Item 6. Selected Financial Data

7K characters. Original on sec.gov · Markdown

Item 6. Selected Financial Data

Mondelēz International, Inc.

Selected Financial Data – Five Year Review (1)



	2019		2018		2017		2016		2015
	(in millions, except per share and employee data)
Continuing Operations (2)
Net revenues	$	25,868	$	25,938	$	25,896	$	25,923	$	29,636
Earnings from continuing operations, net of taxes	3,885		3,395		2,842		1,645		7,291
Net earnings attributable to Mondelēz International	3,870		3,381		2,828		1,635		7,267
Per share, basic	2.68		2.30		1.87		1.05		4.49
Per share, diluted	2.65		2.28		1.85		1.04		4.44
Cash Flow and Financial Position (3)
Net cash provided by operating activities	3,965		3,948		2,593		2,838		3,728
Capital expenditures	925		1,095		1,014		1,224		1,514
Property, plant and equipment, net	8,733		8,482		8,677		8,229		8,362
Total assets	64,549		62,729		62,957		61,506		62,843
Long-term debt	14,207		12,532		12,972		13,217		14,557
Total Mondelēz International shareholders’ equity	$	27,275	$	25,637	$	25,994	$	25,141	$	28,012
Shares outstanding at year end (4)	1,435		1,451		1,488		1,528		1,580
Per Share and Other Data
Book value per shares outstanding	$	19.01	$	17.67	$	17.47	$	16.45	$	17.73
Dividends declared per share (5)	$	1.09	$	0.96	$	0.82	$	0.72	$	0.64
Common Stock closing price at year end	$	55.08	$	40.03	$	42.80	$	44.33	$	44.84
Number of employees	80,000		80,000		83,000		90,000		99,000


(1)	The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K and Annual Reports on Form 10-K for earlier periods. During 2018, we moved to a quarter lag for recording Keurig Green Mountain, Inc. ("Keurig") and Keurig Dr Pepper Inc. ("KDP") results and we recast all prior periods since the inception of our investment in Keurig in 2016 on the same quarter lag basis. Please see Note 7, Equity Method Investments, for more information. During 2018, we adopted the new revenue recognition accounting standard update, and it did not have a material impact on any reported periods. See Note 1, Summary of Significant Accounting Policies, for more information. During 2019, we adopted the new lease accounting standard and related updates, and we disclose the impacts to our 2019 financial statements in Note 1, Summary of Significant Accounting Policies. A significant portion of our business is exposed to currency exchange rate fluctuation as a large portion of our assets, liabilities, revenue and expenses must be translated into U.S. dollars for reporting purposes. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of operating results on a constant currency basis where noted.

(1)

The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K and Annual Reports on Form 10-K for earlier periods. During 2018, we moved to a quarter lag for recording Keurig Green Mountain, Inc. ("Keurig") and Keurig Dr Pepper Inc. ("KDP") results and we recast all prior periods since the inception of our investment in Keurig in 2016 on the same quarter lag basis. Please see Note 7, Equity Method Investments, for more information. During 2018, we adopted the new revenue recognition accounting standard update, and it did not have a material impact on any reported periods. See Note 1, Summary of Significant Accounting Policies, for more information. During 2019, we adopted the new lease accounting standard and related updates, and we disclose the impacts to our 2019 financial statements in Note 1, Summary of Significant Accounting Policies. A significant portion of our business is exposed to currency exchange rate fluctuation as a large portion of our assets, liabilities, revenue and expenses must be translated into U.S. dollars for reporting purposes. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of operating results on a constant currency basis where noted.


(2)	Significant items impacting the comparability of our results from continuing operations include: the Simplify to Grow Program; the contribution of our global coffee businesses and investment in Jacobs Douwe Egberts ("JDE") and related gain in 2015; gain on equity method investment transactions in 2016-2018; other divestitures and sales of property in 2015-2019; acquisitions in 2015-2016 and 2018-2019; losses on debt extinguishment in 2015-2018; unrealized gains on the coffee business transaction currency hedges in 2015; debt tender offers completed in 2015-2016 and 2018; loss on deconsolidation of Venezuela in 2015; the remeasurement of net monetary assets in Venezuela in 2015 and Argentina in 2018-2019; accounting calendar changes in 2015; impairment charges related to intangible assets in 2015-2019; losses or gains related to interest rate swaps in 2015-2016 and 2018-2019; impacts from the resolution of tax matters in 2017-2018; impacts from pension participation changes in 2018-2019; CEO transition remuneration in 2017-2019; malware incident incremental expenses in 2017; and our provision for income taxes in all years, including the U.S. tax reform discrete net tax benefits or expenses in primarily 2017-2018 and Swiss tax reform net impacts in 2019. Please refer to Note 1, Summary of Significant Accounting Policies; Note 2, Divestitures and Acquisitions; Note 5, Leases; Note 6, Goodwill and Intangible Assets; Note 7, Equity Method Investments; Note 8, Restructuring Program; Note 9, Debt and Borrowing Arrangements; Note 10, Financial Instruments; Note 11, Benefit Plans; Note 14, Commitments and Contingencies; Note 16, Income Taxes;

(2)

Significant items impacting the comparability of our results from continuing operations include: the Simplify to Grow Program; the contribution of our global coffee businesses and investment in Jacobs Douwe Egberts ("JDE") and related gain in 2015; gain on equity method investment transactions in 2016-2018; other divestitures and sales of property in 2015-2019; acquisitions in 2015-2016 and 2018-2019; losses on debt extinguishment in 2015-2018; unrealized gains on the coffee business transaction currency hedges in 2015; debt tender offers completed in 2015-2016 and 2018; loss on deconsolidation of Venezuela in 2015; the remeasurement of net monetary assets in Venezuela in 2015 and Argentina in 2018-2019; accounting calendar changes in 2015; impairment charges related to intangible assets in 2015-2019; losses or gains related to interest rate swaps in 2015-2016 and 2018-2019; impacts from the resolution of tax matters in 2017-2018; impacts from pension participation changes in 2018-2019; CEO transition remuneration in 2017-2019; malware incident incremental expenses in 2017; and our provision for income taxes in all years, including the U.S. tax reform discrete net tax benefits or expenses in primarily 2017-2018 and Swiss tax reform net impacts in 2019. Please refer to Note 1, Summary of Significant Accounting Policies; Note 2, Divestitures and Acquisitions; Note 5, Leases; Note 6, Goodwill and Intangible Assets; Note 7, Equity Method Investments; Note 8, Restructuring Program; Note 9, Debt and Borrowing Arrangements; Note 10, Financial Instruments; Note 11, Benefit Plans; Note 14, Commitments and Contingencies; Note 16, Income Taxes;

and Note 18, Segment Reporting, and our Annual Reports on Form 10-K for earlier periods for additional information regarding items affecting comparability of our results from continuing operations.


(3)	Items impacting comparability primarily relate to the Keurig and JDE coffee business transactions in 2015-2016 and the loss on deconsolidation of Venezuela in 2015. Please also refer to our previously filed Annual Reports on Form 10-K for additional information.


(4)	Refer to Note 13, Capital Stock, for additional information on our share repurchase program activity.


(5)	Refer to the Equity and Dividends section within Management’s Discussion and Analysis of Financial Condition and Results of Operations for information on our dividends.

Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.