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

Ticker: PM   Fiscal Year: 2011

Consolidated Statements Of Earnings

Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2011Dec 31, 2010Dec 31, 2009
Net revenues
$
76,346
67,71362,080 [1]
Cost of sales10,6789,7139,022
Excise taxes on products45,24940,50537,045
Gross profit20,41917,49516,013
 
Marketing, administration and research costs6,8806,1605,870
Asset impairment and exit costs1094729
Amortization of intangibles988874
Operating income13,33211,20010,040
 
Interest expense, net800876797
Earnings before income taxes12,53210,3249,243
 
Provision for income taxes3,6532,8262,691
Net earnings8,8797,4986,552
 
Net earnings attributable to noncontrolling interests288239210
Net earnings attributable to PMI8,5917,2596,342
 
Per share data (Note 10):
Basic earnings per share4.853.933.25
Diluted earnings per share4.853.923.24
[1] Total net revenues attributable to customers located in Germany, PMI's largest market in terms of net revenues, were $8.1 billion, $7.5 billion and $7.9 billion for the years ended December 31, 2011, 2010 and 2009, respectively.
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2011

Consolidated Statements Of Cash Flows

Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2011Dec 31, 2010Dec 31, 2009
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings
$
8,879
7,4986,552
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization993932853
Deferred income tax provision15101129
Colombian investment and cooperation agreement charge135
Asset impairment and exit costs, net of cash paid11(28)(27)
Cash effects of changes, net of the effects from acquired and divested companies:
Receivables, net(251)123(187)
Inventories(36)1,071660
Accounts payable199(72)(116)
Income taxes231925
Accrued liabilities and other current assets69141190
Pension plan contributions(535)(433)(558)
Other332112248
Net cash provided by operating activities10,5299,4377,884
 
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures(897)(713)(715)
Purchase of businesses, net of acquired cash(80)(83)(429)
Other(55)8646
Net cash used in investing activities(1,032)(710)(1,098)
 
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net (repayments) issuances - maturities of 90 days or less(968)47913
Issuances - maturities longer than 90 days921564
Repayments - maturities longer than 90 days(179)(488)(331)
Long-term debt proceeds3,7671,1302,987
Long-term debt repaid(1,483)(183)(101)
Repurchases of common stock(5,372)(5,030)(5,625)
Issuances of common stock75229177
Dividends paid(4,788)(4,423)(4,327)
Other(311)(292)(268)
Net cash used in financing activities(8,338)(8,578)(6,911)
 
Effect of exchange rate changes on cash and cash equivalents(312)14134
Cash and cash equivalents:
Increase8471639
 
Balance at beginning of year1,7031,540
Balance at end of year2,5501,7031,540
 
Cash paid: Interest963912743
Income taxes3,3662,7282,537
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PHILIP MORRIS INTERNATIONAL INC.

Ticker: PM   Fiscal Year: 2011

Consolidated Balance Sheets

Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012)

(In Millions, except shares in actual)
 As ofAs of
 Dec 31, 2011Dec 31, 2010
ASSETS
Cash and cash equivalents
$
2,550
1,703
Receivables (less allowances of $45 in 2011 and $56 in 2010)3,2013,009
Inventories:
Leaf tobacco3,4634,026
Other raw materials1,1851,314
Finished product3,4722,977
Total inventory, net8,1208,317
 
Deferred income taxes397371
Other current assets591356
Total current assets14,85913,756
 
Land and land improvements692703
Buildings and building equipment3,7383,720
Machinery and equipment7,8807,857
Construction in progress603479
Total property, plant and equipment, at cost12,91312,759
 
Less: accumulated depreciation6,6636,260
Total property, plant and equipment, net6,2506,499
 
Goodwill9,92810,161
Other intangible assets, net3,6973,873
Other assets754761
TOTAL ASSETS35,48835,050
 
LIABILITIES
Short-term borrowings1,5111,747
Current portion of long-term debt2,2061,385
Accounts payable1,031835
Accrued liabilities:
Marketing and selling519393
Taxes, except income taxes5,3464,884
Employment costs894739
Dividends payable1,3411,162
Other873920
Income taxes897601
Deferred income taxes176138
Total current liabilities14,79412,804
 
Long-term debt14,82813,370
Deferred income taxes1,9762,027
Employment costs1,6651,261
Other liabilities462467
Total liabilities33,72529,929
 
Contingencies (Note 21)  
Redeemable noncontrolling interests (Note 6)1,2121,188
STOCKHOLDERS' EQUITY
Common stock, no par value (2,109,316,331 shares issued in 2011 and 2010)  
Additional paid-in capital1,2351,225
Earnings reinvested in the business21,75718,133
Accumulated other comprehensive losses(2,863)(1,140)
Total stockholders' equity before treasury stock20,12918,218
 
Less: cost of repurchased stock (383,407,665 and 307,532,841 shares in 2011 and 2010, respectively)19,90014,712
Total PMI stockholders' equity2293,506
 
Noncontrolling interests322427
Total stockholders' equity5513,933
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY35,48835,050
 
External Links 
PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2011
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