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10-K.Info (Beta Test)
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2010

Consolidated Statements of Earnings

Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2010Dec 31, 2009Dec 31, 2008
Net revenues
$
67,713
62,08063,640 [1]
Cost of sales9,7139,0229,328
Excise taxes on products40,50537,04537,935
Gross profit17,49516,01316,377
 
Marketing, administration and research costs6,1605,8706,001
Asset impairment and exit costs472984
Amortization of intangibles887444
Operating income11,20010,04010,248
 
Interest expense, net876797311
Earnings before income taxes10,3249,2439,937
 
Provision for income taxes2,8262,6912,787
Net earnings7,4986,5527,150
 
Net earnings attributable to noncontrolling interests239210260
Net earnings attributable to PMI7,2596,3426,890
 
Per share data (Note 10):
Basic earnings per share3.933.253.32
Diluted earnings per share3.923.243.31
[1] Total net revenues attributable to customers located in Germany, PMI's largest market in terms of net revenues, were $7.5 billion, $7.9 billion and $8.6 billion for the years ended December 31, 2010, 2009 and 2008, respectively.
10-K.Info (Beta Test)
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2010

Consolidated Statements of Cash Flows

Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2010Dec 31, 2009Dec 31, 2008
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings
$
7,498
6,5527,150
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization932853842
Deferred income tax provision1011295
Equity loss from RBH legal settlement124
Colombian investment and cooperation agreement charge135
Asset impairment and exit costs, net of cash paid(28)(27)(15)
Cash effects of changes, net of the effects from acquired and divested companies:
Receivables, net123(187)(25)
Inventories1,071660(914)
Accounts payable(72)(116)(90)
Income taxes92539
Accrued liabilities and other current assets41190857
Pension plan contributions(433)(558)(262)
Changes in amounts due from Altria Group, Inc. and affiliates37
Other112248187
Net cash provided by operating activities9,4377,8847,935
 
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures(713)(715)(1,099)
Purchase of businesses, net of acquired cash(83)(429)(1,663)
Other8646(399)
Net cash used in investing activities(710)(1,098)(3,161)
 
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net (repayment) issuance of short-term borrowings(9)246(449)
Long-term debt proceeds1,1302,98711,892
Long-term debt repaid(183)(101)(5,736)
Repurchases of common stock(5,030)(5,625)(5,256)
Issuance of common stock229177118
Changes in amounts due from Altria Group, Inc. and affiliates664
Dividends paid to Altria Group, Inc.(3,019)
Dividends paid to public stockholders(4,423)(4,327)(2,060)
Other(292)(268)(332)
Net cash used in financing activities(8,578)(6,911)(4,178)
 
Effect of exchange rate changes on cash and cash equivalents14134(566)
Cash and cash equivalents:
Increase163930
 
Balance at beginning of year1,5401,531
Balance at end of year1,7031,5401,531
 
Cash paid: Interest912743499
Income taxes2,7282,5372,998
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2010

Consolidated Balance Sheets

Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011)

(In Millions, except shares in actual)
 As ofAs of
 Dec 31, 2010Dec 31, 2009
ASSETS
Cash and cash equivalents
$
1,703
1,540
Receivables (less allowances of $56 in 2010 and $33 in 2009)3,0093,098
Inventories:
Leaf tobacco4,0264,183
Other raw materials1,3141,275
Finished product2,9773,749
Total inventory, net8,3179,207
 
Deferred income taxes371305
Other current assets356532
Total current assets13,75614,682
 
Property, plant and equipment, at cost:
Land and land improvements703579
Buildings and building equipment3,7203,593
Machinery and equipment7,8577,591
Construction in progress479495
Total property, plant and equipment, gross12,75912,258
 
Less: accumulated depreciation6,2605,868
Total property, plant and equipment, net6,4996,390
 
Goodwill10,1619,112
Other intangible assets, net3,8733,546
Other assets761822
TOTAL ASSETS35,05034,552
 
LIABILITIES
Short-term borrowings1,7471,662
Current portion of long-term debt1,38582
Accounts payable835670
Accrued liabilities:
Marketing and selling393441
Taxes, except income taxes4,8844,824
Employment costs739752
Dividends payable1,1621,101
Other920955
Income taxes601500
Deferred income taxes138191
Total current liabilities12,80411,178
 
Long-term debt13,37013,672
Deferred income taxes2,0271,688
Employment costs1,2611,260
Other liabilities467609
Total liabilities29,92928,407
 
Contingencies (Note 21)  
Redeemable noncontrolling interests (Note 6)1,188
STOCKHOLDERS' EQUITY
Common stock, no par value (2,109,316,331 shares issued in 2010 and 2009)  
Additional paid-in capital1,2251,403
Earnings reinvested in the business18,13315,358
Accumulated other comprehensive losses(1,140)(817)
Total stockholders' equity before treasury stock18,21815,944
 
Less: cost of repurchased stock (307,532,841 and 222,151,828 shares in 2010 and 2009, respectively)14,71210,228
Total PMI stockholders' equity3,5065,716
 
Noncontrolling interests427429
Total stockholders' equity3,9336,145
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY35,05034,552
 
External Links 
PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2010
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