Company Quick10K Filing
Mondelez
Price55.39 EPS3
Shares1,459 P/E20
MCap80,814 P/FCF43
Net Debt19,520 EBIT3,865
TEV100,334 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-01-29

MDLZ 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Acquisitions and Divestitures
Note 3. Inventories
Note 4. Property, Plant and Equipment
Note 5. Goodwill and Intangible Assets
Note 6. Equity Method Investments
Note 7. Restructuring Program
Note 8. Debt and Borrowing Arrangements
Note 9. Financial Instruments
Note 10. Benefit Plans
Note 11. Stock Plans
Note 12. Commitments and Contingencies
Note 13. Reclassifications From Accumulated Other Comprehensive Income
Note 14. Income Taxes
Note 15. Earnings per Share
Note 16. Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity and Use of Proceeds.
Item 6. Exhibits.
EX-10.2 a33121ex102.htm
EX-10.3 a33121ex103.htm
EX-10.4 a33121ex104.htm
EX-31.1 a33121ex311.htm
EX-31.2 a33121ex312.htm
EX-32.1 a33121ex321.htm

Mondelez Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
806448321602012201420172020
Assets, Equity
10.07.85.73.51.4-0.82012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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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, 2021
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
mdlz-20210331_g1.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:
Tile 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 23, 2021, there were 1,404,711,224 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.




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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,
 20212020
Net revenues$7,238 $6,707 
Cost of sales4,272 4,256 
Gross profit2,966 2,451 
Selling, general and administrative expenses1,564 1,537 
Asset impairment and exit costs90 15 
Gain on acquisition(9) 
Amortization of intangibles38 43 
Operating income1,283 856 
Benefit plan non-service income(44)(33)
Interest and other expense, net218 190 
Earnings before income taxes1,109 699 
Income tax provision(212)(148)
(Loss)/gain on equity method investment transactions(7)71 
Equity method investment net earnings78 121 
Net earnings968 743 
Noncontrolling interest earnings(7)(7)
Net earnings attributable to Mondelēz International$961 $736 
Per share data:
Basic earnings per share attributable to Mondelēz International$0.68 $0.51 
Diluted earnings per share attributable to Mondelēz International$0.68 $0.51 

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,
 20212020
Net earnings$968 $743 
Other comprehensive earnings/(losses), net of tax:
Currency translation adjustment(136)(1,371)
Pension and other benefit plans69 60 
Derivative cash flow hedges2 58 
Total other comprehensive earnings/(losses)(65)(1,253)
Comprehensive earnings/(losses)903 (510)
less: Comprehensive earnings/(losses) attributable to
   noncontrolling interests
(2)2 
Comprehensive earnings/(losses) attributable to Mondelēz International
$905 $(512)

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, 2021December 31, 2020
ASSETS
Cash and cash equivalents$2,028 $3,619 
Trade receivables (net of allowances of $40 at March 31, 2021
   and $42 at December 31, 2020)
2,655 2,297 
Other receivables (net of allowances of $41 at March 31, 2021
   and $42 at December 31, 2020)
660 657 
Inventories, net2,635 2,647 
Other current assets865 759 
Total current assets8,843 9,979 
Property, plant and equipment, net8,766 9,026 
Operating lease right of use assets609 638 
Goodwill21,945 21,895 
Intangible assets, net18,527 18,482 
Prepaid pension assets742 672 
Deferred income taxes725 790 
Equity method investments5,916 6,036 
Other assets276 292 
TOTAL ASSETS$66,349 $67,810 
LIABILITIES
Short-term borrowings$674 $29 
Current portion of long-term debt1,895 2,741 
Accounts payable6,372 6,209 
Accrued marketing2,136 2,130 
Accrued employment costs670 834 
Other current liabilities2,803 3,216 
Total current liabilities14,550 15,159 
Long-term debt16,961 17,276 
Long-term operating lease liabilities447 470 
Deferred income taxes3,353 3,346 
Accrued pension costs1,161 1,257 
Accrued postretirement health care costs345 346 
Other liabilities2,383 2,302 
TOTAL LIABILITIES39,200 40,156 
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, 2021 and December 31, 2020)
  
Additional paid-in capital32,009 32,070 
Retained earnings28,903 28,402 
Accumulated other comprehensive losses(10,746)(10,690)
Treasury stock, at cost (591,880,718 shares at March 31, 2021 and
   577,363,557 shares at December 31, 2020)
(23,091)(22,204)
Total Mondelēz International Shareholders’ Equity27,075 27,578 
Noncontrolling interest74 76 
TOTAL EQUITY27,149 27,654 
TOTAL LIABILITIES AND EQUITY$66,349 $67,810 
See accompanying notes to the condensed consolidated financial statements.
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Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in millions of U.S. dollars, except per share data)
(Unaudited)
 Mondelēz International Shareholders’ Equity  
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Earnings/
(Losses)
Treasury
Stock
Non-controlling
Interest
Total
Equity
Three Months Ended March 31, 2021
Balances at January 1, 2021$ $32,070 $28,402 $(10,690)$(22,204)$76 $27,654 
Comprehensive earnings/(losses):
Net earnings— — 961 — — 7 968 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (56)— (9)(65)
Exercise of stock options and issuance of
   other stock awards
— (61)(15)— 130 — 54 
Common Stock repurchased— — — — (1,017)— (1,017)
Cash dividends declared ($0.315 per share)
— — (445)— — — (445)
Dividends paid on noncontrolling interest
   and other activities
— — — — — —  
Balances at March 31, 2021$ $32,009 $28,903 $(10,746)$(23,091)$74 $27,149 
Three Months Ended March 31, 2020
Balances at January 1, 2020$ $32,019 $26,615 $(10,254)$(21,139)$76 $27,317 
Comprehensive earnings/(losses):
Net earnings— — 736 — — 7 743 
Other comprehensive earnings/(losses),
   net of income taxes
— — — (1,248)— (5)(1,253)
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 $26,906 $(11,502)$(21,652)$78 $25,820 

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,
 20212020
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings$968 $743 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization284 256 
Stock-based compensation expense25 28 
Deferred income tax provision/(benefit)34 (26)
Asset impairments and accelerated depreciation43  
Loss on early extinguishment of debt110  
Gain on acquisition(9) 
Loss/(gain) on equity method investment transactions7 (71)
Equity method investment net earnings(78)(121)
Distributions from equity method investments74 165 
Other non-cash items, net(23)126 
Change in assets and liabilities, net of acquisitions:
Receivables, net(494)(610)
Inventories, net(37)(48)
Accounts payable283 206 
Other current assets(140)(217)
Other current liabilities(55)(71)
Change in pension and postretirement assets and liabilities, net(77)(76)
Net cash provided by operating activities915 284 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures(216)(214)
Acquisitions, net of cash received(490) 
Proceeds from divestitures including equity method investments 185 
Other16 (26)
Net cash used in investing activities(690)(55)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days 157 
Repayments of commercial paper, maturities greater than 90 days (497)
Net issuances of other short-term borrowings647 2,477 
Long-term debt proceeds2,373  
Long-term debt repaid(3,353)(670)
Repurchase of Common Stock(1,046)(720)
Dividends paid(453)(409)
Other51 117 
Net cash (used in)/provided by financing activities(1,781)455 
Effect of exchange rate changes on cash, cash equivalents and
   restricted cash
(35)(60)
Cash, cash equivalents and restricted cash:
(Decrease)/Increase(1,591)624 
Balance at beginning of period3,650 1,328 
Balance at end of period$2,059 $1,952 

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, 2020.

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 as there are no readily determinable fair values for the equity interests, these investments are carried at cost with changes in the investment recognized to the extent cash is received.

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 Argentinean subsidiaries and changed their functional currency from the Argentinean peso to the U.S. dollar. On July 1, 2018, both monetary and non-monetary assets and liabilities denominated in Argentinean 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, 2021, our Argentinean operations had $5 million of Argentinean peso denominated net monetary assets. Our Argentinean operations contributed $89 million, or 1.2% of consolidated net revenues in the three months ended March 31, 2021. Within selling, general and administrative expenses, we recorded a remeasurement loss of $5 million during the three months ended March 31, 2021 as well as a remeasurement loss of $2 million during the three months ended March 31, 2020 related to the revaluation of the Argentinean peso denominated net monetary position over these periods.

Brexit. Following the separation of the United Kingdom from the European Union ("Brexit") in 2020, a new trade arrangement was reached between the U.K. and E.U. that began on January 1, 2021. The main trade provisions include the continuation of no tariffs or quotas on trade between the U.K. and E.U. subject to prescribed trade terms. We also need to meet product and labeling standards for both the U.K. and E.U. Cross-border trade between the U.K. and E.U. is now subject to new customs regulations, documentation and reviews. To comply with the new requirements, we increased resources in customer service and logistics, in our factories, and on our customs support teams. We adapted our processes and systems for the new and increased number of customs transactions. We continue to closely monitor and manage our inventory levels of imported raw materials, packaging and finished goods in the U.K. If the U.K.’s separation from, or new trade arrangements with, the E.U. negatively impact the U.K. economy or result in disagreements on trade terms, delays affecting our supply chain or distribution, or disruptions
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to sales or collections, the impact to our results of operations, financial condition and cash flows could be material. In the three months ended March 31, 2021, we generated 9.9% of our consolidated net revenues in the U.K.

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 potential exposures. We continue to monitor the ongoing COVID-19 global pandemic and related impacts to our business operations, currencies and net monetary exposures. Since the global onset of COVID-19 in early 2020, most countries in which we do business experienced periods of significant economic uncertainty as well as exchange rate volatility. 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 of $31 million as of March 31, 2021 and $31 million as of December 31, 2020. Total cash, cash equivalents and restricted cash was $2,059 million as of March 31, 2021 and $3,650 million as of December 31, 2020.

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 ReceivablesAllowance for Other Current ReceivablesAllowance for Long-Term Receivables
 (in millions)
Balance at January 1, 2021$(42)$(42)$(12)
Current period provision for expected credit losses(2)  
Write-offs charged against the allowance1 1  
Currency3  1 
Balance at March 31, 2021$(40)$(41)$(11)

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 $905 million as of March 31, 2021 and $760 million as of December 31, 2020. 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 $29 million in operating lease and $30 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2021 and $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.

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
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clarifies existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. On January 1, 2021, we adopted this ASU and it did not have a material impact on our consolidated financial statements.

Reclassifications:
Certain amounts previously reported have been reclassified to conform to current-year presentation. During the second quarter of 2020, in connection with the JDE Peet's (as defined below) transaction (refer to Note 6, Equity Method Investments), we changed our accounting principle to reflect our share of Jacobs Douwe Egberts ("JDE") historical results and JDE Peet's ongoing results on a one-quarter lag basis while we continue to record dividends when cash is received. This change was applied retrospectively to all periods presented.

Note 2. Acquisitions and Divestitures

On April 1, 2021, we acquired Gourmet Food Holdings Pty Ltd, a leading Australian food company in the premium biscuit and cracker category, for closing cash consideration of approximately $458 million Australian dollars ($348 million). We incurred acquisition-related costs of $1 million during the three months ended March 31, 2021.

On March 25, 2021, we acquired a majority interest in Lion/Gemstone Topco Ltd ("Grenade"), a performance nutrition leader in the United Kingdom, for closing cash consideration of £188 million ($260 million), net of cash received. The acquisition of Grenade expands our position into the premium nutrition market. We are working to complete the valuation and have recorded a preliminary purchase price allocation of $81 million to indefinite-lived intangible assets, $24 million to definite-lived intangible assets, $180 million to goodwill, $1 million to property, plant and equipment, $11 million to inventory, $18 million to accounts receivable, $1 million to other current assets, $25 million to current liabilities, $20 million to deferred tax liabilities and $11 million to long-term other liabilities. We incurred acquisition-related costs of $2 million during the three months ended March 31, 2021.

On January 4, 2021, we acquired the remaining 93% of equity of Hu Master Holdings, a category leader in premium chocolate in the United States, which provides a strategic complement to our snacking portfolio in North America through growth opportunities in chocolate and other categories in the well-being category. The initial cash consideration paid was $229 million, net of cash received, and the Company may be required to pay additional cash consideration. The estimated fair value of the contingent consideration obligation at the acquisition date was $132 million and was determined using a Monte Carlo simulation based on forecasted future results. We are unable to provide a range of amounts that could be paid as contingent consideration as it is based primarily on revenue and gross margin of the business for the twelve months ended December 31, 2022 and there is not a minimum or maximum payout. As a result of acquiring the remaining equity interest, we consolidated the operations prospectively from the date of acquisition and recorded a pre-tax gain of $9 million ($7 million after-tax) related to stepping up our previously-held $8 million (7%) investment to fair value. We are working to complete the valuation and have recorded a preliminary purchase price allocation of $123 million to indefinite-lived intangible assets, $51 million to definite-lived intangible assets, $202 million to goodwill, $1 million to property, plant and equipment, $2 million to inventory, $4 million to accounts receivable, $5 million to current liabilities and $132 million to long-term other liabilities. During the three months ended March 31, 2021, the acquisition added incremental net revenues of $8 million and an operating loss of $6 million. We incurred acquisition-related costs of $4 million during the three months ended March 31, 2021.

On April 1, 2020, we acquired a majority interest in Give & Go, a North American leader in fully-finished sweet baked goods and owner 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 & Go provides access to the in-store bakery channel and expands our position in broader snacking. The purchase consideration for Give & Go totaled $1,136 million, net of cash received. We have recorded a preliminary purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as follows:
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 (in millions)
Receivables$29 
Inventory38 
Other current assets6 
Property, plant and equipment136 
Operating right of use assets61 
Definite-life intangible assets511 
Indefinite-life intangible assets42 
Goodwill531 
Assets acquired$1,354 
Current liabilities42
Deferred tax liabilities92
Long-term operating lease liabilities56
Long-term debt6
Long-term other liabilities19
Total purchase price$1,139 
Less: cash received3
Net Cash Paid$1,136 

Within definite-life intangible assets, we allocated $416 million to customer relationships which have an estimated useful life of 17 years. Goodwill 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.

The fair value for customer relationships at the acquisition date was determined using the multi-period excess earnings method under the income approach. 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 discounted future cash flows, customer attrition rates and discount rates. The acquisition added incremental net revenues of $106 million and operating income of $6 million in the three months ended March 31, 2021. During the first quarter of 2020, we incurred $5 million of acquisition-related costs.

Note 3. Inventories

Inventories consisted of the following:
As of March 31, 2021As of December 31, 2020
 (in millions)
Raw materials$766 $718 
Finished product1,990 2,059 
2,756 2,777 
Inventory reserves(121)(130)
Inventories, net$2,635 $2,647 

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Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:
 As of March 31, 2021As of December 31, 2020
 (in millions)
Land and land improvements$411 $422 
Buildings and building improvements3,196 3,252 
Machinery and equipment11,889 12,053 
Construction in progress616 628 
16,112 16,355 
Accumulated depreciation(7,346)(7,329)
Property, plant and equipment, net$8,766 $9,026 

For the three months ended March 31, 2021, capital expenditures of $216 million excluded $230 million of accrued capital expenditures remaining unpaid at March 31, 2021 and included payment for a portion of the $275 million of capital expenditures that were accrued and unpaid at December 31, 2020. 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.

In connection with our restructuring program, we recorded non-cash property, plant and equipment write-downs (including accelerated depreciation and asset impairments) and losses/(gains) on disposal 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,
 20212020
 (in millions)
Latin America$ $ 
AMEA(16)(1)
Europe2 1 
North America54 1 
Total$40 $1 

Note 5. Goodwill and Intangible Assets

Goodwill by segment was:
As of March 31, 2021As of December 31, 2020
 (in millions)
Latin America$673 $706 
AMEA3,229 3,250 
Europe7,929 8,038 
North America10,114 9,901 
Goodwill$21,945 $21,895 

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