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: 2018 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 7, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues including excise taxes | $ 79,823 | 78,098 | 74,953 |
| Excise taxes on products | 50,198 | 49,350 | 48,268 |
| Net revenues (Notes 2 & 21) | 29,625 | 28,748 | 26,685 |
| Cost of sales | 10,758 | 10,432 | 9,391 |
| Gross profit | 18,867 | 18,316 | 17,294 |
| Marketing, administration and research costs | 7,408 | 6,647 | 6,317 |
| Amortization of intangibles | 82 | 88 | 74 |
| Operating income | 11,377 | 11,581 | 10,903 |
| Interest expense, net (Note 14) | 665 | 914 | 891 |
| Pension and other employee benefit costs (Note 13) | 41 | 78 | 88 |
| Earnings before income taxes | 10,671 | 10,589 | 9,924 |
| Provision for income taxes (Note 11) | 2,445 | 4,307 | 2,768 |
| Equity investments and securities (income)/loss, net | (60) | (59) | (94) |
| Net earnings | 8,286 | 6,341 | 7,250 |
| Net earnings attributable to noncontrolling interests | 375 | 306 | 283 |
| Net earnings attributable to PMI | 7,911 | 6,035 | 6,967 |
| Per share data (Note 10): | |||
| Basic earnings per share (in dollars per share) | 5.08 | 3.88 | 4.48 |
| Diluted earnings per share (in dollars per share) | 5.08 | 3.88 | 4.48 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Earnings | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 7, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net earnings | $ 8,286 | 6,341 | 7,250 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Change in currency translation adjustments: | |||
| Unrealized gains (losses), net of income taxes of ($47) in 2018, $620 in 2017 and ($101) in 2016 | (812) | 330 | (14) |
| (Gains)/losses transferred to earnings, net of income taxes of $0 in 2018, 2017 and 2016 | 0 | (2) | 5 |
| Change in net loss and prior service cost: | |||
| Net gains (losses) and prior service costs, net of income taxes of $65 in 2018, ($17) in 2017 and $78 in 2016 | (1,046) | 523 | (460) |
| Amortization of net losses, prior service costs and net transition costs, net of income taxes of ($43) in 2018, ($31) in 2017 and ($43) in 2016 | 218 | 228 | 224 |
| Change in fair value of derivatives accounted for as hedges: | |||
| Gains (losses) recognized, net of income taxes of ($4) in 2018, $8 in 2017 and ($4) in 2016 | 24 | (44) | 8 |
| (Gains) losses transferred to earnings, net of income taxes of $5 in 2018, $2 in 2017 and ($3) in 2016 | (31) | (11) | 30 |
| Total other comprehensive earnings (losses) | (1,647) | 1,024 | (207) |
| Total comprehensive earnings | 6,639 | 7,365 | 7,043 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 304 | 306 | 233 |
| Comprehensive earnings attributable to PMI | 6,335 | 7,059 | 6,810 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 7, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 8,286 | 6,341 | 7,250 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 989 | 875 | 743 |
| Deferred income tax (benefit) provision | (100) | (501) | 182 |
| Cash effects of changes in: | |||
| Receivables, net | 53 | (92) | (1,009) |
| Inventories | (613) | 730 | (695) |
| Accounts payable | (51) | 425 | 373 |
| Accrued liabilities and other current assets | 910 | (554) | 1,477 |
| Income taxes | (135) | 1,370 | (209) |
| Pension plan contributions | (110) | (66) | (191) |
| Other | 249 | 384 | 156 |
| Net cash provided by operating activities | 9,478 | 8,912 | 8,077 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (1,436) | (1,548) | (1,172) |
| Investments in unconsolidated subsidiaries and equity securities | (63) | (111) | (41) |
| Net investment hedges | (1,527) | ||
| Net investment hedges | 416 | 295 | |
| Other | 85 | 103 | 84 |
| Net cash used in investing activities | (998) | (3,083) | (834) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net issuances (repayments) - maturities of 90 days or less | 255 | (127) | (12) |
| Issuances - maturities longer than 90 days | 0 | 1,634 | 0 |
| Repayments - maturities longer than 90 days | 0 | (1,634) | 0 |
| Long-term debt proceeds | 0 | 6,850 | 3,536 |
| Long-term debt repaid | (2,484) | (2,551) | (2,393) |
| Dividends paid | (6,885) | (6,520) | (6,378) |
| Sale (purchase) of subsidiary shares to/(from) noncontrolling interests (Note 6) | (81) | ||
| Sale (purchase) of subsidiary shares to/(from) noncontrolling interests (Note 6) | 5 | 7 | |
| Other | (456) | (426) | (173) |
| Net cash used in financing activities | (9,651) | (2,769) | (5,413) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (685) | 1,085 | (965) |
| Cash, cash equivalents and restricted cash: | |||
| Increase (Decrease) | (1,856) | 4,145 | 865 |
| Balance at beginning of year | 8,476 | 4,331 | |
| Balance at end of year | 6,620 [1] | 8,476 | 4,331 |
| Cash Paid: | |||
| Interest | 882 | 1,050 | 1,052 |
| Income taxes | 2,749 | 3,403 | 2,829 |
| [1] Following the adoption of Financial Accounting Standards Update ASU 2016-18, "Statement of Cash Flows: Restricted Cash," the amounts for cash and cash equivalents shown above include restricted cash of $27 million, $29 million and $92 million as of December 31, 2018, 2017 and 2016, respectively, which were included in other current assets in the consolidated balance sheets. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 7, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and cash equivalents | $ 6,593 | 8,447 |
| Trade receivables (less allowances of $25 in 2018 and $25 in 2017) | 2,950 | 3,194 |
| Other receivables | 614 | 544 |
| Inventories: | ||
| Leaf tobacco | 2,318 | 2,606 |
| Other raw materials | 1,405 | 1,563 |
| Finished product | 5,081 | 4,637 |
| Total inventory, net | 8,804 | 8,806 |
| Other current assets | 481 | 603 |
| Total current assets | 19,442 | 21,594 |
| Property, plant and equipment, at cost: | ||
| Land and land improvements | 600 | 639 |
| Buildings and building equipment | 3,975 | 3,989 |
| Machinery and equipment | 9,096 | 8,976 |
| Construction in progress | 886 | 962 |
| Total property, plant and equipment, at cost | 14,557 | 14,566 |
| Less: accumulated depreciation | 7,356 | 7,295 |
| Total property, plant and equipment, net | 7,201 | 7,271 |
| Goodwill (Note 3) | 7,189 | 7,666 |
| Other intangible assets, net (Note 3) | 2,278 | 2,432 |
| Investments in unconsolidated subsidiaries and equity securities (Notes 4 & 16 ) | 1,269 | 1,074 |
| Deferred income taxes | 977 | 1,007 |
| Other assets | 1,445 | 1,924 |
| Total Assets | 39,801 | 42,968 |
| Liabilities | ||
| Short-term borrowings (Note 7) | 730 | 499 |
| Current portion of long-term debt (Note 7) | 4,054 | 2,506 |
| Accounts payable | 2,068 | 2,242 |
| Accrued liabilities: | ||
| Marketing and selling | 732 | 708 |
| Taxes, except income taxes | 5,088 | 5,324 |
| Employment costs | 794 | 856 |
| Dividends payable | 1,783 | 1,669 |
| Other | 1,366 | 1,346 |
| Income taxes (Note 11) | 576 | 812 |
| Total current liabilities | 17,191 | 15,962 |
| Long-term debt (Note 7) | 26,975 | 31,334 |
| Deferred income taxes | 898 | 799 |
| Employment costs | 3,083 | 2,271 |
| Income taxes and other liabilities (Note 11) | 2,393 | 2,832 |
| Total liabilities | 50,540 | 53,198 |
| Contingencies (Note 18) | ||
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2018 and 2017) | 0 | 0 |
| Additional paid-in capital | 1,939 | 1,972 |
| Earnings reinvested in the business | 31,014 | 29,859 |
| Accumulated other comprehensive losses | (10,111) | (8,535) |
| Total stockholders' equity before treasury stock | 22,842 | 23,296 |
| Less: cost of repurchased stock (554,736,610 and 556,098,569 shares in 2018 and 2017, respectively) | 35,301 | 35,382 |
| Total PMI stockholders deficit | (12,459) | (12,086) |
| Noncontrolling interests | 1,720 | 1,856 |
| Total stockholders deficit | (10,739) | (10,230) |
| Total Liabilities and Stockholders (Deficit) Equity | 39,801 | 42,968 |
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2018 | |
| 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 |