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: 2012 | |||
CONSOLIDATED STATEMENTS OF EARNINGS | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 22, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net revenues | $ 77,393 | 76,346 [1] | 67,713 |
| Cost of sales | 10,373 | 10,678 | 9,713 |
| Excise taxes on products | 46,016 | 45,249 | 40,505 |
| Gross profit | 21,004 | 20,419 | 17,495 |
| Marketing, administration and research costs | 6,978 | 6,880 | 6,160 |
| Asset impairment and exit costs (Note 5) | 83 | 109 | 47 |
| Amortization of intangibles | 97 | 98 | 88 |
| Operating income | 13,846 | 13,332 | 11,200 |
| Interest expense, net | 859 | 800 | 876 |
| Earnings before income taxes | 12,987 | 12,532 | 10,324 |
| Provision for income taxes | 3,833 | 3,653 | 2,826 |
| Net earnings | 9,154 | 8,879 | 7,498 |
| Net earnings attributable to noncontrolling interests | 354 | 288 | 239 |
| Net earnings attributable to PMI | 8,800 | 8,591 | 7,259 |
| Per share data (Note 10): | |||
| Basic earnings per share | 5.17 | 4.85 | 3.93 |
| Diluted earnings per share | 5.17 | 4.85 | 3.92 |
| [1] Total net revenues attributable to customers located in Germany, PMIs largest market in terms of net revenues, were $7.7 billion, $8.1 billion and $7.5 billion for the years ended December 31, 2012, 2011 and 2010, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 22, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net earnings | $ 9,154 | 8,879 | 7,498 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Currency translation adjustments, net of income taxes of $6 in 2012, $10 in 2011 and ($107) in 2010 | 15 | (852) | (43) |
| Change in net loss and prior service cost: | |||
| Net losses and prior service costs, net of income taxes of $144 in 2012, $148 in 2011 and $43 in 2010 | (943) | (1,031) | (318) |
| Less amortization of net losses, prior service costs and net transition costs, net of income taxes of ($37) in 2012, ($23) in 2011 and ($20) in 2010 | 160 | 94 | 76 |
| Change in fair value of derivatives accounted for as hedges: | |||
| (Gains)/losses transferred to earnings, net of income taxes of $3 in 2012, ($2) in 2011 and ($3) in 2010 | (22) | 18 | 33 |
| Gains/(losses) recognized, net of income taxes of ($14) in 2012, ($1) in 2011 and $6 in 2010 | 99 | (5) | (50) |
| Change in fair value of equity securities | 0 | (1) | (10) |
| Total other comprehensive losses | (691) | (1,777) | (312) |
| Total comprehensive earnings | 8,463 | 7,102 | 7,186 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 210 | 137 | 208 |
| Redeemable noncontrolling interest | 194 | 97 | 42 |
| Comprehensive earnings attributable to PMI | 8,059 | 6,868 | 6,936 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 22, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 9,154 | 8,879 | 7,498 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 898 | 993 | 932 |
| Deferred income tax (benefit) provision | (248) | 15 | 101 |
| Asset impairment and exit costs, net of cash paid | 26 | 11 | (28) |
| Cash effects of changes, net of the effects from acquired companies: | |||
| Receivables, net | (398) | (251) | 123 |
| Inventories | (728) | (36) | 1,071 |
| Accounts payable | 10 | 199 | (72) |
| Income taxes | 638 | 231 | 92 |
| Accrued liabilities and other current assets | (183) | 691 | 41 |
| Pension plan contributions | (207) | (535) | (433) |
| Other | 459 | 332 | 112 |
| Net cash provided by operating activities | 9,421 | 10,529 | 9,437 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (1,056) | (897) | (713) |
| Purchase of businesses, net of acquired cash | 0 | (80) | (83) |
| Other | 64 | (55) | 86 |
| Net cash used in investing activities | (992) | (1,032) | (710) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity [Abstract] | |||
| Net issuances (repayments) - maturities of 90 days or less | 1,515 | (968) | 479 |
| Issuances - maturities longer than 90 days | 603 | 921 | 0 |
| Repayments - maturities longer than 90 days | (1,220) | (179) | (488) |
| Long-term debt proceeds | 5,516 | 3,767 | 1,130 |
| Long-term debt repaid | (2,237) | (1,483) | (183) |
| Repurchases of common stock | (6,525) | (5,372) | (5,030) |
| Issuances of common stock | 1 | 75 | 229 |
| Dividends paid | (5,404) | (4,788) | (4,423) |
| Other | (349) | (311) | (292) |
| Net cash used in financing activities | (8,100) | (8,338) | (8,578) |
| Effect of exchange rate changes on cash and cash equivalents | 104 | (312) | 14 |
| Cash and cash equivalents: | |||
| Increase | 433 | 847 | 163 |
| Balance at beginning of year | 2,550 | 1,703 | |
| Balance at end of year | 2,983 | 2,550 | 1,703 |
| Cash Paid: | |||
| Interest | 986 | 963 | 912 |
| Income taxes | 3,420 | 3,366 | 2,728 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2012 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2012 10-K (Filed: Feb 22, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets | ||
| Cash and cash equivalents | $ 2,983 | 2,550 |
| Receivables (less allowances of $56 in 2012 and $45 in 2011) | 3,589 | 3,201 |
| Inventories: | ||
| Leaf tobacco | 3,548 | 3,463 |
| Other raw materials | 1,610 | 1,185 |
| Finished product | 3,791 | 3,472 |
| Total inventory, net | 8,949 | 8,120 |
| Deferred income taxes | 450 | 397 |
| Other current assets | 619 | 591 |
| Total current assets | 16,590 | 14,859 |
| Property, Plant and Equipment [Abstract] | ||
| Land and land improvements | 708 | 692 |
| Buildings and building equipment | 3,948 | 3,738 |
| Machinery and equipment | 8,380 | 7,880 |
| Construction in progress | 843 | 603 |
| Total property, plant and equipment, at cost | 13,879 | 12,913 |
| Less: accumulated depreciation | 7,234 | 6,663 |
| Total property, plant and equipment, net | 6,645 | 6,250 |
| Goodwill (Note 3) | 9,900 | 9,928 |
| Other intangible assets, net (Note 3) | 3,619 | 3,697 |
| Other assets | 916 | 754 |
| Total Assets | 37,670 | 35,488 |
| LIABILITIES | ||
| Short-term borrowings (Note 7) | 2,419 | 1,511 |
| Current portion of long-term debt (Note 7) | 2,781 | 2,206 |
| Accounts payable | 1,103 | 1,031 |
| Accrued liabilities: | ||
| Marketing and selling | 527 | 519 |
| Taxes, except income taxes | 5,350 | 5,346 |
| Employment costs | 896 | 894 |
| Dividends payable | 1,418 | 1,341 |
| Other | 952 | 873 |
| Income taxes | 1,456 | 897 |
| Deferred income taxes | 114 | 176 |
| Total current liabilities | 17,016 | 14,794 |
| Long-term debt (Note 7) | 17,639 | 14,828 |
| Deferred income taxes | 1,875 | 1,976 |
| Employment costs | 2,574 | 1,665 |
| Other liabilities | 419 | 462 |
| Total liabilities | 39,523 | 33,725 |
| Contingencies (Note 21) | ||
| Redeemable noncontrolling interest (Note 6) | 1,301 | 1,212 |
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2012 and 2011) | 0 | 0 |
| Additional paid-in capital | 1,334 | 1,235 |
| Earnings reinvested in the business | 25,076 | 21,757 |
| Accumulated other comprehensive losses | (3,604) | (2,863) |
| Total stockholders' equity before treasury stock | 22,806 | 20,129 |
| Less: cost of repurchased stock (455,703,347 and 383,407,665 shares in 2012 and 2011, respectively) | 26,282 | 19,900 |
| Total PMI stockholders (deficit) equity | (3,476) | 229 |
| Noncontrolling interests | 322 | 322 |
| Total stockholders (deficit) equity | (3,154) | 551 |
| Total Liabilities and Stockholders (Deficit) Equity | 37,670 | 35,488 |
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2012 | |
| 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 |