenue. However, in 2022, the margin contracted significantly to 12.97%, indicating either increased costs or reduced pricing power. Margins then rebounded to 15.38% in 2023 and slightly increased again to 15.54% in 2024, albeit remaining below the peak levels observed in 2021.
Overall, while revenue generation within the Europe segment has demonstrated stable growth throughout the period, both operating income and profit margin have experienced fluctuations, suggesting varying operational or market conditions that affected profitability. The recovery in operating income and margins after 2022 points to improvements but not yet a full return to the highest historical profitability levels.
Segment Profit Margin: North America
Mondelēz International Inc.; North America; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
- Net Revenues
- Net revenues for the North America reportable segment show a generally increasing trend from 2020 through 2023, starting at 8,157 million US dollars in 2020 and rising to a peak of 11,078 million US dollars in 2023. However, a slight decline is observed in 2024 when revenues decrease marginally to 10,910 million US dollars.
- Segment Operating Income
- Segment operating income experienced fluctuations but overall demonstrated significant growth. Initially, operating income decreased from 1,587 million US dollars in 2020 to 1,371 million US dollars in 2021. From 2021 onwards, a robust upward trend is evident, with operating income increasing steadily to 1,769 million US dollars in 2022, then to 2,092 million US dollars in 2023, and reaching 2,492 million US dollars in 2024.
- Segment Profit Margin
- The segment profit margin follows a similar pattern to operating income. It declined from 19.46% in 2020 to 16.51% in 2021, indicating a reduction in profitability during that period. Subsequently, it improved consistently, rising to 18.27% in 2022, then 18.88% in 2023, and significantly increasing to 22.84% in 2024. This suggests enhanced efficiency and profitability of the segment towards the most recent year.
- Overall Analysis
- While net revenues showed a consistent increase until 2023 followed by a slight drop in 2024, segment operating income and profit margin exhibited strong recovery and growth from 2021 onward. The substantial increase in profit margin in 2024, reaching the highest value in the five-year span, reflects improved management of costs or more profitable sales mix despite the slight decline in net revenues. The data points to a positive trend in operational profitability and margin improvement in the latter years, which may mitigate concerns arising from the stagnation and minor decrease in revenues at the end of the observed period.
Segment Capital Expenditures to Depreciation
Mondelēz International Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America |
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 annual reportable segment capital expenditures to depreciation ratios for the periods ending December 31, from 2020 to 2024, reveals distinct trends across the various geographic segments.
- Latin America
- The ratio exhibits a declining trend from 2.17 in 2020 to a low of 0.95 in 2022, indicating a significant reduction in capital expenditures relative to depreciation during this period. However, starting in 2023, the ratio begins to recover, increasing to 1.08 and further to 1.32 in 2024, suggesting a renewed emphasis on investment or an improvement in capital expenditure relative to asset wear and tear.
- Asia, Middle East and Africa (AMEA)
- The capital expenditures to depreciation ratio shows a consistent upward trend throughout the period, rising steadily from 1.11 in 2020 to 1.91 in 2024. This indicates an increasing level of capital investment relative to depreciation, signifying potential growth initiatives or asset base expansion within this region over the five years.
- Europe
- Europe's ratio rises from 1.24 in 2020 to 1.59 in 2021, then dips slightly to 1.38 in 2022. Following this, a marked upward trend is observable with the ratio reaching 1.66 in 2023 and continuing to increase to 2.00 in 2024. This pattern suggests some variability but a general trend of increasing capital expenditure compared to asset depreciation, highlighting possible strategic investments or asset renewals in the most recent years.
- North America
- North America shows a steady increase in the ratio from 1.12 in 2020 to 1.69 in 2023, with a slight decrease to 1.64 in 2024. This indicates a period of growing capital investment relative to asset depreciation, with a minor reduction in the most recent year, potentially reflecting a stabilization of capital expenditure levels or adjusted investment priorities.
Overall, the data reveals that most regions, except for Latin America initially, have experienced increasing capital expenditures relative to depreciation over the period analyzed. Latin America, after a phase of declining investment intensity relative to depreciation until 2022, appears to be recovering. The trends suggest a strategic focus on growth and asset renewal in Asia, Middle East and Africa, Europe, and North America, with varying degrees of investment intensity and timing.
Segment Capital Expenditures to Depreciation: Latin America
Mondelēz International Inc.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
The analysis of the annual financial data for the Latin America segment indicates shifting investment and asset depreciation patterns over the five-year period.
- Capital Expenditures
- Capital expenditures exhibited a declining trend from 219 million US dollars in 2020 to a low of 106 million US dollars in 2022. This was followed by a rebound in 2023 and 2024, increasing to 164 million and 199 million US dollars respectively. The data suggest an initial phase of reduced investment intensity, with a subsequent renewed emphasis on capital allocation in more recent years.
- Depreciation Expense
- Depreciation expense generally increased throughout the period, starting at 101 million US dollars in 2020 and rising to 152 million and 151 million US dollars in 2023 and 2024 respectively. The rising depreciation over time reflects either an expanding asset base subjected to wear or changes in asset valuation methodologies, indicating a maturing asset profile within the segment.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio declined significantly from 2.17 in 2020 to a nadir of 0.95 in 2022, reflecting the period when capital expenditures were less than depreciation, suggestive of a phase of under-investment relative to asset consumption. Thereafter, the ratio improved to 1.08 in 2023 and further to 1.32 in 2024, signaling a return to more balanced or expanding investment relative to asset depreciation.
Overall, the segment experienced a contraction in capital expenditures relative to depreciation through 2022, followed by a recovery in the following two years. Depreciation costs steadily increased, reflecting asset aging or growth in depreciable assets. The improving capital expenditure to depreciation ratio towards the end of the period suggests a strategic re-engagement in asset investments to sustain or grow operational capacity.
Segment Capital Expenditures to Depreciation: Asia, Middle East and Africa (AMEA)
Mondelēz International Inc.; Asia, Middle East and Africa (AMEA); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
- Capital expenditures
- The capital expenditures demonstrate a consistent upward trend over the five-year period. Starting at 177 million US dollars in 2020, investments increased steadily to reach 309 million US dollars by 2024. This represents a significant growth in capital spending, indicating a possible expansion or modernization effort within the segment.
- Depreciation expense
- The depreciation expense shows minor fluctuations without a clear upward or downward trajectory. Initially, the expense rose from 159 million US dollars in 2020 to 173 million in 2021, followed by a gradual decline to 155 million in 2023, with a slight rebound to 162 million in 2024. This relatively stable pattern suggests that the asset base subject to depreciation did not substantially change in value or composition during this period.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures to depreciation presents a notable increasing trend, moving from 1.11 in 2020 to 1.91 in 2024. This growing ratio implies that capital investments are outpacing the rate at which assets are depreciated, potentially signaling an accumulation of new assets or enhanced investment intensity. The rise in this ratio could reflect strategic initiatives aimed at sustaining or expanding operational capacity in the segment.
Segment Capital Expenditures to Depreciation: Europe
Mondelēz International Inc.; Europe; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
- Capital Expenditures
- Capital expenditures demonstrate a generally increasing trend over the observed five-year period. Starting at 295 million US dollars in 2020, expenditures rose significantly to 409 million US dollars in 2021. This was followed by a moderate decrease to 335 million US dollars in 2022. Subsequently, capital expenditures increased again to 399 million US dollars in 2023 and reached their highest point at 550 million US dollars by the end of 2024.
- Depreciation Expense
- Depreciation expense shows a relatively stable pattern with slight fluctuations. It increased from 238 million US dollars in 2020 to 257 million US dollars in 2021, then declined slightly to 242 million US dollars in 2022 and remained nearly unchanged in 2023 at 241 million US dollars. A notable increase occurred in 2024, with depreciation expense rising to 275 million US dollars.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation indicates an overall upward trend, suggesting increasing investment relative to the wear and tear of existing assets. The ratio rose from 1.24 in 2020 to 1.59 in 2021, decreased slightly to 1.38 in 2022, and then increased to 1.66 in 2023. The most significant rise occurred in 2024, with the ratio reaching 2.00, indicating that capital expenditures were twice the depreciation amount that year. This reflects an intensification of capital investment activities relative to asset depreciation within the segment.
Segment Capital Expenditures to Depreciation: North America
Mondelēz International Inc.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
- Capital Expenditures
- There is a consistent upward trend in capital expenditures over the five-year period. Starting at 172 million US dollars in 2020, the expenditure increases progressively each year to reach 291 million US dollars by 2024. This indicates a growing investment in assets or infrastructure within the segment.
- Depreciation Expense
- Depreciation expense shows a generally declining pattern from 154 million US dollars in 2020 to a low of 140 million in 2022, followed by an increase to 177 million US dollars in 2024. This suggests initial asset base aging or disposals, with subsequent increases possibly due to new capital expenditures coming into service.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation rises steadily from 1.12 in 2020 to a peak of 1.69 in 2023, then slightly declines to 1.64 in 2024. This increasing ratio indicates that capital investments are growing at a faster rate relative to the expense of asset depreciation, implying asset base expansion and potential for future capacity or operational enhancements.
Net revenues
Mondelēz International Inc., net revenues by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Total |
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 net revenues across the reportable segments display a consistent upward trend over the five-year period from 2020 to 2024, indicating overall growth in the company's geographical markets. The total net revenues increased steadily from $26,581 million in 2020 to $36,441 million in 2024, reflecting a compound growth trajectory.
- Latin America
- The Latin America segment shows significant growth from $2,477 million in 2020 to a peak of $5,006 million in 2023, more than doubling over this period. However, in 2024 there is a slight decline to $4,926 million, suggesting a minor downturn or market adjustment after strong prior gains.
- Asia, Middle East and Africa (AMEA)
- This segment demonstrates steady and moderate growth throughout the period. Revenues climbed from $5,740 million in 2020 to $7,296 million in 2024, showing consistent expansion and resilience across these regions without any notable fluctuations.
- Europe
- Europe's revenues increased progressively each year from $10,207 million in 2020 to $13,309 million in 2024. The growth is steady and reflects effective market penetration or expansion in this region, with incremental annual increases indicating sustainable development.
- North America
- The North American segment also displays a solid upward trend from $8,157 million in 2020 to $11,078 million in 2023. However, unlike other segments, revenues slightly declined to $10,910 million in 2024. This dip suggests some market challenges or external factors possibly impacting sales in the final year.
- Total Revenues
- The aggregate net revenues confirm the positive trend seen at the segment level, with total net revenues growing steadily each year. The increase from $26,581 million in 2020 to $36,441 million in 2024 represents strong overall business expansion across geographies despite minor declines in Latin America and North America in 2024.
Segment operating income
Mondelēz International Inc., segment operating income by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Total |
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 segment operating income data indicates varying trends across different geographic regions over the five-year period analyzed.
- Latin America
- Operating income in this segment exhibited consistent growth every year, increasing from $189 million in 2020 to $532 million in 2024. The most significant increments occurred between 2021 to 2023, showcasing a strong upward trajectory that slightly leveled off in the last year.
- Asia, Middle East and Africa (AMEA)
- This region experienced fluctuations but overall growth in operating income. After an increase from $821 million in 2020 to $1,054 million in 2021, the income temporarily declined to $929 million in 2022 but then rebounded to $1,192 million by 2024, reaching its highest point in the period analyzed.
- Europe
- Europe’s operating income demonstrated volatility. It increased from $1,775 million in 2020 to a peak of $2,092 million in 2021, then dropped sharply to $1,481 million in 2022. The segment recovered in the following years, rising to $2,068 million in 2024 but still slightly below the 2021 peak.
- North America
- North America showed robust growth across the period, starting at $1,587 million in 2020, dipping to $1,371 million in 2021, and then steadily increasing each year to reach $2,492 million in 2024. The growth after 2021 was notable and consistent.
- Total
- The total operating income, summing all segments, exhibited an overall upward trend. It increased from $4,372 million in 2020 to $6,284 million in 2024, with a slight dip in 2022 reflecting the downturn in Europe and AMEA regions. The recovery in 2023 and 2024 was strong, surpassing previous years’ totals.
Overall, the data reveals strong growth in Latin America and North America segments, recovery and fluctuations in the Europe and AMEA segments, and a consistent increase in total operating income. This suggests a positive performance trajectory influenced by regional variances and economic conditions affecting different markets differently.
Depreciation expense
Mondelēz International Inc., depreciation expense by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Corporate | |||||
| Total |
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 depreciation expense data across the reportable segments exhibits notable patterns and shifts over the five-year period under review.
- Latin America
- This segment shows a generally upward trend in depreciation expense from 101 million US dollars in 2020 to a peak of 152 million in 2023, followed by a slight decrease to 151 million in 2024. The increase is significant between 2022 and 2023, indicating possible expansions in asset base or accelerated depreciation policies during that period.
- Asia, Middle East and Africa (AMEA)
- The depreciation expense in this segment demonstrates fluctuation without a clear directional trend. Starting at 159 million in 2020, it increased to 173 million in 2021, then declined to 160 million in 2022 and further to 155 million in 2023. A modest recovery occurred in 2024 with expenses rising to 162 million. This variability could reflect changes in investment activity or asset disposals within the segment.
- Europe
- The Europe segment maintains the highest depreciation expense among all segments, displaying a steady increase over the period. From 238 million in 2020, the expense rises to 257 million in 2021, dips slightly in 2022 and 2023 at 242 and 241 million respectively, and then climbs significantly to 275 million in 2024. The overall growth suggests ongoing asset additions or infrastructural investments in this region.
- North America
- This segment exhibits a decreasing trend in the early years, starting at 154 million in 2020 and declining to 140 million by 2022. However, depreciation expense reverses direction with increases in 2023 and 2024, reaching 177 million in the final year. The initial reduction could indicate asset retirements or slower capital expenditures, with subsequent growth pointing to renewed investment activity.
- Corporate
- Notably, the corporate depreciation expense appears from 2022 onwards, starting at 37 million and rising steadily to 45 million in 2024. The emergence and growth of this category may reflect central asset management activities or reclassification of certain expenses previously included in other segments.
- Total Depreciation Expense
- The aggregate depreciation expense increases consistently over the five years, from 652 million in 2020 to 810 million in 2024. The steady rise reflects combined movements in the individual segments, with total expense growth accelerating particularly from 2022 onward. This pattern suggests an overall expansion in the asset base or increased capital expenditure across the company.
Capital expenditures
Mondelēz International Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Corporate | |||||
| Total |
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).
- General Capital Expenditure Trends
- Over the five-year period, there is an overall upward trend in total capital expenditures, increasing from US$863 million in 2020 to US$1,387 million in 2024. This represents a substantial growth, particularly notable in the last two years, where annual increases accelerated.
- Regional Analysis
-
- Latin America
- Capital expenditures in Latin America show a fluctuating pattern. Starting at US$219 million in 2020, expenditures declined sharply to US$106 million in 2022 before recovering in 2023 and 2024 to US$164 million and US$199 million respectively. The lowest point in 2022 suggests a temporary reduction in investment or project delays, followed by a rebound in subsequent years.
- Asia, Middle East and Africa (AMEA)
- This region showed consistent growth each year, starting from US$177 million in 2020 and increasing steadily to US$309 million by 2024. The continuous rise indicates increasing capital commitment and possibly expansion or modernization efforts in these markets.
- Europe
- Europe experienced some volatility but maintained a general upward trend. Capital expenditures rose from US$295 million in 2020 to a peak of US$409 million in 2021, declined to US$335 million in 2022, and then increased again to US$550 million by 2024. The dip in 2022 was temporary, and the sharp increase afterward reflects renewed or increased investment activity.
- North America
- Levels of capital expenditures in North America show a consistent upward trajectory, growing from US$172 million in 2020 to US$291 million in 2024. This steady increase suggests sustained investment in this region, likely aimed at enhancing production capacity or infrastructure.
- Corporate
- Corporate segment capital expenditures first appear in 2022 with US$52 million, then slightly decrease over the following years to US$43 million in 2023 and US$38 million in 2024. The initial introduction of corporate capital expenses from 2022 might relate to centralized projects or investments not allocated to specific regions.
- Insights
- The capital expenditure data reflects a strategic emphasis on expansion and upgrading in most regions, particularly in AMEA and Europe, which show the most significant increases. Latin America’s pattern suggests a cautious approach with temporary pullbacks, while North America demonstrates steady investment growth. The introduction of corporate capital expenditures in 2022 indicates an additional focus on corporate-wide initiatives. Overall, the rising total capital expenditures imply a robust investment strategy supporting future growth.