10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF EARNINGS | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net revenues | $ 80,029 | 77,393 [1] | 76,346 |
| Cost of sales | 10,410 | 10,373 | 10,678 |
| Excise taxes on products | 48,812 | 46,016 | 45,249 |
| Gross profit | 20,807 | 21,004 | 20,419 |
| Marketing, administration and research costs | 6,890 | 6,961 | 6,870 |
| Asset impairment and exit costs (Note 5) | 309 | 83 | 109 |
| Amortization of intangibles | 93 | 97 | 98 |
| Operating income | 13,515 | 13,863 | 13,342 |
| Interest expense, net (Note 14) | 973 | 859 | 800 |
| Earnings before income taxes | 12,542 | 13,004 | 12,542 |
| Provision for income taxes | 3,670 | 3,833 | 3,653 |
| Equity (income)/loss in unconsolidated subsidiaries, net | 22 | 17 | 10 |
| Net earnings | 8,850 | 9,154 | 8,879 |
| Net earnings attributable to noncontrolling interests | 274 | 354 | 288 |
| Net earnings attributable to PMI | 8,576 | 8,800 | 8,591 |
| Per share data (Note 10): | |||
| Basic earnings per share (in dollars per share) | 5.26 | 5.17 | 4.85 |
| Diluted earnings per share (in dollars per share) | 5.26 | 5.17 | 4.85 |
| [1] Total net revenues attributable to customers located in Germany, PMIs largest market in terms of net revenues, were $7.8 billion, $7.7 billion and $8.1 billion for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net earnings | $ 8,850 | 9,154 | 8,879 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Unrealized gains (losses), net of income taxes of $227 in 2013, $6 in 2012 and $10 in 2011 | (1,876) | 15 | (852) |
| (Gains)/ losses transferred to earnings, net of income taxes of $- in 2013 | (12) | 0 | 0 |
| Change in net loss and prior service cost: | |||
| Net gains (losses) and prior service costs, net of income taxes of ($81) in 2013, $144 in 2012 and $148 in 2011 | 1,079 | (943) | (1,031) |
| Amortization of net losses, prior service costs and net transition costs, net of income taxes of ($49) in 2013, ($37) in 2012 and ($23) in 2011 | 243 | 160 | 94 |
| Change in fair value of derivatives accounted for as hedges: | |||
| (Gains)/losses transferred to earnings, net of income taxes of $34 in 2013, $3 in 2012 and ($2) in 2011 | (235) | (22) | 18 |
| Gains/(losses) recognized, net of income taxes of ($30) in 2013, ($14) in 2012 and ($1) in 2011 | 206 | 99 | (5) |
| Change in fair value of equity securities | 0 | 0 | (1) |
| Total other comprehensive losses | (595) | (691) | (1,777) |
| Total comprehensive earnings | 8,255 | 8,463 | 7,102 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 197 | 210 | 137 |
| Redeemable noncontrolling interest | 68 | 194 | 97 |
| Comprehensive earnings attributable to PMI | 7,990 | 8,059 | 6,868 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 8,850 | 9,154 | 8,879 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 882 | 898 | 993 |
| Deferred income tax (benefit) provision | (28) | (248) | 15 |
| Asset impairment and exit costs, net of cash paid | 288 | 26 | 11 |
| Cash effects of changes, net of the effects from acquired companies: | |||
| Receivables, net | (449) | (398) | (251) |
| Inventories | (1,413) | (728) | (36) |
| Accounts payable | 103 | 10 | 199 |
| Income taxes | (331) | 638 | 231 |
| Accrued liabilities and other current assets | 1,880 | (183) | 691 |
| Pension plan contributions | (150) | (207) | (535) |
| Other | 503 | 459 | 332 |
| Net cash provided by operating activities | 10,135 | 9,421 | 10,529 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (1,200) | (1,056) | (897) |
| Investments in unconsolidated subsidiaries | (1,418) | (6) | (36) |
| Purchase of businesses, net of acquired cash | 0 | 0 | (80) |
| Other | (62) | 70 | (19) |
| Net cash used in investing activities | (2,680) | (992) | (1,032) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net issuances (repayments) - maturities of 90 days or less | (1,099) | 1,515 | (968) |
| Issuances - maturities longer than 90 days | 2,000 | 603 | 921 |
| Repayments - maturities longer than 90 days | (849) | (1,220) | (179) |
| Long-term debt proceeds | 7,181 | 5,516 | 3,767 |
| Long-term debt repaid | (2,738) | (2,237) | (1,483) |
| Repurchases of common stock | (5,963) | (6,525) | (5,372) |
| Issuances of common stock | 0 | 1 | 75 |
| Dividends paid | (5,720) | (5,404) | (4,788) |
| Purchase of subsidiary shares from noncontrolling interests | (703) | (2) | (3) |
| Other | (324) | (347) | (308) |
| Net cash used in financing activities | (8,215) | (8,100) | (8,338) |
| Effect of exchange rate changes on cash and cash equivalents | (69) | 104 | (312) |
| Cash and cash equivalents: | |||
| (Decrease) Increase | (829) | 433 | 847 |
| Balance at beginning of year | 2,983 | 2,550 | |
| Balance at end of year | 2,154 | 2,983 | 2,550 |
| Cash Paid: | |||
| Interest | 978 | 986 | 963 |
| Income taxes | 3,999 | 3,420 | 3,366 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2013 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Cash and cash equivalents | $ 2,154 | 2,983 |
| Receivables (less allowances of $53 in 2013 and $56 in 2012) | 3,853 | 3,589 |
| Inventories: | ||
| Leaf tobacco | 3,709 | 3,548 |
| Other raw materials | 1,596 | 1,610 |
| Finished product | 4,541 | 3,791 |
| Total inventory, net | 9,846 | 8,949 |
| Deferred income taxes | 502 | 450 |
| Other current assets | 497 | 619 |
| Total current assets | 16,852 | 16,590 |
| Property, plant and equipment, at cost: | ||
| Land and land improvements | 671 | 708 |
| Buildings and building equipment | 4,013 | 3,948 |
| Machinery and equipment | 8,409 | 8,380 |
| Construction in progress | 864 | 843 |
| Total property, plant and equipment, at cost | 13,957 | 13,879 |
| Less: accumulated depreciation | 7,202 | 7,234 |
| Total property, plant and equipment, net | 6,755 | 6,645 |
| Goodwill (Note 3) | 8,893 | 9,900 |
| Other intangible assets, net (Note 3) | 3,193 | 3,619 |
| Investments in unconsolidated subsidiaries (Note 4) | 1,536 | 24 |
| Other assets | 939 | 892 |
| Total Assets | 38,168 | 37,670 |
| LIABILITIES | ||
| Short-term borrowings (Note 7) | 2,400 | 2,419 |
| Current portion of long-term debt (Note 7) | 1,255 | 2,781 |
| Accounts payable | 1,274 | 1,103 |
| Accrued liabilities: | ||
| Marketing and selling | 503 | 527 |
| Taxes, except income taxes | 6,492 | 5,350 |
| Employment costs | 949 | 896 |
| Dividends payable | 1,507 | 1,418 |
| Other | 1,382 | 952 |
| Income taxes | 1,192 | 1,456 |
| Deferred income taxes | 112 | 114 |
| Total current liabilities | 17,066 | 17,016 |
| Long-term debt (Note 7) | 24,023 | 17,639 |
| Deferred income taxes | 1,477 | 1,875 |
| Employment costs | 1,313 | 2,574 |
| Other liabilities | 563 | 419 |
| Total liabilities | 44,442 | 39,523 |
| Contingencies (Note 21) | ||
| Redeemable noncontrolling interest (Note 23) | 0 | 1,301 |
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2013 and 2012) | 0 | 0 |
| Additional paid-in capital | 723 | 1,334 |
| Earnings reinvested in the business | 27,843 | 25,076 |
| Accumulated other comprehensive losses | (4,190) | (3,604) |
| Total stockholders' equity before treasury stock | 24,376 | 22,806 |
| Less: cost of repurchased stock (520,313,919 and 455,703,347 shares in 2013 and 2012, respectively) | 32,142 | 26,282 |
| Total PMI stockholders deficit | (7,766) | (3,476) |
| Noncontrolling interests | 1,492 | 322 |
| Total stockholders deficit | (6,274) | (3,154) |
| Total Liabilities and Stockholders (Deficit) Equity | 38,168 | 37,670 |
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2013 | |
| 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 |