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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission file number 1-16483
mdlzlogoa05.jpg
Mondelēz International, Inc.
(Exact name of registrant as specified in its charter)

Virginia
52-2284372
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
905 West Fulton Market, Suite 200
 
Chicago,
Illinois
60607
(Address of principal executive offices)
(Zip Code)
(Registrant’s telephone number, including area code) ( 847 ) 943-4000
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Tile of each class
 
Trading
Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, no par value
 
MDLZ
 
The Nasdaq Global Select Market
2.375% Notes due 2021
 
MDLZ21
 
The Nasdaq Stock Market LLC
1.000% Notes due 2022
 
MDLZ22
 
The Nasdaq Stock Market LLC
1.625% Notes due 2023
 
MDLZ23
 
The Nasdaq Stock Market LLC
1.625% Notes due 2027
 
MDLZ27
 
The Nasdaq Stock Market LLC
2.375% Notes due 2035
 
MDLZ35
 
The Nasdaq Stock Market LLC
4.500% Notes due 2035
 
MDLZ35A
 
The Nasdaq Stock Market LLC
3.875% Notes due 2045
 
MDLZ45
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    x     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    x     No   ¨



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
 
 
Accelerated filer  
☐
Non-accelerated filer
☐
 
 
Smaller reporting company 
☐
 
 
Emerging growth company 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     ☐  
No   x

At April 24, 2020 , there were 1,427,464,062 shares of the registrant’s Class A Common Stock outstanding.
 



Mondelēz International, Inc.
Table of Contents
 
 
 
Page No.
PART I - 
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II -
OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 

In this report, for all periods presented, “we,” “us,” “our,” “the Company” and “Mondelēz International” refer to Mondelēz International, Inc. and subsidiaries. References to “Common Stock” refer to our Class A Common Stock.




PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars, except per share data)
(Unaudited)
 
For the Three Months Ended
March 31,
 
2020
 
2019
Net revenues
$
6,707

 
$
6,538

Cost of sales
4,256

 
3,945

Gross profit
2,451

 
2,593

Selling, general and administrative expenses
1,537

 
1,493

Asset impairment and exit costs
15

 
20

Amortization of intangibles
43

 
44

Operating income
856

 
1,036

Benefit plan non-service income
( 33
)
 
( 17
)
Interest and other expense, net
190

 
80

Earnings before income taxes
699

 
973

Provision for income taxes
( 148
)
 
( 189
)
Gains on equity method investment transactions
71

 
23

Equity method investment net earnings
138

 
113

Net earnings
760

 
920

Noncontrolling interest earnings
( 7
)
 
( 6
)
Net earnings attributable to Mondelēz International
$
753

 
$
914

Per share data:
 
 
 
Basic earnings per share attributable to Mondelēz International
$
0.53

 
$
0.63

Diluted earnings per share attributable to Mondelēz International
$
0.52

 
$
0.63


See accompanying notes to the condensed consolidated financial statements.

1


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of U.S. dollars)
(Unaudited)
 
For the Three Months Ended
March 31,
 
2020
 
2019
Net earnings
$
760

 
$
920

Other comprehensive earnings/(losses), net of tax:
 
 
 
Currency translation adjustment
( 1,511
)
 
190

Pension and other benefit plans
79

 
10

Derivative cash flow hedges
60

 
( 69
)
Total other comprehensive earnings/(losses)
( 1,372
)
 
131

Comprehensive earnings/(losses)
( 612
)
 
1,051

less: Comprehensive earnings/(losses) attributable to
         noncontrolling interests
2

 
5

Comprehensive earnings/(losses) attributable to Mondelēz International
$
( 614
)
 
$
1,046


See accompanying notes to the condensed consolidated financial statements.

2


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars, except share data)
(Unaudited)
 
March 31,
2020
 
December 31,
2019
ASSETS
 
 
 
Cash and cash equivalents
$
1,925

 
$
1,291

Trade receivables (net of allowances of $39 at March 31, 2020
   and $35 at December 31, 2019)
2,628

 
2,212

Other receivables (net of allowances of $40 at March 31, 2020
   and $44 at December 31, 2019)
670

 
715

Inventories, net
2,441

 
2,546

Other current assets
1,404

 
866

Total current assets
9,068

 
7,630

Property, plant and equipment, net
8,054

 
8,733

Operating lease right of use assets
590

 
568

Goodwill
20,216

 
20,848

Intangible assets, net
17,271

 
17,957

Prepaid pension assets
537

 
516

Deferred income taxes
708

 
726

Equity method investments
6,887

 
7,212

Other assets
267

 
359

TOTAL ASSETS
$
63,598

 
$
64,549

LIABILITIES
 
 
 
Short-term borrowings
$
4,764

 
$
2,638

Current portion of long-term debt
1,672

 
1,581

Accounts payable
5,554

 
5,853

Accrued marketing
1,848

 
1,836

Accrued employment costs
573

 
769

Other current liabilities
2,593

 
2,645

Total current liabilities
17,004

 
15,322

Long-term debt
13,354

 
14,207

Long-term operating lease liabilities
433

 
403

Deferred income taxes
3,308

 
3,338

Accrued pension costs
1,110

 
1,190

Accrued postretirement health care costs
376

 
387

Other liabilities
2,261

 
2,351

TOTAL LIABILITIES
37,846

 
37,198

Commitments and Contingencies (Note 12)

 

EQUITY
 
 
 
Common Stock, no par value (5,000,000,000 shares authorized and
   1,996,537,778 shares issued at March 31, 2020 and December 31, 2019)
—

 
—

Additional paid-in capital
31,990

 
32,019

Retained earnings
26,961

 
26,653

Accumulated other comprehensive losses
( 11,625
)
 
( 10,258
)
Treasury stock, at cost (569,185,208 shares at March 31, 2020 and
   561,531,524 shares at December 31, 2019)
( 21,652
)
 
( 21,139
)
Total Mondelēz International Shareholders’ Equity
25,674

 
27,275

Noncontrolling interest
78

 
76

TOTAL EQUITY
25,752

 
27,351

TOTAL LIABILITIES AND EQUITY
$
63,598

 
$
64,549

See accompanying notes to the condensed consolidated financial statements.

3


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 
Mondelēz International Shareholders’ Equity
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Earnings/
(Losses)
 
Treasury
Stock
 
Non-controlling
Interest
 
Total
Equity
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at January 1, 2020
$
—

 
$
32,019

 
$
26,653

 
$
( 10,258
)
 
$
( 21,139
)
 
$
76

 
$
27,351

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
—

 
—

 
753

 
—

 
—

 
7

 
760

Other comprehensive earnings/(losses),
   net of income taxes
—

 
—

 
—

 
( 1,367
)
 
—

 
( 5
)
 
( 1,372
)
Exercise of stock options and issuance of
   other stock awards
—

 
( 29
)
 
( 38
)
 
—

 
188

 
—

 
121

Common Stock repurchased
—

 
—

 
—

 
—

 
( 701
)
 
—

 
( 701
)
Cash dividends declared ($0.285 per share)
—

 
—

 
( 408
)
 
—

 
—

 
—

 
( 408
)
Dividends paid on noncontrolling interest
   and other activities
—

 
—

 
1

 
—

 
—

 
—

 
1

Balances at March 31, 2020
$
—

 
$
31,990

 
$
26,961

 
$
( 11,625
)
 
$
( 21,652
)
 
$
78

 
$
25,752

Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at January 1, 2019
$
—

 
$
31,961

 
$
24,491

 
$
( 10,630
)
 
$
( 20,185
)
 
$
76

 
$
25,713

Comprehensive earnings/(losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
—

 
—

 
914

 
—

 
—

 
6

 
920

Other comprehensive earnings/(losses),
   net of income taxes
—

 
—

 
—

 
132

 
—

 
( 1
)
 
131

Exercise of stock options and issuance of
   other stock awards
—

 
( 28
)
 
( 76
)
 
—

 
289

 
—

 
185

Common Stock repurchased
—

 
—

 
—

 
—

 
( 665
)
 
—

 
( 665
)
Cash dividends declared ($0.26 per share)
—

 
—

 
( 375
)
 
—

 
—

 
—

 
( 375
)
Balances at March 31, 2019
$
—

 
$
31,933

 
$
24,954

 
$
( 10,498
)
 
$
( 20,561
)
 
$
81

 
$
25,909



See accompanying notes to the condensed consolidated financial statements.

4


Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited)
 
For the Three Months Ended
March 31,
 
2020
 
2019
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
 
 
 
Net earnings
$
760

 
$
920

Adjustments to reconcile net earnings to operating cash flows:
 
 
 
Depreciation and amortization
256

 
258

Stock-based compensation expense
28

 
32

Deferred income tax provision/(benefit)
( 26
)
 
2

Asset impairments and accelerated depreciation
—

 
5

Gains on equity method investment transactions
( 71
)
 
( 23
)
Equity method investment net earnings
( 138
)
 
( 113
)
Distributions from equity method investments
165

 
160

Other non-cash items, net
126

 
16

Change in assets and liabilities, net of acquisitions and divestitures:
 
 
 
Receivables, net
( 610
)
 
( 570
)
Inventories, net
( 48
)
 
( 36
)
Accounts payable
206

 
( 139
)
Other current assets
( 217
)
 
47

Other current liabilities
( 71
)
 
( 45
)
Change in pension and postretirement assets and liabilities, net
( 76
)
 
( 49
)
Net cash provided by operating activities
284

 
465

CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
 
 
 
Capital expenditures
( 214
)
 
( 265
)
Proceeds from divestitures including equity method investments
185

 
—

Other
( 26
)
 
42

Net cash used in investing activities
( 55
)
 
( 223
)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
 
 
 
Issuances of commercial paper, maturities greater than 90 days
157

 
610

Repayments of commercial paper, maturities greater than 90 days
( 497
)
 
( 1,549
)
Net issuances of other short-term borrowings
2,477

 
1,815

Long-term debt proceeds
—

 
597

Long-term debt repaid
( 670
)
 
( 403
)
Repurchase of Common Stock
( 720
)
 
( 646
)
Dividends paid
( 409
)
 
( 380
)
Other
117

 
157

Net cash provided by financing activities
455

 
201

Effect of exchange rate changes on cash, cash equivalents and
   restricted cash
( 60
)
 
( 1
)
Cash, cash equivalents and restricted cash:
 
 
 
Increase
624

 
442

Balance at beginning of period
1,328

 
1,100

Balance at end of period
$
1,952

 
$
1,542


See accompanying notes to the condensed consolidated financial statements.

5


Mondelēz International, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2019 .

Principles of Consolidation:
The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments over which we exercise significant influence under the equity method of accounting. Investments over which we do not have significant influence or control are not material and are carried at cost as there is no readily determinable fair value for the equity interests.

Currency Translation and Highly Inflationary Accounting :
We translate the results of operations of our subsidiaries from multiple currencies using average exchange rates during each period and translate balance sheet accounts using exchange rates at the end of each period. We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings.

Highly inflationary accounting is triggered when a country’s three-year cumulative inflation rate exceeds 100%. It requires the remeasurement of financial statements of subsidiaries in the country from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings. As discussed below, beginning on July 1, 2018, we began to apply highly inflationary accounting for our operations in Argentina.

Argentina. During the second quarter of 2018, primarily based on published estimates that indicated that Argentina's three-year cumulative inflation rate exceeded 100%, we concluded that Argentina became a highly inflationary economy for accounting purposes. As of July 1, 2018, we began to apply highly inflationary accounting for our Argentinian subsidiaries and changed their functional currency from the Argentinian peso to the U.S. dollar. On July 1, 2018, both monetary and non-monetary assets and liabilities denominated in Argentinian pesos were remeasured into U.S. dollars using the exchange rate as of the balance sheet date, with remeasurement and other transaction gains and losses recorded in net earnings. As of March 31, 2020 , our Argentinian operations had $ 9 million of Argentinian peso denominated net monetary assets. Our Argentinian operations contributed $ 98 million , or 1.5 % of consolidated net revenues in the three months ended March 31, 2020 . Within selling, general and administrative expenses, we recorded a remeasurement loss of $ 2 million during the three months ended March 31, 2020 as well as a remeasurement loss of $ 2 million during the three months ended March 31, 2019 related to the revaluation of the Argentinian peso denominated net monetary position over these periods.

Brexit . In the three months ended March 31, 2020 , we generated 9.4 % of our consolidated net revenues in the United Kingdom. On January 31, 2020, the United Kingdom began the withdrawal process from the European Union under the European and U.K. Parliament approved Withdrawal Agreement. During a transition period currently scheduled to end on December 31, 2020, the United Kingdom will effectively remain in the E.U.’s customs union and single market while a trade deal with the European Union is negotiated. The deadline for extending the transition period ends on June 30, 2020. If the transition period is not extended, on December 31, 2020, the United Kingdom will either exit the European Union without a trade deal or will begin a new trade relationship with the European Union. During the transition period, we continue to take protective measures in response to the potential impacts on our results of operations and financial condition. Following the Brexit vote in June 2016, there was significant volatility in the global stock markets and currency exchange rates. The value of the British pound sterling relative to the U.S. dollar declined significantly and negatively affected our translated results reported in U.S. dollars. If the ultimate terms of the United Kingdom’s separation from the European Union negatively impact the

6


U.K. economy or result in disruptions to sales or our supply chain, the impact to our results of operations and financial condition could be material. We have taken measures to increase our resources in customer service & logistics together with increasing our inventory levels of imported raw materials, packaging and finished goods in the United Kingdom to help us manage through the Brexit transition and the inherent risks.

Other Countries. Since we sell our products in over 150 countries and have operations in approximately 80 countries, we monitor economic and currency-related risks and seek to take protective measures in response to these exposures, including the impacts related to the global outbreak of the novel coronavirus (“COVID-19”) during the first quarter of 2020. Most countries in which we do business have recently experienced periods of significant economic uncertainty as well as exchange rate volatility. We continue to monitor the COVID-19 and other impacts to our business operations, currencies and net monetary exposures in the countries in which we operate. At this time, except for Argentina which is accounted for as a highly inflationary economy, we do not anticipate any other countries in which we operate to be at risk of becoming highly inflationary countries.

Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We also have restricted cash that is recorded within other current assets and which was $ 27 million as of March 31, 2020 and $ 37 million as of December 31, 2019. Total cash, cash equivalents and restricted cash was $ 1,952 million as of March 31, 2020 and $ 1,328 million as of December 31, 2019.

Allowances for Credit Losses:
The allowances for credit losses are recorded against our receivables. They are developed at a country and region level based on historical collection experiences, current economic condition of specific customers and the forecasted economic condition of countries using various factors such as bond default rates and consumption indexes. We write-off receivables once it is determined that the receivables are no longer collectible and as allowed by local laws.

Changes in allowances for credit losses consisted of:
 
Allowance for Trade Receivables
 
Allowance for Other Current Receivables
 
Allowance for Long-Term Receivables
 
(in millions)
Balance at January 1, 2020
$
( 35
)
 
$
( 44
)
 
$
( 14
)
Current period provision for expected credit losses
( 5
)
 
1

 
( 2
)
Currency
1

 
3

 
3

Balance at March 31, 2020
$
( 39
)
 
$
( 40
)
 
$
( 13
)


Transfers of Financial Assets:
We account for transfers of financial assets, such as uncommitted revolving non-recourse accounts receivable factoring arrangements, when we have surrendered control over the related assets. Determining whether control has transferred requires an evaluation of relevant legal considerations, an assessment of the nature and extent of our continuing involvement with the assets transferred and any other relevant considerations. We use receivable factoring arrangements periodically when circumstances are favorable to manage liquidity. We have non-recourse factoring arrangements in which we sell eligible trade receivables primarily to banks in exchange for cash. We may then continue to collect the receivables sold, acting solely as a collecting agent on behalf of the banks. The outstanding principal amount of receivables under these arrangements amounted to $ 840 million as of March 31, 2020 and $ 760 million as of December 31, 2019 . The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions:
We recorded $ 89 million in operating lease and $ 25 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2020 and $ 26 million in operating lease and $ 7 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2019 .


7


New Accounting Pronouncements:
In December 2019, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that removes certain exceptions in accounting for income taxes, improves consistency in application and clarifies existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We do not expect this ASU to have a material impact on our consolidated financial statements.

In August 2018, the FASB issued an ASU that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. On January 1, 2020, we adopted the standard on a prospective basis and the standard did not have a material impact to our first quarter 2020 consolidated financial results.

In August 2018, the FASB issued an ASU that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. We will adopt this standard and reflect the changes to our 2020 annual disclosures. This ASU is not expected to have an impact on our consolidated financial statements.

In August 2018, the FASB issued an ASU that modifies the disclosure requirements on fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. We adopted the standard on January 1, 2020 and there was no material impact to our consolidated financial statements upon adoption.

In June 2016, the FASB issued an ASU on the measurement of credit losses on financial instruments. This ASU requires entities to measure the impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2019. We adopted the standard on January 1, 2020 using the modified retrospective basis and there was no material impact to our consolidated financial statements.

Note 2. Acquisitions and Divestitures

On April 1, 2020, we acquired a significant majority interest in Give & Go, a North American leader in fully-finished sweet baked goods and owners of the famous two-bite ® brand of brownies and the Create-A-Treat ® brand, known for cookie and gingerbread house decorating kits. The acquisition of Give and Go provides access to the in-store bakery channel as well as expands our position in broader snacking. The purchase consideration for Give & Go totaled approximately  $ 1.2 billion . Funding for the acquisition consisted of short-term borrowings and cash on hand. We are currently in the process of determining the allocation of the purchase price, which we expect to predominantly be allocated to identifiable intangible assets and goodwill. During the first quarter of 2020, we incurred $ 5 million of acquisition-related costs.

On July 16, 2019, we acquired a majority interest in a U.S. refrigerated nutrition bar company, Perfect Snacks, within our North America segment for $ 284 million cash paid, net of cash received, and expanded our position in broader snacking. During the first quarter of 2020, we finalized the purchase price allocation of $ 31 million to definite-lived intangible assets, $ 107 million to indefinite-lived intangible assets, $ 150 million to goodwill, $ 1 million to property, plant and equipment, $ 12 million to inventory, $ 8 million to accounts receivable, $ 13 million to current liabilities, $ 3 million to deferred tax liabilities and $ 9 million to other liabilities. The acquisition added incremental net revenues of $ 32 million and an immaterial amount of incremental operating income during the three months ended March 31, 2020 .

On May 28, 2019, we completed the sale of most of our cheese business in the Middle East and Africa to Arla Foods of Denmark. In 2019, we received cash proceeds of $ 161 million and divested $ 19 million of current assets and $ 96 million of non-current assets. We also recorded a net pre-tax gain of $ 44 million on the sale. The divestiture resulted in a quarter-over-quarter decline in net revenues of $ 33 million and an immaterial amount of lost operating income during the three months ended March 31, 2020 .


8


Note 3. Inventories

Inventories consisted of the following:
 
As of March 31,
2020
 
As of December 31,
2019
 
(in millions)
Raw materials
$
702

 
$
707

Finished product
1,848

 
1,953

 
2,550

 
2,660

Inventory reserves
( 109
)
 
( 114
)
Inventories, net
$
2,441

 
$
2,546



Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:
 
As of March 31,
2020
 
As of December 31,
2019
 
(in millions)
Land and land improvements
$
402

 
$
422

Buildings and building improvements
2,961

 
3,140

Machinery and equipment
10,669

 
11,295

Construction in progress
553

 
680

 
14,585

 
15,537

Accumulated depreciation
( 6,531
)
 
( 6,804
)
Property, plant and equipment, net
$
8,054

 
$
8,733



For the three months ended March 31, 2020 , capital expenditures of $ 214 million excluded $ 259 million of accrued capital expenditures remaining unpaid at March 31, 2020 and included payment for a portion of the $ 334 million of capital expenditures that were accrued and unpaid at December 31, 2019 . For the three months ended March 31, 2019 , capital expenditures of $ 265 million excluded $ 218 million of accrued capital expenditures remaining unpaid at March 31, 2019 and included payment for a portion of the $ 331 million of capital expenditures that were accrued and unpaid at December 31, 2018 .

In connection with our restructuring program, we recorded non-cash property, plant and equipment write-downs (including accelerated depreciation and asset impairments) in the condensed consolidated statements of earnings within asset impairment and exit costs and within the segment results as follows (refer to Note 7, Restructuring Program ).
 
For the Three Months Ended
March 31,