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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2016

Consolidated Statements of Earnings

Period Ending Dec 31, 2016 10-K (Filed: Feb 14, 2017)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2016Dec 31, 2015Dec 31, 2014
Net revenues
$
74,953
73,90880,106 [1]
Cost of sales9,3919,36510,436
Excise taxes on products48,26847,11450,339
Gross profit17,29417,42919,331
 
Marketing, administration and research costs6,4056,6567,001
Asset impairment and exit costs068535
Amortization of intangibles748293
Operating income10,81510,62311,702
 
Interest expense, net8911,0081,052
Earnings before income taxes9,9249,61510,650
 
Provision for income taxes2,7682,6883,097
Equity (income)/loss in unconsolidated subsidiaries, net(94)(105)(105)
Net earnings7,2507,0327,658
 
Net earnings attributable to noncontrolling interests283159165
Net earnings attributable to PMI6,9676,8737,493
 
Per share data:
Basic earnings per share (in dollars per share)4.484.424.76
Diluted earnings per share (in dollars per share)4.484.424.76
[1] Total net revenues attributable to customers located in Indonesia, PMIs largest market in terms of net revenues, were $7.7 billion, $7.1 billion and $7.2 billion for the years ended December 31, 2016, 2015 and 2014, respectively. Total net revenues attributable to customers located in Germany were $7.1 billion, $7.2 billion and $8.3 billion for the years ended December 31, 2016, 2015 and 2014, respectively.
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2016

Consolidated Statements of Comprehensive Earnings

Period Ending Dec 31, 2016 10-K (Filed: Feb 14, 2017)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2016Dec 31, 2015Dec 31, 2014
Net earnings
$
7,250
7,0327,658
Other comprehensive earnings (losses), net of income taxes:
Change in currency translation adjustments:
Unrealized gains (losses), net of income taxes of ($101) in 2016, ($143) in 2015 and ($161) in 2014(14)(2,248)(1,746)
(Gains)/losses transferred to earnings, net of income taxes of $- in 2016, 2015 and 20145(1)(5)
Change in net loss and prior service cost:
Net losses and prior service costs, net of income taxes of $78 in 2016, $17 in 2015 and $167 in 2014(460)(536)(1,148)
Amortization of net losses, prior service costs and net transition costs, net of income taxes of ($43) in 2016, ($48) in 2015 and ($42) in 2014224227173
Change in fair value of derivatives accounted for as hedges:
Gains (losses) recognized, net of income taxes of ($4) in 2016, ($5) in 2015 and ($13) in 201483898
(Gains) losses transferred to earnings, net of income taxes of ($3) in 2016, $14 in 2015 and $10 in 201430(102)(38)
Total other comprehensive losses(207)(2,622)(2,666)
 
Total comprehensive earnings7,0434,4104,992
 
Less comprehensive earnings attributable to:
Noncontrolling interests233113135
Comprehensive earnings attributable to PMI6,8104,2974,857
 
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2016

Consolidated Statements of Cash Flows

Period Ending Dec 31, 2016 10-K (Filed: Feb 14, 2017)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2016Dec 31, 2015Dec 31, 2014
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings
$
7,250
7,0327,658
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization743754889
Deferred income tax (benefit) provision182(18)(62)
Asset impairment and exit costs, net of cash paid(31)(164)175
Cash effects of changes, net of the effects from acquired companies:
Receivables, net(1,009)647(463)
Inventories(695)(841)105
Accounts payable373310177
Income taxes(209)(42)(230)
Accrued liabilities and other current assets1,477(8)(507)
Pension plan contributions(191)(154)(191)
Other187349188
Net cash provided by operating activities8,0777,8657,739
 
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures(1,172)(960)(1,153)
Investments in unconsolidated subsidiaries(41)(55)(29)
Purchase of businesses, net of acquired cash00(110)
Other245307296
Net cash used in investing activities(968)(708)(996)
 
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Short-term borrowing activity by original maturity:
Net repayments - maturities of 90 days or less(12)(266)(516)
Issuances - maturities longer than 90 days001,007
Repayments - maturities longer than 90 days00(1,571)
Long-term debt proceeds3,5361,5395,591
Long-term debt repaid(2,393)(1,229)(1,240)
Repurchases of common stock0(48)(3,833)
Dividends paid(6,378)(6,250)(6,035)
Sale (purchase) of subsidiary shares to/(from) noncontrolling interests71,6220
Other(173)(104)(242)
Net cash used in financing activities(5,413)(4,736)(6,839)
 
Effect of exchange rate changes on cash and cash equivalents(874)(686)(376)
Cash and cash equivalents:
Increase (Decrease)8221,735(472)
 
Balance at beginning of year3,4171,682
Balance at end of year4,2393,4171,682
 
Cash Paid:
Interest1,0521,0451,068
Income taxes2,8292,7713,577
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2016

Consolidated Balance Sheets

Period Ending Dec 31, 2016 10-K (Filed: Feb 14, 2017)

(In Millions, except shares in actual)
 As ofAs of
 Dec 31, 2016Dec 31, 2015
Assets
Cash and cash equivalents
$
4,239
3,417
Receivables (less allowances of $42 in 2016 and $58 in 2015)3,4992,778
Inventories:
Leaf tobacco2,4982,640
Other raw materials1,5691,613
Finished product4,9504,220
Total inventory, net9,0178,473
 
Deferred income taxes488
Other current assets853648
Total current assets17,60815,804
 
Property, plant and equipment, at cost:
Land and land improvements590583
Buildings and building equipment3,4743,361
Machinery and equipment7,3666,978
Construction in progress930845
Total property, plant and equipment, at cost12,36011,767
 
Less: accumulated depreciation6,2966,046
Total property, plant and equipment, net6,0645,721
 
Goodwill7,3247,415
Other intangible assets, net2,4702,623
Investments in unconsolidated subsidiaries1,011890
Deferred income taxes859
Deferred income taxes360
Other assets1,5151,143
Total Assets36,85133,956
 
Liabilities
Short-term borrowings643825
Current portion of long-term debt2,5732,405
Accounts payable1,6661,289
Accrued liabilities:
Marketing and selling575640
Taxes, except income taxes6,2045,121
Employment costs800903
Dividends payable1,6211,589
Other1,5531,438
Income taxes832970
Deferred income taxes206
Total current liabilities16,46715,386
 
Long-term debt25,85125,250
Deferred income taxes1,897
Deferred income taxes1,543
Employment costs2,8002,566
Other liabilities736687
Total liabilities47,75145,432
 
Contingencies  
Stockholders (Deficit) Equity
Common stock, no par value (2,109,316,331 shares issued in 2016 and 2015)00
Additional paid-in capital1,9641,929
Earnings reinvested in the business30,39729,842
Accumulated other comprehensive losses(9,559)(9,402)
Total stockholders' equity before treasury stock22,80222,369
 
Less: cost of repurchased stock (557,930,784 and 559,972,262 shares in 2016 and 2015, respectively)35,49035,613
Total PMI stockholders deficit(12,688)(13,244)
 
Noncontrolling interests1,7881,768
Total stockholders deficit(10,900)(11,476)
 
Total Liabilities and Stockholders (Deficit) Equity36,85133,956
 
External Links 
PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2016
Statements of 10-K in Excel https://www.sec.gov/.../Financial.xlxs
Complete 10-K in HTML https://www.sec.gov/.../10-K.html
Complete 10-K in XBRL https://www.sec.gov/.../10-K-xbrl.zip