10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2022 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Revenues including excise taxes (includes $8,269 in 2022, $7,822 in 2021 and $7,572 in 2020 from related parties) | $ 80,669 | 82,223 | 76,047 |
| Excise taxes on products | 48,907 | 50,818 | 47,353 |
| Net revenues (includes $3,658 in 2022, $3,330 in 2021 and $3,233 in 2020 from related parties) (Note 18) | 31,762 | 31,405 | 28,694 |
| Cost of sales (Notes 4 & 5) | 11,402 | 10,030 | 9,569 |
| Gross profit | 20,360 | 21,375 | 19,125 |
| Marketing, administration and research costs (Notes 3, 4, 5, 13 & 20) | 8,114 | 8,400 | 7,457 |
| Operating income | 12,246 | 12,975 | 11,668 |
| Interest expense, net (Note 15) | 588 | 628 | 618 |
| Pension and other employee benefit costs (Note 14) | 24 | 115 | 97 |
| Earnings before income taxes | 11,634 | 12,232 | 10,953 |
| Provision for income taxes (Note 12) | 2,244 | 2,671 | 2,377 |
| Equity investments and securities (income)/loss, net | (137) | (149) | (16) |
| Net earnings | 9,527 | 9,710 | 8,592 |
| Net earnings attributable to noncontrolling interests | 479 | 601 | 536 |
| Net earnings attributable to PMI | 9,048 | 9,109 | 8,056 |
| Per share data (Note 11): | |||
| Basic earnings per share (in dollars per share) | 5.82 | 5.83 | 5.16 |
| Diluted earnings per share (in dollars per share) | 5.81 | 5.83 | 5.16 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Earnings | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net earnings | $ 9,527 | 9,710 | 8,592 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Change in currency translation adjustments: | |||
| Unrealized gains (losses), net of income taxes | (1,268) | 58 | (1,265) |
| Change in net loss and prior service cost: | |||
| Net gains (losses) and prior service costs, net of income taxes | 843 | 1,055 | (726) |
| Amortization of net losses, prior service costs and net transition costs | 217 | 323 | 299 |
| Change in fair value of derivatives accounted for as hedges: | |||
| Change in fair value | 481 | 124 | (68) |
| Derivative (gains)/losses transferred to earnings | (219) | (35) | (20) |
| Total other comprehensive earnings (losses) | 54 | 1,525 | (1,780) |
| Total comprehensive earnings | 9,581 | 11,235 | 6,812 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 515 | 522 | 574 |
| Comprehensive earnings attributable to PMI | 9,066 | 10,713 | 6,238 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 9,527 | 9,710 | 8,592 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation, amortization and impairment of intangibles | 1,189 | 998 | 981 |
| Deferred income tax (benefit) provision | (234) | (17) | (143) |
| Asset impairment and exit costs, net of cash paid (Note 20) | (93) | (22) | (14) |
| Cash effects of changes, net of the effects from acquired companies: | |||
| Receivables, net | (871) | (198) | 26 [1] |
| Inventories | (1,287) | 549 | (165) |
| Accounts payable | 719 | 653 | 406 |
| Accrued liabilities and other current assets | 1,862 | 623 | 121 |
| Income taxes | (261) | (260) | (260) |
| Pension plan contributions, net of refunds (Note 14) | 3 | (269) | (102) |
| Other | 249 | 200 | 370 |
| Net cash provided by operating activities | 10,803 | 11,967 | 9,812 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (1,077) | (748) | (602) |
| Payments to acquire businesses | (13,976) | (2,111) | 0 |
| Altria Group, Inc. agreement (Note 3) | (1,002) | 0 | 0 |
| Equity investments | (20) | (34) | (47) |
| Net investment hedges and other derivatives (Note 16) | 284 | 466 | (551) |
| Other | 112 | 69 | 46 |
| Net cash used in investing activities | (15,679) | (2,358) | (1,154) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net issuances (repayments) - maturities of 90 days or less | 876 | 0 | (70) |
| Issuances - maturities longer than 90 days | 934 | 0 | 45 |
| Repayments - maturities longer than 90 days | (795) | 0 | (45) |
| Borrowings under credit facilities related to Swedish Match AB acquisition | 13,920 | 0 | 0 |
| Repayments under credit facilities related to Swedish Match AB acquisition | (4,000) | 0 | 0 |
| Long-term debt proceeds | 5,965 | 0 | 3,713 |
| Long-term debt repaid | (2,724) | (3,042) | (3,999) |
| Repurchases of common stock | (209) | (775) | 0 |
| Dividends paid | (7,812) | (7,580) | (7,364) |
| Payments to acquire Swedish Match AB noncontrolling interests (Note 3) | (1,495) | 0 | 0 |
| Payments to noncontrolling interests and Other (Note 3) | (854) | (580) | (776) |
| Net cash provided by (used in) financing activities | 3,806 | (11,977) | (8,496) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (213) | (417) | 258 |
| Cash, cash equivalents and restricted cash: | |||
| Increase (Decrease) | (1,283) | (2,785) | 420 |
| Balance at beginning of year | 4,500 | 7,285 | |
| Balance at end of year | 3,217 [2] | 4,500 | 7,285 |
| Cash Paid: | |||
| Interest | 717 | 716 | 728 |
| Income taxes | 2,751 | 2,936 | 2,785 |
| [1] Includes amounts from related parties of $(166) million, $(149) million and $88 million in 2022, 2021 and 2020, respectively | |||
| [2] The amounts for cash, cash equivalents and restricted cash shown above include restricted cash of $10 million, $4 million and $5 million as of December 31, 2022, 2021 and 2020, respectively, which were included in other current assets in the consolidated balance sheets. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Cash and cash equivalents | $ 3,207 | 4,496 |
| Trade receivables (less allowances of $42 in 2022 and $70 in 2021) (1) | 3,850 [1] | 3,123 |
| Other receivables (less allowances of $32 in 2022 and $36 in 2021) | 906 | 817 |
| Inventories: | ||
| Leaf tobacco | 1,674 | 1,642 |
| Other raw materials | 2,028 | 1,652 |
| Finished product | 6,184 | 5,426 |
| Total inventory, net | 9,886 | 8,720 |
| Other current assets (Note 3) | 1,770 | 561 |
| Total current assets | 19,619 | 17,717 |
| Property, plant and equipment, at cost: | ||
| Land and land improvements | 545 | 565 |
| Buildings and building equipment | 4,291 | 4,293 |
| Machinery and equipment | 9,549 | 9,275 |
| Construction in progress | 1,058 | 599 |
| Property plant and equipment, gross | 15,443 | 14,732 |
| Less: accumulated depreciation | 8,733 | 8,564 |
| Property plant and equipment, net | 6,710 | 6,168 |
| Goodwill (Note 5) | 19,655 | 6,680 |
| Other intangible assets, net (Note 5) | 6,732 | 2,818 |
| Equity investments (Note 6) | 4,431 | 4,463 |
| Deferred income taxes | 603 | 895 |
| Other assets (less allowances of $20 in 2022 and $21 in 2021) (Note 3) | 3,931 | 2,549 |
| Total Assets | 61,681 | 41,290 |
| Liabilities | ||
| Short-term borrowings (Note 8) | 5,637 | 225 |
| Current portion of long-term debt (Note 8) | 2,611 | 2,798 |
| Accounts payable | 4,076 | 3,331 |
| Accrued liabilities: | ||
| Marketing and selling | 695 | 811 |
| Taxes, except income taxes | 7,440 | 6,324 |
| Employment costs | 1,168 | 1,146 |
| Dividends payable | 1,990 | 1,958 |
| Other | 2,679 | 1,637 |
| Income taxes (Note 12) | 1,040 | 1,025 |
| Total current liabilities | 27,336 | 19,255 |
| Long-term debt (Note 8) | 34,875 | 24,783 |
| Deferred income taxes | 1,956 | 726 |
| Employment costs | 1,984 | 2,968 |
| Income taxes and other liabilities (Note 12) | 1,841 | 1,766 |
| Total liabilities | 67,992 | 49,498 |
| Contingencies (Note 18) | ||
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2022 and 2021) (Note 9) | 0 | 0 |
| Additional paid-in capital | 2,230 | 2,225 |
| Earnings reinvested in the business | 34,289 | 33,082 |
| Accumulated other comprehensive losses (Note 17) | (9,559) | (9,577) |
| Total stockholders' equity before treasury stock | 26,960 | 25,730 |
| Less: cost of repurchased stock (559,098,620 and 559,146,338 shares in 2022 and 2021, respectively) | 35,917 | 35,836 |
| Total PMI stockholders deficit | (8,957) | (10,106) |
| Noncontrolling interests | 2,646 | 1,898 |
| Total stockholders deficit | (6,311) | (8,208) |
| Total Liabilities and Stockholders (Deficit) Equity | 61,681 | 41,290 |
| [1] (1) Includes trade receivables from related parties of $688 million and $518 million as of December 31, 2022, and 2021, respectively (less allowances of $7 million in 2022 and $1 million in 2021). For further details, see Note 6. Related Parties - Equity Investments and Other. | ||
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2022 | |
| 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 |