Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Mondelēz International Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
United States federal	268)	667)	187)	297)	440)
State and local	83)	123)	78)	89)	98)
Outside United States	861)	784)	642)	599)	756)
Current	1,212)	1,574)	907)	985)	1,294)
United States federal	98)	(167)	(17)	(31)	(82)
State and local	28)	(50)	2)	9)	(7)
Outside United States	131)	180)	(27)	227)	19)
Deferred	257)	(37)	(42)	205)	(70)
Provision for income taxes	1,469)	1,537)	865)	1,190)	1,224)

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).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Mondelēz International Inc. current increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Mondelēz International Inc. deferred increased from 2022 to 2023 and from 2023 to 2024.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Mondelēz International Inc. provision for income taxes increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Mondelēz International Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
State and local income taxes, net of federal tax benefit	1.20%	-0.10%	1.60%	1.10%	1.60%
Foreign rate differences	3.00%	2.00%	2.00%	-1.60%	1.10%
Changes in judgment on realizability of deferred tax assets	-0.20%	-0.10%	-1.10%	0.10%	-2.20%
Net change in tax accruals	0.50%	-0.20%	-1.40%	-0.50%	-0.80%
Tax accrual on investment in KDP, including tax impact of share sales	0.00%	2.80%	0.50%	4.70%	6.70%
Excess tax benefits from equity compensation	-0.40%	-0.40%	-0.80%	-0.70%	-1.00%
Tax legislation	0.20%	1.40%	0.50%	2.30%	1.00%
Business sales	0.00%	-0.50%	0.10%	0.00%	7.40%
Tax benefit from legal entity reorganization	-2.30%	0.00%	0.00%	0.00%	0.00%
Foreign tax provisions under TCJA (GILTI, FDII and BEAT)	0.50%	0.60%	0.10%	0.80%	1.10%
Tax impacts from the European Commission legal matter	0.00%	-0.40%	2.10%	0.00%	0.00%
Non-deductible expenses and other, including buyout of Clif Bar ESOP	0.00%	0.00%	2.20%	0.00%	0.00%
Other	0.00%	0.00%	0.00%	0.00%	0.30%
Effective tax rate	23.50%	26.10%	26.80%	27.20%	36.20%

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).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Mondelēz International Inc. effective tax rate decreased from 2022 to 2023 and from 2023 to 2024.

Mondelēz International Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accrued postretirement and postemployment benefits	50)	45)	83)	114)	137)
Accrued pension costs	—)	—)	—)	23)	251)
Other employee benefits	154)	155)	156)	150)	151)
Accrued expenses	647)	632)	649)	454)	420)
Loss carryforwards	681)	701)	664)	685)	648)
Tax credit carryforwards	736)	803)	786)	786)	790)
Other	527)	589)	481)	468)	535)
Deferred income tax assets	2,795)	2,925)	2,819)	2,680)	2,932)
Valuation allowance	(1,291)	(1,359)	(1,257)	(1,280)	(1,277)
Net deferred income tax assets	1,504)	1,566)	1,562)	1,400)	1,655)
Intangible assets	(3,083)	(3,094)	(3,279)	(3,214)	(2,951)
Property, plant and equipment	(777)	(770)	(708)	(638)	(747)
Accrued pension costs	(74)	(62)	(57)	—)	—)
Other	(662)	(524)	(482)	(451)	(513)
Deferred income tax liabilities	(4,596)	(4,450)	(4,526)	(4,303)	(4,211)
Net deferred income tax assets (liabilities)	(3,092)	(2,884)	(2,964)	(2,903)	(2,556)

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).

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Item	Description	The company
Deferred income tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Mondelēz International Inc. deferred income tax assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Net deferred income tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Mondelēz International Inc. net deferred income tax assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Net deferred income tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Mondelēz International Inc. net deferred income tax assets (liabilities) increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Mondelēz International Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Deferred income tax assets	333)	408)	473)	541)	790)
	Deferred income tax liabilities	3,425)	3,292)	3,437)	3,444)	3,346)

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).

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Item	Description	The company
Deferred income tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Mondelēz International Inc. deferred income tax assets decreased from 2022 to 2023 and from 2023 to 2024.
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Mondelēz International Inc. deferred income tax liabilities decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Mondelēz International Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	68,497)	71,391)	71,161)	67,092)	67,810)
Less: Noncurrent deferred tax assets, net	333)	408)	473)	541)	790)
Total assets (adjusted)	68,164)	70,983)	70,688)	66,551)	67,020)
Adjustment to Total Liabilities
Total liabilities (as reported)	41,539)	43,025)	44,241)	38,769)	40,156)
Less: Noncurrent deferred tax liabilities, net	3,425)	3,292)	3,437)	3,444)	3,346)
Total liabilities (adjusted)	38,114)	39,733)	40,804)	35,325)	36,810)
Adjustment to Total Mondelēz International Shareholders’ Equity
Total Mondelēz International shareholders’ equity (as reported)	26,932)	28,332)	26,883)	28,269)	27,578)
Less: Net deferred tax assets (liabilities)	(3,092)	(2,884)	(2,964)	(2,903)	(2,556)
Total Mondelēz International shareholders’ equity (adjusted)	30,024)	31,216)	29,847)	31,172)	30,134)
Adjustment to Net Earnings Attributable To Mondelēz International
Net earnings attributable to Mondelēz International (as reported)	4,611)	4,959)	2,717)	4,300)	3,555)
Add: Deferred income tax expense (benefit)	257)	(37)	(42)	205)	(70)
Net earnings attributable to Mondelēz International (adjusted)	4,868)	4,922)	2,675)	4,505)	3,485)

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).

Mondelēz International Inc., Financial Data: Reported vs. Adjusted

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Mondelēz International Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	12.65%	13.77%	8.63%	14.97%	13.37%
Adjusted net profit margin	13.36%	13.67%	8.49%	15.69%	13.11%
Total Asset Turnover
Reported total asset turnover	0.53	0.50	0.44	0.43	0.39
Adjusted total asset turnover	0.53	0.51	0.45	0.43	0.40
Financial Leverage
Reported financial leverage	2.54	2.52	2.65	2.37	2.46
Adjusted financial leverage	2.27	2.27	2.37	2.13	2.22
Return on Equity (ROE)
Reported ROE	17.12%	17.50%	10.11%	15.21%	12.89%
Adjusted ROE	16.21%	15.77%	8.96%	14.45%	11.57%
Return on Assets (ROA)
Reported ROA	6.73%	6.95%	3.82%	6.41%	5.24%
Adjusted ROA	7.14%	6.93%	3.78%	6.77%	5.20%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Mondelēz International Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Mondelēz International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Mondelēz International Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Mondelēz International Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Mondelēz International Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Mondelēz International Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International	4,611)	4,959)	2,717)	4,300)	3,555)
Net revenues	36,441)	36,016)	31,496)	28,720)	26,581)
Profitability Ratio
Net profit margin¹	12.65%	13.77%	8.63%	14.97%	13.37%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Mondelēz International	4,868)	4,922)	2,675)	4,505)	3,485)
Net revenues	36,441)	36,016)	31,496)	28,720)	26,581)
Profitability Ratio
Adjusted net profit margin²	13.36%	13.67%	8.49%	15.69%	13.11%

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 Net profit margin = 100 × Net earnings attributable to Mondelēz International ÷ Net revenues
= 100 × 4,611 ÷ 36,441 = 12.65%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to Mondelēz International ÷ Net revenues
= 100 × 4,868 ÷ 36,441 = 13.36%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Mondelēz International Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net revenues	36,441)	36,016)	31,496)	28,720)	26,581)
Total assets	68,497)	71,391)	71,161)	67,092)	67,810)
Activity Ratio
Total asset turnover¹	0.53	0.50	0.44	0.43	0.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenues	36,441)	36,016)	31,496)	28,720)	26,581)
Adjusted total assets	68,164)	70,983)	70,688)	66,551)	67,020)
Activity Ratio
Adjusted total asset turnover²	0.53	0.51	0.45	0.43	0.40

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 Total asset turnover = Net revenues ÷ Total assets
= 36,441 ÷ 68,497 = 0.53

² Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 36,441 ÷ 68,164 = 0.53

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Mondelēz International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	68,497)	71,391)	71,161)	67,092)	67,810)
Total Mondelēz International shareholders’ equity	26,932)	28,332)	26,883)	28,269)	27,578)
Solvency Ratio
Financial leverage¹	2.54	2.52	2.65	2.37	2.46
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	68,164)	70,983)	70,688)	66,551)	67,020)
Adjusted total Mondelēz International shareholders’ equity	30,024)	31,216)	29,847)	31,172)	30,134)
Solvency Ratio
Adjusted financial leverage²	2.27	2.27	2.37	2.13	2.22

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 Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 68,497 ÷ 26,932 = 2.54

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Mondelēz International shareholders’ equity
= 68,164 ÷ 30,024 = 2.27

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Mondelēz International Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International	4,611)	4,959)	2,717)	4,300)	3,555)
Total Mondelēz International shareholders’ equity	26,932)	28,332)	26,883)	28,269)	27,578)
Profitability Ratio
ROE¹	17.12%	17.50%	10.11%	15.21%	12.89%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Mondelēz International	4,868)	4,922)	2,675)	4,505)	3,485)
Adjusted total Mondelēz International shareholders’ equity	30,024)	31,216)	29,847)	31,172)	30,134)
Profitability Ratio
Adjusted ROE²	16.21%	15.77%	8.96%	14.45%	11.57%

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 ROE = 100 × Net earnings attributable to Mondelēz International ÷ Total Mondelēz International shareholders’ equity
= 100 × 4,611 ÷ 26,932 = 17.12%

² Adjusted ROE = 100 × Adjusted net earnings attributable to Mondelēz International ÷ Adjusted total Mondelēz International shareholders’ equity
= 100 × 4,868 ÷ 30,024 = 16.21%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Mondelēz International Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International	4,611)	4,959)	2,717)	4,300)	3,555)
Total assets	68,497)	71,391)	71,161)	67,092)	67,810)
Profitability Ratio
ROA¹	6.73%	6.95%	3.82%	6.41%	5.24%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Mondelēz International	4,868)	4,922)	2,675)	4,505)	3,485)
Adjusted total assets	68,164)	70,983)	70,688)	66,551)	67,020)
Profitability Ratio
Adjusted ROA²	7.14%	6.93%	3.78%	6.77%	5.20%

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 ROA = 100 × Net earnings attributable to Mondelēz International ÷ Total assets
= 100 × 4,611 ÷ 68,497 = 6.73%

² Adjusted ROA = 100 × Adjusted net earnings attributable to Mondelēz International ÷ Adjusted total assets
= 100 × 4,868 ÷ 68,164 = 7.14%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Mondelēz International Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Mondelēz International Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Mondelēz International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)