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: 2015 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Net revenues | $ 73,908 | 80,106 | 80,029 [1] |
| Cost of sales | 9,365 | 10,436 | 10,410 |
| Excise taxes on products | 47,114 | 50,339 | 48,812 |
| Gross profit | 17,429 | 19,331 | 20,807 |
| Marketing, administration and research costs | 6,656 | 7,001 | 6,890 |
| Asset impairment and exit costs (Note 5) | 68 | 535 | 309 |
| Amortization of intangibles | 82 | 93 | 93 |
| Operating income | 10,623 | 11,702 | 13,515 |
| Interest expense, net (Note 14) | 1,008 | 1,052 | 973 |
| Earnings before income taxes | 9,615 | 10,650 | 12,542 |
| Provision for income taxes | 2,688 | 3,097 | 3,670 |
| Equity (income)/loss in unconsolidated subsidiaries, net | (105) | (105) | 22 |
| Net earnings | 7,032 | 7,658 | 8,850 |
| Net earnings attributable to noncontrolling interests | 159 | 165 | 274 |
| Net earnings attributable to PMI | 6,873 | 7,493 | 8,576 |
| Per share data (Note 10): | |||
| Basic earnings per share (in dollars per share) | 4.42 | 4.76 | 5.26 |
| Diluted earnings per share (in dollars per share) | 4.42 | 4.76 | 5.26 |
| [1] Total net revenues attributable to customers located in Germany, PMIs largest market in terms of net revenues, were $7.2 billion, $8.3 billion and $7.8 billion for the years ended December 31, 2015, 2014 and 2013, respectively. Total net revenues attributable to customers located in Indonesia were $7.1 billion for the year ended December 31, 2015. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2015 | |||
Consolidated Statements of Comprehensive Earnings | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Net earnings | $ 7,032 | 7,658 | 8,850 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Change in currency translation adjustments: | |||
| Unrealized gains (losses), net of income taxes of ($143) in 2015, ($161) in 2014 and $227 in 2013 | (2,248) | (1,746) | (1,876) |
| (Gains)/losses transferred to earnings, net of income taxes of $- in 2015, $- in 2014 and $- in 2013 | (1) | (5) | (12) |
| Change in net loss and prior service cost: | |||
| Net gains (losses) and prior service costs, net of income taxes of $17 in 2015, $167 in 2014 and ($81) in 2013 | (536) | (1,148) | 1,079 |
| Amortization of net losses, prior service costs and net transition costs, net of income taxes of ($48) in 2015, ($42) in 2014 and ($49) in 2013 | 227 | 173 | 243 |
| Change in fair value of derivatives accounted for as hedges: | |||
| Gains (losses) recognized, net of income taxes of ($5) in 2015, ($13) in 2014 and ($30) in 2013 | 38 | 98 | 206 |
| (Gains) losses transferred to earnings, net of income taxes of $14 in 2015, $10 in 2014 and $34 in 2013 | (102) | (38) | (235) |
| Total other comprehensive losses | (2,622) | (2,666) | (595) |
| Total comprehensive earnings | 4,410 | 4,992 | 8,255 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 113 | 135 | 197 |
| Redeemable noncontrolling interest (Note 24) | 0 | 0 | 68 |
| Comprehensive earnings attributable to PMI | 4,297 | 4,857 | 7,990 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2015 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 7,032 | 7,658 | 8,850 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 754 | 889 | 882 |
| Deferred income tax benefit | (18) | (62) | (28) |
| Asset impairment and exit costs, net of cash paid | (164) | 175 | 288 |
| Cash effects of changes, net of the effects from acquired companies: | |||
| Receivables, net | 647 | (463) | (449) |
| Inventories | (841) | 105 | (1,413) |
| Accounts payable | 310 | 177 | 103 |
| Income taxes | (42) | (230) | (331) |
| Accrued liabilities and other current assets | (8) | (507) | 1,880 |
| Pension plan contributions | (154) | (191) | (150) |
| Other | 349 | 188 | 503 |
| Net cash provided by operating activities | 7,865 | 7,739 | 10,135 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (960) | (1,153) | (1,200) |
| Investments in unconsolidated subsidiaries | (55) | (29) | (1,418) |
| Purchase of businesses, net of acquired cash | 0 | (110) | 0 |
| Other | 307 | 296 | (62) |
| Net cash used in investing activities | (708) | (996) | (2,680) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net repayments - maturities of 90 days or less | (266) | (516) | (1,099) |
| Issuances - maturities longer than 90 days | 0 | 1,007 | 2,000 |
| Repayments - maturities longer than 90 days | 0 | (1,571) | (849) |
| Long-term debt proceeds | 1,539 | 5,591 | 7,181 |
| Long-term debt repaid | (1,229) | (1,240) | (2,738) |
| Repurchases of common stock | (48) | (3,833) | (5,963) |
| Dividends paid | (6,250) | (6,035) | (5,720) |
| Sale (purchase) of subsidiary shares to/(from) noncontrolling interests (Note 6) | 1,622 | 0 | (703) |
| Other | (104) | (242) | (324) |
| Net cash used in financing activities | (4,736) | (6,839) | (8,215) |
| Effect of exchange rate changes on cash and cash equivalents | (686) | (376) | (69) |
| Cash and cash equivalents: | |||
| Increase (Decrease) | 1,735 | (472) | (829) |
| Balance at beginning of year | 1,682 | 2,154 | |
| Balance at end of year | 3,417 | 1,682 | 2,154 |
| Cash Paid: | |||
| Interest | 1,045 | 1,068 | 978 |
| Income taxes | 2,771 | 3,577 | 3,999 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2015 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2015 | Dec 31, 2014 | |
| Assets | ||
| Cash and cash equivalents | $ 3,417 | 1,682 |
| Receivables (less allowances of $58 in 2015 and $50 in 2014) | 2,778 | 4,004 |
| Inventories: | ||
| Leaf tobacco | 2,640 | 3,135 |
| Other raw materials | 1,613 | 1,696 |
| Finished product | 4,220 | 3,761 |
| Total inventory, net | 8,473 | 8,592 |
| Deferred income taxes | 488 | 533 |
| Other current assets | 648 | 673 |
| Total current assets | 15,804 | 15,484 |
| Property, plant and equipment, at cost: | ||
| Land and land improvements | 583 | 639 |
| Buildings and building equipment | 3,361 | 3,620 |
| Machinery and equipment | 6,978 | 7,664 |
| Construction in progress | 845 | 836 |
| Total property, plant and equipment, at cost | 11,767 | 12,759 |
| Less: accumulated depreciation | 6,046 | 6,688 |
| Total property, plant and equipment, net | 5,721 | 6,071 |
| Goodwill (Note 3) | 7,415 | 8,388 |
| Other intangible assets, net (Note 3) | 2,623 | 2,985 |
| Investments in unconsolidated subsidiaries (Note 4) | 890 | 1,083 |
| Other assets | 1,503 | 1,176 |
| Total Assets | 33,956 | 35,187 |
| Liabilities | ||
| Short-term borrowings (Note 7) | 825 | 1,208 |
| Current portion of long-term debt (Note 7) | 2,405 | 1,318 |
| Accounts payable | 1,289 | 1,242 |
| Accrued liabilities: | ||
| Marketing and selling | 640 | 549 |
| Taxes, except income taxes | 5,121 | 5,490 |
| Employment costs | 903 | 1,135 |
| Dividends payable | 1,589 | 1,559 |
| Other | 1,438 | 1,375 |
| Income taxes | 970 | 1,078 |
| Deferred income taxes | 206 | 158 |
| Total current liabilities | 15,386 | 15,112 |
| Long-term debt (Note 7) | 25,250 | 26,929 |
| Deferred income taxes | 1,543 | 1,549 |
| Employment costs | 2,566 | 2,202 |
| Other liabilities | 687 | 598 |
| Total liabilities | 45,432 | 46,390 |
| Contingencies (Note 21) | ||
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2015 and 2014) | 0 | 0 |
| Additional paid-in capital | 1,929 | 710 |
| Earnings reinvested in the business | 29,842 | 29,249 |
| Accumulated other comprehensive losses | (9,402) | (6,826) |
| Total stockholders' equity before treasury stock | 22,369 | 23,133 |
| Less: cost of repurchased stock (559,972,262 and 562,416,635 shares in 2015 and 2014, respectively) | 35,613 | 35,762 |
| Total PMI stockholders deficit | (13,244) | (12,629) |
| Noncontrolling interests | 1,768 | 1,426 |
| Total stockholders deficit | (11,476) | (11,203) |
| Total Liabilities and Stockholders (Deficit) Equity | 33,956 | 35,187 |
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2015 | |
| 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 |