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: 2017 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 13, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net revenues | $ 78,098 [1] | 74,953 | 73,908 |
| Cost of sales | 10,432 | 9,391 | 9,365 |
| Excise taxes on products | 49,350 | 48,268 | 47,114 |
| Gross profit | 18,316 | 17,294 | 17,429 |
| Marketing, administration and research costs | 6,725 | 6,405 | 6,656 |
| Asset impairment and exit costs | 0 | 0 | 68 |
| Amortization of intangibles | 88 | 74 | 82 |
| Operating income | 11,503 | 10,815 | 10,623 |
| Interest expense, net | 914 | 891 | 1,008 |
| Earnings before income taxes | 10,589 | 9,924 | 9,615 |
| Provision for income taxes | 4,307 | 2,768 | 2,688 |
| Equity (income)/loss in unconsolidated subsidiaries, net | (59) | (94) | (105) |
| Net earnings | 6,341 | 7,250 | 7,032 |
| Net earnings attributable to noncontrolling interests | 306 | 283 | 159 |
| Net earnings attributable to PMI | 6,035 | 6,967 | 6,873 |
| Per share data: | |||
| Basic earnings per share (in dollars per share) | 3.88 | 4.48 | 4.42 |
| Diluted earnings per share (in dollars per share) | 3.88 | 4.48 | 4.42 |
| [1] Total net revenues attributable to customers located in Indonesia, PMIs largest market in terms of net revenues, were $8.0 billion, $7.7 billion and $7.1 billion for the years ended December 31, 2017, 2016 and 2015, respectively. Total net revenues attributable to customers located in Germany were $7.2 billion, $7.1 billion and $7.2 billion for the years ended December 31, 2017, 2016 and 2015, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Earnings | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 13, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net earnings | $ 6,341 | 7,250 | 7,032 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Change in currency translation adjustments: | |||
| Unrealized gains (losses), net of income taxes of $620 in 2017, ($101) in 2016 and ($143) in 2015 | 330 | (14) | (2,248) |
| (Gains)/losses transferred to earnings, net of income taxes of $- in 2017, 2016 and 2015 | (2) | 5 | (1) |
| Change in net loss and prior service cost: | |||
| Net gains (losses) and prior service costs, net of income taxes of ($17) in 2017, $78 in 2016 and $17 in 2015 | 523 | (460) | (536) |
| Amortization of net losses, prior service costs and net transition costs, net of income taxes of ($31) in 2017, ($43) in 2016 and ($48) in 2015 | 228 | 224 | 227 |
| Change in fair value of derivatives accounted for as hedges: | |||
| Gains (losses) recognized, net of income taxes of $8 in 2017, ($4) in 2016 and ($5) in 2015 | (44) | 8 | 38 |
| (Gains) losses transferred to earnings, net of income taxes of $2 in 2017, ($3) in 2016 and $14 in 2015 | (11) | 30 | (102) |
| Total other comprehensive earnings (losses) | 1,024 | (207) | (2,622) |
| Total comprehensive earnings | 7,365 | 7,043 | 4,410 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 306 | 233 | 113 |
| Comprehensive earnings attributable to PMI | 7,059 | 6,810 | 4,297 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 13, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 6,341 | 7,250 | 7,032 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 875 | 743 | 754 |
| Deferred income tax (benefit) provision | (501) | 182 | (18) |
| Asset impairment and exit costs, net of cash paid | (10) | (31) | (164) |
| Cash effects of changes in: | |||
| Receivables, net | (92) | (1,009) | 647 |
| Inventories | 730 | (695) | (841) |
| Accounts payable | 425 | 373 | 310 |
| Accrued liabilities and other current assets | (554) | 1,477 | (8) |
| Income taxes | 1,370 | (209) | (42) |
| Pension plan contributions | (66) | (191) | (154) |
| Other | 394 | 187 | 349 |
| Net cash provided by operating activities | 8,912 | 8,077 | 7,865 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (1,548) | (1,172) | (960) |
| Investments in unconsolidated subsidiaries | (111) | (41) | (55) |
| Net investment hedges | (1,527) | 295 | 239 |
| Other | 172 | (50) | 68 |
| Net cash used in investing activities | (3,014) | (968) | (708) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net repayments - maturities of 90 days or less | (127) | (12) | (266) |
| Issuances - maturities longer than 90 days | 1,634 | 0 | 0 |
| Repayments - maturities longer than 90 days | (1,634) | 0 | 0 |
| Long-term debt proceeds | 6,850 | 3,536 | 1,539 |
| Long-term debt repaid | (2,551) | (2,393) | (1,229) |
| Repurchases of common stock | 0 | 0 | (48) |
| Dividends paid | (6,520) | (6,378) | (6,250) |
| Sale (purchase) of subsidiary shares to/(from) noncontrolling interests | 5 | 7 | 1,622 |
| Other | (426) | (173) | (104) |
| Net cash used in financing activities | (2,769) | (5,413) | (4,736) |
| Effect of exchange rate changes on cash and cash equivalents | 1,079 | (874) | (686) |
| Cash and cash equivalents: | |||
| Increase | 4,208 | 822 | 1,735 |
| Balance at beginning of year | 4,239 | 3,417 | |
| Balance at end of year | 8,447 | 4,239 | 3,417 |
| Cash Paid: | |||
| Interest | 1,050 | 1,052 | 1,045 |
| Income taxes | 3,403 | 2,829 | 2,771 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 13, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Cash and cash equivalents | $ 8,447 | 4,239 |
| Receivables (less allowances of $30 in 2017 and $42 in 2016) | 3,738 | 3,499 |
| Inventories: | ||
| Leaf tobacco | 2,606 | 2,498 |
| Other raw materials | 1,563 | 1,569 |
| Finished product | 4,637 | 4,950 |
| Total inventory, net | 8,806 | 9,017 |
| Other current assets | 603 | 853 |
| Total current assets | 21,594 | 17,608 |
| Property, plant and equipment, at cost: | ||
| Land and land improvements | 639 | 590 |
| Buildings and building equipment | 3,989 | 3,474 |
| Machinery and equipment | 8,976 | 7,366 |
| Construction in progress | 962 | 930 |
| Total property, plant and equipment, at cost | 14,566 | 12,360 |
| Less: accumulated depreciation | 7,295 | 6,296 |
| Total property, plant and equipment, net | 7,271 | 6,064 |
| Goodwill | 7,666 | 7,324 |
| Other intangible assets, net | 2,432 | 2,470 |
| Investments in unconsolidated subsidiaries | 1,074 | 1,011 |
| Deferred income taxes | 1,007 | 859 |
| Other assets | 1,924 | 1,515 |
| Total Assets | 42,968 | 36,851 |
| Liabilities | ||
| Short-term borrowings | 499 | 643 |
| Current portion of long-term debt | 2,506 | 2,573 |
| Accounts payable | 2,242 | 1,666 |
| Accrued liabilities: | ||
| Marketing and selling | 708 | 575 |
| Taxes, except income taxes | 5,324 | 6,204 |
| Employment costs | 856 | 800 |
| Dividends payable | 1,669 | 1,621 |
| Other | 1,346 | 1,553 |
| Income taxes | 812 | 832 |
| Total current liabilities | 15,962 | 16,467 |
| Long-term debt | 31,334 | 25,851 |
| Deferred income taxes | 799 | 1,897 |
| Employment costs | 2,271 | 2,800 |
| Income taxes and other liabilities | 2,832 | 736 |
| Total liabilities | 53,198 | 47,751 |
| Contingencies | ||
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2017 and 2016) | 0 | 0 |
| Additional paid-in capital | 1,972 | 1,964 |
| Earnings reinvested in the business | 29,859 | 30,397 |
| Accumulated other comprehensive losses | (8,535) | (9,559) |
| Total stockholders' equity before treasury stock | 23,296 | 22,802 |
| Less: cost of repurchased stock (556,098,569 and 557,930,784 shares in 2017 and 2016, respectively) | 35,382 | 35,490 |
| Total PMI stockholders deficit | (12,086) | (12,688) |
| Noncontrolling interests | 1,856 | 1,788 |
| Total stockholders deficit | (10,230) | (10,900) |
| Total Liabilities and Stockholders (Deficit) Equity | 42,968 | 36,851 |
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2017 | |
| 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 |