Mondelez International, Inc.MDLZ
Mondelez International, Inc. Goodwill & Intangibles Disclosure
Note 6. Goodwill and Intangible Assets
Goodwill
Changes in goodwill consisted of:
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 1,607 | $ | 3,065 | $ | 8,350 | $ | 10,874 | $ | 23,896 | |||||||||||||||||||
| Currency | (291) | (147) | (508) | (55) | (1,001) | ||||||||||||||||||||||||
Acquisition (1) | — | 122 | — | — | 122 | ||||||||||||||||||||||||
Balance at December 31, 2024 | $ | 1,316 | $ | 3,040 | $ | 7,842 | $ | 10,819 | $ | 23,017 | |||||||||||||||||||
| Currency | 184 | 85 | 1,042 | 30 | 1,341 | ||||||||||||||||||||||||
Other | — | 3 | — | (25) | (22) | ||||||||||||||||||||||||
Balance at December 31, 2025 | $ | 1,500 | $ | 3,128 | $ | 8,884 | $ | 10,824 | $ | 24,336 | |||||||||||||||||||
(1)Relates to purchase price allocation for Evirth during 2024. Refer to Note 2, Acquisitions and Divestitures for more information.
Intangible Assets
Intangible assets consisted of the following:
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Indefinite-life intangible assets | $ | 18,647 | $ | — | $ | 18,647 | $ | 17,770 | $ | — | $ | 17,770 | |||||||||||||||||||||||
Definite-life intangible assets | 3,477 | (2,496) | 981 | 3,306 | (2,228) | 1,078 | |||||||||||||||||||||||||||||
| Total | $ | 22,124 | $ | (2,496) | $ | 19,628 | $ | 21,076 | $ | (2,228) | $ | 18,848 | |||||||||||||||||||||||
Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of trademarks, customer-related intangibles, process technology and trademarks. The weighted-average amortization period for our definite-life intangible assets is approximately 16 years, which is primarily driven by recently acquired customer-related intangibles.
Amortization expense for definite-life intangible assets was $142 million in 2025, $153 million in 2024 and $151 million in 2023. For the next five years, we estimate annual amortization expense of approximately $102 million in 2026, $94 million in 2027, $89 million in 2028, $87 million in 2029 and $86 million in 2030 (reflecting December 31, 2025 exchange rates).
In 2025, 2024 and 2023, there were no goodwill impairments as each of our reporting units had sufficient fair value in excess of its carrying value. While all reporting units passed our annual impairment testing, if planned business performance expectations are not met or valuation inputs outside of our control, such as discount rates, change significantly, then the estimated fair values of a reporting unit or reporting units might decline and lead to a goodwill impairment in the future.
We recognized intangible asset impairment charges of $33 million in 2025, $153 million in 2024, and $26 million in 2023 to reduce the carrying amounts of certain brands to their estimated fair values. Those charges are reported within a in the consolidated statements of earnings. The 2025 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy brand in the Latin America segment. The 2024 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment. The 2023 impairments related to a chocolate brand in the North America segment and a biscuit brand in the Europe segment.
Including the four brands for which we recognized impairments in 2025, we identified five brand intangibles, as part of our annual test, for which fair value exceeded book value by less than 10%. The aggregate carrying value of
those five brands was $1.5 billion as of December 31, 2025. We are closely monitoring the performance of those brands and if there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 2, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 19, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.