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Table of Contents
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, 2023
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
https://cdn.kscope.io/e3edeef2f35d3d16d6e4224e10465677-mdlzlogoa07.jpg
Mondelēz International, Inc.
(Exact name of registrant as specified in its charter)
Virginia52-2284372
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
905 West Fulton Market, Suite 200
Chicago,Illinois60607
(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:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Class A Common Stock, no par valueMDLZThe Nasdaq Global Select Market
1.625% Notes due 2027MDLZ27The Nasdaq Stock Market LLC
0.250% Notes due 2028MDLZ28The Nasdaq Stock Market LLC
0.750% Notes due 2033MDLZ33The Nasdaq Stock Market LLC
2.375% Notes due 2035MDLZ35The Nasdaq Stock Market LLC
4.500% Notes due 2035MDLZ35AThe Nasdaq Stock Market LLC
1.375% Notes due 2041MDLZ41The Nasdaq Stock Market LLC
3.875% Notes due 2045MDLZ45The 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  ¨



Table of Contents
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, 2023, there were 1,361,853,497 shares of the registrant’s Class A Common Stock outstanding.



Table of Contents
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.




Table of Contents
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,
 20232022
Net revenues$9,166 $7,764 
Cost of sales5,720 4,781 
Gross profit3,446 2,983 
Selling, general and administrative expenses1,855 1,693 
Asset impairment and exit costs47 164 
Amortization of intangible assets39 32 
Operating income1,505 1,094 
Benefit plan non-service income(19)(33)
Interest and other expense, net95 168 
Gain on marketable securities(796) 
Earnings before income taxes2,225 959 
Income tax provision(658)(210)
Gain/(loss) on equity method investment transactions487 (5)
Equity method investment net earnings35 117 
Net earnings2,089 861 
Noncontrolling interest earnings(8)(6)
Net earnings attributable to
   Mondelēz International
$2,081 $855 
Per share data:
Basic earnings per share attributable to
   Mondelēz International
$1.52 $0.62 
Diluted earnings per share attributable to
   Mondelēz International
$1.52 $0.61 

See accompanying notes to the condensed consolidated financial statements.
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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,
 20232022
Net earnings$2,089 $861 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment151 50 
Pension and other benefit plans(6)93 
Derivative cash flow hedges(10)52 
Total other comprehensive earnings/(losses)135 195 
Comprehensive earnings/(losses)2,224 1,056 
less: Comprehensive earnings/(losses)
   attributable to noncontrolling interests
10 2 
Comprehensive earnings/(losses) attributable to
   Mondelēz International
$2,214 $1,054 

See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars, except share data)
(Unaudited)
March 31,
2023
December 31, 2022
ASSETS
Cash and cash equivalents$1,917 $1,923 
Trade receivables (net of allowances of $60 at March 31, 2023
   and $45 at December 31, 2022)
3,502 3,088 
Other receivables (net of allowances of $65 at March 31, 2023
   and $59 at December 31, 2022)
810 819 
Inventories, net3,627 3,381 
Other current assets2,815 880 
Total current assets12,671 10,091 
Property, plant and equipment, net9,131 9,020 
Operating lease right of use assets657 660 
Goodwill23,604 23,450 
Intangible assets, net19,810 19,710 
Prepaid pension assets1,065 1,016 
Deferred income taxes451 473 
Equity method investments3,397 4,879 
Other assets2,000 1,862 
TOTAL ASSETS$72,786 $71,161 
LIABILITIES
Short-term borrowings$2,461 $2,299 
Current portion of long-term debt1,185 383 
Accounts payable7,885 7,562 
Accrued marketing2,668 2,370 
Accrued employment costs785 949 
Other current liabilities3,547 3,168 
Total current liabilities18,531 16,731 
Long-term debt18,556 20,251 
Long-term operating lease liabilities508 514 
Deferred income taxes3,648 3,437 
Accrued pension costs387 403 
Accrued postretirement health care costs214 217 
Other liabilities2,668 2,688 
TOTAL LIABILITIES44,512 44,241 
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, 2023 and December 31, 2022)
  
Additional paid-in capital32,112 32,143 
Retained earnings33,040 31,481 
Accumulated other comprehensive losses(10,814)(10,947)
Treasury stock, at cost (634,260,938 shares at March 31, 2023 and
   630,646,687 shares at December 31, 2022)
(26,110)(25,794)
Total Mondelēz International Shareholders’ Equity28,228 26,883 
Noncontrolling interest46 37 
TOTAL EQUITY28,274 26,920 
TOTAL LIABILITIES AND EQUITY$72,786 $71,161 
See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 Mondelēz International Shareholders’ Equity  
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Earnings/
(Losses)
Treasury
Stock
Non-controlling
Interest
Total
Equity
Three Months Ended March 31, 2023
Balances at January 1, 2023$ $32,143 $31,481 $(10,947)$(25,794)$37 $26,920 
Comprehensive earnings/(losses):
Net earnings— — 2,081 — — 8 2,089 
Other comprehensive earnings/(losses),
   net of income taxes
— — — 133 2 135 
Exercise of stock options and issuance of
   other stock awards
— (31)(8)— 93 — 54 
Common Stock repurchased— — — — (409)— (409)
Cash dividends declared ($0.390 per share)
— — (528)— — — (528)
Dividends paid on noncontrolling interest
   and other activities
— — 14 — — (1)13 
Balances at March 31, 2023$ $32,112 $33,040 $(10,814)$(26,110)$46 $28,274 
Three Months Ended March 31, 2022
Balances at January 1, 2022$ $32,097 $30,806 $(10,624)$(24,010)$54 $28,323 
Comprehensive earnings/(losses):
Net earnings— — 855 — — 6 861 
Other comprehensive earnings/(losses),
   net of income taxes
— — — 199 — (4)195 
Exercise of stock options and issuance of
   other stock awards
— (44)(11)— 115 — 60 
Common Stock repurchased— — — — (735)— (735)
Cash dividends declared ($0.315 per share)
— — (487)— — — (487)
Dividends paid on noncontrolling interest
   and other activities
— —  — — (1)(1)
Balances at March 31, 2022$ $32,053 $31,163 $(10,425)$(24,630)$55 $28,216 

See accompanying notes to the condensed consolidated financial statements.
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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,
 20232022
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$2,089 $861 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization303 275 
Stock-based compensation expense38 24 
Deferred income tax provision/(benefit)199 (70)
Asset impairments and accelerated depreciation18 155 
Loss on early extinguishment of debt 38 
(Gain)/loss on equity method investment transactions(487)5 
Equity method investment net earnings(35)(117)
Distributions from equity method investments102 107 
Unrealized gain on derivative contracts(67)(13)
Unrealized gain on marketable securities(787) 
Non-cash items, net25  
Change in assets and liabilities,
   net of acquisitions and divestitures:
Receivables, net(590)(517)
Inventories, net(232)(81)
Accounts payable216 397 
Other current assets(137)(104)
Other current liabilities517 230 
Change in pension and postretirement assets and liabilities, net(49)(59)
Net cash provided by operating activities1,123 1,131 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(223)(167)
Acquisitions, net of cash received1 (1,418)
Proceeds from divestitures including equity method investments1,034 66 
(Payments)/proceeds from investments and derivative settlements(176)78 
Net cash provided by/(used in) investing activities636 (1,441)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Net issuances/(repayments) of short-term borrowings156 217 
Long-term debt proceeds 1,991 
Long-term debt repayments(1,036)(2,306)
Repurchases of Common Stock(399)(751)
Dividends paid(529)(491)
Other51 60 
Net cash used in financing activities(1,757)(1,280)
Effect of exchange rate changes on cash, cash equivalents
   and restricted cash
(11)(10)
Cash, cash equivalents and restricted cash:
(Decrease)/Increase(9)(1,600)
Balance at beginning of period1,948 3,553 
Balance at end of period$1,939 $1,953 

See accompanying notes to the condensed consolidated financial statements.
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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, 2022.

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 with readily determinable fair values for which we do not have the ability to exercise significant influence are measured at fair value.

War in Ukraine
In February 2022, Russia began a military invasion of Ukraine and we closed our operations and facilities in Ukraine. In March 2022, our two Ukrainian manufacturing facilities in Trostyanets and Vyshhorod were significantly damaged. During the first quarter of 2022, we evaluated and impaired these and other related assets. We recorded $143 million of total expenses ($145 million after-tax) incurred as a direct result of the war. We reversed $22 million during the remainder of 2022 and $3 million during the first quarter of 2023 of previously recorded charges primarily as a result of higher than expected collection of trade receivables and inventory recoveries. We continue to make targeted repairs on both our plants and have partially reopened and restarted limited production in both plants. We also continue to support our Ukraine employees, including paying salaries to those not yet able to return to work until full production returns. We continue to consolidate both our Ukrainian and Russian subsidiaries and continue to evaluate our ability to control our operating activities and businesses on an ongoing basis. We base our estimates on historical experience, expectations of future impacts and other assumptions that we believe are reasonable. Given the uncertainty of the ongoing effects of the war in Ukraine, and its impact on the global economic environment, our estimates could be significantly different than future performance.

Highly Inflationary Accounting
Within our consolidated entities, Argentina and Türkiye (Turkey) are accounted for as highly inflationary economies. Argentina and Türkiye represent 1.5% and 1.0% of our consolidated net revenues with remeasurement losses of $11 million and $1 million for the period ended March 31, 2023, respectively.

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 within other current assets of $22 million as of March 31, 2023 and $25 million as of December 31, 2022. Total cash, cash equivalents and restricted cash was $1,939 million as of March 31, 2023 and $1,948 million as of December 31, 2022.












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Allowances for Credit Losses
Changes in allowances for credit losses consisted of:
Allowance for Trade ReceivablesAllowance for Other Current ReceivablesAllowance for Long-Term Receivables
 (in millions)
Balance at January 1, 2023$(45)$(59)$(14)
Current period provision for expected credit losses(16)(5) 
Write-offs charged against the allowance2   
Currency(1)(1) 
Balance at March 31, 2023$(60)$(65)$(14)

Transfers of Financial Assets
The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $858 million as of March 31, 2023 and $516 million as of December 31, 2022. 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 $39 million in operating lease and $27 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2023 and $95 million in operating lease and $56 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2022.

Supply Chain Financing
As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. Our current payment terms with a majority of our suppliers are from 30 to 180 days, which we deem to be commercially reasonable. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Under these programs, our suppliers, at their sole discretion, determine invoices that they want to sell to participating financial institutions. Our suppliers’ voluntary inclusion of invoices in SCF programs has no bearing on our payment terms or amounts due. Our responsibility is limited to making payments based upon the agreed-upon contractual terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF programs and we have no economic interest in the suppliers’ decision to participate in the SCF programs. Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our consolidated balance sheet. We have been informed by the participating financial institutions that as of March 31, 2023 and December 31, 2022, $2.5 billion and $2.4 billion, respectively, of our outstanding accounts payable related to suppliers that participate in the SCF programs.

New Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which requires companies to recognize and measure customer contract assets and contract liabilities acquired in a business combination as if the acquiring company originated the related revenue contracts. Prior to adopting this ASU, acquired contract assets and liabilities were measured at fair value. This ASU is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. We adopted this standard in the first quarter of 2023 and it did not have an impact on our consolidated financial statements.

In September 2022, the FASB issued an ASU which enhances the transparency of supplier finance programs by requiring additional disclosure about the key terms of these programs and a roll-forward of the related obligations to understand the effects of these programs on working capital, liquidity and cash flows. The ASU is effective for fiscal years beginning after December 15, 2022, except for the roll-forward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We adopted, with the exception of the roll-forward requirement, this standard in the first quarter of 2023 and it did not have a material impact on our consolidated financial statements and related disclosures.


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Note 2. Acquisitions and Divestitures

Acquisitions

Ricolino
On November 1, 2022, we acquired 100% of the equity of Grupo Bimbo's confectionery business, Ricolino, located primarily in Mexico. The acquisition of Ricolino builds on our continued prioritization of fast-growing snacking segments in key geographies. The cash consideration paid for Ricolino totaled $26 billion Mexican pesos ($1.3 billion), net of cash received.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:

(in millions)
Cash$22 
Receivables86 
Inventory70 
Other current assets3 
Property, plant and equipment144 
Operating leases right of use assets17 
Definite-life intangible assets218 
Indefinite-life intangible assets339 
Goodwill714 
Assets acquired$1,613 
Current liabilities177 
Deferred tax liability77 
Operating lease liabilities17 
Other liabilities12 
Total purchase price$1,330 
Less: cash received(22)
Net Cash Paid$1,308 

Within identifiable intangible assets, we allocated $339 million to trade names, which have an indefinite life. The fair value for the Ricolino, Dulces Vero, LaCorona and Coronado trade names were determined using the Relief from Royalty method, a form of the income approach, at the acquisition date. The fair value measurement of indefinite-life intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include estimates of future sales, discount and royalty rates.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across both new and legacy product categories in Mexico. None of the goodwill recognized is expected to be deductible for income tax purposes. All of the goodwill was assigned to the Latin American operating segment.

Ricolino added incremental net revenues of $171 million and operating income of $9 million during the three months ended March 31, 2023. We incurred acquisition integration costs of $6 million during the three months ended March 31, 2023.

Clif Bar
On August 1, 2022, we acquired 100% of the equity of Clif Bar & Company (“Clif Bar”), a leading U.S. maker of nutritious energy bars with organic ingredients. The acquisition expands our global snack bar business and complements our refrigerated snacking and performance nutrition bar portfolios. The total cash payment of $2.9 billion includes purchase price consideration of $2.6 billion, net of cash received, and one-time compensation expense of $0.3 billion related to the buyout of the non-vested employee stock ownership plan ("ESOP") shares. This compensation expense is considered an acquisition-related cost. The acquisition of Clif Bar includes a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain revenue and earnings targets in 2025 and 2026 that exceed our base financial projections for the business
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implied in the upfront purchase price. The possible payments range from zero to a maximum total of $2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections. The estimated fair value of the contingent consideration obligation at the acquisition date was $440 million determined using a Monte Carlo simulation. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and earnings before interest, tax, depreciation and amortization ("EBITDA"), as well as discount and volatility rates.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation of:

(in millions)
Cash$99 
Receivables76 
Inventory124 
Other current assets9 
Property, plant and equipment186 
Operating leases right of use assets22 
Deferred tax assets92 
Definite-life intangible assets200 
Indefinite-life intangible assets1,450 
Goodwill1,020 
Other assets11 
Assets acquired$3,289 
Current liabilities159 
Contingent consideration440 
Other liabilities15 
Total purchase price$2,675 
Less: cash received(99)
Net Cash Paid$2,576 

Within identifiable intangible assets, we allocated $1,450 million to trade names, which have an indefinite life. The fair value for the Clif and Luna trade names, were determined using the Relief from Royalty method, a form of the income approach, at the acquisition date. The fair value measurement of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include forecasted future revenue, discount and royalty rates. We expect to generate a meaningful cash tax benefit over time from the amortization of acquisition-related intangibles.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across the U.S. and other key markets. All of the goodwill was assigned to the North America operating segment. Tax deductible goodwill is expected to be $1.4 billion and will be amortized.

Clif Bar added incremental net revenues of $218 million and operating income of $35 million during the three months ended March 31, 2023. We incurred acquisition integration costs of $39 million during the three months ended March 31, 2023. These acquisition integration costs include an increase to the contingent consideration liability due to changes to underlying assumptions. Refer to Note 9, Financial Instruments for additional information.

Chipita
On January 3, 2022, we acquired 100% of the equity of Chipita Global S.A. (“Chipita”), a leading croissants and baked snacks company in the Central and Eastern European markets. The acquisition of Chipita offers a strategic complement to our existing portfolio and advances our strategy to become the global leader in broader snacking. The cash consideration paid for Chipita totaled €1.2 billion ($1.4 billion), net of cash received, plus the assumption of Chipita’s debt of €0.5 billion ($0.4 billion) for a total purchase price of €1.7 billion ($1.8 billion).





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We have recorded a purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as follows:
(in millions)
Cash$52 
Receivables102 
Inventory60 
Other current assets3 
Property, plant and equipment379 
Finance leases right of use assets8 
Definite-life intangible assets48 
Indefinite-life intangible assets686 
Goodwill795 
Other assets77 
Assets acquired$2,210 
Current liabilities133 
Deferred tax liability158 
Finance lease liabilities8 
Other liabilities21 
Total purchase price$1,890 
Less: long-term debt(436)
Less: cash received(52)
Net Cash Paid$1,402 

Within identifiable intangible assets, we allocated $686 million to trade names, which have an indefinite life. The fair value for the 7 Days trade name, which is the primary asset acquired, was determined using the multi-period excess earnings method under the income approach at the acquisition date. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include forecasted future cash flows and discount rates.

Goodwill was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across both new and legacy product categories. None of the goodwill recognized is expected to be deductible for income tax purposes. All of the goodwill was assigned to the Europe operating segment.

We incurred acquisition integration costs of $6 million during the three months ended March 31, 2023. We incurred acquisition-related costs of $21 million and acquisition integration costs of $35 million during the three months ended March 31, 2022.


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Divestitures

Developed Market Gum - Held for Sale
On December 16, 2022, Mondelēz entered into an agreement to sell its developed market gum business in North America and Europe for $1.4 billion. It is expected to close in Q4 2023, subject to relevant antitrust approvals and closing conditions. In connection with these agreements, we concluded that the disposal group met the held for sale criteria as of December 31, 2022. The disposal group is included as part of the North America and Europe operating segments.

We incurred divestiture-related costs of $30 million during the three months ended March 31, 2023.

Total assets and liabilities held for sale are comprised of the following:

As of March 31,
2023
As of December 31, 2022
(in millions)
Inventories, net$90 $79 
Current assets held for sale (1)
$90 $79 
Property, plant and equipment, net161159
Goodwill292292
Intangible assets, net677671
Noncurrent assets held for sale (2)
$1,130 $1,122 
Accrued employment costs64
Current liabilities held for sale (3)
$6 $4 
Deferred income taxes1315
Noncurrent liabilities held for sale (4)
$13 $15 
(1)Reported in Other current assets on the condensed consolidated balance sheets.
(2)Reported in Other assets on the condensed consolidated balance sheets.
(3)Reported in Other current liabilities on the condensed consolidated balance sheets.
(4)Reported in Other liabilities on the condensed consolidated balance sheets.


Note 3. Inventories

Inventories consisted of the following:
As of March 31,
2023
As of December 31, 2022
 (in millions)
Raw materials$1,096 $1,031 
Finished product2,680 2,501 
3,776 3,532 
Inventory reserves(149)(151)
Inventories, net$3,627 $3,381 
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Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:
 As of March 31,
2023
As of December 31, 2022
 (in millions)
Land and land improvements$378 $378 
Buildings and building improvements3,319 3,250 
Machinery and equipment12,050 11,724 
Construction in progress825 879 
16,572 16,231 
Accumulated depreciation(7,441)(7,211)
Property, plant and equipment, net$9,131 $9,020 

For the three months ended March 31, 2023, capital expenditures of $223 million excluded $290 million of accrued capital expenditures remaining unpaid at March 31, 2023 and included payment for a portion of the $324 million of capital expenditures that were accrued and unpaid at December 31, 2022. For the three months ended March 31, 2022, capital expenditures of $167 million excluded $244 million of accrued capital expenditures remaining unpaid at March 31, 2022 and included payment for a portion of the $249 million of capital expenditures that were accrued and unpaid at December 31, 2021.

Note 5. Goodwill and Intangible Assets

Goodwill
Changes in goodwill consisted of:

Latin AmericaAMEAEuropeNorth AmericaTotal
January 1, 2022$674 $3,365 $7,830 $10,109 $21,978 
Currency41 (233)(550)(15)(757)
Acquisitions (1)
714  795 1,020 2,529 
Held for Sale (1)
  (66)(226)(292)
Divestitures(8)